Miami Beach Luxury Real Estate Gets Cheaper as Short Sales Abound

Finding a "cheap" mansion on Miami Beach has become easier in the last few years due to the yo-yo-ing real estate market. That is, if you consider $3 million to be cheap. A few years ago, many of the properties on millionaire-row streets like North Bay Road and Palm Avenue were untouchable by many well-to-do buyers. Now those priced at $12 million and $13 million have dropped to $9 million, while those at $6 million are now priced at $3 million.

Ironically, wealthy all-cash buyers may ultimately rescue the deeply depressed local housing market.

"We definitely see affordable mansions happening all over, but especially in our waterfront properties, where the most desirable mansions are located," says Esther Percal, a Realtor with Esslinger, Wooten, Maxwell who has made a career of selling luxury real estate on Miami Beach.

She's referring specifically to North Bay Road where unobstructed, bay-front homes range near 14,000 square feet, with 80 feet of waterfront.