Miami Condos for Sale | A 2016 Pricing Band Analysis
Good day and hello friends,
In a contrast comparison between the recent blog post ‘Miami Condo Sales 2015 Pricing Band Analysis,’ I decided to analyze today’s available Miami condo inventory to see where there may be discrepancies in the amount of inventory – for sale vs. what’s actually selling.
As of today, the premier areas of Miami-Dade County (parameters covering everything East of US-1), there are 9,336 condos available for sale.
Within these coastal areas of Miami, 463 condos sold in the last 30 days with:
- 20-Month Supply
- Median Sale Price $363,000
- Median Sale Price$/PSF $355
- Median Days On Market 119
Miami’s Available Inventory Stats:
- Median List Price $500,000
- Median List Price$/PSF $464
New construction is adding a flurry of active inventory this year and into the coming 2017 to 2018 delivery period.
Case In Point 400 Sunny Isles Beach:
400 Sunny Isles Beach was released this year having 91 units available for sale today out of 230 condominiums.
That’s 40% inventory!
What gets me is the ‘fluff’ of preconstruction lingo from the real estate community such as “buy now before prices go up” and/or “we will flip it at a profit.” I remember a certain Million Dollar Listing Miami episode where the power broker flew the foreign buyer in a chopper above this new Intracoastal development to show off the spectacular views and to motivate the buyer to spend his Miami real estate ‘investment’ budget of $20M on a penthouse package “deal.” Those same 400 Sunny Isles Beach Penthouse units have dropped $1M in asking price each over the last 60 days and in my opinion, they’re still overpriced. In the last 30 days, zero sales have occurred in this new Sunny Isles Beach development.
Can someone say “landlords” and “cheap rents.”
I’m not certain that the majority of Miami pre-construction units purchased had Realtors delivering empty promises such as this, but I certainly hope this was not the case. What we will find are many new, beautiful & brilliant Miami condo projects with famous starchitects & brands behind them with CO’s (certificate of occupancy) coming due very soon. For those pre-construction specialists who made a killing selling pre-construction with commissions from 4 to 7% (& a jet-ski), it will soon be time to deliver.
Can someone say “opportunity.” Should be an interesting journey ahead!
“We currently have an oversaturation of units priced $1 million and up. Coupled with a significant drop in sales last quarter, it raises questions about the market’s strength.” – real estate analyst Jack McCabe
Here is a pricing band analysis on Miami condos available for sales and in which brackets sellers/agents are offering premier Miami real estate.
All figures derived from the South Florida MLXChange
Since 2002, I’ve been active in the Miami market with experience that rarely disappoints. I helped clean up the
bloodbath aftermath of 2007 and noted the turnaround in 2009 promoting real estate deals in our market. You can find my early work right here on the MBRE blog via ‘Search Key Blog Posts’ on the right. Those bold clients who bought in 2008 to 2012 made a great profit for getting in before Miami took off again.
Not just in real estate but in life, timing is everything.
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