Although the pace of Miami homes sales saw a dip over the recent months, especially for condominiums due to oversupply, luxury home prices in the exclusive communities of Miami continue to rise. According to the Miami Association of Realtors, Miami saw 5 years of price appreciation. August broke a record with single family home sales up by 8.7%, dollar volume up as high as 16%. Condo sales, however, are down 13.6%, the ninth consecutive month of double digit declines.

Despite the market being “in correction”, the luxury market continues to rise. Averages prices for waterfront Coconut Grove homes rose 22%, Aventura’s waterfront homes with 6 years of continued price increases.

Exclusive Tahiti Beach in Coral Gables – 12,303 SF open bay waterfront 7bed/6bath estate offered for $28M sold in July for $23M.

Prestigious North Bay Road in Miami Beach – 9,431 SF 7bed/7bath on a 48,875 SF lot offered for $24M sold in July for $19,950,000

Pine Tree Drive in Miami Beach – Elegant 12,101 SF 9bed/11bath estate gracing an 1.1 acre lot offered for $21,750,000 sold in August for $19M.

Fisher Island Miami – Impeccable 6,795 SF, 5bed/5bath Bayview residence offered for $12,999,000 sold in July for $11,290,000.

Dilido Venetian Islands – 5,581 SF, 6 bed/7bath, contemporary waterfront offered for $11,499,000 sold for $10M

Extraordinary oceanfront properties for sale in Miami Beach include a spectacular 8,273 SF plus 7,299 SF terrace penthouse at Faena House offered for $55M, and a sleek two story, 6,807 SF penthouse at 321 Ocean in the highly desirable South of Fifth neighborhood is for sale asking $47,500,000. A lavish estate is currently on the market on Star Island offered for $37M.

A stunning two story penthouse with expansive views is currently on the market at the new Echo Brickell Downtown Miami asking $41,800,000. A 20,862 SF, 9bed/10bath Mediterranean estate on 3.6 acres in exclusive Gables Estates in Coral Gables is on the market offered for $47,500,000.