I am an optimist and expect us to have a bright and active future marketing and selling Miami Beach single family homes to both to international and domestic buyers looking to own a piece of paradise. Following up from our last sales update regarding the overall trend in terms of prices and pending sales trends for Miami Beach (South Beach area) for January, 2010:

Some local Miami Beach perspective on this latest sales trends for zip codes 33139 and 33140:

55% of the homes sold in January in Miami-Dade County were priced under $500,000 and these homes that sold were actively on the market for an average of 30 days.

Price trends at the lower end of the market have been positive, with the latest closed sales showing flat pricing, and in some cases a slight appreciation in neighborhood values. However, in the higher price ranges (over $500,000), we are still seeing weakness in demand and no decline in supply of new inventory.

Below is the supply of houses listed for sale in Miami-Dade County in October, according to the MLS:

  • - Under $500,000: eight-month supply of homes
  • - $300,000 to $1 million: 21-month supply
  • - Over $1 million: four-year supply

Miami Beach’s luxury housing market falls into mainly in the over $500K category, however, the supply is much more restricted due to the fact that these are islands communities. Also, since there is no new construction taking place, I continue to expect Miami Beach's housing inventory to slowly work it's way down to a healthy six to nine month supply for the luxury segment of the market.

Miami Beach Housing Inventory:

  • - $300,000 to $500,000: less than six month supply
  • - $500,000 to $1 million: 15 month supply
  • - Over $1 million : 24 months supply

As I speak to an ever-increasing number of motivated sellers as part of my daily/weekly round of listing appointments, I continue to emphasize to everyone that there is NO room in the local housing market for overpriced listings. The strongest demand continues to be for turnkey (completely remodeled & finished) waterfront and non-waterfront homes that are priced RIGHT! The issue today is not so much the current inventory levels of unsold homes, it's the expected supply of NEW Miami Beach unsold homes that are expected to come on the market in the next few years. I personally know of quite a few sellers that have kept their homes off of the active market waiting and hoping for the market to "turn around".

To view latest Miami Beach sales data, click here.

* Data Sources: MLS & Miami-Dade Public Records

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As most people who live in the United States are aware, the Superbowl is about to take place this coming Sunday at the Sun Life stadium. Many of the national, international, evening news and late night shows have been highlighting the entertainment and VIP events that are taking place in our stretch of paradise - Miami Beach. If there was ever evidence as to the enduring popularity, national appeal, and "fun" factor of South Beach, here it is:

* Director Michael Bay has invited 70 VIP's (otherwise known as VERY rich people) to his house on North Bay Road in Miami Beach to raise money for charity.

* Snoop Dogg is scheduled to perform live on Friday night at Mansion located on 12th & Washington Avenue in South Beach .

* Justin Timberlake is unscheduled, but rumored to be making a surprise appearance at one of the concert venues in Miami Beach.

* There will be a Super Bowl luncheon on Saturday in Miami Beach's South of Fifth Neighborhood at Red the Steak House for NFL fathers and Living Legends of Florida.

* On Saturday night, there will be the Maxim Super Bowl invitation-only party at the Raleigh Hotel.

* CBS, NBC, ABC and FOX broadcasting their morning shows live from Ocean Drive in the heart of South Beach.

* Free tickets for a spectacular Rhianna, Nelly Furtado, Timbaland concert stage set up righ on the beach in South Beach, along with Timbaland, Nelly Furtado. The concerts began on Thursday night at what is being called the Pepsi Fan Jam.

* There’s a Jamie Foxx concert/comedy show on Friday night at the Fillmore Theater in Miami Beach.

* ESPN is having a private party Friday night with Q Tip at the Fontainebleau.

* Lincoln Road is awash in Superbowl fever, with team decor and sponshorship displays by Lincoln-Mercury. This incredible displays along the pedestrian mall go from Alton Road to Collins Avenue.

* The Black-Eyed Peas will perform at the American Airlines Arena in Miami this Friday evening. The official after-party will take place at the Sagamore Hotel, on Collins Avenue, located in the heart of South Beach.

The Super Bowl itself is held at the Sun Life stadium which is located in Miami Gardens, which is a short 20 minute drive from downtown Miami and Miami Beach.

Enjoy the game everyone!

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