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Front Page » Real Estate » In Miami condos, what do buyers get for their money?

In Miami condos, what do buyers get for their money?

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Written by on November 8, 2016

In Miami condos, what do buyers get for their money?

Miami is home to some of the grandest and priciest condos in the country – or, at least, not every US city can say that it typically sees a new record-breaking multi-million dollar real estate transaction every two years. But how much exactly are these condos going for and what do buyers get for their money?

In September 2015, Miami’s residential real estate market saw its biggest sale in history when a 12,516-square-foot penthouse in Miami Beach’s Faena House closed for $60 million, or $4,794 per square foot.

The eight-bedroom and nine-bathroom residence, which features a 70-foot-long infinity pool on the 9,900 square feet of outdoor terrace, closed for $10 million over the asking price.

The 42-unit Faena House building offers amenities like an in-house spa and fitness center, private club and concierge service.

Miami’s previous biggest deal was a mansion on Indian Creek Island that went for $47 million in 2012. In the condo world, a unit at the Continuum in South Beach held the previous record after selling at $27.5 million, or $3,342 per square foot, in 2014.

Earlier this year, the Beach House at Regalia, a 17,015-square-foot condo, hit the market for $35 million. The condo is in the 39-unit Sunny Isles Beach tower at 19575 Collins Ave. The residence is comprised of the entire third and fourth floors of the luxury tower and has six bedrooms, six full bathrooms and two half-baths.

It was the most expensive listing in Sunny Isles and among the five priciest in Miami-Dade County.

Today, Miami’s luxury condo developments sprawl throughout the county, from Turnberry Ocean Club residences in Sunny Isles Beach to L’Atelier in Miami Beach.

In October, a three-level, four-bedroom and six-bathroom penthouse at the Miami Beach EDITION was listed for $25.999 million by the Jills of Coldwell Banker. The 5,246-square-foot unit boasts a custom-made staircase, a fireplace, a rooftop terrace and direct ocean views.

The Turnberry Ocean Club Residences at 18501 Collins Ave. are to include 154 three-, four-, five- and six-bedroom units when delivered in 2018. Listed by One Sotheby’s International Realty Development Division, pricing is to start at over $4 million and run through to $35 million.

Each residence will have direct oceanfront and bay views and six stories, totaling 70,000 square feet, exclusively dedicated to a wide array of amenities, including a signature Sky Club on the 30th, 31st and 32nd floor.

Ownership also affords membership privileges at the nearby Turnberry Isle Resort and Country Club.

Currently, L’Atelier Miami Beach at 6901 Collins Ave. has a penthouse going for $25 million. The 7,945-square-foot condo features six bathrooms, seven full bathrooms and one half-bath and is selling for $3,147 per square foot.

For those on a budget, a 16th floor 4,600-square-foot unit is going for $9.559 million and a fifth floor 2,300-square-foot unit is going for $3.859 million.

One Sotheby’s 2016 Trends mid-year report defines the luxury condo market as the top 50% by average home price.

As of July of this year, 12,984 condos were for sale in Miami-Dade County the $1 million to $5 million price range. Around 381 had been sold as of the same time period last year, at an average of $803 per square foot.

Around 1,285 condos in the $5 million to $10 million range were up for sale. Roughly 30 had closed, at an average of $1,651 per square foot.

Roughly 535 condos in the $10 million and above price range were for sale, with six closed, at an average of $2,252 per square foot.

South Beach saw an increase in price per square foot compared to the same time period last year, with all but one of six luxury buildings south of Fifth Street on Miami Beach seeing an increase.

Continuum South saw an increase of 29% to $2,448 per square foot; Continuum North increased 8% to $2,034 per square foot; Murano Portofino increased 60% to $2,330 per square foot; Portofino Tower saw a 57% increase to $2,006 per square foot; Icon South Beach increased 20% to $1,212 per square foot; and Murano Grande, the only one that went the opposite way, decreased 6% to $1,270 per square foot.

There was a 51% increase in price-per-square-foot between $1 million to $5 million condos and $5 million to $10 million condos; and a 27% increase between $5 million to $10 million condos and $10 million and above condos.

 

One Response to In Miami condos, what do buyers get for their money?

  1. Sky Five Properties

    December 8, 2016 at 10:02 am

    Great update on what has been happening, Camila! The top-end of the luxury condo market is certainly hitting some figures comparable with the most expensive cities in the world. It’s been a really interesting last six months for the Miami Beach real estate market as a whole. Over the summer, things were very, very slow once the whole Zika scare was running rampant on the local and international news. Hotel occupancies were at their lowest since post 9/11 numbers. Pessimism continued to grow, and I was getting quite a few calls from distressed asset buyers asking if Miami overall was in distress yet. The answer still at that time was no. But, with the caveat that it could be if the Zika problem isn’t remedied in time for Art Basel. We also needed some sort of event of confidence to signal another wave of encouragement for buyers.

    Fast forward to the election surprise and a giant question mark hung around for a few weeks as many people around the US were in shock. Now, some good things have happened. I’d say the best possible encouragement that we could have hoped for. First, it appears that the president-elect will be very pro-real estate given his primary background and experience. Secondly, the Zika scare has gone. And third, we seemed to have a very strong Art Basel event to kick off the peak season in Miami. We have had strong interest from buyers this month for The Faena House (http://www.skyfiveproperties.com/condos/Miami-Beach/Faena-House) which is probably the most in demand ultra luxury building since it is the newest on Miami Beach.

    All in all, it looks like our market is set for a pretty stable and interesting 2017. We could see even more records set like all of the examples given in your article. Thanks for your insight.

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