So what’s happening this year with luxury homes in Miami Beach? Well today we have 77 homes on the market above $5M with 11 closed sales above $5M so far this year. The areas I’m covering are South to North include Fisher Island to Golden Beach and only West enough to include the Venetian Islands, plus Star, Palm & Hibiscus Islands. What I plan to do with this blog post is to go over statistics, trends and show you what’s in demand along our beautiful islands and waterways.
In review of homes that have already sold ‘year to date’, we see 11 sales ranging from $5.5M to a record 2008 sale (April 15th) at $13,100,000on the prestigious North Bay Road at 50th. It was on the market for 234 days and sold at only 69% of list price (Asking Price $18.9M).
In review of these luxury waterfront homes that have sold above $5M we find an average square footage at 7,381(sf), an average list price of $9.471M, an average price per square foot of $1,310(psf), an average selling price of $7.750M, an average selling price per square foot of $1,091(psf), an average Sale Price to List Price at 83.37% and average days on market at 273(DOM).
In review of these luxury waterfront homes active available above $5M we find an average square footage at 8,362(sf), an average list price of $11,610M and an average price per square foot of $1,372(psf). If we were to correlate the average selling price per square foot on the recent 11 sales ($1,091psf), we find a $281 per square foot difference on asking price vs. selling prices.I use Sale Price to List Price and Days on Market as valuable indicators for gauging real estate market improvement. As we see sale price to list price ratio increasing (SP/LP), we should notice an improvement in our luxury waterfront real estate market.
Here are some interesting facts…2007 Closed Sales above $5M were at 19 for the year. 2006 Closed Sales above $5M were at 22 for the year. Potentially showing us a sales dip occuring in 2007 as more home continue to sell this year. Here are additional facts…
- 2008 Closed Sales YTD 11–Ave Selling Price $7,750–Ave Selling PPSF $1091–SP/LP 83.37%-273 DOM
- 2007 Closed Sales Total 19–Ave Selling Price $8,375–Ave Selling PPSF $1174–SP/LP 81.65%-318 DOM
- 2006 Closed Sales Total 22–Ave Selling Price $9,203–Ave Selling PPSF $1071–SP/LP 80.73%-209 DOM
What do these stats tell us about the luxury waterfront home market? For sellers, I see attractive numbers in blue showing us potential improvement in total sales this year (11 sales as of May 24), with Sale to List Price Ratios increasing year over year and lastly Days On Market (DOM) peaking in 2007 and slowly coming down as we move forward. For buyers, I see attractive numbers in red showing us Average Sale prices dropping year over year and Selling price per square foot strangely peaking in 2007 and coming back to 2006 numbers this year.
Could it continue to show improvement this year? I SAY YES! There are 3 Pending (Contracts) Sales including Palm Island, Golden Beach (Oceanfront) & The Residences at The Bath Club (Oceanfront). I am probably too analytical and over the top with numbers like knowing the average age of homes in Miami Beach = 1958 but the fact is I love knowing these numbers. If you’d like me to research anything related to this blog or market your waterfront home, let me know as the MLS gives all Realtors access to Miami’s luxury home inventory. Many power agents in real estate are supposed to handle the seller’s best interests yet don’t allow other agents to advertise “their” Miami Beach home for sale…here are the 14 out of 77 Realtors who allow advertising like you find here…View Miami Beach Luxury Homes for Sale.
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Have a fun filled Memorial Day Weekend 1.888.38.DREAM