I know, I know. I’m sorry. It’s time for mid-year stats, and here I am just getting to last year’s analysis! It’s been crazy, crazy, crazy here.

Continuum South Beach

“The Music Started Playing Again” – Peter Zalewski

Last year was totally nuts. I could write a lot in hindsight, but that wouldn’t really be fair, so I’ll just give you the Miami Beach condo stats for luxury real estate in the South of Fifth (SoFi) neighborhood. I’ll also do some analysis, and compare and contrast numbers from prior years.

This Miami Beach real estate index is comprised of nine (soon to be 10) buildings in the SoFi neighborhood of South Beach. The index is very stable and is also a good representation of the luxury condo market in Miami Beach for the following reasons:

1. The condos are all in the same neighborhood.

2. They were all built during the same period (1998-2008).

3. They are all waterfront properties.

Miami Beach luxury condos

So, here’s how 2011 fared. As I provide the info, I realize that I have yet to see this analysis elsewhere (whew!) and am quite surprised by the numbers.

Number of Miami Beach Condos Sold

2008: 153

2009: 129 (bottom of the market for Miami Beach)

2010: 149

2011: 198

In terms of number of units sold in 2011, we are up 33% from 2010 and 53% from 2009 (market bottom)!

south beach real estate condo statistics

Usually this is the most boring chart of the analysis. Not this time. Continuum North and Continuum South are nailing it. Inventory is at an all-time low, and units are selling very quickly. The Days on Market (DOM) for both Continuum North and South are way down.

In 2010, the DOM for Continuum South was 242 and Continuum North was 252. Additionally, Portofino Tower, which had been lagging, has moved some units (2010: seven units sold; 2011: 19 units sold), and DOM has dropped DRAMATICALLY from 284 to 139! BAM!

Apogee South Beach: $PSF Up 37% Y-O-Y

Luxury South Beach condos

Below you have 2010′s average SOLD $PSF vs. 2011′s. The information reflects what the market at large is saying:  the biggest gains are in the ultra-luxury niche. The $PSF at Apogee is up 37%. Other notable movement: Continuum South is up 30%, and Continuum North is up 15%.

CONDO 2010 2011
APOGEE $1,303 $1,779
Continuum South $832 $1,081
Continuum North $1,009 $1,157
ICON South Beach $510 $615
Murano at Portofino $756 $761
Murano Grande $573 $548
Portofino Tower $567 $590
South Pointe Tower $580 $582
Yacht Club $452 $502

 

Here is a Video from CNBC’s Diana Olick from March

(I know, not fair… but it’s my blog)

That’s it. I’m done. I’m sorry it took so long. Even six months later, I was surprised by the insight I gained writing this post.

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