The Price Drop In Miami

Sales prices have come down substantially in Miami Beach, yet some sellers are still asking very high prices for their properties, prices that are high enough to render those properties un-saleable sans a significant price reduction. If there is any doubt, read on and arrive at your own conclusion.

A property on North Bay Road in Miami Beach sold 2 days ago for much lower than the asking price. As everyone in the area knows, North Bay Road is one of the most exclusive streets in all of Miami, and the sale of a house located at 5004 N. Bay Road (shown above) is quite significant, in that it tells a story of the Miami Beach real estate market.

The sales price was $3,075,000 for a property that boasts 100 linear feet of waterfront, on a lot measuring 21,500 square feet, complete with a 3 bedrooms, 4 and 1/2 bathrooms house that has 4,123 square feet of living space. The sale is remarkable, considering that most homes on North Bay Road have sold for considerably more. The asking price for the home was $4,799,000, but the house was in the process of foreclosure, as a lis pendens had been placed on the property in July of this year.

Even some homes on the Venetian Islands on Miami Beach, are asking much more. For example, recently a house on the Venetian Islands was listed for an asking price of $10,000,000. Granted the house is new, with 8,000 square feet of living space, but it is situated on a lot measuring 13,382 square feet, much smaller than the lot size of the North Bay Road property.

Buyers are looking for great bargains these days, and well they should be. Sellers who really want to sell will have to price their properties accordingly, if they hope to strike a deal. It is 2008 now, and the days of 2004, when the real estate boom was at it’s peak, are long gone.

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