Miami Real Estate Learning Center

Stats on volume of sales/Miami spice event/ Kyu Restaurant/Deal of the month



Stats on volume of sales

It's time for a midyear review of the real estate market in Miami.

Let's analyze South Beach first. As usual I've picked 13 of the most relevant condos on the beach to do my statistics.

Overall sales dropped 18% during the first semester of 2016 compared to 2015. However sales prices remain stable or even rise from one year to another. For example at the Continuum North tower we notice that sales dropped 42% but prices increased 14%. Same situation on the other side of south beach where the Sunset Harbour volume of sales decreased of 27% whereas prices increased of 14% as well.

Some condos such as the Portofino tower surprise us by having a surge in price and in volume of sales. Prices per sq/ft have increased of 8% and whereas in the first semester of 2015 we only saw 2 sales, this year we have already sold 10.

On the other hand some high end condos are not that lucky and have seen a drop in sales and in price. For example, at the Murano Grande, sales dropped from 11 units in 2015 to 6 in the 2016. Sellers also took a hit since their property prices dropped from $1188/sqft to $950/sqft. Furthermore, at t the Floridian the sales shifted from 17 condos sold in 2015 to 4 sold in 2016. Probably this is due to the remodeling work in the lobby and the hallways. Prices also dropped drastically in this building going from $650/sqft to $540/sqft in 2016.

All these elements make me think that the market is unpredictable in 2016 so just go with your own gut feeling and don't listen to speculations.

Who is searching online for Miami properties?

South Florida is the most online researched location by international customers. And guess who is searching? Colombia has been the top ranking country searching online for the past six months.

The real estate market in South Florida, especially in Miami, has always been characterized by an extensive pool of foreign buyers but we now notice a diversification on the country of origin. Colombia is not the only one, surprisingly countries like Spain and India are also showing curiosity on the market in 2016. New Yorkers have also their eye on Miami. However we notice in the first semester that France, UK and Russia are not any longer in the top 10 countries searching for Miami properties.

Nowadays, countries like Colombia, Venezuela, Argentina and Brazil are still leading the online search. Did you know that 10% of all foreign real estate transactions are purchased by Colombians? Venezuelans represent 13% and Brazilians 12% of the share.

Colombians purchase power is the second highest amongst foreign buyers. The average purchase price paid by Colombians and Argentinians for every unit is around $516,000. Only Brazilians had a higher budget in 2015 which was around $766,000.

Miami spice event

Again itís time for foodies to enjoy the best restaurants in town for a reduced price. Are you ready to indulge? From August 1st to September 30th you have the chance to taste new chef creation at reduced price for a three course lunch at $23 and dinner at $39.

Get inspired by the molecular cuisine at El Cielo by Chef Juan Manuel Barrientos in Downtown Miami or by the ethnic flavor selecting a real fancy restaurant such as Zuma in Downtown area. If you fancy a romantic moment try out Tamarina Restaurant & Bar in Brickell or spend memories with your family at the Peacock garden cafť at Coconut grove. My suggestion is to enjoy one of the outdoor spot or discover one of the waterfront restaurants for a wonderful view of Miami.

I personally havenít tried Cleo nor Jaya in South Beach as well as The Gang in Wynwood so whoís up for it this week?

Kyu Restaurant

A friend of mine told me there was a new restaurant in Wynwood with a waiting list of 3 weeks. My first reaction was to call them right away to find a way to get in. Surprisingly it wasnít that hard during the week or my French accent charmed them over the phone. Opt for a dinner at the bar if you canít get a reservation.

We got our reservation last week around happy hour time. The restaurant is located in Wynwood, thatís apparently the new happening place. Itís the urban style district of Miami. Kyu totally fits in the neighborhood with its geisha on the entrance wall and its metropolitan design.

Essentially, itís asian/fusion cuisine. We shared some starters such as the delicious roasted cauliflower, the tuna tataki and the grilled octopus which melted in my mouth. You canít miss the smocked duck breast that represents the real asian barbecue. As a desert try out the Momís coconut cake. The only part we didnít expect was the bill but at the end we really had a good time and the food was yummy.

Deal of the month: #2110 at Paramout Bay

  • 1810 sqft
  • $1,399,000
  • 3 bed / 3 bath
  • Bay View
  • Downtown Miami
  • Never lived in !