I know, I know. I ‘ve been gone. Gone! But I’m back. In the year and a half I’ve been away, I’ve seen exactly ONE blog post from other sources that I consider great. Most of the stuff that gets pushed out to you is for reasons other than simply delivering useful info. I’m actually ready to write the 2014 waterfront statistics story, but before I do that, I feel I must do a 2013 stats report so today’s market can be fairly compared.
It would be pretty hard to top the “Great Land Grab” of 2012, where every Miami-Miami Beach real estate record in every sector was broken. And that’s basically what the current numbers prove.
I find that every year has a story, a nuance that makes it unique. In 2012, Star Island and Indian Creek Island took the spotlight. The sales volume of both islands basically doubled from the year before.
Miami Beach Waterfront Home Sales Continue Fever Pitch in 2013
Reminder: This post discusses 2013 performance data. A review of 2014 will be out soon.
Throughout 2013, buyers of ultra-luxury properties still purchased with wild enthusiasm, but since the market was so hot in 2012, we were left with a low-inventory issue. When this happens, real estate looks to its tertiary market or pocket listings – listings that are active, but, for a variety of reasons, are not on the open market with a broker.
This happened in a big way in ’12 for Miami Beach. Of the 90 luxury waterfront home sales, 24 of them originated from pocket listings. That’s almost 27% of all transactions – a huge number.
2013 Miami Beach/Indian Creek Island Luxury Waterfront Sales
Vacant Miami Beach Land Sales Skyrocket
With the availability of ultra-high-end homes lacking, investor focus shifted to ultra-prime vacant land or homes that could easily be knocked down. Eleven parcels traded in 2013, as opposed to ten in 2012. Sales price per square foot was $211 in 2012 and jumped to $285 in 2013.