Although Miami Beach as a whole has seen troubled times in real estate over the last two years, South Beach real estate hasn't seen quite the drop in prices or disinterest as it's northern counterparts. And while there are foreclosures in South Beach to be found, they are snapped up by investors almost immediately. Be prepared to move and buy quickly if you are looking for South Miami Beach foreclosures.
Long known as a celebrity mecca, South Beach Florida is the epitomy of modern "yuppie-dom", with sidewalk cafes, buff bodies, latin music, and expensive coffee shops lining the streets. It's a different lifestyle, and while prices are somewhat lower than during the boom-time, real estate prices seldom see the median price for Miami condos that the Florida Assn. of Realtors recently quoted at $150,000.
The foreclosures and low prices are mostly found in North Miami, while South Beach condos average from a half-million to a million dollars instead. The celebrity homes and super-luxury condos in South Beach typically range from two to five million, and continue to be well sought-after properties.
One of the differences in the market of South Beach now is selling time. The expensive jet-set homes that used to sell in weeks or months are now sitting on the table for a year or more, and often don't sell until they do drop a little below market value.
Some of the waterfront and oceanfront properties in South Beach include:
9 Island Condos
If you are interested in luxury condos and real estate in South Beach Florida, consider some of the advertisers below, or CONTACT US for an experienced and professional agent that specializes in this area. When you find that "too good to be true" price on a South Beach luxury condo, be sure that the HOA is intact and foreclosures have not damaged the coiffers, resulting in large assessments to cover for the lost HOA fees.