4

Waterfront Home Prices in Miami Beach Dropped Nearly 25 Percent Last Year

^
Keep New Times Free
I Support
  • Local
  • Community
  • Journalism
  • logo

Support the independent voice of Miami and help keep the future of New Times free.

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.

The biggest residential sale of the year was Shaq's deeply discounted Star Island mansion, which eventually wound up in the hands of Naomi Campbell's billionaire Russian boyfriend for $16 million.

Keep Miami New Times Free... Since we started Miami New Times, it has been defined as the free, independent voice of Miami, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Miami with no paywalls.

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.

 

Join the New Times community and help support independent local journalism in Miami.

 

Join the New Times community and help support independent local journalism in Miami.