Miami Beach Real Estate: South Beach Condos-Three Year Analysis
When I was interviewed last month by The New York Times for a piece Miami Beach real estate, specifically luxury condos, I was asked to research the condo market going back two years.
What I decided to do, since SO many people have asked me, was to do a three year snapshot of the market, specifically for the SoFi neighborhood in South Beach, which includes Continuum South Beach, Murano at Portofino, Murano Grande, ICON South Beach, Portofino Tower, Yacht Club at Portofino, and South Pointe Tower. When doing this type of analysis, I really like using this neighborhood because it has a high concentration of units, which provides accurate insight into the luxury condo market activity of Miami Beach condos.
I used one time period: January 1st-October 3rd of three years (2005, 2006, and 2007). It is very interesting to see how the market has progressed during the last three years. Here is a great Miami Beach neighborhood map
The graph above represents number of sales for each building in the SoFi neighborhood. Most would think that the number of sales would be highest in 2004–2005. Even though 2007 is down from 2006, in ALL cases the number of sales are higher than in 2005.
This graph shows the issue for condos in general—with the exception of Continuum South Beach, the average days on market have all substantially increased from 2005.
The graph above shows a three year history of average $ p.s.f. SOLD prices for all the condos in the South of Fifth neighborhood. Continuum South Beach continues to climb without any fluctuations. Overall, each building is holding its own and the neighborhood in general continues to do well.
This graph represents the list price ($ p.s.f.) to the sold price ($ p.s.f.) for each year. It basically tracks the list price to sale price ratio for each building for all three years. The blue bar is the list price (in $ p.s.f.) and the green bar represents the sold price (in $ p.s.f.). Things to note from this graph: ICON South Beach peaked in 2006 and Continuum South Beach continues to march onward and upward.
I have to admit I was not surprised by the numbers. Most of what I see here only re-inforces my recommendations from my South Beach Luxury Condo Outlook 2008 post.
Miami Beach real estate, Continuum South Beach, ICON South Beach, South Beach condos, South Beach real estate, Miami condo statistics, Miami luxury condos, 33139
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