The number of condos that sold in Miami-Dade at the end of July rose, showing that there is still a lot of life in the luxury market for the area. During the final week of July, 162 condos sold, totaling $62 million. This was up substantially from the week before when there were 120 closings for $42 million total. The average price for the condos that sold during the last week of July was $383,000, which equates to about $292 per square foot.
Quite a few of the properties sold were considered high-end luxury condos. For example, the most expensive unit to have sold during this period was unit 1509 at Il Villagio in Miami Beach. This property has three bedrooms, and it measures 2,801 square feet. It sold for $3.55 million ($1,267 per square foot) after having been on the market for 319 days. Despite having been on the market for as long as it had, the features and the quality of the property were still able to help it command a high price.
This was not, however, the condo that had been on the market in the area for the most extended amount of time before selling last week. Unit 3810 in Rise at Brickell City Centre sold for $2.4 million ($603 per square foot) and spent 810 days on the market before going.
The second most expensive sale during the final week in July was unit 1201 at Cloisters on the Bay. The Coconut Grove unit was on the market for 192 days before it sold for $2.8 million ($456 per square foot).
Some properties tend to get snatched up rather quickly. This was the case with unit 2307 at Jade Ocean. The property sold for $990,000 ($669 per square foot), and it was only on the market for five days before going. One of the reasons that this property may have sold as quickly as it did is because it also happened to be the lowest priced of the luxury units in the area that sold.
Luxury Condos are still available
As you can see, high-end homes are still doing very well in the area, and it does not appear that sales will be drying up anytime soon. This is good news for both buyers and sellers. If you are interested in a luxury condo in Miami-Dade, get in touch shortly to find the home of your dreams.