Miami Waterfront Homes that SOLD above $5M in 2008

Miami Waterfront Homes 2008Miami Waterfront Homes that SOLD above $5M in 2008. So, what’s happening this year with luxury homes in Miami Beach? Today, we have 77 homes on the market above $5M, with 11 closed sales above $5M this year.

The areas I’m covering are South to North, including Fisher Island to Golden Beach, and only West enough to include the Venetian Islands, plus Star Island, Palm Island & Hibiscus Island. Here, we will review statistics and trends and show you what’s in demand along our beautiful waterways.

Miami Waterfront Homes 2008

In a 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 $ 13,100,000 on the prestigious North Bay Road at 50th. It was on the market for 234 days and sold at only 69% of the list price (Asking Price $18.9M).

In reviewing these luxury waterfront homes that have sold above $5M, we find 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 the market at 273 (DOM).

In the review of these luxury waterfront homes actively available above $5M, we find an average square footage of 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 ($1,091 psf), we find a $281 per square foot difference between the asking price vs. selling prices. I use Sale Price to List Price and Days on the Market as valuable indicators for gauging real estate market improvement. As the sale price to list price ratio increases (SP/LP), we should notice an improvement in our luxury waterfront real estate market.

Here are some interesting facts2007

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 occurring in 2007 as more homes continue to sell this year. Here are additional facts…

  • 2008 Closed Sales YTD  11Ave Selling Price $7,750Ave Selling PPSF  $1091SP/LP 83.37%-273 DOM
  • 2007 Closed Sales Total 19Ave Selling Price $8,375Ave Selling PPSF $1174SP/LP 81.65%-318 DOM
  • 2006 Closed Sales Total 22Ave Selling Price $9,203Ave Selling PPSF $1071SP/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 List Price Ratios increasing year over year. Lastly, Days On Market (DOM) peaked in 2007 and slowly came down as we moved 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?

There are 3 Pending (Contracts) Sales, including Palm Island, Golden Beach (Oceanfront), and The Bath Club (Oceanfront). The average age of a home in Miami Beach today is from 1958.

Let me know if you’d like me to research anything related to our market for your waterfront home. 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…

Miami Beach Luxury Homes for Sale

I continually add to this Miami Beach real estate blog, so contact me with what interests you. If you’d like new updates once available, you can be notified by emailHave a fun-filled Memorial Day Weekend 1.888.38.DREAM