Every day when we read, hear or watch the news, we are deceived by the negative and disturbing news. In particular, a bad press about the real estate business is all that you hear. You can’t go about your daily life without hearing any bad news about real estate, and Miami is often mentioned in these stories. But we need to be more specific to a particular area when discussing the “Miami market” Despite the fact that in Miami there are areas that are struggling and can continue to fight, there are some very bright spots that no one talks about except for those who are actually engaged in real estate business. Here are some updates on Miami Beach and Miami Market. First Miami Beach:
- WCI communities have closed 90% of their condominiums at One Bal Harbor. Wow, how could this be when, according to cynics and pessimists, the prices of condominium fall, and not sold? Sales at One Bal Harbor ranged from $ 1,150,000, which I heard from the developer, a $ 11 million penthouse. Currently MLS has 35 sales pending or closing. This building is an excellent definition of how the market works. TERM! I think this gives us every reason to be very optimistic about the market.
- We all agree that last year was a slow year. However, there were 170 closed deals in Miami Beach on a condominium of more than $ 1 million in the asking price.
- Continuum averaged over $ 1095 per square foot, with a maximum of $ 1,495 per square foot. Last year, the average selling price of the building was $ 2,711,190, with the highest selling being $ 6,500,000. There were a total of 21 sales.
- Setai averages a whopping $ 1,634 per square foot, with a maximum of $ 2,301 per square foot, and there were a total of 15 sales with the highest of $ 6,000,000.
- Murano had 28 sales with an average price per square foot of 755 US dollars and a high level of 929 dollars per square foot. The highest sale in the building was 3,100,000 dollars.
- Next to Murano, Icon South Beach was 19 sales, with an average price per square foot of 845 dollars and a high level of 1,049 dollars. The highest sale in the building was $ 1,945,000.
- The southern Apogee beach units started with $ 2,500,000.00 in pre-sale form, and I heard that the building works very well. Currently, there are 4 resales in the MLS, ranging from $ 3,999 to $ 6,599.
- Coming out of South Beach, we can look at the blue and green diamonds. Known for their incredible views and excellent location in Mid Beach, they had 36 closed sales in total with an average price per square foot at a price of $ 640,000. And at a height of $ 1,100 per square foot. The highest sale in buildings was $ 3,070,000.
- Now there are suggestions. For example, in The Bath Club there is a direct ocean, the flow through the units at a asking price of 659 dollars per square foot. Green Diamond No. 2801 for $ 1,325,000.00, which is $ 659 per square foot for an amazing corner SE block with unobstructed views of the city and ocean. There are many other possibilities - just let us know what you are looking for and we can send you a list of what can fit your criteria.
- In Miami Beach, we are seeing a decline in reserves. This is due to the fact that most international and even domestic buyers (from the north) want to be at or close to the beach. With the strength of the euro and the Canadian dollar, almost equal to our dollar, most buyers want to see or be on the beach. With that said, South Beach is still a destination for the rich and famous. Where else can you average 75 degrees of temperature all year round? I think that we will continue to see only deterioration in properties between Miami Beach and Miami, as more and more units enter the market from the other side of the bay.
Suffice to say about Miami Beach, now look at the Brickell area. While Brickell is going through some hiccups on the market right now, all we can say about the markets is still healthy. Some buildings have problems with buybacks, but these can be very good opportunities, but be careful - not all. Where else can you find 2 bedrooms in a good building with big amenities worth less than 300 thousand dollars? There are several such possibilities. The rest of the market still survives with units located directly on Brickell Avenue or bordering the bay still holding the fair. Now you can get prices that seem similar to the 2004 price. Many of the recently closed projects have done very well. You may also have heard in the news that Mr. Jorge Perez is raising a $ 1 billion fund to buy apartments. In addition, with Latin American buyers and investors who know the Brickell area, they again become interested in buying in the Brickell area. Here is an example of the properties and how they do it.
- Last year, Santa Maria had 9 closures with an average price per square foot of $ 707 and a high sale of $ 5,325,000 at $ 845 per square foot.
- Last year, Four Seasons sold 5 sales with an average price per square foot of $ 713, the highest sale of $ 3,175,000, and the highest price per square foot of $ 913.
- Jade Brickell Bay, with all its “buyback problems,” still managed 12 sales last year, with an average price per square foot of $ 667 and a high sale of $ 2,250,000, which is $ 967 per square foot. Wow As many of you have asked, I still believe that this is a luxurious building and still very desirable for a luxurious Brickell buyer, with a view, amenities and front location to survive with flying colors.
- Carbonell on Brickell Key last year had 15 sales with an average price per square foot of $ 476 and a high sale of $ 1,550,000 with a price per square foot of 599 dollars. Some of the units we sold here were the "decorator".
- Atlantis on Brickell had 4 sales with an average price per square foot of $ 296
- Palace On Brickell had 6 sales with an average price per square foot of 353 US dollars
- Metropolitan on Brickell had 3 sales with an average price per square foot of 366 dollars
Most of our rental listings were rented very quickly. There are many factors why renting is doing so well. Some of them include the lack of rental buildings, requirements for banks that provide loans to the buyer, and, of course, future buyers who are waiting for us from below, if we have not already done so. Skeptics fear; This is a huge market, so most of the available properties are less than $ 500 thousand.
Sellers, if you are right on the price, you will still sell in this market, so it’s important to start right away with a very aggressive price, otherwise you just get lost in numbers. You also need a highly qualified realtor who has the tools and experience to successfully sell your property. As you can see, there is still a lot of activity here, and Miami has so much to offer that will always be a very desirable place to live and own property. Call us for a free estimate of your real estate market.
If you own a property in Miami and want to find out more about sales trends in your community or condominium, feel free to contact us without obligation.
You can also visit our website www.thinkMIAMI.com to search for new buildings, read articles or search for MLS for all available properties in the area.
