Miami Dade Coastal Penthouse Sales 2021

With a fierce residential market, the attention has turned from single-family homes to condos and also condo hotels for investment purposes. Everyone escaping high tax states and excessive controls wants what Miami offers and the great surplus of 70+ months of condo inventory may soon be a thing of the past.

The negative absorption of excess inventory from both a market slowdown and pre-construction condo boom spanned from 2015 to 2020. Once Florida reopened approximately 10 months ago, all eyes have been transfixed on owning South Florida real estate. The absorption rate has kicked into full gear as we noted a decade ago from 2010-2012 and shows us clearly in these graphs below.

The well-appointed Miami penthouse is no exception and what most buyers prefer having the highest all-encompassing coastline views and quite simply the premier trophy property in any given development.

What’s happening with Miami’s coastal condo demand?

Here’s the scoop…

Throughout the coastal areas of Miami Dade, we see absorption taking place (condos >$1m) to what is a 7.6 month supply as of March 2021. Supply is decreasing as demand increases. The average price per square foot is 1130 psf while activity took a quick downward turn in November 2020.

Miami Penthouses for Sale

As for Miami coastal penthouses, there are approximately 183 active MLS options for sale. Within the last six months, 104 penthouses have sold and within the prior 90 days, 61 have sold (approximately 20 penthouse sales each month). Looking further into the closed sale penthouse statistics, we find the average sale price at $3.185m (3 bedrooms @ 2580SF) with a sale price per square foot of $786 psf and a 7% buyer discount. I’ll report back on these penthouse stats in ~10 months to see what remains, all things relative.

Whether you’re seeking an amazing trophy home, a remodeled condo, a Miami penthouse for sale, off-market & investment opportunities, or simply relocation assistance for your family or team, I’ll have it customized and ready for you – contact me here, and let’s discuss your ideas and vision for South Florida residential real estate.

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I’m connected with the world’s best luxury real estate brand and a vast global network of friends & colleagues who offer a bespoke experience wherever you are in the world. Locally, I offer the very best in real estate knowledge and client services as a master broker-associate with the leading firm, ONE Sotheby’s International RealtyWhy Sotheby’s? Because of the brand heritage, prestige, their propensity for perfection, and quite simply, the immense global reach in curating luxury goods and real estate. Since 2002, I’ve been successful in the South Florida residential market with knowledge, experience, and white-glove service that consistently exceeds expectations.

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About Ashton Coleman

Ashton is a technology & social media savvy professional who understands the industry providing white-glove service with a wealth of experience, an impeccable reputation and a keen ability to efficiently handle all facets of real estate. Ashton’s territory has grown significantly since 2002, marketing & selling extraordinary South Florida coastal real estate from Miami Beach to Lighthouse Point. A Certified Luxury Homes Marketing Specialist (Million Dollar Guild), with a multitude of other residential certifications, Ashton provides both exceptional service and unique selling techniques. His success is attributed to an unparalleled work ethic with years of experience including top-tier professional services where the ‘art of the deal’ is mastered in contract negotiations, deal-making intricacies and the end, results-driven real estate.

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