Miami Market Report
The Miami Market Report shows that this quarter can be characterized as extremely active although pricing is definitely mixed. There are still a lot of foreclosures coming onto the market at the lowest price points. Certain areas such as Downtown Miami, however, are having a mini-boom with significant price increases. South Beach still retains its overall strong pricing, given its international demand, although new construction prices have suffered compared to last year.
- New condo sales prices in Downtown Miami increased 14% over Q1 2010 to $348 per sq. ft. (or $3,746 per sq. mt.). While many of the top Downtown Miami buildings are filling up quickly, we are anxiously awaiting the re-launch of the gorgeous luxury development, Paramount Bay, which we expect to sell out quickly.
- Sales activity in Miami-Dade County in Q1 2011 was the highest it has been in any quarter in the last five years.
- Inventory for Miami-Dade County dropped 23.8% in Q1 2011 over the same prior year quarter.
- South Beach new construction prices declined to $1,125 per sq. ft. (or $12,110 per sq. mt.), a steep 39% drop over the same prior year quarter. This drop, however, has led to increased sales activity (and opportunities) in the South Beach market.