Miami Beach and South Beach Real Estate Market OVERVIEWMiami Beach Real Estate

Miami Beach condo sales activity has increased significantly in the second quarter of 2011, especially for waterfront luxury properties. The second quarter of this year was also defined by an increase in high-end Miami Beach home sales. The Miami Beach and South Beach condo and single family residential market experienced sales surges fueled by strong demand for waterfront and oceanfront properties. Ultra-luxury waterfront communities have witnessed near-record sales activity since the housing market price corrections of the past few years. For example, this year’s most ultra-luxury home sale was an incredible Star Island home that sold for an amazing $25,500,000.

Home price indicators saw positive gains, especially for zip codes 33139, 33140, & 33141 in Miami Beach with a boundary up to 30th street. The median sales price declined 15.9% year over year to $925,000 for Miami Beach single family homes. Consequently, the number of closed home sales transactions in Miami Beach increased 6.6% to sixty five individual homes sold during this period. High end, luxury homes sales increased and defined the market, which is consistent with the overall national trend of wealthy individuals (especially foreign buyers) driving the luxury real estate market in premier real estate areas of the country. Although Miami Beach single family home prices declined as sales edged higher (median sales price declined 15.9% to $925,000 down from $1,100,000) which is about 14% of Southeast Florida regional sales.

In highly desired waterfront areas with a high concentration of luxury condo buildings (such as the South of Fifth neighborhood of South Beach) slightly lower sales prices, and an influx of wealthy cash buyers, attributed to a large increase in the number of sold condominiums. Miami Beach's market trends indicate a stabilization in condo prices, with the average price per square foot declining by just 0.6% year over as the number of closed sales surged 25.3%.

Miami Beach's overall Real Estate Market has seen much positive news this year, including an increase in luxury waterfront condo & home demand, record breaking sales, more affordable sales prices, condo building sell-outs, and a steady stream of international buyers making second and vacation homes purchases on Miami Beach.

Summary of Miami Beach Real Estate Market activity
Miami Beach Home sales statistics for zip codes 33139, 33140, 33141
Single Family Homes for Sale ($1 Million and above): 294
Miami Beach Homes Sold YTD ($1 Million and above): 86
Average Miami Beach Home Sale Price: $3,401,000

Market Analysis of Miami Beach Home Sales YTD

Market Analysis of Miami Beach Home Sales YTD
Property Type: Single Family (RE1)Status: Closed SaleNumber of Properties: 86
#Beds#FBathsSF/FFList PriceLP$/SqFtSale PriceSP$/SqFt
High121315,101$32,000,000$2,195$25,500,000$1,739
Low001,575$999,900$97$1,000,400$82
Average5.024.75,154.76$3,961,518$703$3,401,960$612
Median544,117$2,472,500$670$2,253,000$590

Miami Beach Condo sales statistics for zip codes 33139, 33140, 33141:
Condos for Sale ($1 Million and above): 1,812
Miami Beach Condo Sold YTD ($1 Million and above): 163
Average Miami Beach Condo Sale Price: $2,260,810

Miami Beach Condo Sales YTD
Miami Beach Condo Sales YTD
Property Type: Condo/Coop/Villa/Twnhse (RE2)Status: Closed SaleNumber of Properties: 163
#Beds#FBathsSF/FFList PriceLP$/SqFtSale PriceSP$/SqFt
High676,853$24,000,000$11,310$11,500,000$2,602
Low01574$1,050,000$332$1,000,000$301
Average2.742.722,363.40$2,654,511$1,120$2,260,810$959
Median332,072$1,799,900$925$1,650,000$846

Read more

The recent market activity for Miami Beach luxury homes, especially for premier waterfront properties, and South Beach condominium buyers is impressive. Although the national newsmedia continues to tell us that the national housing market is depressed, I can attest that my team and I are VERY busy these days. Almost all of our listed properties, whether they be single family homes or condominiums in both Miami and Miami Beach, have either sold or are under contract with well-qualified Buyers.

As I write this, in early January of 2011, my team and I have been overwhelmed by the strong Buyer activity of the past two months as high season has kicked into gear for Miami Beach Real Estate Buyers and Sellers. We're averaging a new Buyer inquiry EVERY HOUR- these usually come from our various Miami Beach condominium and luxury homes websites, and our international Brokerage partner portals in Latin America.

