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

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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.

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