Miami Beach Luxury Real Estate – Q3 Waterfront Stats: Ultra-Luxury INSANITY
I really didn’t plan on doing a Q3 stats analysis of Miami Beach luxury waterfront homes, but with such incredible activity, especially in the ultra-high-end ($10M+) range, the stats are so out-of-control good that I just HAD to.
The big story of 2012 is the number of homes and parcels of land that sold in the $10M+ category and the velocity with which they moved. It seems that Miami, and Miami Beach in particular, is taking the wind out of our northern neighbor’s real estate sails: Palm Beach.
At the end of Q3, Miami Beach and Indian Creek Village had 13 sales in excess of $10M. Additionally, there were two transactions in Indian Creek Village that broke Miami-Dade County real estate sales records: 14 Indian Creek sold for $38.4M in March and was topped five months later by 3 Indian Creek at $47M.
Miami Beach & Indian Creek Village Residential Real Estate Sales: $10M+ thru 9/30/2012
| YEAR | # OF SALES | SALES VOLUME |
| 2012 | 13 | $242,080,000 |
| 2011 | 10 | $150,570,000 |
| 2010 | 5 | $62,427,000 |
| 2009 | 1 | $16,000,000 |
| 2008 | 5 | $61,950,000 |
Prior to 2012’s record-breaking sales on Indian Creek Island, the biggest real estate deal in Miami-Dade County was three lots on Star Island that Robert Frost purchased from Leona Helmsley in 2006 for $27M. Helmsley, who was 75 at the time, bought in 1996 those five acres of land on the desirable west side of the island for $13M.
Star Island & Indian Creek Island Steal the Spotlight
The other notable story in Miami Beach luxury real estate is the unprecedented number of sales on Star Island and Indian Creek Island. Through 9/30/2012, there were 12 transactions on Star and Indian Creek islands combined. Prior total activity for these communities:
- 2011 – 7 sales
- 2010 – 2 sales
- 2009 – 3 sales
- 2008 – 3 sales
Luxury Miami Beach & Indian Creek Village Real Estate Sales thru 9/30/2012
Waterfront Land Sales in Miami Beach & Indian Creek Village for Q3 2012
Insights & Analysis thru Q3 2012
Since I’m wrapping up this post moments before the year-end stats come in, let’s act as if Q4 will be blah (which it won’t be; I’ve seen the numbers, so get ready!). Compare this data to prior years, and draw your own conclusions:
Miami Beach Luxury Waterfront Homes Sales: 2008-2012 (Q3)
| YEAR | SALES VOLUME | # OF SALES | $PSF |
| 2012 | $481,114,700 | 71 | $915 |
| 2011 | $351,263,033 | 75 | $769 |
| 2010 | $226,854,000 | 53 | $710 |
| 2009 | $169,331,447 | 42 | $702 |
| 2008 | $245,777,500 | 49 | $934 |
So far, $PSF is up 19% from 2011. We are just about at 2008 pre-crash prices, BUT at double the 2008 activity level (wink, wink).
Related Reading:
- CRAZY: Miami Beach Luxury Waterfront Real Estate Sales Surge More Than 41% in 2011
- South Florida Tourism Poised for Record in 2013
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At Art Basel Miami Beach, The Stars Line Up To Be Seen – And Be Shocked
Check out Miami Beach Ultra-Luxury Homes For Sale | Content by Kevin Tomlinson
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