Miami condo prices down 50%?

Posted Sep 26th 2007 6:00PM by Zac Bissonnette
Filed under: Housing

I have to say, I had no idea Miami condo prices were down this badly. According to a CBS report that someone was kind enough to post on YouTube, new condos sold at a recent auction for 50% their original list prices -- as little as $150,000 for a loft.

One bedroom/one bath condos went for an average of $176 thousand at the auction, down from the last year's price of $350. Two bedroom condos originally priced at $600 could be had for an average of $295.

In a recent episode of the 'The Millionaire Inside' on CNBC, real estate expert (and author of the amazing book The Automatic Millionaire) speculated that some people would get very rich buying real estate in the current market. But more than a few developers have become very poor by getting into the last bubble too late.

Tags: Condos, housing, Miami

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Reader Comments (Page 1 of 1)

10-02-2007 @ 8:13PM

Magic City Harvard Lawyer said...

Nice post, and thanks for the very interesting video of the Platinum auction. If you are interested in a look at the Miami real estate market from the legal perspective, I have been blogging on this issue at http://beckandlee.wordpress.com/

10-07-2007 @ 2:25AM

Brian OH said...

Regardless of the glut of condos current and
pending, these look like pretty good deals to
me for medium-term investment. I don't
think it currently necessarilly reflects the Miami
condo market as it may be a one-off. Note,
I am not saying that prices are not down, but
I do not think that across the board they are down
to these levels (yet). From what I have seen,
prices may be down about 15-25% from the
highs. This is not a scientific evaluation, just from
what I have seen. Then again, maybe this sale is
just the tip of the proverbial and more is to come
very soon.
Brian