MIAMI BEACH REAL ESTATE OVERVIEW IN THE FIRST HALF 

 MIAMI BEACH REAL ESTATE OVERVIEW IN THE FIRST HALF 

Miami Beach Real Estate Overview in the First Half 

Looking at the real estate sector in Miami Beach during the first half of 2020, we see an increase in demand. So far, this is not surprising, as the trend in Miami is similar.

Real estate sales closed during the first six months of 2020, compared to those recorded during the same period in 2019, jumped 20%. This increase is all the more surprising given the current circumstances. In the midst of a pandemic, is Miami Beach real estate flouting economic threats?

To help you fully appreciate the current situation, Investir US suggests you look at completed real estate sales based on price ranges.

What can you buy for under a million dollars in Miami Beach?

Real estate sales under the $1 million mark were finalized at a discount of 9% off the final sale price and 15% off the original sale price. Properties sold under $1 million are the most basic, at $365 per square foot (1 square foot is 0.09 m²).

As a general rule of thumb, if you're looking to buy a home priced under $1 million, it's worth considering paying $200 per square foot for a property that requires significant renovations.

Between 1 and 2 million dollars

$544: This is the average price paid for a property between $1 million and $2 million in Miami Beach. Figures show that the market is strengthening in this price range. Transactions closed with an average discount of 10% off the last offer price and 15% off the seller's original asking price.

Between 2 and 3 million dollars

While the number of homes sold at an average price of $640 per square foot is well below the previous level, the number of properties in inventory remains high, with properties listed in catalogs for up to 36 months. There is a gap of 15% between the initial offer and the actual price paid.

Between 3 and 5 million dollars

Miami Beach properties in this category sell for an average of $855 per square foot. This range includes homes with high-quality amenities and many attractive options. The gap between the seller's desired price and the buyer's price is widening to 20%.

Miami Beach real estate exceeds $5 million

Typically, it takes 42 months to see properties over $5 million sold in Miami Beach. Sellers, for their part, also have to make concessions, as the transaction price is reduced by 19% from the original asking price.

Summary: The Miami Beach Real Estate Market

At the lower end of the scale, properties selling for less than $2 million are showing good momentum. However, above $2 million, the waiting time for properties increases to 40 months between the time the property for sale is listed in the inventory and the time it is removed from it, once the sale is finalized.

Despite this, current trend figures suggest that real estate sales with a sale price exceeding $5 million are experiencing renewed growth. This trend confirms that Miami Beach remains a popular location for relocations. The global pandemic is one of the causes directly attributable to this surge. Now more than ever, the wealthiest are choosing to settle in South Florida. As for the cheapest real estate in Miami Beach, it remains desirable due to interest rates, which currently remain low.

Many sellers are currently in a weak position and, in need of cash, are offloading their real estate assets. As a result, buyers are benefiting from a particularly attractive market, with unprecedented opportunities to look forward to. This is, at least, what current figures indicate, and everything suggests that this trend is also a sign of deals to be had before the curve reverses...