There have been some declines in the real estate market around the country, including in Miami. Things have seemed to start turning around in mid-July. After some declining months, there was a surge that saw a slew of condo sales. In fact, there were 140 sales in all. They had closings totaling $71.5 million, which is a substantial amount higher than the previous week, which was $48.3 million. The average price of the homes sold helped to bump up the overall sales to $511 per square foot, or about an average price per home of $332,000.
Top Luxury Units that Sold From July 15 to July 21, 2018
Many of the units that sold during this time frame were from luxury condo sales. The luxury unit that was at the top of this list is located at Bayview at Fisher Island. Unit 5261 is a condo that measures 6,470 square feet had has five bedrooms. It sold for $10 million, or about $1,500 per square foot. This particular unit had been listed for 142 days before it was finally sold.
Another deal that took place during this same time frame, and that was nearly as pricy, was for a unit located in the Four Seasons Residences at the Surf Club in Surfside. Unit 603, which is located in the South Tower, sold for $9.15 million. This unit was on the market for 159 days, and the price per square foot ended up being around $2090.
The least expensive of the luxury condos that sold during this time period was still selling for nearly a million dollars. Unit 1105 at Biscayne Beach sold for $918,000, or about $750 per square foot. This unit was on the market for 152 days.
When you start to examine the top sales for the luxury units, you will find that they are quite different from one another. One of the units, #2006 at Mosaic on Miami Beach was on the market for just 48 days, which is the fewest days on the market. This unit sold for $2.8 million, or around $1,217 per square foot. Contrast that with Unit #80 at Icon Brickell, which sold for $1 million, or about $534 per square foot. This unit was on the market for a whopping 455 days.
What Does the Increase in Condo Sales Mean?
While there are some slowdowns in the real estate market in certain areas, there are some nice benefits to being in the Miami area. While there may be periodic slowdowns, this still seems to be one of the top markets in the country, and that was certainly evidenced over the latter part of July. There are plenty of options available for those who are looking to buy luxury condos in the area, and those who are looking to sell will find that there tends to be quite a few buyers who are still interested in units. Whether you are a buyer or seller, though, you need to make sure that you are working with only the very best.