Bal Harbour Luxury Oceanfront Condo Market Index | October 2016 | Edition 3
Welcome to Edition #3 of the Bal Harbour Condo Index. The shores of Bal Harbour have long been one of the world’s more 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 and sophisticated Bal Harbour lifestyle. After many years of researching the Miami market along with promoting the Sunny Isles Beach Condo Index, it was time to showcase the specific 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 October 2016 figures:
- 222 Total Condos for Sale (Inventory Up 31% over August 2015)
- Average Asking Price $2.708M (Asking Price Down 15% over Aug. 2015)
- Average Asking Price per Square Foot $1,133 (Asking Price Per Square Foot Down 8% over Aug. 2015)
- 90-Day Sale Price Per Square Foot = $628 (SP$/PSF Down 19% over Aug. 2015)
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 | 47 of 282 or 17% | Ave List Price $6.357M | Ave PPSF $2,194
- Ritz-Carlton Bal Harbour (aka ONE Bal Harbour) – 10295 Collins Avenue | 33 of 185 or 18% | Ave List Price $2.883M | Ave PPSF $1,481
- Bellini – 10225 Collins Avenue | 4 of 81 or 5% | Ave List Price $3.794M | Ave PPSF $1,129
- Oceana – 10201 Collins Avenue | New Construction Coming Soon
- Bal Harbour 101 – 10155 Collins Avenue | 6 of 172 or 3% | Ave List Price $2.691M | Ave PPSF $816
- The Palace at Bal Harbour – 10101 Collins Avenue | 9 of 105 or 8% | Ave List Price $4.356M | Ave PPSF $1,107
- The Plaza at Bal Harbour – 10185 Collins Avenue | 20 of 290 or 7% | Ave List Price $555K | Ave PPSF $436
- Kenilworth – 10205 Collins Avenue | 7 of 151 or 5% | Ave List Price $1.763M | Ave PPSF $747
- Majestic Tower – 9601 Collins Avenue | 7 of 166 or 4% | Ave List Price $2.940M | Ave PPSF $1,123
- Balmoral – 9801 Collins Avenue | 11 of 423 or 3% | Ave List Price $1.478M | Ave PPSF $818
- Bal Harbour Tower – 9999 Collins Avenue | 4 of 115 or 3% | Ave List Price $4.825M | Ave PPSF $976
- Harbour House – 10275 Collins Avenue | 43 of 457 or 9% | Ave List Price $655K | Ave PPSF $706
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 | 3 Closed Sales at $1,768 PSF | 230 DOM
- Ritz-Carlton Bal Harbour (aka ONE Bal Harbour) – 10295 Collins Avenue | 2 Closed Sales at $1,364 PSF | 195 DOM
- Bellini – 10225 Collins Avenue | 1 Closed Sales at $916 PSF | 258 DOM
- Oceana – 10201 Collins Avenue | New Construction Coming Soon
- Bal Harbour 101 – 10155 Collins Avenue | 1 Closed Sales at $581 PSF | 294 DOM
- The Palace at Bal Harbour – 10101 Collins Avenue | 0 Closed Sales at $n/a PSF | n/a DOM
- The Plaza at Bal Harbour – 10185 Collins Avenue | 6 Closed Sales at $359 PSF | 171 DOM
- Kenilworth – 10205 Collins Avenue | 6 Closed Sales at $540 PSF | 232 DOM
- Majestic Tower – 9601 Collins Avenue | 2 Closed Sales at $1108 PSF | 197 DOM
- Balmoral – 9801 Collins Avenue | 3 Closed Sales at $549 PSF | 132 DOM
- Bal Harbour Tower – 9999 Collins Avenue | 1 Closed Sales at $789 PSF | 119 DOM
- Harbour House – 10275 Collins Avenue | 10 Closed Sales at $622 PSF | 126 DOM
Bal Harbour Condo Index Summary
Bal Harbour luxury real estate (condo resale inventory) available today equates to substantially higher inventory with prices trending downward for the majority of each condominium tower. Today we have a 55.5 month supply (4 sales last 30 days /222 total Bal Harbour condos for sale) on resale condos as we continue to find asking prices far ahead of market value. There seems to be an apparent disconnect between seller’s expectations and what buyers are actually paying. – year over year comparisons show us a
A 90-day closed sale comparisons show us a 17% depreciation in median sale price values.
(Figures are derived from the South Florida Regional Multiple Listing Service October 2016)
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