Bal Harbour Luxury Oceanfront Condo Market Index | April 2015 | Edition 1
The shores of Bal Harbour have long been one of the world’s most desired and most prestigious residential destination locations. Those fortunate enough to call Bal Harbour home will find themselves immersed in the full luxuries of the chic Bal Harbour lifestyle. Welcome to Edition #1 of the Bal Harbour Condo Index. After many years of researching the Miami market along with promoting the Sunny Isles Beach Condo Index, I decided it was finally time to show the local trends and statistics for Bal Harbour luxury condos.
Bal Harbour Condo Overview:
Similar to Sunny Isles real estate, Bal Harbour has major discrepancies in price points for oceanfront condos in comparison to condos on the west side of Collins Avenue. In fact, there is no comparison. Anything non-oceanfront is simply left out however for an overall snapshot of Bal Harbour condos for sale, here are the April 2015 figures:
- 177 Total Condos for Sale
- Average Asking Price $2.601M
- Average Asking Price per Square Foot $1,119
Here are the stats & trends including premier oceanfront condo towers such as St. Regis, Ritz Carlton, Bellini and Oceana Bal Harbour.
Percentage Available Inventory, Average List Price & Average Price Per Square Foot for Luxury Condo Towers currently Listed & Active
- St. Regis Bal Harbour – 9701, 9703, 9705 Collins Avenue | 35 of 282 or 12% | Ave List Price $6.350M | Ave PPSF $2,259
- Ritz Carlton Bal Harbour (aka ONE Bal Harbour) – 10295 Collins Avenue | 24 of 185 or 13% | Ave List Price $3.834M | Ave PPSF $1,659
- Bellini – 10225 Collins Avenue | 7 of 81 or 9% | Ave List Price $4.074M | Ave PPSF $1,219
- Oceana – 10201 Collins Avenue | New Construction Coming Soon
- Bal Harbour 101 – 10155 Collins Avenue | 4 of 172 or 2% | Ave List Price $1.880M | Ave PPSF $593
- The Palace at Bal Harbour – 10101 Collins Avenue | 5 of 105 or 5% | Ave List Price $3.025M | Ave PPSF $972
- The Plaza at Bal Harbour – 10185 Collins Avenue | 11 of 290 or 4% | Ave List Price $512K | Ave PPSF $432
- Kenilworth – 10205 Collins Avenue | 4 of 151 or 3% | Ave List Price $1.644M | Ave PPSF $719
- Majestic Tower – 9601 Collins Avenue | 7 of 166 or 4% | Ave List Price $3.594M | Ave PPSF $1,205
- Balmoral – 9801 Collins Avenue | 13 of 423 or 3% | Ave List Price $1.063M | Ave PPSF $613
- Bal Harbour Tower – 9999 Collins Avenue | 1 of 115 or .01% | Ave List Price $4.3M | Ave PPSF $1,331
- Harbour House – 10275 Collins Avenue | 45 of 457 or 10% | Ave List Price $561K | Ave PPSF $632
Ave. Price Per Square Foot on Condos SOLD within the last 6 months, Sale Price to List % and # Days On Market
- St. Regis Bal Harbour – 9701, 9703, 9705 Collins Avenue | 9 Closed Sales at $1,827 PSF (19% Price discrepancy between List & Sale values) | 93% SP/LP | 235 DOM
- Ritz Carlton Bal Harbour (aka ONE Bal Harbour) – 10295 Collins Avenue | 5 Closed Sales at $1,180 PSF (29% Price discrepancy between List & Sale values) | 89% SP/LP | 49 DOM
- Bellini – 10225 Collins Avenue | 1 Closed Sales at $814 PSF (33% Price discrepancy between List & Sale values) | 81% SP/LP | 92 DOM
- Oceana – 10201 Collins Avenue | New Construction Coming Soon
- Bal Harbour 101 – 10155 Collins Avenue | 4 Closed Sales at $402 PSF (32% Price discrepancy between List & Sale values) | 93% SP/LP | 109 DOM
- The Palace at Bal Harbour – 10101 Collins Avenue | 2 Closed Sales at $908 PSF (7% Price discrepancy between List & Sale values) | 91% SP/LP | 195 DOM
- The Plaza at Bal Harbour – 10185 Collins Avenue | 6 Closed Sales at $390 PSF (10% Price discrepancy between List & Sale values) | 95% SP/LP | 87 DOM
- Kenilworth – 10205 Collins Avenue | 4 Closed Sales at $530 PSF (26% Price discrepancy between List & Sale values) | 94% SP/LP | 100 DOM
- Majestic Tower – 9601 Collins Avenue | 3 Closed Sales at $952 PSF (21% Price discrepancy between List & Sale values) | 97% SP/LP | 125 DOM
- Balmoral – 9801 Collins Avenue | 15 Closed Sales at $546 PSF (11% Price discrepancy between List & Sale values) | 92% SP/LP | 129 DOM
- Bal Harbour Tower – 9999 Collins Avenue | 0 Closed Sales at $n/a PSF (n/a% Price discrepancy between List & Sale values) | n/a% SP/LP | n/a DOM
- Harbour House – 10275 Collins Avenue | 18 Closed Sales at $569 PSF (10% Price discrepancy between List & Sale values) | 97% SP/LP | 218 DOM
Bal Harbour Condo Index Summary
Bal Harbour luxury real estate specific to condo resale inventory available today, equates to 6% available for the majority of each condominium tower. Pre-construction remains a focal point for many. Today we have a 17.7 month (10 sales last 30 days /177 total Bal Harbour condos for sale) supply on resale condos as we find asking prices increasing ahead of sale price values. There is an apparent disconnect between seller’s expectations and what buyer’s are actually paying. Check back in a few months for a new update and a market comparison.
(Figures are derived from the South Florida Regional Multiple Listing Service April 2015)
The Miami Beach Real Estate Blog is a comprehensive online resource for Sunny Isles & Miami Beach real estate information. Whether you’re looking for the latest in off-market properties, condo resales, market trends or Bal Harbour luxury homes, I have it all here for your convenience. Review new listings, property information & buying options on new Miami construction developments, the premier gated communities, waterfront homes, Miami lofts, luxury townhomes, Miami Penthouses plus much more. Contact me for the very best properties of Bal Harbour, Miami Beach, Sunny Isles Beach, Aventura, Surfside, North Bay Village and South Beach. I also cover premier areas of Key Biscayne, Coconut Grove, Coral Gables and Bay Harbour Islands. If you are interested or know someone interested in buying or selling a property in Miami, it’s essential to work with someone who knows the neighbourhood. Contact my office at 786.27.DREAM or toll-free at 888.38.DREAM.
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