Miami Beach Condos For Sale | The Best Selling Miami Beach Condos
- loes
- August 26th, 2019
Miami Beach Condos For Sale | Which Miami Beach Condos are moving?
We often look at price changes per SF to check how healthy a certain market or condo is. Another way of checking the health of a condo is to check how static a condo is; with other words how much inventory is being moved in this condo? We therefore look at the percentage of units for sale vs the percentage of units that sold in the last 12 months. We often refer to months of inventory to show the demand vs supply relationship of a condo, this is basically an easier (for some people at least) way to show this relationship
The One Hotel and Homes is one of the few condos that is seeing less units for sale than it sold in the last 12 months. Units are being listed between $1,170,000 – $7,950,000 and there is an average of 13% discount on the original listing prices.
What does Market Staticity tell us?
Lets say a condo offers 30% of its units for sale and only 2% of that condo has been selling in the last 12 months. Furthermore, on average the current listings have been on the market for over a year. This offers great opportunity for investors that want to vulture a great deal by buying out a unit at a discount price. Think of desperate sellers who are not seeing any movements…..
More conservative buyers might like to know which condo is seeing relatively more sales than listings. These buildings of course are having greater demand than supply meaning a healthy investment (although sellers are less likely to provide for great discounts).
Below you see for each Miami Beach condo what percentage of the condo is currently (as per August 2019) for sale and what percentage of the building sold in the last 12 months. We also provided you with the average days on market of the current listings
South of Fifth Condos For Sale
Data are taken from the MLS. Listing information as per August 15 2019 and Sales data is taken over August 16 2018 until august 15 2019
Price Ranges are taken over current listing prices
* 7 Sales in last two years
** 2 Sales in the last 2 years
*** 2 Sales in the last 2 years
As you can see from the graph One Ocean has 24% of units listed for sale while only 2% sold in the last 12 months. On average the 12 listings at One Ocean have been on the market for 260 days. Marea is seeing one third of its units being listed with no sales in the last 12 months and only 2 sales in the last 24 months. As we already mentioned in our 2018 Miami Luxury Real Estate Report, these buildings were sold at record prices, yet they do not offer unobstructed water views and are therefore harder to sell once the market softens. This is what happened with many of these newcomers. The product didn’t offer ocean views and people seem less impressed with the end-product than anticipated.
The Icon on South Beach is also seeing a larger gap between supply and demand. Glass 120 Ocean also sees 25% of its building listed with no sales in the last 2 years, but this condo only offers a total of 10 units (leading to the often seen extreme numbers in small data sets). Please note that although Louver house sold three units in the last 12 months, these were pre-construction sales.
Generally speaking we see a great balance in South of Fifth, although just like on the rest of the Beach there is a large gap between original listing prices and sales prices. The graph shows us there is demand for South of Fifth condos, but they need to be priced right. Nobody wants to pay top dollar for a non-waterfacing unit.
Miami Beach Condos For Sale
Data are taken from the MLS. Listing information as per August 15 2019 and Sales data is taken over August 16 2018 until august 15 2019
Price Ranges are taken over current listing prices
* 3 Sales in the last 2 years
** 1 Sale in the last 2 years
*** 9 Sales in the Last 2 years
**** 7 Sales in the last 2 years
This graph gives you a clear overview of which condos are seeing relatively few sales and are therefore more likely to offer great opportunities from desperate sellers. Please also refer to the table above to learn more about the condos price range, average discounts on asking prices etc. For example Faena House didn’t sell any units in the last 12 months but it did sell three condos in the last 2 years. Beach House 8 offers 2 listings, but the building only provides for 8 units in total.
Condos with a lot of difference between units for sale and units sold are: Beach House 8, Mosaic, MEi, Setai, the Bath Club, Carillon and the Edition. Many of the condos for sale on Miami Beach however are showing a healthy relationship between supply and demand meaning there are still plenty of buyers, but at the right price. Units stay for a longer period of time on the market partly because they are listed far above market price. Looking at the last two columns of our table it shows that in most cases there is at least a 15% drop from original listing price to sales price.
