The Best South of Fifth Condos for Sale
- May 10th, 2019
The Best Condos in South of Fifth | Which South of Fifth Condos are Moving in 2019?
In our 2019 Miami Real Estate forecast we predicted South of Fifth to keep outperforming other parts of the Beach like South Beach, Mid Beach and other areas like Sunny Isles and Bal Harbour.
We looked into the sales numbers of the different South of Fifth condos to see which condos are moving the most and attract the most buyers!
Continuum among best selling South of Fifth Condos
As you can see from the below data, Continuum still belongs to the top South of Fifth condos for sale. As mentioned in several other blogs, prices in the South of Fifth area have seen the necessary corrections, which has given more incentive to buyers and has boosted the demand. Not all sellers have realized they need to lower the prices, so we still see some overpriced units sitting on the market for a long period of time. Within South of Fifth the top 3 sellers in 2019 are: South Pointe Tower, Continuum and Murano Grande. Looking back at the last 12 months, Continuum also ranks within the top 5 of best selling South of Fifth condos, the top 3 if you do not consider the boutique condos*.
* These boutique buildings often see sudden jumps in the amount of sales, which increases its sales percentage significantly
At what price should you buy a South of Fifth Condo?
Continuum is still seen as one of the most desired condos with superb views, excellent amenities and a well run management. The South of Fifth luxury condo is therefore seen as equal or even superior to most of the South of Fifth condos, including many of the brand new boutique buildings.
As you can see the prices of Continuum are well below those of the newer boutique condos while some of these do not even provide for ocean views and offer a less broad range of amenities. Many of these brand new condos were sold at sky rocket prices and are now suffering the consequences as buyers do not want to pay a premium price for a unit without ocean views. The condos overpromised and underdelivered and owners are now slashing their original asking prices with as much as 45%. This of course also brings along opportunities for savvy investors!
What can you expect to pay in some of these South of Fifth Condos? Please find below the average sales prices in the last 12 months for a better indication of where your prices should be. The lowest average prices per SF are for those (mostly lower floor) units that offer limited or no ocean views and are dated or need serious work. The highest prices per SF are for superbly finished, often high-floor units with great views. These are the best of the best units in a given condo.