As our inventory of exclusively listed homes and condominiums in Miami Beach has been sold, we've been actively reaching out to homeowners in our target market of Miami Beach homes and condos. Potential sellers should be capitalizing on this growing demand for premier Miami Beach homes and condos from both USA-based and International Buyers by working with the RIGHT marketing Real Estate Agent / Brokerage Firm.

Key traits that Sellers should look for in a Miami Beach Real Estate Agent:

  • In my experience, an international and broad-based real estate marketing plan requires a professional real estate TEAM.
  • This team should have a professional and well-trained staff with specific administrative tracking systems in place to handle QUALIFIED Buyer leads for Miami Beach exclusively listed properties .
  • Also, a well-trained and market specific sales staff (experienced and licensed Realtors) that specializes in a specific market segment, for example, Miami Beach waterfront homes.
  • Our affiliation with Fortune International Realty and Development also allows us to provide our clients with unparalleled marketing- with a truly global reach with wholly owned and operated offices in Brazil, Argentina, and International real estate marketing partnerships in various East European capitals.
  • Miami Beach Real Estate Homes and Condos

    Latest Miami Beach Condominium and Homes Closed Sales Data:

    CLOSING DATEADDRESSPropertyLiving AreaSold Price
    12/1/2010245 MICHIGAN AV. # LG3ABSOLUT LOFTS1445490,000
    11/18/20103737 COLLINS AV # S-503The Caribbean1619730,000
    11/19/20101000 S POINTE DR # 907Murano1390900,000
    11/29/20106365 COLLINS AV # 4506AKOYA CONDO1151500,000
    11/23/20101330 WEST AV # 3008Waverly at South Beach1384665,000
    11/22/2010520 WEST AV # 1702Bentley Bay1929725,000
    11/24/20106103 AQUA AV # 704SPEAR AT AQUA2203688,000
    12/8/2010400 ALTON RD # 2503Murano Grande30582,300,000
    12/2/20105151 COLLINS AV # 824SEACOAST CONDO1360505,000
    12/3/20103737 COLLINS AV # N-305The Caribbean1612700,000
    12/1/20106103 AQUA AV # 701SPEAR AT AQUA CONDO2752675,000
    12/1/20101000 WEST AV # TS8Mirador1710650,000
    12/3/20106365 COLLINS AVE # 2708AKOYA CONDO1322500,000
    12/6/20105025 COLLINS AV # 1001Capobella1860760,000
    12/15/20104441 COLLINS AV # 2111FONTAINEBLEAU II/ TRESOR1002600,000
    12/7/20106103 AQUA AV # 501Spear at Aqua2203650,000
    12/14/20101455 OCEAN DR # BH-5IL VILLAGGIO32803,800,000
    12/9/20105959 COLLINS AV # 1405The Bath Club38072,450,000
    12/17/2010450 ALTON RD # 2302THE ICON1933900,000
    12/21/20101500 OCEAN DR # 9011500 OCEAN DRIVE23202,700,000
    12/13/2010650 WEST AV # 907THE FLORIDIAN1234500,000
    12/27/2010450 ALTON RD # 2805ICON AT PORTOFINO1750920,000
    12/17/20101500 OCEAN DR # PH-041500 OCEAN DRIVE CONDO17401,450,000
    12/17/2010400 S POINTE DR # 1603SOUTH POINTE TOWER1271960,000
    12/17/20101000 S POINTE DR # 2401MURANO AT PORTOFINO33823,100,000
    12/18/2010100 S POINTE DR # 809CONTINUUM ON SOUTH BEACH15951,500,000
    1/5/20114441 COLLINS AV # 2705FONTAINEBLEAU II/ TRESOR1002639,000
    12/27/20106515 COLLINS AV # 606BelAire on theOcean806250,000
    12/21/2010151 MICHIGAN AV # 532The Courts1485603,000
    12/29/20106917 COLLINS AV # 1501THE COLLINS CONDO1183490,000
    12/23/2010101 20 ST # 2304Setai11411,026,000
    12/23/20105959 COLLINS AV # 1603The Bath Club36402,500,000
    12/28/2010125 JEFFERSON AV # 112The Courst at South Beach2350599,000
    12/28/201050 S POINTE DR # 804Continuum II14911,145,000
    12/29/2010450 ALTON RD # 3405ICON30941,700,000
    1/5/2011400 S POINTE DR # 2104South Pointe Tower1802925,000
    1/5/20115959 COLLINS AV # 2006Bath Club41354,260,000
    12/31/20101470 16 STREET # C401CAPRI SOUTH BEACH19781,758,000
