Mending Miami Market

Sunset Island Home Sold For $5,700,000

Some people won’t believe this, but the real estate market in Miami is beginning to show signs of mending. A few months ago, there were very few buyers around as reflected in the snails pace sales of homes in Miami. Everyone wants to know when things will turn. What if they are turning right now?The Sunset Island home located at 1425 W. 27th St. on Miami Beach is a 6,595 square feet home, situated on a 20,000 square feet lot, with 100 linear feet of bay front. It sold for $5,700,000, amounting to $864 per square foot of interior living space. The property located at 268 Park Drive in Bal Harbour

is a 6,986 square feet home, and is situated on a lot measuring 15,825 square feet, and is the only one of the 3 properties that is not a waterfront home. The home sold for $5,500,000, which amounts to $787 per square foot of interior living space.

The sales of these 3 homes are significant and demonstrate that the buyers are out there, and that they are slowly beginning to purchase homes. This was not happening in the Miami

area just a few months ago, and the tourist season is over. Traditionally, the tourist season, beginning in November and “officially” ending in mid April, has been the most active time for property sales in Miami. This year things have been a little different, however, because sales were few and far between during the season, and they are slowly beginning to pick up now.

Chief Economist Lawrence Yun of the National Association of Realtors feels optimistic about the future of real estate in the US. In his mid year housing update, he spoke about a recovery and when we can expect one. He feels that the worst is over, and that the market is going to soon rebound. He expressed that the real estate market in Florida will also recover, because baby boomers are going to be retiring in the next several years, and buying up properties in the warm Miami climate. He thinks that this time now, might very well be a great time for buyers who have been waiting, to jump into the marketplace, while home prices are still bottoming out.

This past week alone, 3 luxury homes sold in the Miami Beach area, one on Palm Island, and another on Sunset Island 2, and a third in Bal Harbour. The property located at 4 Palm Ave. on Palm Island

is an 8,169 square feet home situated on a 17,603 square feet lot with 100 linear feet of bay front. The home sold for $7,900,000, amounting to $967 per square foot of interior living space

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