Q1 Market Update: North Beach Home Values ClimbMarch 31, 2016
As evidence of a strengthening market, property values have been on a steady climb, more than doubling in the past five years. In North Beach especially, we are seeing stable increases in values which can be attributed partly to the major City improvements and successful new developments in the area, such as IRIS on the Bay, which opened this month. North Beach is heating up!
With a market this hot, homeowners are often checking to see where their asset measures up. Our market summary for North Beach home sales in 2015 showed an average sale price of $276 per sqft for non-waterfront homes and $611 per sqft for homes fronting the water. Only a few short months later, quarter one reports show dry lot homes selling at an average of $304 per sqft and waterfront homes at an average of $633 per sqft – still the most affordable neighborhood in Miami Beach.
The highest sale this quarter came in at a whopping $3,635,000 for a waterfront home in gated Stillwater. This is the highest (non-oceanfront) home sale that North Beach has ever seen!
Click below for a full list of North Beach homes sold year-to-date:
While still increasing, forecasts show that property values are beginning to level out. With the high season coming to a close, it’s a good time to assess the market conditions and forecast coming.
Laura Veitia, Real Estate Broker states, “Although home prices are starting to level out, North Beach still offers some of the most affordable homes, both waterfront or not, in Miami Beach and surrounding neighborhoods.”
Contact us, your local real estate experts, for a home valuation and learn how, and when, to maximize your investment.
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