Miami
Beach Real Estate: 2012 South of Fifth Condo Stats
What
a year it’s been. Appreciate your time
reviewing the stats….
2012 was a crazy time
for Keller William Miami homes and condos alike. In 2011, this South
of Fifth (SoFi) condo index added a new luxury building, Ocean House, an
ultra-posh, low-rise, 28-unit property in the completely renovated Walburne
Hotel. It’s located at 125 Ocean Drive and was originally built in 1946.
The South of Fifth condo index is
comprised of ten buildings, including Ocean House:Apogee, Continuum
North, Continuum South, ICON
South Beach, Murano
at Portofino,Murano Grande, Portofino
Tower, South
Pointe Tower and Yacht Club at Portofino.
Number of
Miami Beach Condos Sold in 2012
2012
set a record for the number of Miami Beach luxury condos sold. 241 units were
traded, up from 198 condos in 2011, which broke a record as well. Here’s how
the last five years look:
·
2012: 241
·
2011: 198
·
2010: 149
·
2009: 129
·
2008: 153
South of
Fifth Condos: Average Days on Market in 2012
As a Miami Beach Realtor for 20
years +/-, my thought is that unless a property is really
special in some way, good or bad (floor plan, location, condition, etc.), if
it shows well and is priced right, there is really no reason for it
to be on the market more than 120 days.
Buildings
such as Murano Grande have come back very strong from an oversupply of units –
in this case, practically since the building was finished in 2003. The backstory
on Murano Grande is that it’s a perfect example of the condo investor frenzy in
Miami. The condos sold out very quickly… all to investors. When the building
went to close on the units, almost every one was put back on the market as a
resale. That’s pretty hard to snap back from.
Further hampering the absorption,
the Miami Beach real estate market started to downturn in 2005. Up until now,
Murano Grande has always had an oversupply of units. Then in 2008, the
financial crisis came. As of today, there are only 14
units available for sale at Murano Grande, which is about 5% of the
building. I’ve mentioned before that a balanced market (neither a buyers’ nor
sellers’ market) happens when about 10% of the total number of units in a
building are for sale. So for the first time in ten years, Murano Grande is
enjoying a sellers’ market.
Average 2012 List Price / Sale Price
South Beach – SoFi Condos:
CONDO
|
2010
|
2011
|
2012
|
Apogee
|
$1,303
|
$1,779
|
$2,080
|
Continuum South
|
$832
|
$1,081
|
$1,331
|
Continuum North
|
$1,009
|
$1,157
|
$1,254
|
ICON South Beach
|
$510
|
$615
|
$816
|
Murano at Portofino
|
$756
|
$761
|
$863
|
Murano Grande
|
$573
|
$548
|
$641
|
Ocean House
|
N/A
|
N/A
|
$1,272
|
Portofino Tower
|
$567
|
$590
|
$741
|
South Pointe Tower
|
$580
|
$582
|
$624
|
Yacht Club
|
$452
|
$502
|
$575
|
I
could do a compare and contrast analysis, but I believe the trend is pretty
clear. I’m a numbers guy, so I’m going to let the data speak for itself.
What’s
interesting about 2012 is the extraordinary number of ultra-luxury, mega real
estate sales:
Sale
|
Price
|
Date
|
$20,963,054
|
12/31/2012
|
|
$10,500,000
|
12/27/2012
|
|
$11,152,500
|
12/27/2012
|
|
$15,750,000
|
6/12/2012
|
|
Continuum South PH 1
|
$25,000,000
|
5/18/2012
|
$16,200,000
|
2/17/2012
|
Miami Beach
Condo Sales Volume Skyrockets
·
2012 – $513,282,638
·
2011 – $333,517,200
·
2010 – $231,130,331
·
2009 – $215,988,310
·
2008 – $243,668,138
Inventory
is at an all-time low, and buyers are just hovering. It’s unnerving, actually.
Miami Beach has already had a few huge, record-breaking sales in 2013. I will
cover those in my next post.
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