Continuum on South Beach in 2019 – A Year in Review
- loes
- December 27th, 2019
As we are entering 2020, we decided to look back into 2019 to check the numbers and to see how healthy the market looks for 2020. For more information send us an email at David@siddonsgroup.com or call us at 305.508.0899
Continuum South Beach Key Market Data
Please find below price information as well as months of inventory, days on market and percentual differences between sales and listing prices
Market Observations at Continuum South Beach
In 2019, the Continuum on South Beach complex continued to take a strong position in a weaker South of Fifth market. Most of the high-end sales in the South of Fifth market were closed in the Continuum on South Beach tower.
Continuum is still one of the most desired condos for relocating families from the north east. In 2019 the high tax states (mostly New York) brought many buyers to the condo.
The best moving product at Continuum are well-finished units. In a recently published blog on “Original Vs Renovated Units for Sale at Continuum on South Beach” we established that:
- There is only a limited price difference between original units and units with basic or partial renovations if the type of view is equal.
- The difference between partially renovated and fully renovated units on the other hand shows a significant price difference in price per SF.
- It needs to be mentioned that most of the fully updated units with superb ocean views are larger 3+ bedrooms.
- Buyers are not willing to pay market price for a unit that needs complete renovating so many buyers were able to buy below market price this year.
Most of the inventory currently on the market (50%) consist of 2 bedrooms units with less than 2,000 SF. Therefore the competition is strong and good deals are available; unit 3905 is a good example of a good deal at this moment.
The Highest Sales Price per SF Achieved
5 Bedrooms | 5.5 Bathrooms | 4,378 SF adjusted
Sold for $13M ($2,969 per SF) or listed for $15,975,000
One of the Lowest Sales Price per SF Achieved
1 Bedroom | 1 Bathroom | 699 SF
Sold for $718,000 ($1,027 per SF) or listed for $875,000
