Bal Harbour Luxury Oceanfront Condo Market Index | August 2015 | Edition 2

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Bal Harbour Luxury Oceanfront Condo Market Index | August 2015 | Edition 2

The shores of Bal Harbour have long been one of the world’s more desired and most prestigious residential ‘destination’ locations. Those fortunate enough to call Bal Harbour home will find themselves immersed in the full luxuries of the chic Bal Harbour lifestyle. Welcome to Edition #2 of the Bal Harbour Condo Index. After many years of researching the Miami market along with promoting the Sunny Isles Beach Condo Index, I decided this year it was time to showcase the specific local trends and statistics for Bal Harbour luxury condos.

Bal Harbour Condo Overview:

Similar to Sunny Isles real estate, Bal Harbour has major discrepancies in price points for oceanfront condos in comparison to condos on the west side of Collins Avenue. In fact, there is no comparison. Anything non-oceanfront is simply left out however for an overall snapshot of Bal Harbour condos for sale, here are the August 2015 figures:

  • 155 Total Condos for Sale (Inventory Down 12% over April)
  • Average Asking Price $3.176M (Asking Price Up 18% over April)
  • Average Asking Price per Square Foot $1,228 (Asking Price Per Square Foot Up 9% over April)
  • 90-Day Sale Price Per Square Foot = $774 (SP$/PSF Up 19% YTD)

Here are the stats & trends including premier oceanfront condo towers such as St. Regis, Ritz Carlton, Bellini and Oceana Bal Harbour.

Percentage Available Inventory, Average List Price & Average Price Per Square Foot for Luxury Condo Towers currently Listed & Active

  • St. Regis Bal Harbour – 9701, 9703, 9705 Collins Avenue | 37 of 282 or 13% | Ave List Price $6.825M | Ave PPSF $2,263
  • Ritz Carlton Bal Harbour (aka ONE Bal Harbour) – 10295 Collins Avenue | 23 of 185 or 12% | Ave List Price $4.319M | Ave PPSF $1,688
  • Bellini – 10225 Collins Avenue | 5 of 81 or 6% | Ave List Price $4.364M | Ave PPSF $1,255
  • Oceana – 10201 Collins Avenue | New Construction Coming Soon
  • Bal Harbour 101 – 10155 Collins Avenue | 4 of 172 or 2% | Ave List Price $1.911M | Ave PPSF $610
  • The Palace at Bal Harbour – 10101 Collins Avenue | 3 of 105 or 3% | Ave List Price $5.202M | Ave PPSF $1,074
  • The Plaza at Bal Harbour – 10185 Collins Avenue | 11 of 290 or 4% | Ave List Price $566K | Ave PPSF $474
  • Kenilworth – 10205 Collins Avenue | 5 of 151 or 3% | Ave List Price $2.015M | Ave PPSF $843
  • Majestic Tower – 9601 Collins Avenue | 4 of 166 or 2% | Ave List Price $3.855M | Ave PPSF $1,164
  • Balmoral – 9801 Collins Avenue | 6 of 423 or 1% | Ave List Price $1.184M | Ave PPSF $667
  • Bal Harbour Tower – 9999 Collins Avenue | 2 of 115 or 2% | Ave List Price $3.875M | Ave PPSF $1,117
  • Harbour House – 10275 Collins Avenue | 33 of 457 or 7% | Ave List Price $710K | Ave PPSF $692

Ave. Price Per Square Foot on Condos SOLD within the last 6 months, Sale Price to List % and # Days On Market

  • St. Regis Bal Harbour – 9701, 9703, 9705 Collins Avenue | 8 Closed Sales at $1,840 PSF (19% Price discrepancy between List & Sale values) | 93% SP/LP | 202 DOM
  • Ritz Carlton Bal Harbour (aka ONE Bal Harbour) – 10295 Collins Avenue | 4 Closed Sales at $1,088 PSF (35% Price discrepancy between List & Sale values) | 93% SP/LP | 146 DOM
  • Bellini – 10225 Collins Avenue | 1 Closed Sales at $861 PSF (31% Price discrepancy between List & Sale values) | 84% SP/LP | 350 DOM
  • Oceana – 10201 Collins Avenue | New Construction Coming Soon
  • Bal Harbour 101 – 10155 Collins Avenue | 2 Closed Sales at $595 PSF (2% Price discrepancy between List & Sale values) | 91% SP/LP | 21 DOM
  • The Palace at Bal Harbour – 10101 Collins Avenue | 0 Closed Sales at $n/a PSF (n/a% Price discrepancy between List & Sale values) | n/a% SP/LP | n/a DOM
  • The Plaza at Bal Harbour – 10185 Collins Avenue | 4 Closed Sales at $366 PSF (23% Price discrepancy between List & Sale values) | 92% SP/LP | 143 DOM
  • Kenilworth – 10205 Collins Avenue | 4 Closed Sales at $563 PSF (33% Price discrepancy between List & Sale values) | 94% SP/LP | 57 DOM
  • Majestic Tower – 9601 Collins Avenue | 2 Closed Sales at $983 PSF (16% Price discrepancy between List & Sale values) | 97% SP/LP | 187 DOM
  • Balmoral – 9801 Collins Avenue | 15 Closed Sales at $524 PSF (21% Price discrepancy between List & Sale values) | 93% SP/LP | 108 DOM
  • Bal Harbour Tower – 9999 Collins Avenue | 0 Closed Sales at $n/a PSF (n/a% Price discrepancy between List & Sale values) | n/a% SP/LP | n/a DOM
  • Harbour House – 10275 Collins Avenue | 19 Closed Sales at $585 PSF (15% Price discrepancy between List & Sale values) | 95% SP/LP | 232 DOM

Bal Harbour Condo Index Summary

Bal Harbour luxury real estate specific to condo resale inventory available today equates to just 5% available for the majority of each condominium tower. Today we have a 25.8 month supply (6 sales last 30 days /155 total Bal Harbour condos for sale) on resale condos as we find asking prices increasing ahead of sale price values. There is an apparent disconnect between seller’s expectations and what buyer’s are actually paying – however year over year comparisons show us a 19% appreciation in sale price values. Check back in a few months for a new update and a market comparison.

(Figures are derived from the South Florida Regional Multiple Listing Service August 2015)

Bal Harbour Luxury Real Estate

The Miami Beach Real Estate Blog is a comprehensive online resource for Sunny Isles & Miami Beach real estate information. Whether you’re looking for the latest in off-market properties, condo resales, market trends or Bal Harbour luxury homes, I have it all here for your convenience. Review new listings, property information & buying options on new Miami construction developments, the premier gated communities, waterfront homes, Miami lofts, luxury townhomes, Miami Penthouses plus much more. Contact me for the very best properties of Bal Harbour, Miami Beach, Sunny Isles Beach, Aventura, Surfside, North Bay Village and South Beach. I also cover premier areas of Key Biscayne, Coconut Grove, Coral Gables and Bay Harbour Islands. If you are interested or know someone interested in buying or selling a property in Miami, it’s essential to work with someone who knows the neighbourhood. Contact my office at 786.27.DREAM or toll-free at 888.38.DREAM.

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