Miami Beach Real Estate: 2011 South Beach-South of Fifth Condo Market Index
I know, I know. I’m sorry. It’s time for mid-year stats, and here I am just getting to last year’s analysis! It’s been crazy, crazy, crazy here.
“The Music Started Playing Again” – Peter Zalewski
Last year was totally nuts. I could write a lot in hindsight, but that wouldn’t really be fair, so I’ll just give you the Miami Beach condo stats for luxury real estate in the South of Fifth (SoFi) neighborhood. I’ll also do some analysis, and compare and contrast numbers from prior years.
This Miami Beach real estate index is comprised of nine (soon to be 10) buildings in the SoFi neighborhood of South Beach. The index is very stable and is also a good representation of the luxury condo market in Miami Beach for the following reasons:
1. The condos are all in the same neighborhood.
2. They were all built during the same period (1998-2008).
3. They are all waterfront properties.
So, here’s how 2011 fared. As I provide the info, I realize that I have yet to see this analysis elsewhere (whew!) and am quite surprised by the numbers.
Number of Miami Beach Condos Sold
2008: 153
2009: 129 (bottom of the market for Miami Beach)
2010: 149
2011: 198
In terms of number of units sold in 2011, we are up 33% from 2010 and 53% from 2009 (market bottom)!
Usually this is the most boring chart of the analysis. Not this time. Continuum North and Continuum South are nailing it. Inventory is at an all-time low, and units are selling very quickly. The Days on Market (DOM) for both Continuum North and South are way down.
In 2010, the DOM for Continuum South was 242 and Continuum North was 252. Additionally, Portofino Tower, which had been lagging, has moved some units (2010: seven units sold; 2011: 19 units sold), and DOM has dropped DRAMATICALLY from 284 to 139! BAM!
Apogee South Beach: $PSF Up 37% Y-O-Y
Below you have 2010’s average SOLD $PSF vs. 2011’s. The information reflects what the market at large is saying: the biggest gains are in the ultra-luxury niche. The $PSF at Apogee is up 37%. Other notable movement: Continuum South is up 30%, and Continuum North is up 15%.
| CONDO | 2010 | 2011 |
| APOGEE | $1,303 | $1,779 |
| Continuum South | $832 | $1,081 |
| Continuum North | $1,009 | $1,157 |
| ICON South Beach | $510 | $615 |
| Murano at Portofino | $756 | $761 |
| Murano Grande | $573 | $548 |
| Portofino Tower | $567 | $590 |
| South Pointe Tower | $580 | $582 |
| Yacht Club | $452 | $502 |
Here is a Video from CNBC’s Diana Olick from March
(I know, not fair… but it’s my blog)
That’s it. I’m done. I’m sorry it took so long. Even six months later, I was surprised by the insight I gained writing this post.
Related Reading:
- Setai South Beach Penthouse Sells for Record-Setting $21.5M. Breaks Multiple Miami Beach Real Estate Records
- Nearly Three Years Later, Apogee South Beach Penthouse Sells for About Half its Original List Price
- Miami Beach Real Estate: 2010 South Beach Condo Market Index
