Your weekly market report for the Greater Miami area is below! As we are entering into the selling season, you can clearly see how the inventory is affecting potential purchasers. The highest trade of all three categories this week is actually a non-waterfront house for $15,000,000 located in Coral Gables neighborhood, designed by Cesar Molina boasting over 10,000 interior square feet. These trends I believe will continue into the season as waterfront inventory is extremely limited. Condo trades have also hit new highs as compared to the last few weeks, with a closed sale on Fisher Island for approximately $23,750,000.
The search continues on a daily basis for buyers looking to strike a good deal for the upcoming season. Average price per foot numbers are staying steady around $500-$600 per foot for non-waterfront homes, $450-$500 per foot for condo sales, but it must be noted this is an average of all sales for condo’s including older buildings, not on Miami Beach. As for waterfront homes, we are seeing a fluctuating price from as low as $1,200 per foot for interior space all the way up to $3,750 per foot on some weeks. This is attributed to buyers purchasing what they want and deciding right then and there this is the home for them. The waterfront market is continuing to push records higher and higher and I believe this will carry over to the luxury sector of Condos in the coming winter months.
With multiple off-market opportunities available, please do not hesitate to reach out at any time.