Miami-Dade Weekly Condo Sales: Top Trends and Record Deals
Miami-Dade County’s real estate market showed strong momentum during the third week of January, with notable gains in condo sales and average prices. This period recorded 106 condo transactions totaling $95.3 million, a substantial increase from the previous week’s 93 sales and $61.9 million volume. Let’s dive deeper into the highlights, including top sales and emerging trends.
Rising Condo Sales and Average Prices
The week of January 12-19 brought a surge in Miami-Dade condo sales, with both the number of transactions and total dollar volume climbing significantly. Key statistics include:
- Total Units Sold: 106 (up from 93 in the previous week)
- Total Sales Volume: $95.3 million (up from $61.9 million)
- Average Price Per Unit: $899,049 (a 35% increase from $665,359)
- Average Price Per Square Foot: $602 (a rise from $503)
These metrics reflect the ongoing demand for luxury condos and the resilience of Miami’s high-end real estate market.
The Top 10 Condo Sales
The most notable sales during this period ranged from $1.7 million to an impressive $15.2 million. Here are the details:
1. Oceana Key Biscayne: Record-Breaking Sale
- Address: 360 Ocean Drive, Unit LPH2S, Key Biscayne
- Price: $15.2 million
- Price Per Square Foot: $3,192
- Days on Market: 62
- Listing Agent: Juliana Savoia, Coldwell Banker Realty
- Buyer’s Agent: Florencia Capiel De Moni, Berkshire Hathaway HomeServices EWM Realty
This penthouse unit set a benchmark with its record-breaking price and unmatched luxury features.
2. One Thousand Museum: Iconic Design Meets Premium Pricing
- Address: 1000 Biscayne Boulevard, Unit 1902, Miami
- Price: $5.8 million
- Price Per Square Foot: $1,261
- Days on Market: 282
- Listing Agent: David Siddons, Douglas Elliman
- Buyer’s Agent: Raymond De Leon, One Sotheby’s International Realty
Designed by the late Zaha Hadid, this property showcases architectural brilliance and remains a sought-after address for luxury buyers.
Additional Highlights
- Chateau Beach Residences (Least Expensive in Top 10): 17475 East Collins Avenue, Unit 804, Sunny Isles Beach
- Price: $1.7 million
- Price Per Square Foot: $1,160
- Listing Agent: Michelle Judd, Dezer Platinum Realty
- Buyer’s Agent: Martin Zelikson, Concrete Realty
- Villa Biltmore (Lowest Price Per Square Foot in Top 10): 1228 Anastasia Avenue, Unit 203, Coral Gables
- Price: $3 million
- Price Per Square Foot: $1,075
- Listing Agents: Rosi Borroto and Maria Longo, One Sotheby’s International Realty
- Buyer’s Agent: Brandon Janvion, EXP Realty
Luxury Trends Driving Miami’s Market
Increased Demand for Upscale Properties
The surge in average price per square foot highlights the growing demand for high-end condos, particularly in areas like Key Biscayne and Downtown Miami. Buyers are willing to invest in premium locations offering exclusivity and luxury amenities.
Shorter Days on Market for Prime Units
While some properties, like Oceana Key Biscayne’s penthouse, sell within two months, others—even high-value units like those at One Thousand Museum—remain on the market longer, reflecting the variability in buyer preferences and market dynamics.
Emerging Neighborhoods to Watch
While traditional luxury hotspots continue to dominate, neighborhoods like Coral Gables and Sunny Isles Beach are seeing increased attention. Buyers are drawn to these areas for their blend of prestige and value.
Insights
What drives the price per square foot in Miami?
The price per square foot is influenced by factors such as location, building amenities, unit size, and architectural uniqueness. For instance, properties in iconic buildings like One Thousand Museum command higher prices due to their design and reputation.
Why is Key Biscayne so popular among luxury buyers?
Key Biscayne offers a secluded, tropical lifestyle combined with proximity to urban conveniences. Its exclusivity and high-quality developments make it a prime choice for affluent buyers.
How do Miami-Dade’s condo prices compare nationally?
Miami’s luxury condo prices are competitive compared to cities like New York and Los Angeles. However, the city’s unique combination of climate, culture, and lifestyle provides unmatched value for many buyers.
Conclusion
The third week of January showcased the vitality of Miami-Dade’s condo market, with impressive sales figures and standout properties. From the record-setting penthouse at Oceana Key Biscayne to emerging opportunities in Coral Gables, the region continues to attract buyers seeking luxury and value. As market trends evolve, Miami remains a beacon for real estate investment and upscale living.
