The Miami Beach Real Estate RE-Views for June 2012

The Miami Beach Real Estate reviews for June 2012. The Miami ‘Beach’ Market bottom was noted in 2009. Miami’s real estate market is shifting rapidly from a buyer’s market to a seller’s market with 7.95 months of remaining inventory. I’ve explored, researched, and made offers for a few clients in Downtown Miami & Brickell with similar stats and trends. Like the Miami-Dade county beaches, the premier oceanfront properties are moving quickly. Both foreign & domestic buyers are reading all the positive news on the most desirable Miami locations and upswing while taking assertive action with cash.

Reviewing trends & stats, I find inventory way down and prices up. Condo inventory is decreasing consistently as mentioned above with just under 8 months of condo inventory for sale. Condo inventory is down 25% (YTD) from June of 2011 and another 8% since I ran the figures back in March. Luxury condo towers such as Jade Ocean, Jade Beach, Ocean Four, and Turnberry Ocean Colony are noticing only 3 to 5 condos for sale on the most desirable floor plans and, to top it off, asking (& receiving) 25%+ premiums over 2009 & 2010 closed sale comparables.

Luxury Condo Sales & Trends

Other luxury towers such as Trump Royale have sold the most desirable floor plans while Trump Tower III, the remaining Trump tower to sell out, holds the final 10% developer inventory, with the premier 3 bedroom (A model) now hovering at $1.7 to $2M. Good deals come, and good deals go, but if you’re looking to own here, the market has & is shifting back to the seller’s side.

Selling prices on premier properties are setting new area records for 2012 values with the Setai Penthouse selling at an astonishing $3,463 sp/psf value or $21.5M and Setai #3709 selling at $2,856 PSF or $7.2M. South Beach record-setting Apogee reflected the most desirable Miami Beach Penthouse selling at $11.5 Million, while Apogee condo 2103 sale on the top 10 list of 2011 set a sales record for Apogee at $1,775 PSF while in 2012, Apogee #2001 has also just sold for $8.825M or $2,124PSF. The W Hotel Penthouse sold in 2011 for $2,602 PSF, Continuum PH1 sold for $2,547 PSF, and Setai #3609 sold at $2,380 PSF.

Miami Beach’s most desirable oceanfront condo residence, Il Villaggio, sold unit #1605 at $1,688 PSF. Bal Harbour 2011 record condo sale went to One Bal Harbour #808 which sold at $1,194 PSF, while Sunny Isles Beach shows us the JADE Ocean Skyloft Penthouse condo which sold for $3.5M or $1,020 per square foot. Of the last 90 days, the top 10 highest sales based on selling price per square feet averaged $2,131.

Miami Beach Real Estate Statistics for the month of JUNE.

Reflect 2,267 total condos for sale along the Miami-Dade County oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village, and Sunny Isles Beach with condo inventory levels down 25% year to date; this month condo inventory is down 8% over March with what’s now a 7.9 month supply based on the previous 30-day closed sales:

** South Beach Condos: 890 for sale | 113 Sales in last 30 days | Average Days on Market 131 | Average Buyer Discount 5% | Average PPSF Asking $489 / Sold $457

** Miami Beach Condos: 544 for sale | 80 Sales in last 30 days | Average Days on Market 139 | Average Buyer Discount 5% | Average PPSF Asking $325 / Sold $303

** Bal Harbour Condos: 211 for sale | 10 Sales in last 30 days | Average Days on Market 199 | Average Buyer Discount 8% | Average PPSF Asking $485 / Sold $439

** North Bay Village Condos: 65 for sale | 12 Sales in last 30 days | Average Days on Market 123 | Average Buyer Discount 2% | Average PPSF Asking $169 / Sold $162

** Sunny Isles Beach Condos: 557 for sale | 70 Sales in last 30 days | Average Days on Market 153 | Average Buyer Discount 7% | Average PPSF Asking $341 / Sold $315

Miami Beach | Sunny Isles Real Estate Summary

Miami Beach condo inventory continues decreasing month over month, sale-price to list-price ratios have maintained an average 5% buyer discount, active days on the market reflect ~ 4.9 months to sell while average selling prices have increased 9% year to date. All indicators prove to be good signs for market improvement. With the selling price per square foot trending upwards, we are in a market that is shifting to what was the buyer’s bottom in 2009.

Miami Beach Real Estate

Sunny Isles Beach selling prices (Average SP$ per square foot) increased 10% since March stats (10% Increase in Selling Values YTD), Bal Harbour increased 17% since March and decreased 6% YTD, South Beach condo sale prices increased 5% since March and increased 8% YTD. Miami Beach’s average sales figures show us an increase since March of 1% with 14% YTD, while North Bay Village reflects an increase of 16% since March and an increase of 25% YTD. For the month, Miami Beach (REO) Bank Owned foreclosures made up only 3% of our inventory and have sold at 105% sale to list, while Miami Beach short sales made up 4% of our condo inventory and sold at 95% sale to list. 80% of all closed sales over the last 30 days were cash transactions!

Experience Miami

Miami’s warm climate and diverse population make it a very desirable location, and the market shift has been noted as trends move in favor of a new market. Many buyers are in to enjoy the great values of Miami Beach luxury condos, averaging only $362 per square foot in asking values compared to other countries and metro areas, which are much higher. There remains a vast amount of buying opportunity along Miami-Dade County Beaches with most importantly enjoyment for years to come. For more information on oceanfront locations, luxury buildings, condos for sale, or statistics & trends, simply email me on ‘Live Chat’ or call me toll-free at 1.888.383.7326.

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