The SOFI Summer Slowdown is Over | Sales are Picking Up , Spearheaded by 3 + Bedrooms
- loes
- September 20th, 2018
This is the Season to Sell
Summer is over! Good news for those who want to sell. Miami’s summer months are characterized by slow market movements and few sales. As Summer came to an end and kids are going back to school, we are noticing that the market is picking up. Looking at the table below we see that the South of Fifth market saw 10+ sales per month except for the months of July and August. September is clearly showing a market surge with 10 sales in the first half of September.
With increased buyer’s confidence and our top season coming up, more sellers will feel confident to list their properties.
Trend Alert: The Demand for 3 Bedroom + Condos
You might have noticed the high percentage of three bedroom sales in the table above. When we compare the three bedroom sales of 2018 to the 3 bedroom sales of previous years (table below) we see a clear surge. Back in May we already reported that there is an increased demand for large units at Continuum, resulting in an increase of prices.
Why this sudden increase in demand you might ask? Our Continuum Expert Stefania Cambarau, who lives in the building, noticed more and more people are looking for a primary residence in the area. While Miami used to be merely a holiday destination or a good place to invest, the city is now very attractive for families or indivduals to settle down.
Another very important aspect is the increased relocation to Miami from predominantly the Northeastern parts of the United States. High-tax state residents are “fleeing” down south to get more quality of life and keep more money in their pockets. We just guided the move of a global $7B company and we are confident this will happen more often in the future. High Net Worth Individuals who can basically live and work from everywhere in the world have indicated a clear interest in Miami and are looking for large units in South of Fifth that they can “Lock Up and Leave” whenever they feel like it.
Recent Sale
Unit 3501 at the North Tower offered 3,030 SF and 3 bedrooms and sold for $9,300,000 or $3,070 per SF after being listed for just 47 days
Recent Sale
Unit 3402 at the North Tower offered 2,903 SF and 4 bedrooms and sold for $7,750,000 or $2,670 per SF after being listed for just 4 days