Miami Beach Luxury Homes Sales Update
In the past sixty days, there have been a total of twelve single family luxury homes sold in Miami Beach (closed sales over $1 Million). This represents an astounding 2000% sales volume increase in luxury homes sold from the same period in 2010! In just sixty days, over $58,000,000 (that's over Fifty Eight Million Dollars!) in Miami Beach single family homes sold in zip codes 33139, 33140, and 33140 versus just over $18,000,000 (Eighteen Million) for the exact same period last year.
The National S & P/ Case-Shiller Home Price national data was just released, which showed the first signs of a national turn in housing. Our thesis for the past two years has continued to become more widespread - the overall lack of new construction in over five years is slowly drawing down the unsold inventory that accumulated during the real estate market downturn. Buyer demand for Miami Beach's the luxury housing market has been driven mostly by high net worth Foreign Buyers (especially Latin American and Eastern Europeans) as well as Northeastern "snowbird" clientele. We're also seeing the strongest demand in years for luxury condos in South Beach's South of Fifth waterfront condo buildings- such asThe Murano at Portofino, The Continuum on South Beach, Apogee, Icon, etc. I'll elaborate more on these Foreign Buyers, who are driving demand for Miami Beach luxury real estate (especially in South Beach's highly coveted Condo market) in our next Blog post.
Below are the actual sales comparisons between 2010 and 2011 of closed single family home sales ($1 Million and over) in Miami Beach for Zip Codes 33139, 33140, and 33141:
| Closing Date | Miami Beach Home | Living Area | Sales Price |
| 9/13/2010 | 5245 PINETREE DR | 7,595 | $ 5,250,000 |
| 10/20/2010 | 441 E RIVO ALTO DR | 2,871 | $ 1,800,000 |
| 10/27/2010 | 1 PALM AV | 3,449 | $ 3,250,000 |
| 9/23/2010 | 216 PALM AV | 2,994 | $ 2,425,000 |
| 10/23/2010 | 1440 W 21 ST | $ 1,600,000 | |
| 10/20/2010 | 8 FARREY LN | 2,464 | $ 700,000 |
| 9/14/2010 | 1165 N SHORE DR | 3,000 | $ 1,072,500 |
| 10/27/2010 | 4445 N ADAMS AV | 4,446 | $ 1,235,000 |
| 10/15/2010 | 725 W 50 ST | 2,446 | $ 1,025,000 |
| Total Miami Beach Home Sales | $18,357,500 | ||
| Closing Date | Miami Beach Home | Living Area | Sales Price | SP$/SqFt |
| 10/10/2011 | 5328 N BAY RD | 6,300 | $ 5,435,000 | $ 863 |
| 10/10/2011 | 5785 PINETREE DR | 10,000 | $ 1,900,000 | $ 190 |
| 10/5/2011 | 4580 N BAY RD | 13,186 | $ 15,000,000 | $ 1,138 |
| 9/30/2011 | 7841 COLLINS AV | 5,547 | $ 2,510,000 | $ 452 |
| 9/29/2011 | 6400 PINETREE DR CR | 4,860 | $ 2,100,000 | $ 432 |
| 9/27/2011 | 94 LA GORCE CR | 15,101 | $ 11,600,000 | $ 768 |
| 9/26/2011 | 2068 N BAY RD | 5,236 | $ 4,000,000 | $ 764 |
| 9/16/2011 | 68 LA GORCE CR | 6,190 | $ 6,500,000 | $ 1,050 |
| 9/9/2011 | 101 W DILIDO DR | 3,344 | $ 1,480,000 | $ 443 |
| 9/9/2011 | 1730 W 23 ST | 5,962 | $ 5,600,000 | $ 939 |
| 9/2/2011 | 306 S HIBISCUS DR | 2,677 | $ 1,900,005 | $ 710 |
| Total Miami Beach Home Sales | $ 58,025,005 | |||
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