Since this interview, there have been 5 closed sales this year and 5 additionally under contract (congratulations, Todd!). Another important difference is there are now 43 homes for sale on the Venetian Islands.
The luxury home market is not suffering as the media would like to portray. This is a highly desirable location with views of the open Biscayne Bay and Downtown Miami, which are inspirational and picture-perfect. There are pedestrian-friendly paths along the bay. Each Island (Rivo Alto, Di Lido Island, San Marino Island & San Marco) is centered between Miami Beach (Lincoln Road) and Downtown Miami.
“Sales will be stagnant much of this year,” predicted Ashton Coleman, a mortgage broker and real estate agent in Miami and Fort Lauderdale. Of over 50 homes on the Venetian Islands listed for sale, only two have sold within the last three months, he said, one for $2.7 million and the other for $1.3 million. The 50 do not include a handful of private sales, not in his listings. But limited inventories have created a demand at the ultra-high end, Mr. Coleman noted.
I am not yet an agent in Fort Lauderdale. My comments were taken out of context as condo sales will be stagnant while Miami Beach homes for sale on the water will perform better than the condo market. What is this last part? “Limited inventories have created a demand“…if there are 50 for sale and 2 closed, this makes no sense. The author made up this for additional content, although I appreciate any author’s inquiries.
The best homes are indeed selling as we see each month. Feel free to comment with your thoughts on this blog post or contact me here. Many readers would love to hear from you! I continually add to this Miami Beach Real Estate blog, so if you’d like new updates once available, you can be notified by email each time a new posting occurs.