Miami Beach Real Estate Slowly Recovering From a Slowdown

The real estate industry in Miami Beach, Florida has grown tremendously over the years. The market has in the recent past experienced stability and is sustainable despite being hit by a slowdown with most effect felt in the most expensive areas. The slowdown saw a drop in prices in the first quarter last year though sales increased by a third in comparison to the prior year.

A recent report by Douglas Elliman and Miller Samuel showed that the price in Barrier Island and Miami Beach came down by 7.5 percent over time to $905,252 while that of median dropping by 6.6 percent to 408,750. Delays in selling properties were experienced, with the number of days taken to sell increasing to 97 from 53 over the years.

The Coverage

According to real estate agents, the slowdown was brought about by reduced demand from overseas buyers as well as emerging luxury condos that are being constructed. The coastal areas were not hit by the crisis since they don’t rely on foreign sales. Areas like Boca Raton, Fort Lauderdale, and Palm Beach have experienced increased demand as they are preferred by many retirees and their families. The Miami Beach real estate market comprises of Bal Harbor, Bay Harbor Islands, Key Biscayne, Fisher Island, and the Sunny Isles Island. While the Miami Market covers Coral Gables, Pinecrest, Palmetto Bay, South Miami, and Aventura.

About Samuel Strauch

Samuel Strauch attended Hofstra University where he graduated with BA in International Business. He also pursued business at the Harvard University and International Finance and International Marketing at Erasmus University Rotterdam.

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Samuel Strauch’s career started off as a banker but later left to join the real estate industry, working at his family’s business in South Florida. He began his real estate company, Metrik Real Estate in 2002. Samuel Strauch has other investments in restaurants and the Internet sector and has some interests in art and photography.