IN DEPTH COMMUNITY PROFILE
2010 IN REVIEW Looking back on 2010, the phrase “cautiously optimistic” comes to mind. We were all hopeful that 2010 would be the first step towards a real estate recovery in South Florida. It seems that the downward pressure on pricing finally reached the point where people started to take a notice. We were right. The world stepped in and started looking at properties and making offers. The luxury market in particular was attracting world-wide attention with buyers coming from all over the globe to take advantage of good values in South Florida real estate. Sales of properties over $1 Million are up 22% from 2009 in Miami-Dade County. The inventory of properties over $ 1 Million in Broward County has dropped from a four-year supply in December of 2009 to a 27-month supply in December of 2010.
After a near-disastrous 2009, the luxury market appears to be making a comeback, driven by growing buyer confidence, improved financing conditions and more realistic seller pricing. Despite the housing downturn, attractively priced homes in some of the nation’s most coveted neighborhoods are selling, sometimes fast and sometimes with multiple offers. Nationwide, sales of homes selling for $ 2 Million to $ 5 Million in the first quarter totaled 2,461, up 32% from a year before. Below, you will find an in depth community profile for your neighborhood. I hope you found this information useful and if you have any questions or comments please don’t hesitate to contact me at 786.877.6880 -Kevin ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
OVERVIEW
North Bay Road, Pinetree Drive With over 150 waterfront residences, North Bay Road is widely considered the most important residential street in Miami Beach. Pinetree Drive is home to large, historical waterfront estates originally built in the 1920’s and 1930’s. Sales of waterfront homes on these elite streets more than doubled in 2010.
Waterfront Properties # of Transactions 5396 North Bay Road, Miami Beach Offered at $7,950,000
ONESOTHEBYSREALTY.COM
Single Family Homes
Average Sales Price
Median Sales Price
% of REO
2009
7
$4,569,850
$3,300,000
-
2010
15
$4,207,867
$3,500,000
-
Change
114%
-8%
6%