Catherine Rodstein Blog   Real Estate Blog

Overall 2Q 2017 saw positive growth in the Miami and Miami Beach Real Estate market vs 2Q 2016. This was despite the rising new construction condo inventory, the slowdown of foreign buyers, limited affordable housing for locals, and some unrealistic seller pricing following 2013 and 2014’s unsustainable high pace of largely cash sales. Miami single family home sales rose 5.8% 2Q 2017 versus 2Q 2016, but existing condominium sales decreased 2.6%, reported by the Miami Association of Realtors.

Bal Harbour, Surfside, and Bay Harbor Islands have 2 years of excess condo inventory with 8 new projects underway, according to a new report by Condo Vultures. Six months of supply typically equals a balanced market. Would would that spell? Buyer’s Market! The big question is, where are we in the current cycle? And, how do the different communities of Miami and the beaches stack up to each other?

Let’s take a look at Miami Beach waterfront homes and dry lot homes, and Miami Beach condos, asking $1M and above in 33139, 33140, and 33141 zip codes. There are currently 355 homes for sale in Miami Beach vs 285 single family homes for sale in Miami Beach in August 2016. Asking $1M+, there were 9 single family home sales in August 2017 vs 15 single family home sales August 2016.

On the Venetian Islands in Miami Beach, 440 E Rivo Alto asking $2,999,000 sold following 280 days on the market, for $2.7M. On exclusive La Gorce Island, 6655 Brevity Lane asking $6.8M sold for $5.1M after only 64 days on the market.

1745 W 23 on the Sunset Islands in Miami Beach asking $2.7M, sold after 286 days on the market for $2M. In the ultra-luxury market, 2068 North Bay Road in Miami Beach just sold for $14M, 2 ½ times what the seller paid for it 12 years ago. Exclusive waterfront properties in Miami Beach continually rise in value.

Currently there are a total of 412 condos in Miami Beach asking $1M+ for sale in 33139, 33140, and 33141 zip codes. In August 2016 there were luxury 323 condos for sale in Miami Beach asking $1M+. The distinctive 2015 Faena House in Miami Beach has 8 units currently for sale that range from $3,650,000 to $55 million. One year ago today Faena House had 3 properties for sale ranging from $3,650,000 to $33.9M.

There were 11 condo sales in Miami Beach asking $1M+ August 2017 versus August 18 condo sales August 2016. South of Fifth in Miami Beach had 3 August 2017 closed sales asking over $1M versus 5 August 2016. Two of the recent sales were at the Continuum in South Beach.

South Tower unit 1006 asking $7,265,000 sold for $6M, only 129 days on the market. Also in South Tower, TH 104 asking $7,285,000 closed for $6.3M after only 123 days on the market.

 
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