South Beach's Priciest Condos Trade At Average Of $2,575 PSF In Year 2013 Published on 2/11/2014 6:34:00 PM
Buyers achieved an average discount of 12 percent off of the original asking price for South Beach's priciest luxury condo resales to transact in the year 2013, according to a new report from CondoVultures.com.
Between January and December of 2013, buyers - in unrelated transactions - paid a combined $124.2 million - an average of nearly $2,575 per square foot - for the 10 priciest luxury condo resales in the Miami Beach neighborhood of South Beach, which stretches from South Pointe Drive north to 24th Street, and the Atlantic Ocean west to Biscayne Bay, 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 $141.3 million for an average of nearly $2,930 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 || Setai Resort And Residences |
| South Beach || 4 || $27,000,000 || -25% |
| 2 || ICON South Beach |
|South Beach || 6 || $15,000,000 || 1% |
| 2 || Ocean House |
|South Beach || 4 || $15,000,000 ||-19% |
| 4 || Continuum On South Beach |
|South Beach || 3 || $13,000,000 ||-10% |
| 5 || Apogee South Beach |
|South Beach || 3 || $12,400,000 || -11% |
| 6 || Apogee South Beach ||South Beach ||4 || $9,550,000 || -3% |
| 7 || Continuum On South Beach |
|South Beach || 5 || $8,600,000 || -14% |
| 8 || Continuum On South Beach ||South Beach || 4 || $8,300,000 || -2% |
| 9 || Setai Resort And Residences ||South Beach || 3 || $7,790,000 || 8% |
| 10 || Setai Resort And Residences |
|South Beach || 3 || $7,575,000 || -5% |
As of February 11, 2014, less than five luxury condo resales - with a minimum asking price of $6.5 million - are under contract at an average of more than $2,400 per square foot in South Beach waiting to transaction, according to the data.
More than 30 luxury condo resales - with a minimum asking price of $6.5 million - are actively available on the market in South Beach at an average of nearly $3,065 per square foot, according to the data.
The completed luxury condo resales do not reflect any deals that that may have been 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.
Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our books, the Official Condo Buyers Guide to Miami™, Official Condo Buyers Guide To South Beach™, Official Condo Buyers Guide to Sunny Isles Beach™, Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™, Official Condo Buyers Guide to Hollywood / Hallandale Beach™, Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
© Copyright 2014. Condo Vultures® LLC. All Rights Reserved.