Miami Beach Condo inventory is fluctuating in favor of buyers with 10 months of condo inventory for sale. Condo inventory is down 14% (YTD) from October of 2011 and up 4% since the previous study in September. Luxury condo towers such as Jade Ocean, Jade Beach, Ocean Four and Turnberry Ocean Colony are noticing only 3 to 5% of condo inventory for sale and to top it off, asking & receiving premiums over 2011 closed sale comparables consistently setting new records. Other luxury condo towers such as Trump Royale and Trump Towers have sold the remaining developer inventory. The premier 3 bedroom lines directly over the Atlantic ocean now hover $1-$3M. Good deals come and good deals go but if your looking to own here, the market trends show us shifting back to the sellers side.
With 2012 sales and trends, developer confidence is back in Miami. New construction is now the talk of the town with new oceanfront towers including Mansions at Acqualina, Porsche Design Tower, Regalia, Chateau and 400 Sunny Isles (Sunny Isles Beach) along with One Ocean and Ocean House (South Beach) selling early. The outlook should always be long term gains with the primary reason in purchasing for your use & enjoyment.
Selling prices on premier luxury properties are setting 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 sold for $8.825M or $2,124PSF. The W Hotel Penthouse sold in 2011 for $2,602 PSF, Continuum Penthouse 3 sold at $3,379 PSF, Continuum PH1 sold for $2,547 PSF and Setai #3609 sold at $2,380 PSF. South Beach most desirable oceanfront condo residence Il Villaggio sold unit #1605 at $1,688 PSF while Ocean House sold #503 at $1,573 PSF. Bal Harbour’s 2012 record condo sales go to St. Regis TS-01 selling at $1,667 PSF while One Bal Harbour #1501 sold at $1,170 PSF. Sunny Isles Beach shows us the JADE Ocean Skyloft Penthouse condo which sold for $3.5M or $1,020 per square foot and JADE Ocean #2803 selling at $1,009 PSF.
Of the last 90 days, the top 10 highest sales based on selling price per square foot averaged $1,883.
Miami Beach Real Estate Statistics for the month of October.
reflect 2,404 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 14% year to date; this month condo inventory is up 4% over September with what’s now a 10 month supply based on the previous 30-day closed sales:
** South Beach Condos: 991 for sale | 91 Sales in last 30 days | Average Days on Market 119 | Average Buyer Discount 5% | Average PPSF Asking $498 / Sold $465
** Miami Beach Condos: 589 for sale | 60 Sales in last 30 days | Average Days on Market 103 | Average Buyer Discount 4% | Average PPSF Asking $336 / Sold $318
** Bal Harbour Condos: 179 for sale | 7 Sales in last 30 days | Average Days on Market 223 | Average Buyer Discount 10% | Average PPSF Asking $537 / Sold $481
** North Bay Village Condos: 91 for sale | 11 Sales in last 30 days | Average Days on Market 77 | Average Buyer Discount 1% | Average PPSF Asking $171 / Sold $168
** Sunny Isles Beach Condos: 554 for sale | 66 Sales in last 30 days | Average Days on Market 123 | Average Buyer Discount 2% | Average PPSF Asking $371 / Sold $354
Miami Beach | Sunny Isles Real Estate Summary
Miami Beach condo inventory has increased slightly at 4% for the month of October, sale-price to list-price ratios have maintained an average 5% buyer discount, active days on market reflect ~ 4.30 months to sell while average selling prices have increased 15% year to date. Indicators are still showing solid signs of market improvement while developers build and promote new construction on the last remaining parcels of premier Miami sand. With selling price per square foot trending upwards over the prior year, and inventory trending downwards, we are in a slowly shifting market to the seller’s side from what was once the buyer’s side bottom in 2009.
Sunny Isles Beach selling prices (Average SP$ per square foot) increased 4% since September stats (34% Increase in Selling Values YTD), Bal Harbour increasede 2% since September and increased 5% YTD, South Beach condo sale prices decreased 7% since September and increased 15% YTD. Miami Beach average sale price figures show us a constant over September with a 7% YTD increase while North Bay Village reflects an increase of 7% since September and an increase of 20% 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 96% sale to list. 79% of all closed sales over the last 30 days were cash transactions.
Miami’s warm climate and diverse population make it one of the nations most desirable locations and the market shift has been noted as trends move in favor of a new market. Many buyers are enjoying the great purchase values of Miami Beach luxury condos averaging only $357 per square foot in selling values compared to other desirable metro areas offering much higher priced real estate. There remains a vast amount of buying opportunity along the Miami Beaches with most importantly, your families enjoyment for years to come. For more information on oceanfront locations, luxury buildings, condos for sale or statistics & trends simply email, find me on, Facebook, ‘Live Chat’ or call me toll free at 1.888.383.7326 or direct at 305.978.7704.
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