    1/10/2011828 3 ST # 314SUNDANCE CONDO1377555,000
    1/8/20114775 COLLINS AV # 2706Green Diamond Condo1100525,000
    11/29/201050 S POINTE DR. # 3402CONTINUUM NORTH TOWER30103,375,000
    11/22/2010101 20 ST # 3703Setai17462,000,000
    12/14/2010101 20 ST # 2206The Setai13161,800,000
    12/28/2010100 S POINTE DR # 2709Continuum On South Beach21221,900,000
    12/16/2010450 ALTON RD # 1801ICON CONDOMINIUM43031,800,000
    12/8/20101470 16 STREET # C201Capri South Beach19741,850,000
    12/2/20101000 S POINTE DR # 1003MURANO AT PORTOFINO20081,500,000
    11/29/20101330 OCEAN DR # R7BThe Netherland22201,425,000
    12/16/20101800 SUNSET HARBOUR DR # 2012Sunset Harbour South1900825,000
    11/12/20106301 COLLINS AV # 3102LA GORCE PALACE1400575,000
    12/6/20105959 COLLINS AV # 1707The Bath Club29592,000,000
    11/29/2010520 WEST AV # 2001The Bentley Bay1994665,000
    12/21/2010101 20 ST # 2905THE SETAI RESORT821950,000
    12/29/2010400 S POINTE DR # 1404SOUTH POINTE TOWERS1802845,000
    1/6/2011100 S POINTE DR # 1601CONTINUUM15911,280,000
    12/17/20101500 OCEAN DR # 11051500 Ocean Drive15301,260,000
    12/13/201050 S POINTE DR # 1502/3CONTINUUM NORTH TOWER34974,400,000
    12/31/20101445 16 ST # B301CAPRI1128910,000
    12/31/20101445 16 STREET # B902CAPRI18421,670,000
    12/21/201050 S POINTE DR # 803CONTINUUM NORTH TOWER14911,200,000
    12/6/20106301 COLLINS AV # 1702LA GORCE PALACE1400540,000
    12/15/20104775 COLLINS AV # PH4203GREEN DIAMOND19401,650,000
    12/23/20101000 S POINTE DR # 1104Murano @ Portofino21901,550,000
    12/2/20101200 West Ave # 1526THE MIRADOR - NORTH TOWER1226480,000
    11/15/20104775 COLLINS AV # 3502GREEN DIAMOND1530800,000
    12/27/20104775 COLLINS AV # 1102GREEN DIAMOND1530855,000
    1/10/2011650 WEST AV # PH14The Floridian2102672,000
    11/18/20101800 SUNSET HARBOUR DR # 2110SUNSET HARBOUR1120500,000
    12/29/2010650 WEST AV # 1611The Floridian1147540,000
    12/20/20104779 COLLINS AV # 2403Blue Diamond2010920,000
    12/17/2010400 ALTON RD # 2003Murano Grande30581,960,000
    1/3/2011300 S POINTE DR # 603PORTOFINO TOWERS2340905,000
    1/4/2011100 S POINTE DR # 1002Continuum on south Beach1201930,000
    12/21/2010101 20 ST # 2702SETAI12131,425,000
    12/13/20101000 S POINTE DR # 3101MURANO AT PORTOFINO33652,880,000
    12/17/20104775 COLLINS AV # 2003GREEN DIAMOND19801,100,000
    12/19/2010400 ALTON RD # PH-10Murano Grande At Portofin15481,080,000
    10/15/2010725 W 50 STMiami Beach Home24461,025,000
    12/8/20104343 N BAY RDMiami Beach Home38811,225,000
    10/27/20104445 N ADAMS AVMiami Beach Home44461,235,000
    11/17/20104501 MERIDIAN AVMiami Beach Home34681,270,000
    7/29/2010600 E DILIDO DRMiami Beach Home35821,215,000
    9/14/20101165 N SHORE DRMiami Beach Home30001,072,500
    8/4/2010770 W 50 STMiami Beach Home37271,230,000
    12/29/20101707 CLEVELAND RDMiami Beach Home28761,300,000
    12/23/20105223 PINETREE DRMiami Beach Home49901,600,000
    12/31/20102301 N BAY RDMiami Beach Home47711,450,000
    10/20/20108 FARREY LNMiami Beach Home2464700,000
    10/23/20101440 W 21 STMiami Beach Home N / A1,600,000
    12/28/2010226 W RIVO ALTO DRMiami Beach Home32501,800,000
    11/10/20101420 W 22 STMiami Beach Home41721,837,500
    11/1/20107520 MIAMI VIEW DRMiami Beach Home50901,679,373
    8/17/20102800 REGATTA AVMiami Beach Home47072,054,000
    9/21/2010180 N HIBISCUSMiami Beach HomeN / A2,450,000
    8/6/201081 N HIBISCUS DRMiami Beach Home30102,175,000
    8/4/20105005 LAKEVIEW DRMiami Beach Home59312,500,000
    10/20/2010441 E RIVO ALTO DRMiami Beach Home28711,800,000
    9/13/20105245 PINETREE DRMiami Beach Home75955,250,000
    12/8/2010217 PALM AVMiami Beach Home1893895,000
    9/23/2010216 PALM AVMiami Beach Home29942,425,000
    10/27/20101 PALM AVMiami Beach Home34493,250,000

