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Miami Residential Luxury Sales Up Double Digits In 1Q

Miami Residential Luxury Sales Up Double Digits In 1Q

Luxury sales are surging in Miami, as the area benefits from new laws that make high-tax states like New York more expensive.

Overall, 421 luxury sales (above $1 million) were recorded during the first quarter of 2018, up 12.3% from the same period in 2017.

Of those sales, 206 were condo units. The increase in luxury condo sales from 2017 was 8.4 percent.

The remaining luxury sales were single family, with 215 sold – up 16.2% from the year before.

Data is provided by the Miami Association of Realtors.

The actual numbers may be even higher, as it entirely excludes new construction condo sales.

 

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16 Comments on "Miami Residential Luxury Sales Up Double Digits In 1Q"

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Anonymous
Anonymous

What are the numbers vs 2, 3, 4 years ago? The market was red hot then…. Closings crashed 2-3 years ago.

Lots of sales below ask as well.

Anonymous
Anonymous

Thank you.. market is moving because sellers are making concessions, people arent flocking from NYC and LA to loose that lifestyle to save a few grand in taxes.

Anonymous
Anonymous

Cycles come and go, but Miami real estate will always trend up… this is a destination city.

Anonymous
Anonymous

Correction, this is a boom and bust city. Currently we are experiencing a BOOM of all booms, not saying it will happen soon, but there will definitely be followed by a BUST. Hold your hats ladies and gents. All in due time.

– A risk-averse Miamian

Anonymous
Anonymous

There is money flowing from Argentina, Brazil and Colombia predominantly but there is also flow from other Latin markets and of course domestic and elsewhere.

Anonymous
Anonymous

Russia.

Anonymous
Anonymous

England
Turkey

mondocondo
mondocondo

It will always trend up even when it is going down. Cheers

Anonymous
Anonymous

Related is so cheap that it didn’t finish painting the wall for Brickell Heights (as seen in picture). Any other developer that was truly proud of their finished product and thought themselves as providing quality work would have spent the extra few thousand to finish it. It’s sad there are no laws that ask developers to finish a project and not leave half done. Look at BCC with those ugly gray walls facing north. Disgusting.

Anthony
Anthony

You mean the walls facing the Burger King? Where another building is going very soon? Oh yea..let’s blow some money to have it covered by another parking podium

Anonymous
Anonymous

What’s very soon to you? 5 years?

Anonymous
Anonymous

that type of traffic is common in that corner between bcc and those other new towers, stop driving

Anonymous
Anonymous

you first.

Anonymous
Anonymous

its in the most dense portion of our city, there is always going to be traffic. if you dont want to deal with it dont drive.

Gringo
Gringo

Yea baby, and love that photo…keep going…

Ashton Coleman
Ashton Coleman

Researching Miami-Dade’s luxury market as a whole may be *a bit off but in looking at the #’s for Miami-Dade $1M+, we find 211 CONDO sales above $1M trading 1Q at $781PSF. The same period (1Q) 2017, we find 187 CONDOS trading at $763 PSF. Luxury Sales UP 12% with Selling PPSF (Median) UP 2.3%. *Using Brickell, Brickell Key, and Downtown Miami as an example, there were 17 CONDOS Sold during 1Q 2017 at a median SP$/PSF of $636PSF. The 1Q of 2018, there were 14 Sales trading at $615 PSF. Luxury Sales DOWN 18% with Selling PPSF (Median) DOWN 3%.

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