Miami luxury condos are diverse, with so many opportunities today. With Miami’s ultra-luxury condo inventory abundant, prices are coming down, and incredible deals are being made. I’ve often relayed that buyers have been winning for the past few years and will continue winning throughout the following year.
The Reasons Why:
- Ample new construction; speculators were told they should buy pre-construction before prices went up and make a profit on the resale. Now it’s time to deliver, and the truth is revealed with the South Florida residential market speaking volumes.
- Stronger US Dollar; International buyers wait & watch Miami patiently.
- Government Sanctions, i.e.) Russia & Sunny Isles Beach, aka Little Moscow.
- FinCEN (now at $300k+); Gov’t agency scrutinizing all residential sales.
Here are the year-to-date sales figures on our 2018 Miami residential condo resales.
Fisher Island
$5 to $10M
- Available Units – 13
- 2018 SOLD (YTD) – 1
- Median SP$/PSF – $1,546 psf
- Average DOM – 108
- Ave. Buyer Discount – 13%
- Today’s Best Discounts.
$10M to $15M
- Available Units – 7
- 2018 SOLD (YTD) – 3
- Median SP$/PSF – $1,704 psf
- Average DOM – 498
- Ave. Buyer Discount – 16%
- Today’s Best Discounts.
$15M+
- Available Units – 4
- 2018 SOLD (YTD) – 0
- Median SP$/PSF – n/a
- Average DOM – n/a
- Ave. Buyer Discount – n/a
- Today’s Best Discounts.
Key Biscayne
$5 to $10M
- Available Units – 15
- 2018 SOLD (YTD) – 4
- Median SP$/PSF – $1,274 psf
- Average DOM – 327
- Ave. Buyer Discount – 10%
- Today’s Best Discounts.
$10M to $15M
- Available Units – 1
- 2018 SOLD (YTD) – 3
- Median SP$/PSF – $1,818 psf
- Average DOM – 74
- Ave. Buyer Discount – 21%
- Today’s Best Discounts.
$15M+
- Available Units – 1
- 2018 SOLD (YTD) – 1
- Median SP$/PSF – $1,818 psf
- Average DOM – 59
- Ave. Buyer Discount – 29%
- Today’s Best Discounts.
South Beach
$5 to $10M
- Available Units – 60
- 2018 SOLD (YTD) – 23
- Median SP$/PSF – $2,069 psf
- Average DOM – 237
- Ave. Buyer Discount – 8%
- Today’s Best Discounts.
$10M to $15M
- Available Units – 9
- 2018 SOLD (YTD) – 6
- Median SP$/PSF – $3,132 psf
- Average DOM – 307
- Ave. Buyer Discount – 14%
- Today’s Best Discounts.
$15M+
- Available Units – 7
- 2018 SOLD (YTD) – 1
- Median SP$/PSF – $3,820 psf
- Average DOM – 237
- Ave. Buyer Discount – 26%
- Today’s Best Discounts.
Miami Beach
$5 to $10M
- Available Units – 12
- 2018 SOLD (YTD) – 0
- Median SP$/PSF – n/a
- Average DOM – n/a
- Ave. Buyer Discount – n/a
- Today’s Best Discounts.
$10M to $15M
- Available Units – 0
- 2018 SOLD (YTD) – 0
- Median SP$/PSF – n/a
- Average DOM – n/a
- Ave. Buyer Discount – n/a
- Today’s Best Discounts.
$15M+
- Available Units – 1
- 2018 SOLD (YTD) – 0
- Median SP$/PSF – n/a
- Average DOM – n/a
- Ave. Buyer Discount – n/a
- Today’s Best Discounts.
Surfside
$5 to $10M
- Available Units – 19
- 2018 SOLD (YTD) – 10
- Median SP$/PSF – $1,943
- Average DOM – 214
- Ave. Buyer Discount – 6%
- Today’s Best Discounts.
$10M to $15M
- Available Units – 4
- 2018 SOLD (YTD) – 0
- Median SP$/PSF – n/a
- Average DOM – n/a
- Ave. Buyer Discount – n/a
- Today’s Best Discounts.
$15M+
- Available Units – 2
- 2018 SOLD (YTD) – 1
- Median SP$/PSF – $2,470 psf
- Average DOM – 277
- Ave. Buyer Discount – 26%
- Today’s Best Discounts.
