South Beach record setting Apogee just sold the most desirable Miami Beach Penthouse at $11.5 Million and was slowly reduced 48% from the original list price of $22 Million back in 2008. This sets a 2011 sales record of $1,678 per square foot while Sunny Isles Beach sold (auctioned) an Acqualina condo for $3.630M or $822 per square foot.
Statistics for the month of MAY reflect 3,210 total condos for sale along the Miami-Dade County oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village and Sunny Isles Beach with condo inventory levels down 26% year to date; again this month condo inventory is down 4% over last with what is now an 11 month supply based on the previous 30-day closed sales:
** South Beach Condos: 1,158 for sale | 97 Sales in last 30 days | Average Days on Market 145 | Average Buyer Discount 6% | Average PPSF Asking $414 / Sold $379
** Miami Beach Condos: 838 for sale | 89 Sales in last 30 days | Average Days on Market 152 | Average Buyer Discount 5% | Average PPSF Asking $265 / Sold $247
** Bal Harbour Condos: 213 for sale | 11 Sales in last 30 days | Average Days on Market 151 | Average Buyer Discount 9% | Average PPSF Asking $469 / Sold $418
** North Bay Village Condos: 120 for sale | 27 Sales in last 30 days | Average Days on Market 162 | Average Buyer Discount 1% | Average PPSF Asking $130 / Sold $128
** Sunny Isles Beach Condos: 881 for sale | 66 Sales in last 30 days | Average Days on Market 142 | Average Buyer Discount 3% | Average PPSF Asking $265 / Sold $248
Miami Beach | Sunny Isles Real Estate Summary
Miami Beach condo inventory continues decreasing month over month, sale-price to list-price ratios have maintained an average 5% buyer discount while active days on market have decreased to ~ 4 months to sell. Each of these indicators prove to be good signs for market improvement. Still I’m watching and beginning to see the selling price per square foot trending upwards depending on the location along the beaches.
Sunny Isles Beach selling prices (Ave. per square foot) decreased 2% over the prior month while Bal Harbour and South Beach condo sale prices increased 4% and 6% respectively. Over the prior 90 day period, selling price per square foot has increased an average 4% along the beaches. For the prior month, Miami Beach (REO) Bank Owned foreclosures made up only 2% of our inventory and have sold at 101% sale to list while Miami Beach short sales made up 13% of our condo inventory and sold at 99% sale to list. 77% of all closed sales last month were cash transactions! Miami’s warm climate is most desirable and the market shift is noted as trends move in favor of a new balanced market by the end of the year. Many buyers are in to enjoy the great values of Miami Beach luxury condos and to explore what remains to be a vast amount of buying opportunity along Miami-Dade County Beaches. For more information on oceanfront locations, luxury buildings or statistics & trends simply email, find me on ‘Live Chat’ or call me toll free at 1.888.383.7326. For detailed monthly Miami Beach condo statistics emailed each month, sign up for the e-Newsletter on the right side – ‘Join Our Mailing List.’