The Miami ‘Beach’ Markets bottom was found in 2009. Miami’s real estate market is shifting rapidly from a buyers market to a sellers market with 7.95 months of remaining inventory. I’ve explored, researched and made offers for a few clients now in Downtown Miami & Brickell with similar stats and trends happening. Similar to the Miami-Dade county beaches, the premier oceanfront properties are moving quickly. Both foreign & domestic buyers are reading all the positive news on the most desirable Miami locations and upswing while taking assertive action with cash.
In review of trends & stats I find inventory way down and prices up. Condo inventory is decreasing consistently as mentioned above with just under 8 months of condo inventory for sale. Condo inventory is down 25% (YTD) from June of 2011 and another 8% since I ran the figures back in March. 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 (& receiving) 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) now hovering $1.7 to $2M. Good deals come and good deals go but if your looking to own here, the market has & is shifting back to the sellers side.
Selling prices on premier properties are setting new area records for 2012 values with the Setai Penthouse selling at an astonishing $3,463 sp/psf value or $21.5M and Setai #3709 selling at $2,856 PSF or $7.2M. 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 PSF while in 2012, Apogee #2001 has also just sold for $8.825M or $2,124PSF. 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. Of the last 90 days, the top 10 highest sales based on selling price per square feet averaged $2,131.
Miami Beach Real Estate Statistics for the month of JUNE.
reflect 2,267 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 25% year to date; this month condo inventory is down 8% over March with what’s now an 7.9 month supply based on the previous 30-day closed sales:
** South Beach Condos: 890 for sale | 113 Sales in last 30 days | Average Days on Market 131 | Average Buyer Discount 5% | Average PPSF Asking $489 / Sold $457
** Miami Beach Condos: 544 for sale | 80 Sales in last 30 days | Average Days on Market 139 | Average Buyer Discount 5% | Average PPSF Asking $325 / Sold $303
** Bal Harbour Condos: 211 for sale | 10 Sales in last 30 days | Average Days on Market 199 | Average Buyer Discount 8% | Average PPSF Asking $485 / Sold $439
** North Bay Village Condos: 65 for sale | 12 Sales in last 30 days | Average Days on Market 123 | Average Buyer Discount 2% | Average PPSF Asking $169 / Sold $162
** Sunny Isles Beach Condos: 557 for sale | 70 Sales in last 30 days | Average Days on Market 153 | Average Buyer Discount 7% | Average PPSF Asking $341 / Sold $315
Miami Beach | Sunny Isles Real Estate Summary
Miami Beach condo inventory continues decreasing month over month, sale-price to list-price ratios have maintained an average 5% buyer discount, active days on market reflect ~ 4.9 months to sell while average selling prices have increased 9% year to date. All indicators prove to be good signs for market improvement. With selling price per square foot trending upwards, we are in a shifting market to what was the buyer’s bottom in 2009.
Sunny Isles Beach selling prices (Average SP$ per square foot) increased 10% since March stats (10% Increase in Selling Values YTD), Bal Harbour increased 17% since March and decreased 6% YTD, South Beach condo sale prices increased 5% since March and increased 8% YTD. Miami Beach average sales figures show us an increase since March of 1% with 14% YTD while North Bay Village reflects a increase of 16% since March and an increase of 25% YTD. For the month, Miami Beach (REO) Bank Owned foreclosures made up only 3% of our inventory and have sold at 105% sale to list while Miami Beach short sales made up 4% of our condo inventory and sold at 95% sale to list. 80% of all closed sales over the last 30 days 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 market. Many buyers are in to enjoy the great values of Miami Beach luxury condos averaging only $362 per square foot in asking values compared to other Countries and metro areas much higher. There remains 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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