Miami-Dade Luxury Real Estate Market Sees Slow Week
Last week proved to be the slowest of the year for luxury real estate in Miami-Dade County, as only four luxury properties were contracted. This marked a significant decline from the previous week, when buyers signed contracts for 10 properties with a total asking price of $87 million.
Market Overview: July 14-20
According to the latest Eklund-Gomes report, which tracks properties listed for $4 million and above, the luxury market is seeing varied trends.
- Total Listings: 1,194 properties available
- New Listings Added: 32 luxury properties
- Average Days on Market: 29 days
Noteworthy Sales
Top Deal: Turnberry Ocean Club
The standout deal last week was a condo at Turnberry Ocean Club:
- Asking Price: $7.7 million
- Size: 3,252 square feet
- Configuration: 4 bedrooms, 5.5 bathrooms
- Price per Square Foot: $2,367
This unit, located at 18501 Collins Avenue in Sunny Isles Beach, was previously purchased for about $6 million when the tower completed in 2020. The deal was arranged by Roberto Costa from Opportunity Us Realty Corp.
Single-Family Homes Insights
The reported luxury single-family homes reflect a healthier market segment:
- Average Asking Price: $5.6 million
- Average Days on Market: 56 days
- Total Volume for Single-Family Homes: $11.3 million
The most expensive single-family home under contract last week is a mansion at 9500 Southwest 62nd Court in Pinecrest, listed for nearly $7 million:
- Size: 9,651 square feet
- Bedrooms/Bathrooms: 8 bedrooms and 8.5 bathrooms
- Lot Size: 1.2 acres with pool, spa, and covered terrace
- Listing Agent: Michael Martinez from One Sotheby’s International Realty
Key Takeaways
- Significant Drop in Activity: The luxury market has seen a downturn in buyer activity this past week.
- High Average Asking Prices: Despite fewer contracts, the average asking prices for luxury properties remain robust, highlighting ongoing interest from affluent buyers.
- Market Dynamics: With current listings and historical data from the Eklund-Gomes and Olshan reports, the juxtaposition between Miami-Dade and larger markets like New York indicates varied local demand.
Comparative Market Analysis: New York
For further context, in a significantly busier market, New York signed contracts for 29 homes last week with a total asking price of $238.9 million, and homes typically spent 511 days on the market.
Conclusion
The recent slowdown in Miami-Dade’s luxury real estate market serves as a reminder of the often unpredictable nature of high-end property transactions. As the summer progresses, potential buyers and sellers alike will be watching closely to gauge future trends.
Explore more about the Miami-Dade luxury real estate market and stay updated on developments through Douglas Elliman and Eklund-Gomes.