Miami Condos price averages bottomed in April 2009 at $176.00 per square foot, and have risen for the paste two months. The affordability of housing has increased dramatically and this has become good news for investors and first time buyers alike!
Please “Click Here” for a list of available Miami bank owned condos for investment as of July 22nd, 2009.
The quarterly average price per square foot has dropped dramatically over the last fifteen months. We have compared the first three months (4/2008 – 6/2008) average of $342.00 to the last three months (4/2009 – 6/2009) average of $198.00 for an amazing drop of over 42%. Many of the properties that have sold have been foreclosures that were taken back by banks.
It is possible that we have a bottom in place but please remember that real estate transactions are “hyper-local” and averages and medians can often be misleading.
Please note that the the sales of condos have strengthened significantly over the last fifteen months but have plateaued over the last four months. This rising pending sales vs flat closed sales is due to two factors; 1) increased difficulty in obtaining bank financing and 2) more “Short Sales” going under contract but not being approved by the banks.
As we have known all along, the banks, like the government, are part of the problem not part of the solution!”
This Month in Real Estate – July 2009
Here’s a short video on the National real Estate outlook.
Here’s the most recent graph available for the Average Price per SQFT for Coastal Condos in Miami-Dade County. Do you see the increase from February 2009.
Please “Click Here” for a list of available Miami bank owned condos for investment as of July 22nd, 2009. Please note that they are in order by city and their availability is subject to change without notice.
We are starting to see multiple offers on these; so please move quickly if you would like to purchase one.
If you are interested in acquiring any of these bank owned properties, please keep in mind that the banks will require a pre-approval letter if you plan to finance or a proof of US funds letter if your offer will be cash.
Please note:We have several highly-skilled Mortgage Lenders who can get financing even in financially “stressed” buildings!
Please visit www.MiamiCondoLifestyle.com or contact us at 800-433-5960 for further information.