To those in the real estate industry, Miami is often thought of as a bastion of luxury properties. People come from all over the world to find their dream homes somewhere in Miami-Dade or Broward County. Although currently the condo market is somewhat idle, that doesn’t mean that this market is falling. Recently there had been some very impressive condos and home sales in Miami showing that the luxury market is still in a very high gear and that Miami real estate is still in demand.
Sunny Isles Beach Condos
Sunny Isles Beach real estate market offers some of the newest and most luxurious condos in the nation. Brand names like Acqualina, Porsche Tower, Regalia, Armani, Ritz Carlton and Turnberry are leading the way with sales of some of the most spacious and luxurious mansions in the skies. Thus, there had been several up-scale sales – a combined unit at Mansions at Acqualina was sold for $16,000,000. The unit offers around 8,000 square feet, over 1,000 square feet balcony and 14 feet ceilings. This unit was purchased less than a month ago by a young real estate entrepreneur.
Regalia is another ultra-luxurious building in Sunny Isles Beach with just one unit per floor, totaling 39 units and make it one of the most unique buildings in South Florida. Most recent sale includes a $9.5M and $10.7m units. In addition, Regalia currently offers the most expensive penthouse in Sunny Isles – a $35M, 10,515 square foot duplex penthouse with 6 bedrooms, private pool deck, exquisitely decorated and and finished with most high-end finishes.
Single-Family Homes In Miami
Miami offers some of the most advanced and luxurious private homes. The sales of single-family homes have been holding very steady. In fact, so far only three fewer transactions happened this year than in 2015. However, nonetheless, once again, the prices actually went up. The single-family homes that sold cost 10.3% more than they did the year before, at a median of $270,221.
For the most part, these past few months have been a mixed bag for the residential market here in Miami-Dade County. Single-family homes may have gone up a bit this year and their performance has been very strong. This is despite high prices bringing more homes into the market.
The 4.7% increase to single-family homes inventory—6,557 houses—has not presented a challenge to the market’s performance.
Furthermore, the floodgates have been opened in terms of the supply of existing condos, something that also could have threatened the performance of the residential home market but didn’t.
To be precise, there were 13,853 units on the market in June, a bump of 11% over the year before.
A Booming Price Range
Putting all of this into perspective helps too. Across the country, the residential market is definitely cooling, which makes the performance of this type in Miami-Dade County all the more impressive.
That being said, there is a particular price point where the market truly is booming here, at least for now.
Single-family homes priced between $200,000 and $600,000 went up 18%, seeing a total of 583 transactions in June of 2016. That represents nearly half the homes sold during that month.
Condos also had their sweet spot. For them, it was between $150,000 and $300,000. This price point saw an 8.6% jump for a total of 403 units sold. That amount is almost 38% of all multifamily sales for June.
There are all kinds of reasons that could explain why Miami-Dade County real estate seems to be so volatile at the moment. A big one, though, is the strong American dollar, which is now keeping foreign investors at bay. These buyers have long provided a constant stream of money into the area in exchange for real estate.
Of course, we’re also in a shifting economy. The good news is that, while our country’s economy is settling from years of turbulence, at least Miami real estate remains some of the most sought-after in the entire world.