Miami Beach Market Recap: 8 figure housing market getting crowded!
Updated: Jul 31, 2018
Itching to spend $10 million for a house on Miami Beach but worried that they’ll be sold out when you get there? If this sounds like you then A) please call me immediately!! and B) you can relax for now. That’s because there are currently 70 single family houses on Miami Beach asking more than $10 million dollars. Add in condo’s and that number goes to 110. Plenty for everyone!
Single Family Homes on Miami Beach
(As of 4/19/18)
Active Listings: 461
Closed Sales: 61
Most Expensive Sale
Address: 8 W. Rivo Alto Dr.
Price: $17,000,000.00
Square Feet: 7026
Price/sqft: $2419.58
Least Expensive Sale
Address: 1800 71st St
Price: $326,000.00
Square Feet: 1180
Price/sqft: $276.27
Key Takeaways: The volume of activity was significantly higher over the last 45 days than over the first 2 months of the year but still relatively slow in the mid-beach market. A few notable transactions included the sale of a 14k sq. ft. lot on the golf course at 29th and Prairie. That lot (and house) had been for sale for nearly 3 years and sold for just under $2 million . A new modern style home on the golf course at 450 W. 62ND Street sold for $4.6 million. (Spectacular golf course views from that angle) 2614 Biarritz Dr., a new 6500 sq. ft. modern home on the water across from the Normandy Shores Golf Course sold for $6 million.
Condo Market
Active Listings: 3138
Closed Sales: 531 (Since Jan 1)
Most Expensive Sale
Address: 800 South Pointe Dr.
Price: $14,800,000.00
Square Feet: 4154
Price/Sqft: $3562.83
Least Expensive Sale
Address: 642 Michigan Ave
Price: $102,000.00
Square Feet: 230
Price/Sqft: $443.48
About the Author:
Sam Kafin is the managing member of the K-FIN Group at Sotheby's International Realty. The K-FIN Group specializes in real estate transactions for alternative asset professionals. He is a member of the CFA Society for financial analysts, and was both a derivatives market maker and general partner for two Private Equity ventures. He is also a respected and recognized asset volatility analyst.
If you’d like to chat about South Florida real estate or any of the topics discussed in this article please feel free to contact me. I live on the Miami Beach and would love to chat. Hope to talk to you soon!
Sam Kafin
(T) 954-821-5441 email: sam@kfingroup.com