    Read more

    I am an optimist and expect us to have a bright and active future marketing and selling Miami Beach single family homes to both to international and domestic buyers looking to own a piece of paradise. Following up from our last sales update regarding the overall trend in terms of prices and pending sales trends for Miami Beach (South Beach area) for January, 2010:

    Some local Miami Beach perspective on this latest sales trends for zip codes 33139 and 33140:

    55% of the homes sold in January in Miami-Dade County were priced under $500,000 and these homes that sold were actively on the market for an average of 30 days.

    Price trends at the lower end of the market have been positive, with the latest closed sales showing flat pricing, and in some cases a slight appreciation in neighborhood values. However, in the higher price ranges (over $500,000), we are still seeing weakness in demand and no decline in supply of new inventory.

    Below is the supply of houses listed for sale in Miami-Dade County in October, according to the MLS:

    • - Under $500,000: eight-month supply of homes
    • - $300,000 to $1 million: 21-month supply
    • - Over $1 million: four-year supply

    Miami Beach’s luxury housing market falls into mainly in the over $500K category, however, the supply is much more restricted due to the fact that these are islands communities. Also, since there is no new construction taking place, I continue to expect Miami Beach's housing inventory to slowly work it's way down to a healthy six to nine month supply for the luxury segment of the market.

    Miami Beach Housing Inventory:

    • - $300,000 to $500,000: less than six month supply
    • - $500,000 to $1 million: 15 month supply
    • - Over $1 million : 24 months supply

    As I speak to an ever-increasing number of motivated sellers as part of my daily/weekly round of listing appointments, I continue to emphasize to everyone that there is NO room in the local housing market for overpriced listings. The strongest demand continues to be for turnkey (completely remodeled & finished) waterfront and non-waterfront homes that are priced RIGHT! The issue today is not so much the current inventory levels of unsold homes, it's the expected supply of NEW Miami Beach unsold homes that are expected to come on the market in the next few years. I personally know of quite a few sellers that have kept their homes off of the active market waiting and hoping for the market to "turn around".

    To view latest Miami Beach sales data, click here.

    * Data Sources: MLS & Miami-Dade Public Records

    Read more

    A few month's ago, Jim Cramer (from the financial network CNBC), predicted a housing market bottom. For anyone considering buying a waterfront property in Miami Beach, and most specifically in South Beach. NOW is the time to be making offers on well priced Miami Beach homes or condos in premium waterfront buildings.

