Month: May 2014

Real Estate Prices Rise Again in Miami

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Miami is still proving to be one of the hottest property markets in the United States, as median sale prices were up for condominiums and single-family homes in March. The market is continuing to be popular with overseas buyers and investors.

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Last month the median sales price for single-family homes rose by 4.4%, up from $225,000 in March last year to $235,000 for March 2014. Prices have now risen for 28 consecutive months, according to figures from the Miami Association of Realtors. The average sales price for a single-family home rose by 17.8%, increasing from $389,847 in March last year, to $459,102 for March 2014. The article in Propertywire points out that Miami is still attracting worldwide investors, and demand continues to be strong this year. However inventory levels are rising, creating a more balanced market.

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A-Rod makes a profit on Miami Beach condo

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With his baseball career on ice, Yankees third baseman Alex Rodriguez is making a little money in the real estate market. The embattled player is suspended for the season because of doping allegations, but he managed to make a tidy profit on his Miami Beach luxury condo when he sold it this month for $2.575 million.

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He bought the home for $2.1 million just last June. He initially listed it in November for $3.2 million, but dropped the price in January to $2.99 million. According to the Wall Street Journal, A-Rod decided he wanted something bigger on the beach.

The three-bedroom condo offers wraparound balconies with views of the ocean and Miami Bay in a luxury building with white modern decor by Briggs Edward Solomon.

This isn’t the first time Rodriguez has quickly changed his mind about fancy Miami real estate. In 2012, he listed his 20,000-square-foot North Bay Road home soon after finishing its construction.

The property was listed by Rodriguez’s sister, Arlene Dunand of One Sotheby’s International Realty.