Miami Beach Condo inventory is fluctuating ever so slightly with 9.6 months of condo inventory for sale. Condo inventory is down 19% (YTD) from September of 2011 and down 1% since the previous review in July. Luxury condo towers such as Jade Ocean, Jade Beach, Ocean Four and Turnberry Ocean Colony are noticing only 3 to 5% of condo inventory for sale and to top it off, asking & receiving premiums over 2011 closed sale comparables. Other luxury towers such as Trump Royale have sold out on the most desirable floor plans while Trump Tower III, the remaining Trump tower to sell out, holds the final 5-8% developer inventory with the premier 3 bedroom (A model) now hovering $1.750M to $2.5M. Good deals come and good deals go but if your looking to own here, the market is shifting back to the sellers side. The outlook should always be long term with the primary reason in purchasing for your use & enjoyment.
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 sold for $8.825M or $2,124PSF. The W Hotel Penthouse sold in 2011 for $2,602 PSF, Continuum Penthouse 3 sold at $3,379 PSF, Continuum PH1 sold for $2,547 PSF and Setai #3609 sold at $2,380 PSF. Miami Beaches 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 $1,909.
Miami Beach Real Estate Statistics for the month of September.
reflect 2,306 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 19% year to date; this month condo inventory is down 1% over July with what’s now an 9.6 month supply based on the previous 30-day closed sales:
** South Beach Condos: 943 for sale | 88 Sales in last 30 days | Average Days on Market 133 | Average Buyer Discount 5% | Average PPSF Asking $534 / Sold $500
** Miami Beach Condos: 573 for sale | 60 Sales in last 30 days | Average Days on Market 109 | Average Buyer Discount 4% | Average PPSF Asking $338 / Sold $318
** Bal Harbour Condos: 184 for sale | 9 Sales in last 30 days | Average Days on Market 166 | Average Buyer Discount 9% | Average PPSF Asking $544 / Sold $489
** North Bay Village Condos: 66 for sale | 19 Sales in last 30 days | Average Days on Market 71 | Average Buyer Discount 1% | Average PPSF Asking $161 / Sold $157
** Sunny Isles Beach Condos: 540 for sale | 64 Sales in last 30 days | Average Days on Market 134 | Average Buyer Discount 4% | Average PPSF Asking $359 / Sold $340
Miami Beach | Sunny Isles Real Estate Summary
Miami Beach condo inventory has decreased slightly at 1%, sale-price to list-price ratios have maintained an average 5% buyer discount, active days on market reflect ~ 4.10 months to sell while average selling prices have increased 14% year to date. Indicators are still showing good signs for market improvement. With selling price per square foot continually trending upwards, we are in a shifting market to a seller’s from what was once the buyer’s bottom in 2009.
Sunny Isles Beach selling prices (Average SP$ per square foot) decreased 1% since July stats (30% Increase in Selling Values YTD), Bal Harbour remained the same since July and decreased 1% YTD, South Beach condo sale prices decreased 1% since July and increased 17% YTD. Miami Beach average sales figures show us a decrease since July of 2% with a 8% YTD increase while North Bay Village reflects an increase of 1% since July and an increase of 17% YTD. For the month, Miami Beach (REO) Bank Owned foreclosures made up only 2% 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 96% sale to list. 78% of all closed sales over the last 30 days were cash transactions!
Miami’s warm climate and diverse population makes it a very desirable location and the market shift has been noted as trends move in favor of a new market. Many buyers are enjoying the great values of Miami Beach luxury condos averaging only $387 per square foot in asking values compared to other desirable areas offering much higher priced real estate. There remains a vast amount of buying opportunity along Miami-Dade County with most importantly, your families enjoyment for years to come. For more information on oceanfront locations, luxury buildings, condos for sale or statistics & trends simply email, find me on ‘Live Chat’ or call me toll free at 1.888.383.7326.
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