CONDO SALES IN SOUTH BEACH 2019 VS 2018
As we prepare every year for you, here is our synthesis stats on how the prime buildings in South Beach have performed in 2019 compared to 2018.
In general sales in South Beach grew by 1.49% compared to a decrease in the price/sqft by -4.26%. It is important to notice that there has been a sales decrease in 7 out of the 13 buildings studied, but a strong volume of sales growth in condos such as the Floridian with 46.67% or the Continuum South Condo with 44.44% have pushed the balance up. The Floridian had finished its lobby in 2019 so that could have been the trigger for a drastic rise in sales. Same thing for the Waverly condo who benefit from a brand new renovated lobby.
The tax refugees who have flown to Miami are high-income earners running away from high tax states. They purchased in ultra-luxury condos such as the Continuum South which could be one of the reasons why sales increased by 44%. Nevertheless, mid-range condos like the Yacht Club at Portofino, Icon South Beach Condo or Murano Grande condo suffered from a lack of foreign buyers and a strong dollar, which was reflected by a decrease on their volume of sales by 21%, 42% and 7% respectively.
2020 WORLDWIDE LUXURY MARKET PROJECTIONS
The 2020 top 9 worldwide luxury real estate markets are:
Paris: With an expected price growth of 7%, and low-interest rates, the luxury market strongest growth in 2020.
Berlin: Projecting a price growth of 5% this year, there is an increasing demand for the luxury housing market in Berlin.
Miami: Tax refugees are projected to continue flying to Miami in 2020 which will increase by 5% the luxury real estate prices. The new tax reform makes it even more expensive to have a luxury home in cities like New York, Los Angeles or New Jersey, which increases the demand in the Sunshine State.
Geneva: Featuring lower interest rates and a low high-end supply, prices on the luxury market are expected to increase by 4% in 2020.
Sydney: With an expected price growth of 4% in 2020, Sydney will show lower interest rates, low supply and a huge investment on the light rail system.
Madrid: With a rise of international buyers, the luxury market in Madrid is projected to grow by 4%.
Singapore: A migration for high-income earners from Hong Kong running from political instability to Singapore will make the luxury market increased by 3%.
Melbourne: luxury home prices are expected to grow by 3% following an increasing demand for easy to more manageable homes.
Los Angeles: The luxury market in LA for homes under $2M is forecasted to increase the demand which will push prices up by 2%.
NEW CONDO IN COCONUT GROVE: MR C RESIDENCES BY CIPRIANI
Mr C Residences by Cipriani will be a 21-story luxury condo located in Coconut Grove. This neighborhood has shown a great residential interest, which has forced developers to start creating new and high-end projects to satisfy the need.
The Mr C Residences by Cipriani developed by Ignazio and Maggio Cipriani allied with David Martin from Terra will offer 118 luxury condos with high-end finishes. Offering units from 1-4 bedrooms, and even a few penthouses with 5 bedrooms with private pools and rooftops.
Units will have high ceilings of 11'-13', floor to ceiling windows, porcelain tile flooring, Italian kitchens by ItalKraft, Sub-Zero appliances, private terraces, spa-style bathrooms and much more!
Amenities include a private bar on the pool lounge, garden level lap pool, a 5-star spa, high-tech fitness center, indoor yoga studio, business lounge, a playroom for kids, library, and even a juice bar! One-of-a-kind services are offered to residents such as housekeeping services available on-site, lush landscaping, butler service, and a personalized lifestyle and nautical concierge services.
If you want to get to know more about this new luxury development in Coconut Grove, click here!
TOP-3 EVENTS TO TRY OUT ON FEBRUARY
Boat Show Save the dates for the renowned boat show from February 13th -17th. Go to the Miami Marine Stadium Park and discover one of the biggest and finest boats and yacht collections in one same location. If you are a boat person, this is an event you shouldn't miss!
Valentine's Day If you are not the boat type, and you prefer to spend Valentine's Day somewhere else, we have a couple suggestions that might interest you. Escape with your loved one to the Fontainebleu in Miami Beach for a 2-night stay with 2 massages included. Or keep reading and make a reservation in our recommended restaurant hereafter!
South Beach Wine and Food Festival
The Food Network & Cooking Channel South Beach Wine & Food Festival that goes from February 19th -23rd, features some of the most talented chefs of the country, with over 100 events and over 60,000 attendants. If you are foodie, this event will make your mouth water.
HUTONG CHINESE RESTAURANT IN BRICKELL
Last week for the Chinese New Year I went to try out this new restaurant in Brickell. Some of you might say... one more high-end restaurant in Brickell? But the truth is that this newly launched restaurant is anything but ordinary.
After having a great success in Hong Kong, London, and New York, Hutong Restaurant decided to open a new base in Miami. With a unique high-tech design and ambiance, you will feel like if you've been teleported to Shanghai. Featuring a great wall made of high-definition monitors displaying a light show, a northern China food with a large and interesting menu, and a bar with an exotic list of options full of drinks with spices and herbs.
If you want to get out of the ordinary and taste something absolutely different, this might be a great choice for you! If you aren't sure of what to order, I would recommend the Dim Sum platter as an appetizer, the Branzino (very spicy but very good) and the pecking duck as a main dish (it's a MUST)!
DEAL OF THE MONTH: ICON BRICKELL - 495 BRICKELL AV #5505
Breathtaking views of the Bay and Ocean
2 beds / 2 baths
Maintenance fee: $1,183/month
Lap pool, fitness center, 1 parking space