Miami Running Neck and Neck with New York for Top Spot in Real Estate

by Isaac Benmergui, Esq on June 3, 2012

Both cities are experiencing robust real estate sales. Both cities draw international investors. Both cities never sleep. Is it any wonder that these cities are now competing for real estate investment dollars?

One place that Miami is running far ahead is the shortage of available properties. Manhattan has about a 9-month inventory of properties for sale; Miami, only 4 months worth, and the real estate agents are playing referee in bidding wars and luring sellers with every tactic imaginable to list their properties. Miami is also running ahead of New York in price increases. Manhattan prices have averaged a 9 percent increase, while Miami is up as much as 13 percent. More specifically in the Miami area, South Beach rose 20 percent; Miami Beach – 27 percent and downtown Miami – 19 percent.

New York took the top spot for highest sales price on a property at $88 million for 15 Central Park, with Miami at $21.5 million for the Setai and $20 million for the St. Regis Bal Harbour.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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