Miami FL Real Estate Head-To-Head With Manhattan: The Top Two Markets In The United States Today
Both markets have experienced substantial growth in the first quarter of 2012 as far as property prices are concerned. In fact, the growth has exceeded what one would initially expect from them on a year-over-year basis as they are revealing record prices at the moment.
However, if you were to draw a comparison on how each of these two markets compare in terms of the inventory supply that they have remaining, there is only 9 months worth of inventory left in Manhattan while only 4 months worth of inventory remains on the Miami FL real estate market which means that there are significantly less options for property buyers within the region of Miami FL.
Of course, people who know what lower inventory levels are a clear indication of property values being on the rise should already have an idea that the Miami FL real estate market is most likely to be ahead as far as property value appreciation goes.
The price per square foot for condos in Manhattan had gone up by as much as 9 percent while luxury real estate options within the area had gone up by as much as 9 percent.
Miami FL, on the other hand, had experienced increases of as much as 13 percent for their luxury real estate options. Price gains within the neighborhood of South Beach stood at 20 percent, for the city of Miami Beach the gains were as much as 27 percent, while properties in Downtown Miami area went up by as much as 19 percent.
As far as achieving record prices is concerned, one sale at the St. Regis Bal Harbour had gone for as much as $20 million while another sale at the Setai had gone for $21.5 million. Manhattan sales, on the other hand, are also pushing through with impressive sales as a penthouse property located at 15 Central Park had been sold for a stunning $88 million.
If you are interested in being able to take advantage of this amazing time for both of these real estate markets, you need to get in touch with a real estate agent that can provide you all of the necessary information regarding your available options today.
Yaz Morgan
