Miami’s Residential Real Estate Volume Up Double Digits From Last Year, Some Areas Are At Record Prices

Miami’s residential real estate market is up significantly from last year, and some records are being broken, according to newly released data from the Florida Association of Realtors.

A total of 3,848 condos and townhouses closed in the Miami-Fort Lauderdale-West Palm Beach area during December 2019. That is an increase of 17.9% compared to the year before. Prices were up 7.9% to an average of $205,000.

For single family homes in the Miami area , sales volume was 3,915 for the month, up 15.5% over 2018. The average price was $375,000, up 7.1%.

The data is obtained from the MLS and doesn’t include new condo sales, so the actual number is likely much higher.

According to an analysis by Douglas Elliman, some areas are now trading at all time highs. Single family homes in Miami Beach are at a new record, the report said.

52 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
livorno
1 year ago

LOL, cherry picking, some areas, like maybe one or two out of 200? Look at Icon, some of those units are down to post crash prices. Same thing across the street at 500 brickell, few units at Mybrickell sold in low 200s in the last months, does that sound like record prices? Every new building is going lower, the Bond, 1010, both SLSs, etc etc… look at real data monthly, these MLS/Realtor mouth pieces are the best at cherry picking and marketing! With this new virus in China, foreigners arent buying anything anywhere, get ready for some hot deals in 2nd and 3rd quarters.

Val
1 year ago

Yeah, miami beach high end will always have a market amongst the rich. The problem are these mid luxury level buildings, they are almost solely being bought by foreigners as locals simply cant afford to buy nor maintain them with hoas 600-1k a month. So when markets are hot they build like crazy, as has been the case last few years, problems come when markets turn south and those foreign buyers need to cash out at any price. #1 problem for miami is lack of jobs paying 70 to 120k, almost everyone is below that with few way above, so there is no natural market for these condos. The city needs to do a better job attracting big firms to miami, otherwise we are looking at a lot of empty condos on brickell and in downtown.

Anonymous
1 year ago

Completely agree, I was actually looking on Zillow at recent closings in Brickell. After looking at over 50-100 units closed in the last 90 days; unit cost are low and the returns are close to negative. When adding in $500-1000 in HOA,sellers are completely losing their shirts. it doesn’t make any sense to buy a condo unit in the downtown core.

Anonymous
1 year ago

Nobody ever made money in brickell. Nobody will make money in edgewater.

Anonymous
1 year ago

Good job. ..50-100 ZILLOW listings?!
How about reading Jonathan Miller’s analysis referenced in the article.

If you think “sellers are losing their shirts’, you are wrong.

It is rare that any Brickell unit sold in the last 90 days didnt make money on the real estate, the currency appreciation, or both.

Anonymous
1 year ago

Only 240 condos were sold in brickell over the last 90 days…. Go ahead and look at the buying price of the condos versus the purchase price… it does not make sense to buy one, most have negative appreciation when adding in an HOA fee.
https://www.zillow.com/homes/recently_sold/condo,apartment_type/?searchQueryState={%22usersSearchTerm%22:%22Miami%22,%22mapZoom%22:14,%22customRegionId%22:%22bb9755e32cX1-CRa1na5tznt1mm_x7dkg%22,%22mapBounds%22:{%22west%22:-80.21005975758214,%22east%22:-80.17787324940343,%22south%22:25.755400098658242,%22north%22:25.78732237239987},%22pagination%22:{},%22isListVisible%22:true,%22isMapVisible%22:false,%22filterState%22:{%22doz%22:{%22value%22:%2290%22},%22sortSelection%22:{%22value%22:%22globalrelevanceex%22},%22isSingleFamily%22:{%22value%22:false},%22isMultiFamily%22:{%22value%22:false},%22isManufactured%22:{%22value%22:false},%22isTownhouse%22:{%22value%22:false},%22isRecentlySold%22:{%22value%22:true},%22isForSaleByAgent%22:{%22value%22:false},%22isForSaleByOwner%22:{%22value%22:false},%22isNewConstruction%22:{%22value%22:false},%22isComingSoon%22:{%22value%22:false},%22isAuction%22:{%22value%22:false},%22isForSaleForeclosure%22:{%22value%22:false},%22isPreMarketForeclosure%22:{%22value%22:false},%22isPreMarketPreForeclosure%22:{%22value%22:false},%22isLotLand%22:{%22value%22:false}}}

