Each week I get numerous inquiries from buyers interested in purchasing real estate in Miami Beach. Unfortunately a lot of them are pretty unrealistic in terms of what you get for your money in this area. I don’t really know who is the phantom reporter going from city to city and country to country spreading the “you can buy Miami Beach real estate for pennies on the dollar”, but whomever he/she is, needs to be stopped.
So what do you get for your money?
For me, the only true data is recent closed sales, I like to back about 90 days. Over the last 90 days in the 33139 area of Miami Beach 207 condominiums sold. This data is not all of Miami Beach only from about 23rd street down to 1st street, the 33139 area.
27 Studios sold from $62,000 up to $210,000 (18 of these were cash deals)
69 One bedrooms sold from $90,000 up to $1.15 million (46 of these were cash deals)
70 Two bedrooms sold from $125,000 up to $2.15 million (49 closed with cash)
23 Three bedrooms sold from $425,000 up to $4.3 million (13 closed with cash)
there were others with more bedrooms…
The most common request I get from buyers is:
A South Beach condominium, two bedrooms, parking, washer & dryer in unit, nice view & swimming pool. So I did a general search in the MLS of properties with these criteria that have sold over the last 90 days and the closed sales prices were from least expensive $240,000 up to $2.15 million.
A few notable sales:
Absolute Lofts at 245 Michigan listed for $559,000 and sold for $539,000.
2 bedroom/ 2 bath 1469 square foot property.
The Courts located at 125 Jefferson listed for $549,000 sold for $470,000.
2 bedroom/ 2 bath 1155 square foot property.
The Yacht Club at Portofino located at 90 Alton Road listed for $380,000 and sold for $350,000.
2 bedroom/ 2 bath 1090 square foot property.
In reality there is just no way to “generalize” the Miami Beach real estate market. There are still multimillion dollar properties that are selling as well as properties that are more affordable for many buyers than before. The most important thing to remember is that it’s a very unique and special place to live, on an island, in one of the most popular places on the planet.
The compilation of listing and market data information is provided by the REALTORS Association of Greater Miami and the Beaches. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental.
I do my best to double check for accuracy, however I am human and errors can occur. Please contact me if you find something that doesn’t look correct and I will be happy to look into it and correct if necessary.
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