    Cramer’s Key Points:

    * Inventory is drying up & being steadily being absorbed
    * Housing starts have been down for over two years
    * New construction projects stopped two years ago
    * Florida is generally one year ahead of market trends
    * Interest Rate cuts have had a positive effect in absorbing excess inventory (at much reduced prices)

    Miami Beach single family homes (especially waterfront luxury homes) that are truly good deals continue to be in short supply. I’d like to take this opportunity to highlight two latest sales in the island communities off Miami Beach which are indicative of a price bottoming trend:


    Luxury Waterfront Island Home - 830 W Dilido Drive, Miami Beach
    Tropical paradise for that was on the market for sale for just 12 days at the final asking price of $2.9 Million. Wide bay views at the north tip of Venetian Islands.

    Key “Market Bottom” indicators:

    “For Sale” Price: $2,950,000 (12 days on the market at this reduced price point)
    Original List Price : $4,700,000 (July, 2008)
    Previous Price Reduction: $3,450,000 (January, 2009)
    Bedrooms: 4
    Bathrooms: 3
    House S.F.: 3,734
    Land S.F.: 13,408
    Closed Price per S.F.(Land): $194
    Closed Price per S.F.(House): $698
    Previous Sold Date: 2004 ($3,150,000)
    Closed Price: $2,610,000 (Sept 2, 2009)
    Discount from Latest Asking Price: 11.5%


    Property Address: 25 East Rivo Alto Drive in Miami Beach, Florida 33139
    Rivo Alto Island Waterfront Home – Completely Remodeled. Located on the preferred southern side of the Venetian Islands. This Mediterranean delight greets with a beautiful courtyard setting reminiscent of a European Villa. The sale also included a separate two story adjacent guest house.

    Key “Market Bottom” indicators:

    “For Sale” Price: $2,590,000 (19 days on the market at this ACCURATE price point)
    Bedrooms: 4
    Bathrooms: 4
    House S.F.: 3,894
    Land S.F.: 13,382
    Closed Price per S.F.(Land): $175
    Closed Price per S.F.(House): $740
    Previous Sold Date: 1998 ($950,000)
    Closed Price: $2,350,000 (Sept 1, 2009)
    Discount from Latest Asking Price: 9.2%

    As Real Estate sales specialists in waterfront properties in Miami Beach, what we’re seeing is waterfront and non-waterfront single family homes that are priced RIGHT receive multiple purchase offers and are selling relatively quickly close to the final asking price.

    Read more

    You’ve entertained the thought of investing in Miami Beach luxury homes but you don’t want to take the risk of losing money since prices are still going down, that’s certainly understandable. In such a situation, it may be wise to seize upon the heightened demand for rental homes which produce a steady income and can be sold off once the South Florida real estate market gets better. Becoming a landlord of sorts does however come with a few important items to be aware of.

    A rental home is a business. While for you it may simply be a residential property investment, the money generated from rent is a form of income which means it’s taxable. Most insurance policies do not cover what is now a business which means you may need to take out additional insurance in order to protect tenants and the property itself in case of damages.

    Lawsuits do happen.In a perfect world tenant lawsuits would not exist but they can happen. Strongly consider hiring a lawyer or property manager who knows what laws and regulations the state has when it comes to rental property. They can also make sure the rent you’re charging for that Miami Beach oceanfront condo is justified.

    Appearances are deceiving. Anyone can say they’re financially responsible but their credit report may prove otherwise. Taking the time to know who the tenant is and whether they’re a financial liability waiting to happen can save you headaches and lots of money in the end. With that in mind, it may be wise to consider a lease to reduce the chances of the tenant suing you if they’re evicted.

    Rental properties are homes themselves.They may not have the same appeal as actually owning a Miami Beach home but tenants still put a lot of importance on the appearance and upkeep of the property they’re paying rent for so it ultimately works in your favor to ensure it looks nice and is well maintained.

    The Kleer Team specializes in renting luxury condos in South Beach, Miami Beach, Bal Harbor, Sunny Isles Beach, and Downtown Miami. With our annual rental program, we can help you find the perfect condo you are looking to rent in Miami Beach. Click here to search available Miami Beach Condos for rent.

    Read more

    Page 1 Of 1

    5 Articles Found

    >