A few month's ago, Jim Cramer (from the financial network CNBC), predicted a housing market bottom. For anyone considering buying a waterfront property in Miami Beach, and most specifically in South Beach. NOW is the time to be making offers on well priced Miami Beach homes or condos in premium waterfront buildings.
Cramer’s Key Points:
* Inventory is drying up & being steadily being absorbed
* Housing starts have been down for over two years
* New construction projects stopped two years ago
* Florida is generally one year ahead of market trends
* Interest Rate cuts have had a positive effect in absorbing excess inventory (at much reduced prices)
Miami Beach single family homes (especially waterfront luxury homes) that are truly good deals continue to be in short supply. I’d like to take this opportunity to highlight two latest sales in the island communities off Miami Beach which are indicative of a price bottoming trend:
Luxury Waterfront Island Home - 830 W Dilido Drive, Miami Beach
Tropical paradise for that was on the market for sale for just 12 days at the final asking price of $2.9 Million. Wide bay views at the north tip of Venetian Islands.
Key “Market Bottom” indicators:
“For Sale” Price: $2,950,000 (12 days on the market at this reduced price point)
Original List Price : $4,700,000 (July, 2008)
Previous Price Reduction: $3,450,000 (January, 2009)
Bedrooms: 4
Bathrooms: 3
House S.F.: 3,734
Land S.F.: 13,408
Closed Price per S.F.(Land): $194
Closed Price per S.F.(House): $698
Previous Sold Date: 2004 ($3,150,000)
Closed Price: $2,610,000 (Sept 2, 2009)
Discount from Latest Asking Price: 11.5%
Property Address: 25 East Rivo Alto Drive in Miami Beach, Florida 33139
Rivo Alto Island Waterfront Home – Completely Remodeled. Located on the preferred southern side of the Venetian Islands. This Mediterranean delight greets with a beautiful courtyard setting reminiscent of a European Villa. The sale also included a separate two story adjacent guest house.
Key “Market Bottom” indicators:
“For Sale” Price: $2,590,000 (19 days on the market at this ACCURATE price point)
Bedrooms: 4
Bathrooms: 4
House S.F.: 3,894
Land S.F.: 13,382
Closed Price per S.F.(Land): $175
Closed Price per S.F.(House): $740
Previous Sold Date: 1998 ($950,000)
Closed Price: $2,350,000 (Sept 1, 2009)
Discount from Latest Asking Price: 9.2%
As Real Estate sales specialists in waterfront properties in Miami Beach, what we’re seeing is waterfront and non-waterfront single family homes that are priced RIGHT receive multiple purchase offers and are selling relatively quickly close to the final asking price.
