The last week of October showed an uptick in Miami and Miami Beach condo sales and prices following an 8.3% decline from September 2014 to September 2015. Image of Faena House

The decline over the last year is largely due to the Miami new construction condo sales taking a bite out of the existing condominium sales. Despite the slowdown in sales, the median sales price increased 2.8% over the last year. New construction in South Florida reached $7.5 billion in 2015. The number of Miami New Development sales contracts, however, decreased 67% from September 2014 to September 2015.Miami Home sales continue to rise slowly, 2.9% from September 2014 to September 2015, according to the report from the Miami Association of Realtors.

High priced recent Miami condo sales include a unit at the Santa Maria on Brickell that sold for $5.25 million, $1,302/per sq ft. Unit 8D at the exclusive new Faena House in Miami Beach pictured above just sold for $3.4 million, $2,601/per sq ft. Faena House has attracted a number of buyers in the financial world. Ken Griffin paid $60 million for two penthouse units. British billionaire Alan Howard paid $14.5 million for a unit on the 14th floor. Goldman Sachs CEO Lloyed Blankfein bought unit 8A for $9.5 million. The high end Miami Beach condominium Glass just completed South of Fifth have recorded sales at an average of $2700/per sq ft.