I believe the high-end waterfront home sector in Miami Beach will be the story of 2010.  Here’s why:  Inventory is way up, homes have been sitting on the market for record amounts of time, and number of real estate transactions are way down.

Capitulation is Right Around the Corner

Miami Beach condos have been pummeled in the media for years.  Prices have dropped big time, except for the South of Fifth neighborhood.  Inventory is decreasing and number of transactions are up—way up.  Not the same for waterfront Miami Beach homes.

All Real Estate Will Succumb-Sooner or Later

Many luxury homeowners are getting antsy.  Agents have been telling them for years to “hold on, you’re special.”  They wanted to believe, but they are losing hope–and fast. 

Enter 1350 S. Venetian Drive

Located on San Marco Island, one of Miami Beach’s Venetian Islands,  1350 S. Venetian Drive has been on the market since February, 2009.  The waterfront Mediterranean home was built in 2003; has 7991 sf, five bedrooms, seven bathrooms and two half baths.  The home was originally priced just under $7M, and today,  was reduced to $4.985M or $624 psf!  Contact me for a showing.

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About Kevin Tomlinson