Overview of the Week's Luxury Contracts
The five contracts, comprising four single-family homes and one condominium, collectively amounted to an asking price volume of $67.5 million. This data is sourced from the Eklund-Gomes report, a reputable tracker of Miami-Dade properties listed at $4 million and above, managed by Douglas Elliman's distinguished team led by Fredrik Eklund and John Gomes.
Highlight: 3110 North Bay Road Estate
Leading the week's transactions is the estate at 3110 North Bay Road in Miami Beach. This 7,100-square-foot residence boasts six bedrooms and seven-and-a-half bathrooms. Represented by Jill Eber of Coldwell Banker’s Jills Zeder Group, the two-story property has undergone renovations and features a cabana, 100 feet of water frontage, and a dock equipped with boat and jet ski lifts. Property records indicate ownership by the Michael Attkiss family trust.
Market Dynamics: Single-Family Homes
The single-family homes under contract during this week had an average asking price of approximately $15.7 million and were on the market for an average of 209 days, totaling $63 million in asking volume. This reflects a consistent demand for luxury single-family residences in Miami-Dade, even amidst seasonal slowdowns.
Condominium Market Activity
The sole condominium to secure a contract was unit 1101-3 at Bal Harbour 101, located at 10155 Collins Avenue in Bal Harbour. This 3,300-square-foot unit, offering three bedrooms and four bathrooms, was listed at nearly $4.5 million by Compass agent Brett Eaglstein and spent 24 days on the market.
Comparative Analysis with Previous Week
In contrast, the preceding week saw 17 property contracts in Miami-Dade, with a combined asking price nearing $157 million. This significant drop to five contracts in the final week underscores the holiday season's impact on market activity.
Insights into Seasonal Market Trends
The luxury real estate market often experiences fluctuations during holiday periods, with potential buyers and industry professionals taking seasonal breaks. This trend is evident in the reduced number of contracts during the last week of December.
Insights
Why did the number of luxury property contracts decrease in the final week of December?
The holiday season typically leads to a slowdown in market activity, as both buyers and real estate professionals take time off, resulting in fewer transactions.
Is a $25 million listing common in Miami Beach's luxury market?
While Miami Beach is known for its high-end properties, a $25 million listing is considered significant and highlights the area's premium real estate offerings.
What factors contribute to the high value of waterfront properties like 3110 North Bay Road?
Waterfront properties offer exclusive access to waterways, scenic views, and amenities such as private docks, all of which enhance their desirability and market value.
How does the luxury real estate market in Miami-Dade compare to other regions during the same period?
For instance, during the same week, New York reported 23 luxury home contracts with a combined asking price of $151 million, indicating regional variations in market activity.
What are the prospects for Miami-Dade's luxury real estate market in the upcoming year?
Despite seasonal slowdowns, Miami-Dade's luxury market has shown resilience, with expectations of continued interest from both domestic and international buyers in the coming year.
Conclusion
The final week of December 2024 in Miami-Dade's luxury real estate market was marked by a notable $25 million pending sale in Miami Beach, amidst a general slowdown attributed to the holiday season. As the market transitions into the new year, stakeholders anticipate a resurgence in activity, building upon the region's enduring appeal to luxury property buyers.
