In the midst of Miami summertime fun and things are somewhat quiet yet both foreign & domestic buyers are still in 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.
Besides uptick indicators mentioned above & below, selling prices are setting 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 of $1,678 per square foot while the highest sale goes to W Penthouse 6 which sold on July 1st for $2,602 PSF. Miami Beaches most desirable Bath Club 3002 sold on July 20th for $1,000 PSF. Bal Harbours 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.
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 Villageand 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 based on the previous 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 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 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.
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.’
New Listing at Terra Beachside Villas #312