Miami Beach Real Estate and Analysis by Kevin Tomlinson
We agents who specialize in Miami Beach real estate get spoiled very easily. While it is true that I am writing this post 2 years after the end of 2013, 2013 was a very blah year compared to 2012. Ocean House fired up the market with the first sale of its penthouse for $15M in May and was one of the highest sales ever at over $4k per square foot. After that there were some pretty impressive $8M+ sales that followed:
|ICON South Beach PH 1||$15M||Date: 6/7|
|Continuum North #3301 – 3303||$13M||Date: 6/20|
|Apogee #2104||$12.4M||Date: 6/28|
|Apogee #1504||$11.275M||Date: 8/29|
|Continuum North #901/908||$8.3M||Date: 12/2|
In comparison, in 2012 there were five impressive penthouse/uber-fab units with sales that totalled: $87.18M. Most notable was ICON PH 2 which sold for almost $21M on 12/31/2012.
The South of Fifth condo index grew this year with the addition of low-rise Ocean House located across the street from Prime 112. Stats are still rolling in as the project is now in the closing stages (late 2013).
Number of Miami Beach Condos Sold in 2013
2013 broke the previous year’s record for number of luxury condos sold. 248 units were sold up from 241 in 2012. As a point of reference our low point was of course in 2009 (financial crisis, sub-prime et al) with only 129 units changing hands.
SoFi Luxury Condo Index: Average Days on Market 2013
Since Continuum North came to market at the height of the financial crisis this condo never got the lead time new buildings usually get to “shake off” the investor units. It took an abnormally long time for this condo to right itself given the fear in the market that was so pervasive for so long. Other than that, it seems generally that all the other building’s inventory was being sold within a “normal” market time. Normal market time is considered to be around 140-160 days.
SoFi/South Beach Condos: Average List Price /Sale Price
Overall, nice solid gains in the $ per square foot arena. Nothing to sound an alarm about, but nice steady gains.
If you have any questions about this post, have at it!