Two thousand ten may have gone out with a whimper than a hurrah, at least where existing Florida home sales are concerned. Condos on the other hand saw a considerable bump, especially in the Miami area which also includes Miami Beach condos.
Speaking of Miami, it was actually one of the few cities that did see gains in single family homes but again, the biggest jump was condos which saw a healthy bump of 38 percent during the fourth quarter 2,781 from 2,022. Steep discounts for properties similar to ICON Miami Beach contributed to a nearly thirty percent decline in median prices. Miami condos now stand at about $103,500 from $145,400.
Looking at condo sales on a broader scale, condo sales experienced a small increase of six percent but also saw significant median price declines to $84,400 from $105,600. In a market like Miami Beach condos that's so unpredictable, where do you think things are headed as the year progresses?