10 Priciest Condos Sell For $1,000 PSF Average In Greater Downtown Miami Published on 1/30/2014 3:03:00 PM
Buyers achieved an average discount of 16 percent off of the original asking price for Greater Downtown Miami's 10 priciest luxury condo resales in the year 2013 but still wound up paying more than $1,000 per square foot for the market's most luxurious units, according to a new report from CondoVultures.com.
Compare this to the year 2012 when buyers achieved a 24 percent discount for the 10 priciest luxury condo resales in the Greater Downtown Miami market but paid an average of about $750 per square foot, according to a previous CondoVultures.com report.
This spike in the average price per square foot for Greater Downtown Miami's 10 most luxurious condo transactions works out to an increase of 34 percent in 2013 compared to 2012, according to the report.
In 2013 between January and December, buyers - in unrelated transactions - paid a combined $37.8 million - an average of more than $1,000 per square foot - for the 10 priciest luxury condo resales in the Greater Downtown Miami market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95, according to an analysis by the licensed Florida brokerage CVR Realty™.
Prior to the transactions, these luxury condo units were originally put on the resale market for a combined $44.8 million for an average of more than $1,190 per square foot, according to an analysis based on Florida Realtors association data.
CondoVultures.com is scheduled to profile condo trends in the fourth quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of January 22, 2014.
| 1 || Asia |
| Brickell Area || 5 || $6,633,000 || -22% |
| 2 || Four Seasons Residences |
| Brickell Area || 4 || $5,200,000 || -12% |
| 3 || Santa Maria |
| Brickell Area || 5 || $4,650,000 || -3% |
| 4 || Epic || Downtown Miami || 3 || $3,425,000 || -26% |
| 5 || Four Seasons Residences |
| Brickell Area || 2 || $3,400,000 || -5% |
| 6 || Asia |
| Brickell Area || 4 || $3,000,000 || -9% |
| 7 || 900 Biscayne Bay || Downtown Miami || 4 || $2,900,000 || -17% |
| 7 || Four Seasons Residences |
| Brickell Area |
| 4 || $2,900,000 || -11% |
| 7 || Santa Maria || Brickell Area |
| 4 || $2,900,000 || -24% |
| 10 || Four Seasons Residences || Brickell Area || 3 || $2,751,767 || -21% |
As of January 30, 2014, less than five luxury condo resales - with a minimum asking price of $2.5 million - are under contract in Greater Downtown Miami waiting to transact at an average of nearly $800 per square foot, according to the data.
Nearly 50 additional condo resales are actively available - at a minimum asking price of at least $2.5 million - on the market at an average of more than $1,135 per square foot, according to the data.
The luxury condo resales do not reflect any deals that may have transacted without being marketed on the Multiple Listing Service.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 425 NE 22nd St., Suite 409, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.
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