As the summer of 2010 comes to a close, market research provided by Brosda & Bentley REALTORS reports a noteable year thus far in the South Florida real estate market.
The average sales price of a downtown Miami condo in the first two quarters of 2010 was reportedly $356,100 or about 16 percent higher than in 2009. In March, April and May of 2010, 135 condos sold in Miami-Dade County priced $1 million and above, nearly double the number compared to the same time period in 2009. Total downtown Miami condo sales were up 110 percent with 1,933 units sold in the first 6 months of 2010.
“Miami Condo sales above the $1 million mark will continue to outpace single-family home sales in the same price category for the rest of 2010 and into 2011,” says Katerina Brosda president and CEO of Brosda & Bentley REALTORS. “Condominium living is the new lifestyle choice of the wealthy.”
At the beginning of the summer, impressive sales at One Bal Harbour for $8.7 million, at the Fontainebleau for $9 million and Santa Maria Brickell for $11 million kept Miami luxury real estate brokers abuzz.
The Acqualina Resort & condos, a landmark in Sunny Isles Beach, claim the title of highest retail sales price per square foot in the city. During the summer, two units closed at $784 and $714 per square foot respectively. The elite Turnberry Ocean Colony condos boasts six retail sales, with the highest being at $733 per square foot.
Some of the most expensive Miami penthouses sold thus far in 2010 include the Marquis penthouse in downtown Miami. It sold a few days after LeBron James announced his engagement with the Miami Heat. Entrepreneur Russell Wright closed on the 67-story Marquis luxury residential condo, with reportedly the highest terrace and hot tub in Miami. Dwayne Wade of the Miami Heat sold his house in Davie and is now apparently looking for a trophy property in Miami, as is Chris Bosh of the trio. Russell Wright is quoted as saying that the economic force of the three basketball superstars playing in Miami “Is going to have an impact, I probably already made money on the condo.”
In June, the ‘Imperial Suite’ or Penthouse Villa B sold at the über-luxurious Setai Resort & Residences in Miami Beach for a record breaking $15 million or $2,416 per square foot.
A highly anticipated new oceanfront condo development is the St. Regis Resort and condo residences in Bal Harbour, destined to open in 2011. The three glass towers replaced the famous Sheraton in front of the gated entrance to the renowned Bal Harbour Shops. Over $40 million in sales were reported in the first half of 2010.
Brosda & Bentley Realtors projects luxury Miami condominium sales to remain strong. The average sales price for residential properties that sold in Miami-Dade County increased by 8.3 percent in July. Inventory levels have dropped 11.4 percent compared to July 2009. Condominium listings have dropped 11 percent and the average days a property stays on the market decreased 10.3 percent for single-family homes and 11.9 percent for condominiums or 100 and 114 days respectively.
Brosda & Bentley REALTORS features more than 50,000 residential and commercial Southeast Florida property listings on its website BrosdaandBentley.com. The company provides free usage of the database to registered users. Consumers may also opt to receive automatic updates on new listings, pre-foreclosure and short sale properties.
I’m so impressed with the level of commitment in which Katerina Brosda and her skilled team of experts follow and become abreast to real estate trends to the minute!
Having just moved to the area Ive looked for the best place to plant myself and I love Sunny Isles Beach. Thanks to Katerina at Brosda & Bentley I’m positive I will find what I’m looking for. Her knowledge and service is outstanding…I recommend her to anyone looking!
How can prices be so high when there so many foreclosures in Miami?
Many people think of South Florida and think REAL ESTATE DEALS! Well, they are right to think that. Virtually any property you buy now WILL increase in value, eventually, and make a profit. However the days of purchasing properties at 50% of asking price is gone. Sorry, but the the fire sale is over. Financial institutions are getting their act together and strategizing for long term release of foreclosed properties, including renting them out until the market improves. Also, the public’s general financial confidence has improved dramatically since 2008-2009. There are enough buyers, local and international, creating enough competition in the market place to keep values rising, slowly but surely. It has taken some time but the international market is taking advantage of the decreased prices of luxury condos. The buzz is in the air and people are claiming their peice of the South Florida ocean view luxurious PIE!
Many people think of South Florida and think REAL ESTATE DEALS! Well, they are right to think that. Virtually any property you buy now WILL increase in value, eventually, and make a profit. However the days of purchasing properties at 50% of asking price are over. Sorry, but the fire sale is over. Financial institutions are getting their act together and strategizing for long term release of foreclosed properties, including renting them out until the market improves. Also, the public’s general financial confidence has improved dramatically since 2008-2009. There are enough buyers, local and international, creating enough competition in the market place to keep values rising, slowly but surely. It has taken some time but the international market is taking advantage of the decreased prices of luxury condos. The buzz is in the air and people are claiming their peice of the South Florida ocean view luxurious PIE!