Luxury Miami Real Estate Market Update: Notable Sales and Trends
The Miami luxury real estate market continues to showcase significant activity, highlighted by Rosie O’Donnell’s former waterfront estate on Star Island, now under contract for $48 million. This latest development reinforces a trend of escalating luxury property trades in the area.
Recent Contract Activity
According to the Eklund-Gomes Report, between June 16 and June 22, buyers signed 17 contracts for luxury properties in Miami-Dade County. Here are some detailed insights into the contracts:
- Total Value: These transactions totaled $201.7 million.
- Average Days on Market: Properties spent an average of 103 days on the market before going under contract.
- Listings Trend: 41 new luxury listings were added, bringing the total to 1,228 listings. Despite a weekly decline, the luxury inventory is only down by one listing from the previous week.
Breakdown of Sales
-
Single-Family Homes:
- Number of Contracts: 9
- Average Asking Price: $14.7 million
- Total Value: $131.9 million
- Days on Market: Average of 109 days
- Condos:
- Number of Contracts: 8
- Average Asking Price: $8.7 million
- Total Value: $69.8 million
- Days on Market: Average of 95 days
Featured Properties
An eye-catching property that recently went under contract is located at 43 Star Island Drive. Previously owned by the late Dr. David Frankel and his wife, Linda Frankel, the property spans 1.1 acres and boasts an impressive 11,104 square feet mansion with eight bedrooms. The estate, acquired in 2013 for $16.5 million, is now marketed by Compass’ Liz Hogan.
Notable Condo Transaction
A standout listing that found a buyer is Unit 1601 at Continuum South Beach (50 South Pointe Drive), which commands an asking price of $13.7 million. The condo features three bedrooms and four bathrooms with a spacious 3,497 square feet, averaging $1,983 per square foot.
Comparison with New York Market
In contrast, the New York luxury market is also showing robust activity. According to the latest Olshan report, buyers signed contracts for 26 homes last week, with a combined asking price of $207.4 million. Properties in New York typically spent 384 days on the market.
Summary of Miami Luxury Market Trends
- Continued Demand: The Miami luxury market remains active with a strong appetite from buyers.
- Increasing Prices: The asking prices for luxury properties continue to rise, reflecting the market’s health.
- Diverse Portfolio: From sprawling mansions to upscale condos, the Miami luxury market offers a variety of high-end options.
For further insights into the evolving luxury market in Miami, consider exploring detailed reports and analyses on Douglas Elliman and The Real Deal.
As the landscape of luxury real estate continues to shift, both buyers and sellers will need to stay informed on market trends to navigate this dynamic environment effectively.