MIAMI LUXURY REAL ESTATE REPORT
Miami is synonymous with luxury. Over the past few years, we have seen the boom in luxurious condo constructions such as the Armani Residences, The Ritz-Carlton Sunny Isles, and The Aston Martin Residences. Let's have a look at some numbers to feel the current market trend.
The most significant trends we can see are that the condos take longer to sell, sales volume have dropped but the market over $5 million market is booming. It took 54 days longer for a condo to be sold in 2017 than in 2016 in the South of Fifth neighborhood. The days needed to sell a unit in other neighborhoods such as Brickell and Fisher Island have also increased by more than 30%. Regarding the properties over $5M, sales have increased by 38% in Miami Beach and 83% in Sunny Isles.
However, in the $1M-$5M range sales fell in almost all neighborhoods. Downtown Miami saw a decrease of 20%, the South Pointe neighborhood dropped also by 18% while Brickell sales saw a decline of 5% and in miami beach the drop was of 2%.
TOP 3 EVENTS IN FEBRUARY
Wondering what to do this month? Here are some events to check out !
Andrea Bocelli Valentine's Concert: Feb 12
Love is in the air ! Enjoy famous love songs and crossover hits by the legendary Andrea Bocelli with your loved ones !
The Miami International Boat Show: Feb 15 - 19
Do you dream of buying a boat? If yes, this is the event for you! Over 1,300 boats and 1,100 exhibitors are coming to Miami to show you the best powerboats and sailboats that has state-of-the-art engines
Art Wynwood: Feb 15 - 19
The Wynwood neighborhood which is well-known for its vibrant art is turning into a super large local creative scene this month ! Warehouses are turned into fun galleries showcasing art pieces from renowned artists and street talents. If you are interested, ticket for one day pass is $25
Coconut Grove Arts Festival: Feb 17 - 19
360 artists across the world are coming to Coconut Grove to showcase their artwork. Come to this fun event where you will be entertained by wonderful music and amazing shows! Feed your artistic soul by observing talented artist completing their artwork right in front of your eyes!
NEW PROJECT: PALAZZO DELLA LUNA
Palazzo Della Luna is an ongoing project by the Fisher Island Holdings LLC. The project is located at the exclusive Fisher Island where the only entry is either through boats or helicopters.
This 10 story high condo will be offering 50 residences that are designed by the famous architecture firm, Kobi Karp. The price for a 3 bedroom with 3,724sqft starts from $3.8 million while a 4 bedroom with 4,904sqft starts from $9.8 million.
Palazzo Della Luna is scheduled to be completed in summer 2019. All units will have a spacious floor-through layouts with panoramic view of the island and the city. Palazzo Della Luna's building amenities will include 6-star multi-lingual concierge along with butler-serviced Italian aperitivo bar and a waterfront lounge. It will also have a fitness center, two infinity-edge pool and a business center where residence can make video conference.
CALL ME GABBY RESTAURANT
We are happy to announce that we found a cute hang out place in South of Fifth ! Call Me Gabby is a new restaurant that just opened near our office. Naturally, we had to check it out !
This quaint restaurant has an all European charm and serves good Italian food ! Nothing fancy, only good traditional pasta and pizza. Here are some recommendations to try: Pot of Meatballs, Fiocchetti alle Pere e Tartufo and Parma Pizza !
Also, don't forget the dessert ! Try the Tiramisu in Jar and you will not be disappointed. If you can't get enough of pizza, try the Catalina which is pizza served with cream cheese, honey, almond and mixed berries, delicious !
DEAL OF THE MONTH: YACHT CLUB UNIT 2110
Listed at $830,000
2 Bedrooms / 2 Baths
South of Fifth neighborhood
Click here to see the deal !