Continuum South Beach in 2021! What to expect from Continuum on South Beach
- March 11th, 2021
Inventory is Drying up Quickly as Relocation Buyers are Snapping Up Continuum Units for Sale
The Miami condo market is seeing increased activity and luxury condos such as Continuum are now more in demand than at any other moment in the last few years. In our previous article we explained why we are seeing this massive shift in buyer’s behavior and we explain the sudden increased interest in the Miami luxury condo market. In this article we will dive into the specifics of Continuum on South Beach, sharing what we expect moving forward into 2021, whether this is the right time to buy and at what price you should be buying.
An Increasing Demand For Miami’s Luxury Condos
After quite a bearish 2020, the Miami condo market and specifically the Miami Luxury condo market is seeing increased activity. While the condo market had been suffering for several years, 2020 was an even harder year. Covid-19 boosted the Miami single-family home market as decisions to move to Miami accelerated, but didn’t do much for the condo market. Condos were closed due to Covid-19 and people tried to stay away from small condo units, elevators and shared spaces. This made 2020 a very slow year for condo sales and prices started decreasing even more.
At the end of 2020 however the market started experiencing a shift. Good quality homes sold at a rapid pace, inventory decreased and prices increased. Often missing out on good deals many relocation buyers started to focus on Miami’s luxury condo market which is now offering more attractive prices than ever. After the condo market experienced real price corrections it now poses real value. Buyers are getting discounts and the units that were previously overpriced are now providing for really good value. With Covid vaccinations being rolled out, more and more people are starting to adapt to the new reality while fear takes a backseat. Buyers realize there is really good value in today’s market and the large units give them everything a single family home will give them with extras such as beach service, conference rooms, pools and all the services they need to have a great lifestyle.
Unit 2101/08 at the North Tower is one of the many units under pending contract. Its last asking price was $7,890,000. This unit was 79 days on the market.
Continuum South Beach in 2021! The Increased demand for Continuum Units for Sale.
In the last 6 months we saw 13 sales at Continuum on South Beach. Nine 2-bedroom units sold and there are currently 12 units pending or active with a contract. The 3-bedroom units saw 4 trades and 7 pending units. There are also 2 pending units in the large 4+ bedroom residences among which a 7 bedroom penthouse unit listed for $39M. There are currently 16 2-bedroom units for sale, 11 3-bedrooms and 8 4+bedrooms.
Is this the Right Moment to Buy a condo unit for Sale at Continuum on South Beach?
There is a right price for everything and even though Continuum has performed very well over the last few years price corrections have been made. I often hear the question: “What is the right price to buy?”. We believe the 2012 price levels represent the bottom of the next economic cycle. If you buy at the price levels of 2012/2013 it is safe to say you are paying prices that are close to the bottom of the market and there is room for your asset to appreciate. At this very moment the market is close enough to the numbers of the 2012 market. I believe this is the bottom of the market right now and from here onwards we can only go up. Prices have corrected and the demand is high. Furthermore this cycle is not dominated by investors, the buyers are primary residents who will not put these units up for rent, flip them or sell them at the first signs of economic struggle. Below we have shown a graph from ‘Smart Geeks’, our Condo Analytics tool. These graph represent the performance for 2, 3 and 4 bedroom units at Continuum in the last decade. As you can see price have decreased considerably and are near the bottom of the market.