South Beach Real Estate: SoFi Condo Stats for 2QT 2009; Apogee Continues Reign; Price Declines and Huge Drops in Sales

Since starting this blog which, which seems like it’s been going on and on for years now, I was really excited to find out that I did a stats post for the EXACT same time period last year.  When doing stats, my goal is to not just give the numbers but to show what they mean in relation to something.  So many agents are now reporting real estate numbers, ad nauseum, with no insight–and therefore, offers little or no value to the reader.

So now we get to pin ’08 against ’09–and REALLY get a good look at where these ultra-luxury condo prices in Miami Beach are headed.

Miami Beach Condo Sales Thru 6/30/2009

Miami Beach real estate statistics for South Beach luxury condos

2008 Miami Beach Condos Sales thru 6/30/2008

Average Days of Market 1/1/2009 – 6/30/2009

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  • Apogee: 58
  • Continuum South: 187
  • Continuum North: 101
  • ICON South Beach: 201
  • Murano at Portofino: 175
  • Murano Grande: 150
  • Portofino: 220
  • South Pointe Tower: 126
  • Yacht Club at Portofino: 155

South Beach luxury condos statistics

2008 Percent of Total Miami Beach Condos on the Market

  • Apogee: 19
  • Continuum South: 12
  • Continuum North: 21
  • ICON South Beach: 12
  • Murano at Portofino: 10
  • Murano Grande: 19
  • Portofino: 12
  • South Pointe Tower: 7
  • Yacht Club at Portofino: 8

 

Miami Beach real estate condo statistics

2008 Average $/Square Foot – List Price/Sale Price

  • Apogee: $1,340.23/$1,239.02
  • Continuum South: $1,187.76/$1,078.11
  • Continuum North: $1,121.08/$1,073.63
  • ICON South Beach: $811.63/$733.72
  • Murano at Portofino: $1,057.21/$865.09
  • Murano Grande: $780.57/$674.19
  • Portofino: $736.53/$660.82
  • South Pointe Tower: $697.95/$616.89
  • Yacht Club at Portofino: $604.35/$552.91

What Does This Mean to You?

In short, the number of sales have fallen by 39% Y-o-Y; and average $/psf has fallen 20% Y-o-Y, to $735 psf.

Data is based on information from the Southeast Florida Regional (SEFR) MLS or from the associations participating in the SEFR: for the period of 1/1/2009-6/30/2009