2016 MID-YEAR UPDATE C O N D O S I N M I A M I-D A D E ’ S M O S T PROMINENT NEIGHBORHOODS
MIAMI-DADE
COUNTYWIDE STATISTICS | CONDOS
A shift in the Miami-Dade residential real estate market notes a sort of
TOTAL MARKET
transition that allows buyers a greater selection of inventory and, at times, increased negotiating power over sellers. The transition is due, in large part, to a stabilization in the market where prices are not increasing at the rates many neighborhoods were experiencing in the past few years. This stabilization is often times called a correction and is a sign of a strong and sustainable market.
WATERFRONT CONDOS
NON-WATERFRONT CONDOS
# FOR SALE
# SOLD
AVG. $/SF
# FOR SALE
# SOLD
AVG. $/SF
46,775
2,664
$486
35,206
4,728
$192
However, as prices adjust, there will always be certain pockets that tend to withstand the changes of the average trend lines. Waterfront neighborhoods throughout the county faired extremely well in the first six months of this
LUXURY MARKET
(THE TOP 50% BY AVERAGE HOME PRICE)
year, compared to the same period last year. # FOR SALE
# SOLD
AVG. $/SF
$1M – $5M
12,984
381
$803
$5M – $10M
1,285
30
$1,651
The best condo performance can be seen in Coral Gables’ non-waterfront market, up 25% from the same period last year. At a 28% decrease (yet continuing to present some of the highest prices per square foot in Miami), Fisher Island’s waterfront market has lagged behind other condo markets,
PRICING A LUXURY HOME An increase in $/SF of 51% between $1M – $5M condos and $5M – $10M condos and of 27% between $5M – $10M condos and $10M+ condos proves that, beyond the expected price increase paid for a larger home, each one of said home’s
although the sales sample size is too small to provide truly telling insight.
square feet goes up in value due to a variety of
$10M+
535
6
$2,252
factors, such as quality of construction, highend finishes, a higher floor or a prime location.
FOR MORE GUIDES AND REPORTS, PLEASE VISIT ONESOTHEBYSREALTY.COM/REPORTS. ©MMXVI ONE Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office is Independently Owned and Operated. Statistics provided by Integra Realty Resources – Miami\Palm Beach. The information contained herein is deemed accurate but not guaranteed.
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MIAMI / SOUTH END
DOWNTOWN MIAMI
WATERFRONT CONDOS
NON-WATERFRONT CONDOS
WATERFRONT CONDOS
NON-WATERFRONT CONDOS
AVG. $/SF
% SAMPLE TRADED
AVG. $/SF
% SAMPLE TRADED
AVG. $/SF
% SAMPLE TRADED
AVG. $/SF
% SAMPLE TRADED
No robust history of a condo market available to index
No robust history of a condo market available to index
$550/SF
6%
$531/SF
3%
$410/SF
4%
h 20%
g from 3%
h 21%
g from 2%
h 9%
g from 2%
CORAL GABLES
No waterfront condo market available
No waterfront condo market available
$377/SF
4%
g 25%
g from 3%
No non-waterfront condo market available
DEERING BAY
$476/SF
6%
h 5%
g from 3%
No robust history of a condo market available to index
No robust history of a condo market available to index
COCONUT GROVE
AVG. SALES PRICE VS. AVG. CONDO SIZE DEERING BAY
3,000
BRICKELL
BRICKELL KEY
$557/SF
3%
h 1%
g from 1%
No non-waterfront condo market available
DOWNTOWN MIAMI
$438/SF
4%
$405/SF
3%
g 1%
g from 3%
h 16%
no change
$510/SF
4%
$395/SF
3%
h 23%
no change
g 13%
h from 4%
No waterfront condo market available
No waterfront condo market available
$400/SF
4%
g 2%
g from 2%
EDGEWATER
AVG. SALES PRICE VS. AVG. CONDO SIZE 3,000
MIDTOWN 2,500
2,500
AVG. SALES PRICE vs. AVG. CONDO SIZE 2,000
2,600
2,000
AVG. SALES PRICE vs. AVG. CONDO SIZE 2,600
COCONUT GROVE 1,950 1,500
1,000
1,300
1,000 $0
$500K
$1M
$1.5M
$2M
SF g $b
BRICKELL KEY DOWNTOWN
650 $0
$500K
BRICKELL
1,950
EDGEWATER
CORAL GABLES
SF g $b
EDGEWATER
1,500
$1M
$1.5M
SF g $b
$2M
$300K
$600K
1,300 650
$900K
$1.2M
DOWNT.
MIDTOWN
BRICKELL
SF g $b
$300K
$600K
$900K
$1.2M
MIAMI BEACH LUXURY HIGHLIGHT: SOUTH OF FIFTH WATERFRONT CONDOS % SAMPLE TRADED
SOUTH BEACH
4%
g 3%
g from 2%
MID BEACH
$983/SF
3%
h 3%
g from 2%
NORTH BEACH
$781/SF
3%
h 21%
no change
NORTH BAY VILLAGE
$256/SF
2%
h 4%
h from 3%
AVG. $/SF
AVG. $/SF $1,608/SF
PRICE PER SQUARE FOOT
CONTINUUM SOUTH
CONTINUUM NORTH
MURANO PORTOFINO
$2,448/SF
$2,034/SF
$2,330/SF
g 29%
g 8%
g 60%
PORTOFINO TOWER
MURANO GRANDE
ICON SOUTH BEACH
$2,006/SF
$1,270/SF
$1,212/SF
g 57%
h 6%
g 20%
AVG. SALES PRICE vs. AVG. CONDO SIZE 2,000
SOUTH BEACH 1,800
1,600
NORTH BEACH 1,200 SF g $b
N. BAY V. $0
MID BEACH
$800K $1.6M $2.4M $3.2M
AVG. $/SF
1,400
321 OCEAN DRIVE | PH900, SOUTH OF FIFTH
Apogee: No sales to date
THE ISLANDS WATERFRONT CONDOS
WATERFRONT CONDOS
AVG. $/SF
% SAMPLE TRADED
AVG. $/SF
% SAMPLE TRADED
$815/SF
2%
$388/SF
4%
KEY BISCAYNE FISHER ISLAND
MIAMI / NORTH END
h 17%
h from 4%
$1,132/SF
7%
BAY HARBOR ISLANDS
h 28%
g from 2%
$219/SF
8%
h 13%
no change
AVENTURA
BAL HARBOUR
g from 1%
2%
SURFSIDE
AVG. SALES PRICE vs. AVG. CONDO SIZE 5,000
h 19%
$1,029/SF
SUNNY ISLES BEACH
h 22%
g from 1%
$560/SF
5%
h 16%
g from 1%
$959/SF
3%
h 3%
g from 2%
FISHER ISLAND AVG. SALES PRICE vs. AVG. CONDO SIZE
4,000
3,000 3,000
AVENTURA
2,500 2,000
KEY BISCAYNE BAY HARBOR
1,000 SF g $b
1,500 $0
$1M
$2M
$3M
$4M
7482 FISHER ISLAND DRIVE, FISHER ISLAND
All % changes reflect a comparison of current numbers vs. numbers during the same time period last year (January through June).
S. ISLES SURFSIDE
$5M 1,000 SF g $b
To access our full 2016 TRENDS report, please visit onesothebysrealty.com/trends. Detailed methodology is found on page 5 (condo data is based on luxury tower indices).
BAL HARBOUR
2,000
$500K
$1M
$1.5M
$2M
$2.5M