by Robert Frank
The Miami real estate slowdown is becoming a meltdown — with the most expensive areas getting hit hardest.
The number of sales and prices in posh Miami Beach — home to many of the city’s most expensive and highest-profile properties — fell during the first quarter, according to a new report. Meanwhile, inventory soared by roughly a third compared with the prior-year quarter.
The report, released Thursday by Douglas Elliman and Miller Samuel Real Estate Appraisers & Consultants, found the average sale price in Miami Beach and the nearby Barrier Islands fell 7.5 percent year over year to $905,252. The median sale price fell 6.6 percent year over year to $408,750.