Miami Beach homes have been one of the more severe real estate markets affected by the housing downtown.  Miami Beach homes foreclosures are commonplace and so are Miami Beach homes REOs.  This isn’t great news but for the first time in several years, Miami Beach homes are actually affordable.

It’s true that buyers for Miami Beach homes are still relatively scarce.  However, the people who are purchasing Miami Beach homes are largely first time buyers.  These first time buyers are finding unprecedented discounts on Miami Beach homes.  What’s more, interior features like granite countertops that were once reserved for luxury Miami Beach homes are now commonplace.

Not everyone is experiencing the same results from this sharp decline in Miami Beach homes.  Even though Miami Beach homes are being sold in very modest amounts at deep discounts, banks also have to incur some losses in order to get these Miami Beach homes sold, particularly Miami Beach homes foreclosures.

If we take a look at the existing Miami Beach homes market with the glass half full on the other hand, two bedroom Miami Beach homes that once commanded a whopping $700,000 during the Miami Beach homes market glory days have now tumbled to less than $115,000 dollars.  Will prices for Miami Beach homes bottom out this year? Is buying Miami Beach homes now a smart decision?  These are questions you’ll have to take into account if you’re going to buy Miami Beach homes at today’s prices in today’s highly uncertain market.