Miami’s real estate market is shifting from a strong buyers market to a neutral market. I’ve had the opportunity to explore, research and make offers for a particular client in Downtown Miami and Brickell. Similar to the beaches, the select properties are moving quickly and while the offers were lower (15-20% off list), we’ve been outbid time & time again. Both foreign & domestic buyers are reading all the positive news on the most desirable Miami locations and taking action with cash.
Speaking of condo inventory, we see it decreasing consistently showing us a 33% (YTD) drop from February of 2011 and another 2% over the prior month. Luxury condo towers such as Jade Ocean, Jade Beach, Ocean Four and Turnberry Ocean Colony are noticing only 3 to 5 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 the final 10% developer inventory with the premier 3 bedroom (A model) hovering $1.8 to $2M.
Besides uptick indicators mentioned above & below, selling prices on premier properties are setting new area records for 2012 values with the Setai Penthouse selling at a mind blowing $3,463 sp/psf value or $21.5M. South Beach record setting Apogee reflected the most desirable Miami Beach Penthouse selling at $11.5 Million, while Apogee condo 2103 sale on the top 10 list of 2011 set a sales record for Apogee at $1,775 per square foot. The W Hotel Penthouse sold in 2011 for $2,602 PSF, Continuum PH1 sold for $2,547 PSF and Setai #3609 sold at $2,380 PSF. Miami Beaches most desirable oceanfront condo residence Il Villaggio sold unit 1605 at $1,688 PSF. Bal Harbours 2011 record condo sale went to One Bal Harbour 808 which sold at $1,194 PSF, while Sunny Isles Beach shows us the JADE Ocean Skyloft Penthouse condo which sold for $3.5M or $1,020 per square foot.
Miami Beach Real Estate Statistics for the month of FEBRUARY
reflect 2,648 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 33% year to date; this month condo inventory is down 2% over last with what’s now an 12.9 month supply based on the previous 30-day closed sales:
** South Beach Condos: 996 for sale | 82 Sales in last 30 days | Average Days on Market 127 | Average Buyer Discount 5% | Average PPSF Asking $474 / Sold $443
** Miami Beach Condos: 647 for sale | 52 Sales in last 30 days | Average Days on Market 122 | Average Buyer Discount 5% | Average PPSF Asking $447 / Sold $408
** Bal Harbour Condos: 193 for sale | 8 Sales in last 30 days | Average Days on Market 186 | Average Buyer Discount 8% | Average PPSF Asking $458 / Sold $418
** North Bay Village Condos: 94 for sale | 10 Sales in last 30 days | Average Days on Market 140 | Average Buyer Discount +2% over list | Average PPSF Asking $126 / Sold $127
** Sunny Isles Beach Condos: 718 for sale | 53 Sales in last 30 days | Average Days on Market 149 | Average Buyer Discount 6% | Average PPSF Asking $278 / Sold $261
Miami Beach | Sunny Isles Real Estate Summary
Miami Beach condo inventory continues decreasing month over month, sale-price to list-price ratios have maintained an average 5% buyer discount, active days on market reflect ~ 4.8 months to sell while average selling prices have increased 2% for the month and 19% year to date. All indicators prove to be good signs for market improvement. With selling price per square foot trending upwards, we are in a shifting market to what was the buyer’s bottom in 2009.
Sunny Isles Beach selling prices (Average SP$ per square foot) decreased 1% over the prior month (11% Increase in Selling Values YTD), Bal Harbour decreased 8% for the month and increased 5% YTD, South Beach condo sale prices increased 7% for the month and increased 16% YTD. Miami Beach average sales figures show us an increase for the month of 10% with 46% YTD while North Bay Village reflects a decrease of 7% for the month and an increase of 6% YTD. For the prior month, Miami Beach (REO) Bank Owned foreclosures made up only 1% of our inventory and have sold at 102% sale to list while Miami Beach short sales made up 6% of our condo inventory and sold at 96% sale to list. 82% of all closed sales last month were cash transactions! Miami’s warm climate and diverse population makes it a very desirable location and the market shift has been noted as trends move in favor of a new balanced market. 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 with most importantly enjoyment for years to come.
For more information on oceanfront locations, luxury buildings, condos for sale or statistics & trends simply email, find me on ‘Live Chat’ or call me toll free at 1.888.383.7326.
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