Miami Beach sellers “starting to see the light”

January 29th, 2010

he start of the new year may be the point when the upper end of the Miami Beach market found its hardwood floor. After luxury property sales in Miami Beach slowed in 2008, lower prices caused a rebound in the second half of 2009 — and inventory is shrinking in 2010.

Miami Beach luxury waterfront home prices for all of 2009 fell 25 percent year-over-year, according to data from Esslinger-Wooten-Maxwell. Kevin Tomlinson, a realtor with the brokerage, said that data surprised him.

“Sellers are starting to see the light. They are hearing what the market is saying — and they are lowering prices,” Tomlinson said. “Homes on the market for an average of about 200 days were causing a backlog in inventory in the first half of the year, but sales velocity picked up toward the end of 2009 for homes with lower prices.”

Read the rest of my story on The Real Deal.

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