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.
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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