Continuum South Beach Condos for Sale | 2020 Is a Great Year to Buy at Continuum Miami
July 23rd, 2020
Continuum South Beach is Experiencing a buyers market
If you were ever considering to invest in a Continuum Miami Beach unit for sale then now is the time. In the below blog we show you the latest condo data in which it becomes clear we are seeing an increasing buyers market and those who are ready to pull the trigger will be able to enjoy great discounts. 2020 Is a Great Year to Buy at Continuum in South Beach!
Pictures 1 till 6 are showing: 1) Historic average sales prices per SF for 2 bedroom units. 2) Historic sales numbers for 2 bedroom units. 3) The average sales and listing price per SF for 2 bedroom units in 2020. 4) The average days on the market for active 2 bedrooms. 5) The average discount on the sales price in 2020. 6) The months of inventory and the current amount of 2 bedroom units on the market.
In 2020 so far (data taken till July 22nd) 6 Continuum units were sold. These units varied in price between $1.7M and $3.25M. The average sales price per SF is currently at $1,410 and this is quite a price drop compared to the previous 6 years (Varying between $1,575 and $1,983 per SF).
2-Bedroom units that are currently on the market in the north tower are there for 160 days while the south tower units have been sitting on average on the market for almost 300 days. It is therefore not surprising that owners are accepting sales prices that are below their asking price. In the north tower sellers are currently accepting offers at an average of 13% below their asking price while the south tower owners are accepting a 9% discount.
The inventory in the south tower shows 12 month of inventory which is a soft buyers market. While the north tower shows a staggering 80 months of inventory (1 sales in the last 6 months and 13 current actives on the market). This is a great market to get deals as prices are likely to decrease even further.
Unit 3502 at the South Tower was the highest 2 bedroom sale in 2020. This property sold for $3,250,000 or $1,814 per SF. It was listed for $3.6M (10% discount). It stayed on the market just 29 days before being sold in January (Pre-covid)
Unit 505 at the South Tower was the best priced 2 bedroom sale in 2020. This property sold for $1.7M or $910 per SF. It was listed for $1,985,000 (14% discount). It stayed on the market just 22 days before being sold in January (Pre-covid)
Three and Four Bedroom Units at Continuum South Beach
Pictures 1 till 6 are showing: 1) Historic average sales prices per SF for 3 and 4 bedroom units. 2) Historic sales numbers for 3 and 4 bedroom units. 3) The average listing price per SF for 3/4 bedroom units in 2020. 4) The average days on the market for active 3 and 4 bedrooms. 5) The average discount on the sales price in 2020. 6) The months of inventory and the current amount of 3 and 4 bedroom units on the market.
In 2020 only one 3 bedroom unit sold in March in the north tower. This unit sold for $1,933 per SF which was 8% below its asking price. This is a very low number of sales compared to previous years. Also the average sales price per SF is the lowest since 2014, which is the same trend we saw for the 2 bedroom units.
There are currently 22 units on the market with 3 or 4 bedrooms that have been listed on average for just over 300 days. Their average asking price is between $7.2M in the South tower ($2,425 per SF) and $8.8M in the North tower ($3,127 per SF)
In the north tower we see 9 actives while only 1 unit sold in the last 6 months. That translates into 54 months of inventory. In the South Tower there are 13 active listings and we didn’t see any sales in the last 6 months. In the last 12 months however there were 3 sales. That translates in 52 months of inventory.
Unit 3003 at the North Tower is the only sale that occurred in 2020 (Till July 22nd). This property sold for $4.2M or $1,932 per SF after being listed for $4,9M and later $4.6M. That is 8% of its last asking price and 14% of its original asking price. This property closed in March 2020.
Although the summer months are never Continuum’s strongest months, this year we see a very low number of sales and very discounted sales prices. In general, the entire South of Fifth area is experiencing a stalling luxury market of $2M+ product. The fact that there were no showings allowed for the last 2 months and buyers were not in town or hesitant to travel will undoubtedly have something to do with that.Although inventory is already high we do expect more product to enter the market in the months to come before the high season starts in November.
With the global pandemic and economic decline we expect some owners to offload their units. Continuum units often being 2nd, 3rd or 4th homes and the stock market being bearish, offloading real estate might be the only way for some owners to get liquidity. Buyers can make really good deals this year and whomever ready to make a move can take advantage of that. In the beginning of 2020 we already saw declining prices and we can only expect this buyers market to grow stronger with additional inventory entering the market.