Property Sales in Miami Beach
Lots and lots of properties are for sale in Miami Beach, and that’s not a pun or an exaggeration. The market is flooded with unsold properties month after month, as more and more homes become available for sale. An examination of the luxury market in Miami Beach tells a terrible story.
As of today, there are 40 beachfront properties for sale in the Venetian Islands, with 11 houses for sale in Rivo Alto Island, 13 houses for sale in Dilido Island, 3 houses for sale in the San Marino island and 13 other properties for sale. on San Marco and Biscayne Islands. All 5 islands mentioned, along with Belle Isle, including the Venetian Islands.
Palm Island and Hibiscus Island, which are located just south of the Venetian Islands, are also part of Miami Beach. Across those 2 islands, a total of 31 beachfront properties are for sale, with 16 beachfront homes available on Palm Island and 15 on Hibiscus Island. The 4 Sunset Islands are located just northeast of the Venetian Islands, and 14 beachfront properties are listed in the Sunset Islands, with 7 homes listed in Sunset Island I and II. , and 7 on Sunset Island III and IV.
North Bay Road is located on the west side of Miami Beach and is well known for its exclusivity. It has been home to the Bee Gees, Jennifer Lopez, Thalia, Shakira, and other well-known personalities. There are 16 waterfront homes listed on North Bay Road.
Who is going to buy all these houses? Are the buyers out there? The answer is yes. However, resistance to buying property is greater than ever, as buyers stand on the sidelines, fearful of buying a home that may not appreciate in the future. An additional problem is that the banks are not lending money yet, so even when a buyer is ready, willing and financially able, the banks will not close the loans.
What does this all mean? Buyers need to be smarter than ever, and sellers need to realize that by lowering the selling prices of their homes, they are not giving away their properties, as many sellers have expressed. Sellers who really want their properties to be sold will necessarily have to become much more realistic and realize that the market is no longer what it was a few years ago; and there is no evidence whatsoever to indicate an appreciation of the real estate market in the near future.
When properties on small lots in the Venetian Islands are listed for up to nearly $8 million, and other properties on North Bay Road, on larger lots, are listed for less than $4 million, something is wrong. North Bay Road homes have generally been worth substantially more than Venetian Island homes.
However, the news is not all bad, because there has been a slight increase in activity, with more buyers appearing in the market. When banks start lending, things will get better, and when sellers are more realistic, more houses will be sold. For additional information visit http://www.alexshay.com or http://miamibeachluxuryrealestate.blogspot.com