Luxury residential sales rise in Miami
by Sep Niakan | January 22, 2014
Miami’s luxury residential market enjoyed an increase of nearly 400 homes and condos sold for at least $1 million during the first nine months of 2013, a new report shows.
Luxury residential sales in Miami jumped from 1,065 in 2012 to 1,442 through September 2013, according to the latest “Atlantic Insights” report from Christie’s International Real Estate. Luxury homes stayed on the market for an average of 132 days during the third quarter of 2013, down from 167 in 2011 and 140 in 2012.
Sales volume, not pricing, is driving transaction velocity in Miami’s luxury market. The most expensive individual sale through September 2013 in Miami was a $41 million transaction, down from $45 million in the first nine months of 2012.
In another sign that domestic buyers have returned to Miami’s luxury market in full force, foreign buyers only purchased 35 percent of the area’s luxury residences last year. Miami still offers a significant bargain for those investors. The average per square foot price of Miami condos at the end of the third quarter of 2013 was $612, compared to $1,203 in New York. But that is poised to change, as prices for new waterfront construction exceeds $1,500 per square foot.
by Sep Niakan | September 27, 2016
Claro Development’s latest at 10 SW 8th Street is going to be a tall order, literally! Fresh-approved by the FAA, the Brickell Market Place is set to rise up to 954 feet above ground, or 960 feet above sea level. Approved after a seven-month...
by Sep Niakan | September 26, 2016
Come year-end, Miami’s Edgewater neighborhood will be home to one of Best Western International’s first boutique hotel brand offerings - Vib. Best Western’s chosen only 20 key urban markets (including Miami) across North America to...
by Sep Niakan | September 23, 2016
The Berkowitz Development Group, describes SkyRise as their “abstract version of the Statue of Liberty”. Approved in 2014, this R-shaped structure is being built in tandem with the revitalization of Bayside Marketplace. The tower will be...