On the off chance you haven't heard yet, 2009 was not a very good year for the economy. Which means it wasn't a very good year for real estate, especially not luxury Miami real estate.
In their wrapup of year-end stats, the South Beach Real Estate blog notes prices per square foot dropped 24.8 percent year-over-year in Miami Beach for waterfront homes. Buying a single square foot in 2008 would have cost about $934. In 2009, that same average square foot would have cost only $702.
The total number of waterfront sales in Miami Beach south of 63rd Street was slightly down to 42, from 49 in 2008.