Miami Penthouse Sales of 2021. With a fierce residential market, the attention has turned to Miami. Buyers seek luxury penthouses, single-family homes, condos, and hotels for investment purposes. Everyone escaping high tax states and excessive controls. People want what Miami offers, and the significant surplus of 70+ months of condo inventory may soon be a thing of the past.
The negative absorption of excess inventory from a market slowdown and pre-construction condo boom spanned from 2015 to 2020. Once Florida reopened approximately 10 months ago, all eyes were transfixed on owning South Florida real estate. The absorption rate has kicked into full gear today. We noted a decade ago, from 2010-2012, and it shows clearly in the graphs below.
The well-appointed Miami penthouse is no exception. Most buyers prefer having the highest all-encompassing coastline views and the premier trophy property in any 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 decreases as demand increases. The average price per square foot is 1130 psf, while activity took a quick downward turn in November 2020.
As for Miami coastal penthouses, there are approximately 183 active MLS options for sale. Within the last six months, 104 penthouses have sold. Within the previous 90 days, 61 have sold (about 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 on these penthouse stats in ~10 months to see what remains, all things relative.
Whether you’re seeking a fantastic 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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