South Beach is an interesting part of the City to analyze. There has been so much development occurring in the past couple decades to make it a poster-child for urban renaissance. However, with rapid change comes big gambling. Big winners and in some cases, big losers.
"I've got a pair of South Beaches and a pair of Nob Hills... what 'chu got?"
We took a close look at the South Beach condominium market (which includes lofts) to see what types of trends are going on in the ‘hood. We’ve looked at trends here before, but we’ve taken the analysis a step further by 1) inflation-adjusting the values to account for the changing value of the dollar, and 2) overlaid the neighborhood trend with that of the entire City to gain a sense of relation.
Before we take a look at the trends, a few points about the data must be made. First, the data comes from MLS (like all of our analysis). Developers who are selling brand new condos (for example, at the Infinity) do not put their sales prices in the MLS. This is kept secret so they can adjust their sales prices on the fly, based on demand. You can thank them for that… it’s not our doing! Even though new development sales are left out of the analysis does not render the data useless, however. Resales (sales from one person to another) are tracked in the MLS, and it’s the resale market owners should be most concerned with.
With that said, here’s a look at what’s going on with South Beach condos on the whole: Read the rest of this entry ?