A sluggish real estate market continues in Miami, Miami Beach and surrounding South Florida communities, and foreclosures are up, according to Alex Shay, a prominent Miami Beach real estate broker, whose award winning website (Miami Real Estate), features some of the most beautiful residential real estate in all of the world.
Miami, FL (PRWEB) April 10, 2007 -- Real estate sales remained sluggish in the Miami during the first quarter of 2007, and foreclosures were up, according to prominent real estate broker Alex Shay (www.alexshay.com), a specialist in high-end residential real estate in Miami, Florida. There were an inordinately high number of homes and condominiums on the market for sale, with few buyers, during the first 3 months of this year.
A residential property analysis of homes and condominiums in Dade County, which includes Miami and Miami Beach, as well as a number of other surrounding communities, told a clear and undeniable story. According to data supplied by the Coral Gables, Homestead-South Dade, Kendall-Perrine, and Northwestern Association of Realtors or their MLS, in February 2006 there were 6,997 residential single-family homes for sale and 721 homes sold in Dade County. In February 2007, there were 12,430 single-family homes for sale, and 519 homes sold. The story was very similar with respect to condos. In February 2006, there were 13,436 condos for sale in Dade, and 965 condos sold. In February 2007, there were 22,025 condos for sale in Dade, and 617 condos sold.
According to a recent published report, Florida foreclosure activity in February of 2007 was up more than 63% from January. That's one foreclosure filing for every 382 households in Florida. There were 19,144 foreclosure filings in Florida during February, the most of any state.
The first quarter of last year was already a very slow market in Miami, and in the first quarter of 2007 the market continued on its downward trend. According to Shay, prices will continue to come down a bit more in the Miami area, before there is a rebound. The first quarter is usually the best quarter in Miami, because that is when so many people from so many countries all over the world come to Miami to enjoy the amazing weather, and the wonderful beaches and restaurants. It is also the time when they buy Miami real estate, either for a second home, or for an investment. That has not happened for the past 2 seasons, but Shay feels very upbeat and confident about real estate in Miami, because he thinks that property is still undervalued in Southeast Florida, relative to some other parts of the country like California and New York. He purports that for those interested in purchasing Miami real estate, this is the best opportunity that buyers have had in years to make a great deal. There is a glut of homes and condos for sale in Miami this year, and a buyer can purchase property under market value. That is very rare in Miami. For more information visit Miami Real Estate