Susanna
1 year ago

“According to an analysis by Douglas Elliman” yeah… anything put out by the broker is very credible LOL…

Anonymous
1 year ago

Ms. LOL,
Douglas Elliman’s reports are compiled independently by Johnathan Miller, an appraiser at Miller/Samuel, the data is pulled from MLS data.
https://www.millersamuel.com/
Here is an interesting interview from Johnathan Miller on Bloomberg from a few weeks ago. https://www.youtube.com/watch?v=W_8719cT2Ys

You will notice that he tells it like it is. Brokerage companies that have been in business since 1911 have seen up markets and down markets and do not use puffery to achieve revenues. They make money in up and down markets, and they wisely hire independent analysts to do their market studies.

Anonymous
1 year ago

There is a lot of nonsense in this post.
But let’s pretend that foreign buyers are “a problem”.
(What do you want to do? Build a wall to keep foreigners out?)
Condo fees are agnostic as to race, origin, or creed. The cost to run a building is divided by the livable sq ft, then you pay according your unit size.
You PRAY to have foreign owners who never visit, never ride the elevator, never flush the toilets, never bother the package room, and never COST much money in services.

Brickell locals can afford, and do live in luxury buildings.

Anonymous
1 year ago

You missed the point.

Anonymous
1 year ago

What was your point?

Anonymous
1 year ago

Who said it was MY point? It wasn’t. Just an independant reader here. Nobody in this thread advocated keeping out foreign buyers.

Anonymous
1 year ago

No they arent.
Post-crash Icon Brickell sold at $200 Pr square ft.
We were selling them by the dozens.

alibaba78
1 year ago

There is a high floor/good view 1/1 950sq ft at the Icon at 325k right now, thats not crisis pricing? $200 per square foot were fire sale forced liquidations, the post said “some” are, which means – soon all will… The ever optimistic and never realistic realtors have joined the boards, welcome 🙂

Anonymous
1 year ago

The lowest price point for sale on the MLS (as of 5 minutes ago) in Icon Brickell is $335,000.
A10655759 Active 465 BRICKELL AVE Unit#3804 it is 597 sq ft.

There have been 11 one bedroom sale in Icon Brickell in the last 90 days.
They range in price from $295,000 to $475,000
They range in price per square foot from $353 to $586.

The average of these one bedroom sales is $482, and averaged 93% of their Listing price.

The data doesn’t lie. While I am sure you think that your data is correct, Mr. Alibaba78, it isn’t.

mickeymouse
1 year ago

with this coronavirus real estate is screwed worldwide until its completely cleaned up and forget about, this is worse than sars its actually spreading worldwide. Foreign buyers are in wait and see mode, thats why if someone really needs to sell/dump a unit right now you might be able to get yourself a sweet deal.

Anonymous
1 year ago

Mr. LOL, you can either read the reports compiled by the economists referenced in the article, or read this:
in less than 5 minutes, I searched all Icon Brickell condos to sell in the last 90 days. There have been 28 closed sales in 90 days. One sale, every 3 days.
At an average price of $482 per sq ft.
Of these, they average closed sale is 93% of the asking price.
This is MLS data compiled within the last 15 minutes. It is real and fresh.

475 Brickell Ave Unit#3214 A10720963 sold for $354 per sq. the lowest. This seller sold it for about what he bought it for in 2016. This is the worst deal.

495 Brickell Ave Unit#3101 A10743054 sold for $628 per sq. the highest. This property was purchased in 2011 for $787k. It sold in December for $1,175,000.
Up $383,000…not horrible. This isn’t the best deal, but it is typical for this building. Icon Brickell is now over 12 years old. There are many new offerings, but still not too many on the waterfront. I wouldn’t buy in Icon Brickell, but plenty of people are.

Anonymous
1 year ago

I just bought a condo Downtown in June 2019 in hopes of the price increasing in value 🙂

Anonymous
1 year ago

Good luck! Which building?

Anonymous
1 year ago

Hopefully you live there – enjoy it. As an investment, be careful.

Anonymous
1 year ago

You bought at peak!

masayaka
1 year ago

Why do you say this is a peak? Too many units coming online in the next 18 months?

Anonymous
1 year ago

Dont sweat it, renters always think that they are geniuses.
If you bought right, you will be in good shape.

