Condo Buying Tips

Miami real estate condo performance by neighborhood



MIAMI REAL ESTATE CONDO PERFORMANCE BY NEIGHBORHOOD

The following exposed data shows the trends for the second quarter of 2019 (Q2 2019) compared to the same period in 2018 (Q2 2018) for the condominium market in 4 different areas in Miami and Miami Beach.

There was a huge drop in the average sales price in the South of Fifth neighborhood by -15.8% compared to the second quarter of 2018. If you add to that the fact that the number of closed units also decreased drastically by -40.2%, and new listings rose by 13.7%, you quickly conclude that we are definitely in a buyer's market.

The Days on the Market (number of days a unit stays available on the market), increased by only 2.6% compared to 2018. At that pace, the absorption rate, which shows how long it would take, at current sales rates, to sell all the homes on the market, is 22.4 months.

As South of Fifth, Miami Beach, in general, experienced a drop of -15.3% on the average condo sale price. The number of sales decreased by -5.5% compared to 2018 leaving the condo market with only 330 closed deals in Q2 2019.

The Days on the market, increased by 8.9% as new listings hit the market, with an increase of 6% contrasted to Q2 2018. With an overall inventory of 1942 units and a slowdown in closed sales, the absorption rate in Miami Beach is 17.1 months in average before selling a unit.

Alleluia we have some good news in Brickell !! The average sale price for a condo in Brickell increased by 7.4% compared to 2018. The market has shown a year over year increase since 2017 on the sale price in this neighborhood.

In regards to the volume of closed sales, there was an increase of 3.6% compared to 2018 and a surprising 55% increase compared to Q1 2019. This might be a result of more negotiation from buyers which succeeded in an average listing discount of 10%.

The total inventory in Brickell at this time is of 1959 condos, which means it will take at this same rate of sales 19 months to sell.

With 94 closed sales this quarter, the Downtown condo market decreased by -5.1% compared to the second quarter of 2018. There was a drop in the sale price of -6.1%.

The Days on the Market increased to 177 which means 6.7% up. In terms of the new inventory listed in the studied period, there was a decrease of -11.7% compared to 2018. The inventory on the market (710 units) compared to the closed sales is far apart, which creates a long absorption rate of 22.7 months.



AUGUST EVENTS

For this month there is no excuse to stay home, with the Miami Spice and the Miami Spa already here, a wide list of restaurants and spas are waiting for you!

1. Miami Spice: For the next 2 months high-end restaurants will be offering special three-course pre-fixed menus for as low as lunch/brunch $23, dinner $39. Almost 250 restaurants are participating (check out the list here). Prepare to make tons of reservations!

2. Miami Spa Months: till the end of the month Miami Spa will be offering massages and treatments with up to 50% off in state-of-the-art hotels around the city. So there's no time to lose, go book your appointment now!



SEASINS RESTAURANT

With an ideal location in South of Fifth, the just-opened Seasins restaurant is a high-end Portuguese eatery with local food choices.

With a large list of incredible options, the only problem you'll have when trying this restaurant will be to make your dish choice. Happened to me, so I'll give you some of my recommendations. For starters, I had a Triologia Portuguesa. An exquisite brusquettes with roasted pepper, codfish, and octopus. Since I'm not a sweet person I had some extra room before dessert so for the main dish, I ordered an extremely recommended and huge fresh Bacalhau A Bras. It was cooked with crispy potatoes, caramelized onions, and Beaten Eggs. Hungry yet?

This restaurant is bound to be one of the South of Fifth fine treasures! Get to know more about it here.



DEAL OF THE MONTH: YACHT CLUB #2703



- $750,000

- Ocean views

- High floor

- 1,080 sqft

- 2 beds / 2 baths

- $694/sqft

Get to know more here!

Related Articles

Discover the real estate neighborhoods in Miami

Condoideas Realty Group-Newsletter December 2018

For Miami residents the holidays are the perfect excuse to stay here and enjoy their home with their family. For vacationers, December is the best time to visit and enjoy awesome events such as Art Basel. This week Miami is transformed into an international art hub with plenty to offer for every taste! The heart of this gathering? South Beach. Special exhibitions, pop-art festivals, art installations, and parties are just to name a few. It's the holidays so I have prepared a few good presents for you! Firstly, I'll introduce you to our new video project, a bite of our yearly market analysis and some good restaurant and event suggestions, that I personally found a MUST go this month! So if you are curious enough, don't stop reading here...

Related Articles

Is it the right time to refinance?

Condoideas Realty Group-Newsletter September 2019.

If you were wondering I am still alive and safe after Dorian ! A little boring weekend but at least I had time to prepare this newsletter ! This month I decided to focus our newsletter on the real estate tips that I consider must knows if you are investing (or are planning to invest) in Miami real estate. For that purpose I am introducing the

Related Articles

Miami is more than a tourist destination

Condoideas Realty Group-Newsletter February 2019

While the rest of the country is freezing out, Miami is having an outstanding weather right now. There is no better time to enjoy the outdoors activities and events for the month of February. This month, I will show you some super interesting facts of Miami that will prove to you we are not only a tourist destination. I will also show you some stats of the promising neighborhood of Downtown Miami. It seems sales are through the roof! As always, I'll give you a restaurant and events suggestion that you can't miss! Are you planning to buy in Miami? Scroll down to see the best deal now at the Yacht Club at Portofino. Hope you enjoy this newsletter and I wish you all a Happy Valentine's Day!

Related Articles

Real estate market in Downtown Miami

Condoideas Realty Group-Newsletter July 2019.

July is the best month to enjoy the beach, pool, go to a water park, or get your hands busy on any water activity! Always remember to carry your umbrella as a tropical storm is always around the corner ! For this month's newsletter, let's look at stats on Downtown Miami sales compared to 2018. And following the Downtown path, the desirable One Thousand Museum condo finally prepares for occupancy and closings! I will also introduce you to a the first new condo project powered by Airbnb called Natiivo condo in Downtown Miami. Finally, as I wasn't able to decide, I will give you my top-3 recommended eateries in Miami. Followed by the deal of the month that you can't miss at the bottom of the newsletter.