I’d like to highlight a few of the more significant closed sales information for single family homes located on Palm Island, Hibiscus Island, Venetian Islands and Sunset Islands in Miami Beach from May 1 through August 20, 2008.

A total of eighteen (18) luxury homes sold and closed during this time frame with an average sales price of $3,300,000. The median price per s.f. was $731, with the average time on market of 259 days. In EVERY case, ALL of these homes were significantly price reduced, and represent price rollbacks to 2004 price levels.

ARE YOU SERIOUS ABOUT SELLING? – If you own a condo or a single family home in Miami Beach (especially South Beach), and have had trouble selling, please call us for a free market analysis. I believe in telling it straight to clients (or potential clients) that wishful thinking will not carry the day in this real estate environment.

Once again, the market has shown that it rewards sellers who work with experienced, knowledgeable, detail-oriented, and top producing real estate sales people. Thanks to aggressive and creative targeted International Marketing Campaigns, we have sold ALMOST our entire Residential listing inventory from the first half of 2008.

Below are a few of the more notable home sales that have occurred over the past four months in Miami Beach:

5 beds / 5 baths 13,000 S.F. Home 19,687 S.F. Land
Original List Price: $22,000,000 Sales Price: $10,600,000
950+ days on Market, $815/S.F. Waterfront Home

5 beds / 4 baths 5,300 S.F. Home 12,163 S.F. Land
Original List Price: $6,000,000 Sales Price: $5,400,000
20 days on Market! $1,018/S.F. Waterfront Home Miami Beach

6 beds / 6 baths 6,000 S.F. Home 10,500 S.F. Land
Original List Price: $6,700,000 Sales Price: $4,600,000
400+ days on Market, $766/S.F. Waterfront Home Venetian Islands

2 beds / 2 baths 2,250 S.F. Home 10,500 S.F. Land
Original List Price: $3,400,000 Sales Price: $2,115,000
503 days on Market, $940/S.F. Waterfront Home Venetian Islands

4 beds / 3 baths 3,138 S.F. Home 10,500 S.F. Land
Original List Price: $3,700,000 Sales Price: $2,300,000
163 days on Market, $732/S.F. Waterfront Home Venetian Islands

5 beds / 4 baths 3,007 S.F. Home 8,414 S.F. Land
Original List Price: $3,700,000 Sales Price: $2,700,000
400+ total days on Market, $897/S.F. Waterfront Home Palm Island

4 beds / 3 baths 3,026 S.F. Home 9,500 S.F. Land
Original List Price: $1,695,000 Sales Price: $1,180,000
562 days on Market, $389/S.F. Non-Waterfront Property Hibiscus Island

In one’s lifetime, there comes that point when the thought of buying your first home begins to manifest itself. Alas, buying South Florida homes these days is something many will advise against due to the uncertain status of the real estate market. Yet there are those people who will tell you the complete opposite and passionately explain to you why buying in the current inventory of property for sale is actually wise.

With conflicting opinions and advice coming from both sides, it’s easy to be intimidated by the home buying prospect. You may be thinking, “Okay, I really want a Miami Beach condo by the water to call my own so…should I buy a home right now or not?”

Any real estate agent well-informed in Miami Beach real estate and/or the industry itself will explain to you that during tricky market times such as these, the decision doesn’t come down to an easy yes or no answer. Those people who may have told you that you will be losing money if you buy are indeed correct. Whatever you choose to pay now, you could pay less for in a few months. Also, due largely to the mortgage and foreclosure issue, lenders are playing hardball with borrowers and have become quite selective about who they lend to.

Then again, the prospects could be extremely worthwhile. For one, property prices have gone down considerably which should bring you closer to obtaining that four bedroom home in Miami Beach you’ve always wanted and interest rates on mortgages have gone down which should translate to a more affordable monthly mortgage payment, particularly if you’ve maintained an outstanding credit history.

It can be safely assumed then that there is no real right or wrong when it comes to buying a home. Yes you will lose money and this is something you need to be able to deal with before you do anything else. Sometimes however, it’s not so much the money that matters as it is finding a home to call your own.