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Price comparison 2006-2007: Overvalued despite 6 percent price drop

Price comparison 2006-2007: Overvalued despite 6 percent price drop
Miami buyers will have more choices and may get a slight break on price, says Cyril Bijaoui, president of The Company, a real estate brokerage, development and property management company. The inventory has more than doubled since last year and prices have started to decline, but not dramatically.

The median home price at the end of 2005 was $391,200. At the close of 2006, it was $366,800. "Sellers are not budging in their prices and buyers are not making offers. You kind of have a never-ending standoff." says Bijaoui. With single-family homes, "You're not going to find anything very nice or very big" in Miami, he says. "Either you buy a condo, or you go away from the metropolis."
Miami, Fla.
Property value: $395,000

Property description

This new condo is located on the 39th floor of a brand new Miami high-rise at the mouth of the Miami River offering great views of Biscayne Bay and downtown Miami. The kitchen has Italian cherry cabinets, granite countertops, stainless-steel appliances and ceramic tile floors. The contemporary and elegant building boasts a marble lobby and profusion of artwork. It also houses two pools, whirlpool tubs, a gym and a rec room, as well as a valet and 24-hour security. This neighborhood includes theaters, performing arts centers and a sports arena.
Amenities

1 bedroom, 1-bath

846 square feet

Valet, elevator, 24-hour security
Click on a photo to see details.
  
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