Real Estate Blog

Miami Beach Luxury Homes Sales Update

Friday, October 28, 2011
Tags:   Miami Beach Homes, miami beach condos, south beach real estate, Miami Beach Real Estate

Miami Beach Luxury Homes Sales Update

In the past sixty days, there have been a total of twelve single family luxury homes sold in Miami Beach (closed sales over $1 Million). This represents an astounding 2000% sales volume increase in luxury homes sold from the same period in 2010! In just sixty days, over $58,000,000 (that's over Fifty Eight Million Dollars!) in Miami Beach single family homes sold in zip codes 33139, 33140, and 33140 versus just over $18,000,000 (Eighteen Million) for the exact same period last year.

Miami Beach Real Estate

The National S & P/ Case-Shiller Home Price national data was just released, which showed the first signs of a national turn in housing. Our thesis for the past two years has continued to become more widespread - the overall lack of new construction in over five years is slowly drawing down the unsold inventory that accumulated during the real estate market downturn. Buyer demand for Miami Beach's the luxury housing market has been driven mostly by high net worth Foreign Buyers (especially Latin American and Eastern Europeans) as well as Northeastern "snowbird" clientele. We're also seeing the strongest demand in years for luxury condos in South Beach's South of Fifth waterfront condo buildings- such asThe Murano at Portofino, The Continuum on South Beach, Apogee, Icon, etc. I'll elaborate more on these Foreign Buyers, who are driving demand for Miami Beach luxury real estate (especially in South Beach's highly coveted Condo market) in our next Blog post.

Below are the actual sales comparisons between 2010 and 2011 of closed single family home sales ($1 Million and over) in Miami Beach for Zip Codes 33139, 33140, and 33141:

Miami Beach Closed Home Sales 2010 (September & October)
Closing DateMiami Beach Home Living Area Sales Price
9/13/20105245 PINETREE DR7,595 $ 5,250,000
10/20/2010441 E RIVO ALTO DR2,871 $ 1,800,000
10/27/20101 PALM AV3,449 $ 3,250,000
9/23/2010216 PALM AV2,994 $ 2,425,000
10/23/20101440 W 21 ST $ 1,600,000
10/20/20108 FARREY LN2,464 $ 700,000
9/14/20101165 N SHORE DR3,000 $ 1,072,500
10/27/20104445 N ADAMS AV4,446 $ 1,235,000
10/15/2010725 W 50 ST2,446 $ 1,025,000
Total Miami Beach Home Sales $18,357,500

Miami Beach Closed Home Sales 2011 (September & October)
Closing DateMiami Beach Home Living Area Sales Price SP$/SqFt
10/10/20115328 N BAY RD6,300 $ 5,435,000 $ 863
10/10/20115785 PINETREE DR10,000 $ 1,900,000 $ 190
10/5/20114580 N BAY RD13,186 $ 15,000,000 $ 1,138
9/30/20117841 COLLINS AV5,547 $ 2,510,000 $ 452
9/29/20116400 PINETREE DR CR4,860 $ 2,100,000 $ 432
9/27/201194 LA GORCE CR15,101 $ 11,600,000 $ 768
9/26/20112068 N BAY RD5,236 $ 4,000,000 $ 764
9/16/201168 LA GORCE CR6,190 $ 6,500,000 $ 1,050
9/9/2011101 W DILIDO DR3,344 $ 1,480,000 $ 443
9/9/20111730 W 23 ST5,962 $ 5,600,000 $ 939
9/2/2011306 S HIBISCUS DR2,677 $ 1,900,005 $ 710
Total Miami Beach Home Sales $ 58,025,005

 
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