Bal Harbour
$5 to $10M
- Available Units – 36
- 2018 SOLD (YTD) – 5
- Median SP$/PSF – $1,809 psf
- Average DOM – 235
- Ave. Buyer Discount – 8%
- Today’s Best Discounts.
$10M to $15M
- Available Units – 5
- 2018 SOLD (YTD) – 0
- Median SP$/PSF – n/a
- Average DOM – n/a
- Ave. Buyer Discount – n/a
- Today’s Best Discounts.
$15M+
- Available Units – 1
- 2018 SOLD (YTD) – 0
- Median SP$/PSF – n/a
- Average DOM – n/a
- Ave. Buyer Discount – n/a
- Today’s Best Discounts.
Sunny Isles Beach
$5 to $10M
- Available Units – 73
- 2018 SOLD (YTD) – 5
- Median SP$/PSF – $1,242 psf
- Average DOM – 166
- Ave. Buyer Discount – 14%
- Today’s Best Discounts.
$10M to $15M
- Available Units – 7
- 2018 SOLD (YTD) – 0
- Median SP$/PSF – n/a
- Average DOM – n/a
- Ave. Buyer Discount – n/a
- Today’s Best Discounts.
$15M+
- Available Units – 13
- 2018 SOLD (YTD) – 1
- Median SP$/PSF – unknown SF
- Average DOM – 7 days
- Ave. Buyer Discount – 6%
- Today’s Best Discounts.
Aventura
$5M+
- Available Units – 7
- 2018 SOLD (YTD) – 0
- Median SP$/PSF – n/a
- Average DOM – n/a
- Ave. Buyer Discount – n/a
- Today’s Best Discounts.
Edgewater/Midtown/Wynwood
$5M+
- Available Units – 6
- 2018 SOLD (YTD) – 0
- Median SP$/PSF – n/a
- Average DOM – n/a
- Ave. Buyer Discount – n/a
- Today’s Best Discounts.
Downtown Miami
$5M+
- Available Units – 4
- 2018 SOLD (YTD) – 0
- Median SP$/PSF – n/a
- Average DOM – n/a
- Ave. Buyer Discount – n/a
- Today’s Best Discounts.
Brickell & Brickell Key
$5M+
- Available Units – 24
- 2018 SOLD (YTD) – 1
- Median SP$/PSF – $934 psf
- Average DOM – 62
- Ave. Buyer Discount – 10%
- Today’s Best Discounts.
Coconut Grove
$5M+
- Available Units – 3
- 2018 SOLD (YTD) – 0
- Median SP$/PSF – n/a
- Average DOM – n/a
- Ave. Buyer Discount – n/a
- Today’s Best Discounts.
Miami Luxury Condo 3-YEAR Condo TRENDS ($5M+)
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Luxury Condos, Unique Penthouses, & Waterfront Homes
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I’m connected with the world’s best luxury real estate brand and a vast global network of friends & colleagues who offer a bespoke experience wherever you are. Locally, I offer the best in real estate knowledge and client services as a master broker-associate with the leading firm, ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, prestige, their propensity for perfection, and, quite simply, the immense global reach in curating luxury goods and real estate. Since 2002, I’ve been active in the South Florida residential market with knowledge, experience, and white-glove service that consistently exceeds expectations.
The Miami Beach Real Estate Blog is an excellent resource for Southeast Florida residential real estate data, trends, and property information. I’ll soon be researching South Florida’s population influx so check back soon to find out about South Florida’s anticipated growth.
- MiamiPenthousesandEstates.com
- FortLauderdalePenthousesandEstates.com
- Coleman.Properties
- MiamiDreamRealty.com
- ONE Sotheby’s International Realty & Ashton Coleman
- Jade Beach, Jade Ocean & Jade Signature Condos
- What’s My Home Worth Today?
- Marketing 101 by Ashton Coleman
- Marketing Your Luxury Property
- Sotheby’s Marketing Presentation
- ONE Sotheby’s International Realty | Marketing Affiliates
- TRENDS (2018) Report
- Sotheby’s International Realty History/Overview
- Sotheby’s – An Overview and the Auction House
- ONE Sotheby’s International Realty History/Overview
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