Miami Beach Real Estate - A Review of Current Condo Market Inventories

The city of Miami Beach is one of the United States' most fashionable and one of the truly coveted destinations.

The city is a famous tourist, fashion and entertainment, film, fine dining and premier arts and culture destination. However, nothing best defines the city's characteristic more than the unique, highly artistic, architectural landscape being painted by Miami Beach condos and South Beach condos.

Miami Beach is known as an International Mecca for travel, business and to establish a home. From its small hotels with unique designs that line up along lower Collins Avenue and Ocean Drive, to its major upmarket hotel chains along the beach.

The City Has Had Its Fair Share Of Condo Boom Times

The area's extensive redevelopment has catapulted it into the higher levels of real estate in South Florida and the US as well, more so with the place being a well-known bastion of consumerism and all-out hedonism, with it's thriving party, celebrity scene, and entertainment scene.

The city's real estate investment options include ready for occupancy condominiums, and are setting the benchmarks when it comes to the building of elegant, sophisticated and amenity-filled condo developments. The area's most prolific developers, renowned architects and hippest designers are making their mark on the city's eclectic lifestyle, one that best describes the art of indulgence and opulence.

Current Condo Prices For The City

According to local real estate analysts, the average condo prices based on October, 2007 levels for each of the city's districts are the following: Miami Beach - $496,000; West Avenue - $463,060; Star, Palm and Hibiscus Islands - $2,788,143; Downtown Miami - $555,590; Biscayne Corridor and Wynwood, Edgewater - $448,487.

Local property analysts further noted that during the month of November, 2007, the average time needed to sell a condo in Miami Beach was 153 days.

Have Condo Supply Levels Dropped?

From a more wider perspective, the city of Miami Beach saw a 19 percent slide in its condominium levels since last month. Miami Beach did not come close to experiencing the level of development that we recently saw in Miami.

Most of overseas and out-of-state home buyers are also more likely to purchase a condo unit in this city than they are somewhere in the Miami-Dade area. Many think that the city will continue to see an increasing gap between the Miami and Miami Beach condo supply figures in the months ahead.

Over the years, tourism has been the city's major economic driving force; however today, the area's economy is diverse today. In recent years, it has expanded way beyond its traditional tourism-based cash cow, and has reinvented itself to become a multi-faceted real estate, entertainment, culture, health care and tourism center. This is an area where nearly 95,000 residents live, work, shop, go to school, have fun and go dining, and do many leisure activities.

The city's cultural scene is diverse, and takes pride itself in having the Miami City Ballet and the New World Symphony. Though the city's geographic borders are set, its economic growth is booming, and many public works investments, like the proposed Baylink project, that is expected to create a mass transit connection between Miami Beach and the mainland Miami area, continues to reinvigorate the area.

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Improvements in Miami Beach Condos During the Current Decline

The market on Miami Beach condo has been on a steady decline for the past two years and only showing signs of improvement in the early months of 2008.

The overbuilding of condominiums to meet the steady demands during the market boom before 2006 is practically the reason of the rising number of unsold condo units all over Miami.

The City Of Tourism

Despite the current economic turmoil the gripped the nation, Miami Beach is still one of the prime tourist destination of many locals and foreigners alike. The magnificent beaches and famous nightlife of Miami Beach contributed to the rising number of tourists every year.

Also, the luxury homes found in the area has been a marvel of sophisticated architecture coupled with modern designs; thus, gaining the interests of many local and foreign investors. But this is not enough to address the real estate problems of Miami-Dade County.

Signs of Improvement

The increasing number of unsold condo units due to overbuilding and the rising number of foreclosures in Miami Beach has captured the interest of many critics both here and abroad. It is true that there is nothing we can do at this point in time when the mortgage crisis is still hovering in the air and causing many glooms in the real estate market.

Also, the expensive condo units and the rising interest rates of many financial institutions in the nation made it almost impossible for locals to acquire these luxurious residences. The sound drubbing suffered by the U.S. Dollar is not making it easier either.

But despite the lack of local acquisitions, foreign investors are now flocking into the Miami Beach buying condo units at a cheaper price. Since they are not affected by the currency devaluation, acquiring Miami Beach condos is an easy feat, especially European investors eyeing luxurious beach front properties.

To maximize their profits during these trying times, many real estate firms and developers are now turning these condo units into rentals to address the local demands for luxurious residential amenities. Signs of marketing to other parts of the globes are also in action to promote Miami Beach condo for possible acquisition.

Many real estate experts are also pointing out that the current value of these condo units are cheaper compared to the earlier market boom; thus, making a point that acquiring these units now might be beneficial for long term profit -- such is the case when the current improvement might inflate the prices up a few notches, which is good in selling out for higher profits.

Whatever the case may be, the real estate market crisis is indeed worrying many who are into the business. But with their persistent to overcome the problem might give the real estate market of Miami Beach a fighting chance.

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