CondoWatch Miami: Settling Into Summer

The Miami Dade condo market settled into a steady pace through the first full week in June. Last week there were 164 closings for a sales volume total of $61,339,390. The average price for a condo was $374,020.67, or $271.39 per square foot.

Miami was the top city with 67 sales for a total of $15.783 million. Miami Beach reported 23 closings totaling $14.249 million. Aventura followed with 14 transactions for a total sales volume of $6.503 million.

The top condo sale of the past week was a three bedroom luxury unit at the Murano Grande in Miami Beach. This 3,058 square foot property at 400 Alton Road sold for $2,700,000, or $882.93 per square foot. After 157 days on the market, this condo was sold by Bryan Sereny.

The outlook for the Miami Dade condo market remains optimistic.

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About Author: Condo.com Team

  • Julie Clair

    The study, by Andrew Stearns, a real-estate analyst, paints a bleak picture for Miami’s condo market. Stears for months has warned that the massive glut of new condo buildings coming to market could hedge into anything from a brief period of “correction” to a full-on real-estate crisis in the next few years. His latest study presents new evidence to back up his dire predictions: New, “reconstruction” condo sales are plummeting, he reports, just as inventory is reaching its all-time peak. In September, Stearns told New Times that 3,000 condo units came to market in the past four years — and despite the fact that most of those units haven’t sold, developers are building a mind-numbing 11,000 more units by 2018. The results are already becoming clear: There’s too much supply and not nearly enough demand.
    In addition, buildings aren’t selling out nearly as fast as they used to. From 2012 to 2015, entire buildings typically sold out within months. But now, at least nine buildings that opened in 2015 and 2016 still have unsold units — including Brickell’s Rise, which opened in September and is still about half vacant.
    You can look at Miami condo’s available on average rental website: https://rentberry.com/condos/s/miami-fl