The Luxury Real Estate Surge in South Beach: Ritz-Carlton Residences Lead the Charge

The South Beach luxury real estate market is showing no signs of slowing down, as evidenced by a recent contract for a condo at the upcoming Ritz-Carlton Residences that has captured attention due to its eye-popping price of $5,900 per square foot. This sale topped the list of newly signed contracts last week, highlighting a growing demand in the market.

Record-Breaking Sales and Key Statistics

According to the latest Eklund-Gomes report, which meticulously tracks luxury home and condo listings in Miami-Dade County priced at $4 million and above, there were remarkable trends last week:

• Contract Signings: 14 contracts were signed between April 28 and May 4.
• Average Days on Market: Properties spent approximately 118 days on the market before going under contract.
• New Listings: A total of 46 luxury listings were added last week, bringing the overall inventory to 1,332 luxury properties.

Breaking Down the Numbers

The total asking price for the recently signed contracts hits $137.5 million, divided as follows:

• Condos:
  • Average asking price: $12.6 million
  • Average days on market: 84 days
• Single-Family Homes:
  • Average asking price: $7.7 million
  • Average days on market: 143 days

Spotlight on Ritz-Carlton Unit 14A

At the forefront of the luxury listings is Unit 14A at the Ritz-Carlton development located at 1671 Collins Avenue, Miami Beach. This stunning property, part of a collaboration between Lionstone Development, Flag Luxury Group, and the Ben-Josef Group, boasts an asking price of $26.5 million. Here are some key features:

• Size: 4,520 square feet
• Bedrooms & Bathrooms: 5 bedrooms, 6.5 bathrooms
• Terrace: A spacious 1,040-square-foot terrace

Leading sales for this high-profile project are Fredrik Eklund and Pietro Belmonte of Douglas Elliman.

Noteworthy Single-Family Home Sale

The priciest single-family home that received a contract last week is located at 7222 Monaco Street in Coral Gables, listed for nearly $15 million.

Key Features

• Size: 8,250 square feet
• Bedrooms & Bathrooms: 6 bedrooms, 7.5 bathrooms
• Lot Size: Non-waterfront half-acre lot
• Listing Agents: Toni Schrager and Lauren Schrager of Brown Harris Stevens

Recent Miami-Dade Insights vs. New York Market

For context, last week in Miami-Dade, the luxury market was particularly active, with a combined asking value of $189.6 million across 24 properties. In contrast, the latest Olshan report for New York indicated buyers signed contracts for 33 homes with a combined asking price of $58.8 million, but properties there averaged an astonishing 473 days on the market.

Summary of Market Trends

Here’s a list summarizing the luxury real estate activity in South Beach:

• Luxury Condo: Ritz-Carlton Residence at $5,900/sq. ft.
• Contracts Signed: 14 luxury properties
• Average Asking Prices:
  • Condos: $12.6 million
  • Single-family homes: $7.7 million
• Total Asking Volume: $137.5 million

The luxury real estate market in South Beach is on an upswing, attracting affluent buyers and securing significant contracts that showcase both the allure and investment potential of this vibrant area.

For more information on luxury living in Miami, visit Douglas Elliman for the latest listings and market updates.