Bal Harbour Luxury Oceanfront Condo Market Index | April 2017 Edition 4

Bal Harbour Luxury Oceanfront Condo Market Index | April 2017 | Edition 4

Welcome to Edition #4 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 April 2017 figures:

• 282 Total Condos for Sale (Inventory Up 21% over October 2016)
• Average Asking Price $2.722M (Asking Price Up 1% over October 2016)
• Average Asking Price per Square Foot $1,118 (Asking Price Per Square Foot Down 1% over October 2016)
• 90-Day Sale Price Per Square Foot = $823 (SP$/PSF Up 24% over October 2016)

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 | 40 of 282 or 14% | Ave List Price $6.373M | Ave PPSF $2,053
• Ritz-Carlton Bal Harbour (aka ONE Bal Harbour) – 10295 Collins Avenue | 37 of 185 or 20% | Ave List Price $2.718M | Ave PPSF $1,385
• Bellini – 10225 Collins Avenue | 4 of 81 or 5% | Ave List Price $2.886M | Ave PPSF $989
• Oceana – 10201 Collins Avenue | 24 of 81 or 30% | Ave List Price $6.033M | Ave PPSF $2,161
• Bal Harbour 101 – 10155 Collins Avenue | 12 of 172 or 7% | Ave List Price $2.442M | Ave PPSF $823
• The Palace at Bal Harbour – 10101 Collins Avenue | 7 of 105 or 7% | Ave List Price $4.594M | Ave PPSF $1,116
• The Plaza at Bal Harbour – 10185 Collins Avenue | 6 of 290 or 2% | Ave List Price $644K | Ave PPSF $461
• Kenilworth – 10205 Collins Avenue | 9 of 151 or 6% | Ave List Price $1.693M | Ave PPSF $718
• Majestic Tower – 9601 Collins Avenue | 13 of 166 or 8% | Ave List Price $2.993M | Ave PPSF $1,175
• Balmoral – 9801 Collins Avenue | 18 of 423 or 4% | Ave List Price $1.269M | Ave PPSF $728
• Bal Harbour Tower – 9999 Collins Avenue | 4 of 115 or 3% | Ave List Price $3.785M | Ave PPSF $856
• Harbour House – 10275 Collins Avenue | 31 of 457 or 7% | Ave List Price $741K | Ave PPSF $719

Ave. Price Per Square Foot on Condos SOLD within the last 6 months (% Change/Oct. 2016), and # Days On Market

• St. Regis Bal Harbour – 9701, 9703, 9705 Collins Avenue | 3 Closed Sales at $1,768 PSF (Down 2%) | 65 DOM
• Ritz-Carlton Bal Harbour (aka ONE Bal Harbour) – 10295 Collins Avenue | 4 Closed Sales at $1,439 PSF (Up 5%) | 147 DOM
• Bellini – 10225 Collins Avenue | 1 Closed Sales at $982 PSF (Up 7%) | 67 DOM
• Oceana – 10201 Collins Avenue | 1 Closed Sales at $14.490M (PSF not recorded) | 991 DOM
• Bal Harbour 101 – 10155 Collins Avenue | 2 Closed Sales at $697 PSF (Up 17%) | 69 DOM
• The Palace at Bal Harbour – 10101 Collins Avenue | 4 Closed Sales at $806 PSF (no sales last study) | 140 DOM
• The Plaza at Bal Harbour – 10185 Collins Avenue | 1 Closed Sales at $351 PSF (-same-) | 321 DOM
• Kenilworth – 10205 Collins Avenue | 3 Closed Sales at $636 PSF (Up 15%) | 120 DOM
• Majestic Tower – 9601 Collins Avenue | 0 Closed Sales at $n/a PSF | n/a DOM
• Balmoral – 9801 Collins Avenue | 6 Closed Sales at $565 PSF (Up 3%) | 68 DOM
• Bal Harbour Tower – 9999 Collins Avenue | 3 Closed Sales at $723 PSF (Down 8%) | 334 DOM
• Harbour House – 10275 Collins Avenue | 5 Closed Sales at $797 PSF (Up 22%) | 230 DOM

Bal Harbour Condo Index Summary

An enclave for the affluent, Bal Harbour real estate is still considered quite inexpensive in relation to other preferred global destinations. Bal Harbour luxury real estate, specifically condo resales over $1M, equate to higher inventory yet with prices trending upward for the majority of each condominium tower. Today we have a 45-month supply (4 sales/179 total Bal Harbour condos for sale) of resale condos as we continue to find asking prices far ahead of market value combined with a slowdown from the International buyer pool. With the strong U.S. dollar, many of our typical South Florida International buyers wait & watch Miami with both short-term concerns and great long-term expectations.

Bal Harbour Shops just won its long battle to expand the luxury shopping center. The Whitman family, owners of Bal Harbour Shops, gained village council approval to expand to 888,260 square feet. The $400 million expansion will add more than 340,000 square feet to the complex’s current 511,000 square feet, an increase of 74 percent.

Regarding area trends and additions, we can clearly see with the new Oceana Bal Harbour, a record list price per square foot of over $2,000. The neighboring Surfside has also released the ultra-luxury FENDI Chateau and Surf Club Four Seasons this year with similar price points. Could this record high price per square foot on Miami’s coastal communities be the new real estate norm ending out the decade, only time will tell?

Condos For Sale in March 2017: 172 units.
Up 2.4% compared to the last month
Up 42.1% compared to the last year

Condos Closed in March 2017: 8 units.
Up 60% compared to the last month
Up 100% compared to the last year

Condos Placed under Contract in March 2017: 4 units.
Down 42.9% compared to the last month
Up 33.3% compared to the last year

Average Sold Price per Square Footage in March 2017: $1044
Down 1% compared to the last month
Up 26.2% compared to the last year

Figures above are derived from Trendgraphix {Bal Harbour Condos Priced $1M+} and the South Florida Regional Multiple Listing Service April 2017

Luxury Real Estate in Southeast Florida