Miami Beach Condos — A General Summary On Property Prices As Of The First Quarter Of 2012
Being a municipality comprised of numerous natural and artificial islands between the Atlantic Ocean and Biscayne Bay has enabled the city to become one of the region’s most attractive places for waterfront properties and while there are many property types to choose from on the property market, Miami Beach condos are definitely one of the most highly sought after options today since they provide people with modern home spaces that are found within the best areas that offer direct access to all of the great qualities that make the city so outstanding.
In order to give you an idea on how Miami Beach condos have been doing on the property market, we have put together a round-up on how property prices have changed in the last year in the hopes of providing you with better insight on what to expect should you decide on buying one of these great real estate properties.
Beginning with the fact that the average price per square foot within the city of Miami Beach has increased from $321 to $503, people who are looking to buy condos should be more financially prepared as prices have gone up by as much as 57 percent which means that they are no longer as affordable as they used to be.
Furthermore, people who are planning to purchase Miami Beach condos should make sure they get ready as early as now because such trends could very well carry into the next couple of months as trends like these do not simply come to an abrupt halt.
If the average price per square foot is not enough grounds for you in your decision-making process then perhaps you should consider the fact that the median sales price has gone up by as much as 32 percent from $190,000 to $250,000 which means that people who have been trying to sell their Miami Beach condos at higher values will definitely find better deals waiting for them now that values have gone back up.
As far as the subject of inventory supply is concerned, potential property buyers will have to consider acting as early as possible because the market is left with enough to last five months which further reinforces what has been said about property prices going up in the near future.
Joan Vonnegut
Miami Beach Condos
