Coral Gables and Miami Beach prices, by the numbers
I have a background in finance. For the most part buying residential property becomes more of an emotional decision, rather than one driven by math. Commercial buying is the reverse, the numbers drive a purchase more than anything else. I'm going to make a bold statement and say that both Miami Beach, and Coral Gables have found, and moved on from the lowest prices. I no longer believe you can say they are in a declining market.
Lets take a look at Coral Gables first. The data you are looking at is the price per square foot all residential real estate was sold at from a period of 12/08 through 2/10. This includes condo's as well as single family homes. It includes short sales, REO's, and retail sales.
As you can see here, the market seems to have bottomed in February of 2009. Again, this is just for Coral Gables. Prices have risen and fallen but have not come back down to the level of February 2009.
Using the same criteria as we searched Coral Gables for, I applied to Miami Beach. This graph is even more dramatic and I believe illustrates a faster recovery in Miami Beach than in most areas of Miami.
As you can see the market found it's bottom in February of 2009 here as well. This pattern is repeated again and again throughout Miami during that month. While it's always easy to have perfect vision in hindsight, and very difficult to make a correct call at the present moment, I think the data is showing a strong recovery in home prices in Miami. Certainly this does not apply to every city in the country. There is further evidence that we passed the bottom if you look at levels of inventory and shorter days on market.
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Welcome to Casey Prindle's Real Estate site.
Please let this site be a informational hub, for anyone looking to buy or sell a home in the South Florida area. With today's real estate market in a fragile state, buyers and sellers must be aware of the advantages and pitfalls involved in buying or selling a home.
My areas of expertise include the high end luxury market, both condo's and single family homes. Whether you are looking for a condo on the beach, or a home with a ranch, I have the experience to help you successfully find the home of your dreams.
Currently many first time home buyers, as well as investors, are interested in buying foreclosed or short saled homes. When buying a foreclosed property having the right Realtor is essential. These transactions are often times more complex than a retail sale. I have the ability to guide you through the process.
Multi Family housing is the area I focus most heavily upon. I apply not only my knowledge of Real Estate, but also my background in finance. From simple duplex transactions through multi million dollar building sales, I can get the job done quickly and correctly for you. Starting from examining financials on a building, through due dilligence I will go through each step with you. Closing large deals with me will turn a complex transaction, into a seemless experience for the tenants of the building, as well as yourself.
