The Miami Beach Real Estate RE-Views for July 2012 • Miami Beach Real Estate Blog

The Miami Beach Real Estate Reviews for July 2012. Miami Beach Condo inventory is fluctuating with what may possibly be due to summer months, and we now find 10 months of condo inventory for sale. Condo inventory is down 20% (YTD) from July 2011 and up 2% since the review last month. Luxury condo towers such as Jade Ocean, Jade Beach, Ocean Four, and Turnberry Ocean Colony are noticing only 3 to 5% condo inventory for sale and, to top it off, asking (& receiving) premiums over 2009 & 2010 closed sale comparables. Other luxury towers, such as Trump Royale, have sold the most desirable floor plans.

In contrast, Trump Tower III, the remaining Trump tower to sell out, holds the final 5-10% developer inventory, with the premier 3 bedroom (A model) now hovering at $1.7 to $2.5M. 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. The outlook should always be long-term, with the primary reason for purchasing for use & enjoyment.

Selling Prices & Trends

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 Penthouse 3 just sold at $3,379 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’s 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 foot averaged $1,822.

Miami Beach Real Estate Statistics for the month of JULY.

Reflect 2,313 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 20% year to date; this month condo inventory is up 2% over June with what’s now a 10 month supply based on the previous 30-day closed sales:

** South Beach Condos: 942 for sale | 86 Sales in last 30 days | Average Days on Market 128 | Average Buyer Discount 5% | Average PPSF Asking $538 / Sold $506

** Miami Beach Condos: 559 for sale | 74 Sales in last 30 days | Average Days on Market 137 | Average Buyer Discount 5% | Average PPSF Asking $349 / Sold $325

** Bal Harbour Condos: 204 for sale | 10 Sales in last 30 days | Average Days on Market 236 | Average Buyer Discount 6% | Average PPSF Asking $455 / Sold $429

** North Bay Village Condos: 68 for sale | 11 Sales in last 30 days | Average Days on Market 115 | Average Buyer Discount 4% | Average PPSF Asking $163 / Sold $156

** Sunny Isles Beach Condos: 540 for sale | 63 Sales in last 30 days | Average Days on Market 147 | Average Buyer Discount 5% | Average PPSF Asking $360 / Sold $337

Miami Beach | Sunny Isles Real Estate Summary

Miami Beach condo inventory has increased slightly at 2%, sale-price to list-price ratios have maintained an average 5% buyer discount, active days on the market reflect ~ 5.10 months to sell, and average selling prices have increased 10% year to date. Indicators are still showing promising signs of market improvement. With the selling price per square foot continually trending upwards, we are in a shifting market to what was once the buyer’s bottom in 2009.

Sunny Isles Real Estate

Sunny Isles Beach selling prices (Average SP$ per square foot) increased 5% since June stats (17% Increase in Selling Values YTD), Bal Harbour decreased 2% since June and decreased 11% YTD, South Beach condo sale prices increased 10% since June and increased 18% YTD. Miami Beach’s average sales figures show us an increase of 7% with 14% YTD since June, while North Bay Village reflects a decrease of 4% since June and an increase of 21% 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 5% of our condo inventory and sold at 96% sale to list. 79% of all closed sales over the last 30 days were cash transactions!

Miami Beach Real Estate

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 $349 per square foot in asking values compared to other Countries and metro areas much higher. There remains a vast amount of buying opportunities along Miami-Dade County Beaches, most importantly, enjoyment for years to come. For more information on oceanfront locations, luxury buildings, condos for sale, or statistics & trends, simply email me, find me on ‘Live Chat,’ or call me toll-free at 1.888.383.7326.

For detailed monthly Miami Beach condo statistics emailed each month, sign up for the e-Newsletter on the right side – ‘Join Our Mailing List.’