Catherine Rodstein Blog   Real Estate Blog

Although numerous reports indicate Miami is headed for a slowdown, the third quarter continued to see steady growth. The single family home market had a 4% rise in closed sales, while the condo market took a slight decline resulting in an overall growth of just over 2%.

Sales continue to hold steady in November. Prices overall increasing slightly. The number of available condo units continue to grow, with thousands more in the pipeline over the next 12-24 months. Successful condo projects Downtown Miami like Brickell City Center will bring 770 new units between Reach and Rise. Phase one, which includes the luxury retail component, is on schedule to open by end of this year. Also under construction is Brickell Heights delivering 358 units, SLS with 450 units, and Bond with 323 units, to name a few. The exclusive One Thousand Museum, on its way up, will deliver 83 ultra luxury units in 2017. Projects under construction in Edgewater include Aria on the Bay with 647 units and Paraiso Bayviews with 347 units. Hyde Midtown, after selling 70% of its 410 units, just broke ground.Turnberry Ocean Club Sunny Isles

Few new developments will be announced in the future due to recent and projected slowdown of sales due to rising inventory and the recent rise in construction costs. Only the stand out projects in premier or emerging locations, backed by strong developers, will leap from launch to groundbreaking. As Edgewater continues to evolve, the 100 unit Elysee designed by Arquitectonica, recently launched with pre-construction prices from $1.65 million. Developer Jeffrey Soffer of Turnberry Associates just launched Turnberry Ocean Club in Sunny Isles. Eyes are also on Wynwood for future new developments due to potential rezoning that will allow residential units.

Premier projects continue to see record breaking sales, some celebrating recent project completion. The luxurious 18 story Glass, the last highrise to be built South of Fifth in Miami Beach due to zoning restrictions, just opened its doors to residents. Eight of the ten units have sold at an average price of $2,700/SF, remaining two units are currently asking over $3,000 per sq ft. South of Fifth's three building complex, Marea, also just completed construction. Units sold for an average $1,500 per sq ft, current post construction prices on the MLS asking an average $2,200 per sq ft.

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Updated: Thursday, May 23, 2024

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