Miami Real Estate Report
Sunday March 23, 2008
In a recent forum posting, AlexHere provided the following real estate update:
"Miami is different than most other cities in the US, in that there is an international clientele for real estate and luxury homes. Moreover, Miami real estate is undervalued when compared to cities like Malibu, Beverly Hills, Santa Monica, and Las Vegas, as well as some of our Northeast cities, like Boston and New York, Stamford, and Greenwich.
There is a problem, however. Miami Beach homes for sale are still listed far too high for a significant number of sales to take place. Sellers are still more or less oblivious of the value of their homes in this market, and are still listing their properties well above market value. This is especially true of luxury homes being listed in the Miami area.
In Miami Beach alone, including zip codes 33139 through 33154, there are a total of 165 luxury waterfront homes listed for sale, each with an asking price of $2,000,000 or more. In the same zip codes, there were a meager 32 listed waterfront homes sold in the past 12 months for $2,000,000 or more."
Read the full Miami Real Estate Report in our forum.
"Miami is different than most other cities in the US, in that there is an international clientele for real estate and luxury homes. Moreover, Miami real estate is undervalued when compared to cities like Malibu, Beverly Hills, Santa Monica, and Las Vegas, as well as some of our Northeast cities, like Boston and New York, Stamford, and Greenwich.
There is a problem, however. Miami Beach homes for sale are still listed far too high for a significant number of sales to take place. Sellers are still more or less oblivious of the value of their homes in this market, and are still listing their properties well above market value. This is especially true of luxury homes being listed in the Miami area.
In Miami Beach alone, including zip codes 33139 through 33154, there are a total of 165 luxury waterfront homes listed for sale, each with an asking price of $2,000,000 or more. In the same zip codes, there were a meager 32 listed waterfront homes sold in the past 12 months for $2,000,000 or more."
Read the full Miami Real Estate Report in our forum.
Auctions continue to grow as a primary means to sell real estate. Until recently, the focus has been on residential real estate. Depending on the type of auction, buyers can purchase homes at significant discounts. For example, we are currently auctioning a 3br/2ba home in Hallandale beach(east of US1) with an opening bid of 120k. The house was recently vacated and the out of state owner wants out. To learn more about this property and the auction which is scheduled for 03/07, visit wwww.HallandaleHomeAuction.com
Over the past couple of months, we are seeing a big increase from the owners of commercial properites to sell at auction as well. commercial properties historically rarely sold through auction in comparison to residential. However, given the financial instruments that allowed commercial buyers to pay irrational amounts for these properties, combined with the downturn in the economy, commercial real estate and attached personal property are now starting to appear in greater numbers than they have since the 80s’
One thing is for sure, auctions will continue to grow for years to come. I firmly believe that until the real estate crisis finds it’s true floor, the rest of the economy will continue to suffer.
Troy@auction-generation.com