The Miami Beach Real Estate RE-Views for July 2011

The Miami Beach Real Estate reviews for July 2011. In the midst of Miami, summertime is fun, and things are somewhat quiet, yet both foreign & domestic buyers are still weekly scouting the good buys from lingering inventory. Speaking of condo inventory, we see it decreasing consistently, showing us a 34% (YTD) drop from July of 2010 and another 4% over the prior month.

Luxury condo towers such as Jade Ocean, Jade Beach, Ocean Four, and Turnberry Ocean Colony are noticing only 2 to 3 condos for sale on the most desirable floor plans and, to top it off, asking 25% premiums over 2009 & 2010 closed sale comparables. Other luxury towers such as Trump Royale have sold the most desirable floor plans while Trump Tower III, the remaining Trump tower to sell out, holds firm on the final inventory that remains specific to the 3 bedroom (A model), which hovers $1.8M.

Miami Beach Real Estate July 2011

Besides the uptick indicators mentioned above & below, selling prices set new area records in 2011. South Beach record-setting Apogee just sold the most desirable Miami Beach Penthouse at $11.5 Million. This Apogee condo sale is number 10 on the list of 2011 sales records for South Miami Beach at $1,678 per square foot, while the highest sale goes to W Penthouse 6, which sold on July 1st for $2,602 PSF. Miami Beach’s most desirable Bath Club 3002 sold on July 20th for $1,000 PSF. Bal Harbour 2011 record condo sale went to One Bal Harbour 1501, which sold at $1,053 PSF, while Sunny Isles Beach shows us the JADE Ocean Skyloft Penthouse condo, which sold for $3.5M or $1,020 per square foot.

July Statistics

Statistics for the month of JULY reflect 2,884 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 34% year to date; again, this month condo inventory is down 4% over last with what is now an 11 month supply.

30-day Closed Sales

** South Beach Condos: 1,036 for sale | 99 Sales in last 30 days | Average Days on Market 124 | Average Buyer Discount 5% | Average PPSF Asking $445 / Sold $413
** Miami Beach Condos: 760 for sale | 69 Sales in last 30 days | Average Days on Market 143 | Average Buyer Discount 5% | Average PPSF Asking $297 / Sold $278
** Bal Harbour Condos: 199 for sale | 7 Sales in last 30 days | Average Days on Market 188 | Average Buyer Discount 8% | Average PPSF Asking $543 / Sold $482
** North Bay Village Condos: 88 for sale | 19 Sales in last 30 days | Average Days on Market 141 | Average Buyer Discount 2% | Average PPSF Asking $129 / Sold $123
** Sunny Isles Beach Condos: 801 for sale | 61 Sales in last 30 days | Average Days on Market 138 | Average Buyer Discount 5% | Average PPSF Asking $308 / Sold $280

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 the market have decreased to ~ 4 months to sell. Each of these indicators proves to be a good sign for market improvement. Still, I’m watching and beginning to note the selling price per square foot, in many cases trending upwards, especially since 2009 and depending on the location & type of condo along the beaches.

Miami Beach Real Estate Trends

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, the selling price per square foot has increased an average of 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.

Experience Miami Living

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, please email 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.’

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