Sales held steady for Miami-Dade County’s overall condo market during the second week of November, though the luxury sector continued to drag its feet — with one standout closing.
Only three condos sales last week were above $1 million, two of which posted prices above $2 million. The week’s top sale blew past all of Miami-Dade’s other closings: Unit 40 at the Regalia tower in Sunny Isles Beach was sold for $9.7 million, which breaks down to $1,758 per square foot. The 40th-floor residence boasts 360-degree views of the ocean and Sunny Isles, and along with the usual luxury accouterments like modern appliances and imported stone finishes, it comes with a 2,100-square-foot wraparound terrace with its own summer kitchen. Anna Sherrill of One Sotheby’s International Realty had the listing, which closed after 271 days.
After that monster closing, the week’s next-most expensive sale was unit 1103 at the Grand Bay Tower in Key Biscayne. It sold for $3.5 million, or $1,005 per square foot, after spending only 50 days on the market with Lilia Gambogi of AG Real Estate Advisors. Some of the corner unit’s features include marble and carpet floors, custom-built mirrors and floor-to-ceiling glass windows in the living room.
The week’s final sale above $1 million belonged to Juan Carlos Gonzalez of Keller Williams. His listing for unit 518 at the Belle Plaza condo complex in Miami Beach’s Belle Isle sold for $1.1 million after 186 days on the market. The closing breaks down to $717 per square foot. The unit, originally built in 1962, was recently renovated with white limestone floors and a modernized kitchen.
Miami-Dade had 127 condo closings last week for a total of $49.44 million. Compared to the previous week, the total dollar amount is up by roughly $6 million despite 11 fewer units selling. That can be explained by a significant increase in average prices: up to $389,324, from $323,734 the previous week, and to $279 per square foot, up slightly from $278.
Here’s a breakdown of the data for the week of November 8 to November 14.
Click on the map for more information:
Regalia, Sunny Isles Beach | $9.7M | $1.758 psf | 271 days on market | Anna Sherrill of ONE Sotheby’s International Realty
Brickell Place, Brickell | $730,000 | $342 psf | 147 days on market | Jose Luis Pere of One Sotheby’s International Realty
Most days on market
Sundance Condo, South Beach | 287 days on market | $760,000 | $551 psf | Marla Rivas of Esslinger Wooten Maxwell
Least days on market Grand Bay Tower, Key Biscayne | 50 days on market | $3.5M | $1,005 psf | Lilia Gambogi of Fortune International Realty – See more
For the first time in more than a year, Brazil has been dethroned as the country most frequently searching for properties in Miami.
The ranking comes from the Miami Association of Realtors, which produces a list every month of the top 10 foreign countries using its website to look for local real estate.
During July, Colombia racked up more searches for Miami properties than any other country in the world. The country has lagged behind in the No. 2. spot for the past few months, while its neighbor Brazil spent the last 13 months as the top country interested in Miami.
“Colombian home buyers have a long history of purchasing South Florida real estate, so the fact Colombia has overtaken Brazil for the most web property searches is not a surprise,” Christopher Zoller, the association’s 2015 residential president of Miami, wrote in a release. “Colombians are so comfortable here in Miami. Our tremendous diversity, world-class shopping, and global business center not only attract Colombian buyers, but all consumers – international and domestic.”
Typically, Colombians moving to Miami are upper-middle-class families that pay an average of $420,000 per property — the third highest price paid by foreigners in all South Florida. Last year, residents of the country accounted for 8 percent of all property transactions in the tri-county region, according to the Miami Association of Realtors.
Other countries growing hungry for Miami real estate include Venezuela and France, which have risen to the third and fourth spots, respectively. Though no longer the king of property searches, Brazil ranked second.
After a record-setting month in June, South Florida home prices and sales both went up in July.
Existing single-family home sales in Miami-Dade County hit 1,354 in July, up 10.2 percent year-over-year and just shy of June’s record-breaking haul of 1,390, according to a report from the Miami Association of Realtors released Thursday.
Existing condo sales rose to 1,471 in July, up 4.8 percent year-over-year despite the deluge of new condo construction hitting the market.
Broward County also made gains.
There were 1,683 single-family home sales in Broward in July, up 11 percent year-over-year, according to the Greater Fort Lauderdale Association of Realtors. Condo sales hit 1,567, a 10 percent year-over-year gain.
Prices went up in both counties, too.
In Miami-Dade, the median price for a single-family home rose 8.6 percent year-over-year in July, to $278,000. Condos were up 2.6 percent, to $195,000.
In Broward, single-family home prices hit $312,000, a 9.5 percent year-over-year increase. Condos sold for $137,000, up 7 percent.