Report: Miami Beach property values fell 12 percent in 2009

Values for existing real estate in Miami Beach fell around 12 percent
in 2009 on a year-over-year basis, according to a report from Condo
Vultures. The total assessment for existing residential properties in the
city is $21.9 billion, a drop from $24.8 billion in 2008, according to
the report, which is based on the most recent projected values from the
Miami-Dade County Property Appraiser. The drop pulled down the overall
average for existing property in Miami-Dade’s 10 barrier island cities by $5.2 billion, or 12.1 percent. TRD