Anonymous
1 year ago

LOL so do buyers

Anonymous
1 year ago

Mr. LOL,
Some buyers maybe. But many buyers buy for so many reasons that have little to do with price.
For instances, some buyers might buy because they want to live in a nice place with their family and have a home that they can improve or rescontruct on their terms. They may want a place the fits their lifestyle. They want to be near community amenities, or waterfront, or schools, or work. They just had a landlord that jacked their rent for the 3rd time in 5 years, and they have vowed to never pay someone else’s mortgage.

Timing the market is not a primary concern…real estate prices do move that rapidly one way or another.

Anonymous
1 year ago

Don’t rent from a landlord with a mortgage—those Landlords are Tom Vu leverage clowns who are one busted HVAC unit away from ruin, find one who really owns their property outright–they’re out there. And if you pay your rent in full on time all the time and don’t nag them over BS complaints you’ll usually find your rent goes up less than inflation over 5 or so years. Why? Because you’re that rare special tenant and they wanna keep you. This from personal experiences I’ve encountered in both renting and renting out.

Also, Timing the market is primary—you make money when you BUY. Ask anyone who bought in 2007 if timing didn’t end up mattering.

Fredo
1 year ago

The loss of tax deductions are really starting to take effect on making people move out of the crazy tax states in the north east.

Val
1 year ago

They need a job in miami too… talent to be poached but they need to work somewhere and its not a hotel or a hospital/senior care…

Anonymous
1 year ago

My buddy in NYC has had enough of taxes. He has a 1 bedroom that he paid $780k. He’s not even on Manhattan.
When he saw a 3 room 2.5 bath with tennis courts, putting green, 59th floor pool, and near everything for $785k, he decided to move.
There are so many companies hiring right now, its unbelievable.

Go to Glassdoor.com
Slide the skidercto $150k + there are a lot of jobs.

Anonymous
1 year ago

What a joke it’s record low except some buildings in Sunny Isle and some water front areas on the Beach, everything else is at the lowest in the past 7 years now! Close to 2010 prices!

Anonymous
1 year ago

Soooo wrong.
It’s amazing.

mickeymouse
1 year ago

indeed, and this is only a beginning with a lot more units coming online in the next two years and stock market potentially taking a dive after Trump gets his 2nd term. Deals are still coming, hold your horses, way too early to be buying.

brickell
1 year ago

Yup, a couple of SLS Lux owners are taking close to $200,000 hits on units bought a year ago to get out now. Its getting worse from here, look at the flatiron, paramount, echo, everybody is down at least a 100k from where they bought already, and people are just selling for now, no dumping yet…

gustavo.7
1 year ago

Latin American boom had been China related, commodities, farming, livestock. If this corona thing continues in China, Brazil, Argentina and Colombia are in major trouble, there could be 2008 level deals on brickell at the end of the year.

Anonymous
1 year ago

“Yup, a couple of SLS Lux owners are taking close to $200,000 hits on units bought a year ago to get out now.”

Can you give one example?

Anonymous
1 year ago

“Yup, a couple of SLS Lux owners are taking close to $200,000 hits on units bought a year ago to get out now.”
If what you say is true….a couple out of 530 would equal less than 4/10ths of 1%.

People who understand real estate understand leverage, currency exchange, and the reason why people buy real estate. The $1M dollar apts sold in the pre-construction phase might sell for less than the tax roll lists, but that original buyer has doubled their money on the currency exchange, there are deals to be had, but not that many.

Pre-construction buyers are big boys. They understand the risk of buying a 30th floor apartment when a 29th floor apartment doesn’t yet exist to hold it up. Unless there is a global banking crisis, there are a large pool of buyers at the ready to scoop up these apartments.

Ask Peter Zalewski and that vulture fund that he started to buy distressed assets 4 years ago. My guess is that he hasn’t found any distressed assets.

Anonymous
1 year ago

Yeah because Trump’s 1st term has been so disasterous for stocks. Better hope you don’t work where drug tests are randomly given.

nirvana
1 year ago

obama blew an enormous bubble under his watch, trump made it bigger but it cant pop yet, he would not get re-elected if it did, it will pop in his second term, but he wont care then.

Anonymous
1 year ago

As long as bank CD’s and treasuries pay next to nothing the stock market will do alright.

Anonymous
1 year ago

“record low except some buildings in Sunny Isle and some water front areas on the Beach, everything else is at the lowest in the past 7 years now! Close to 2010 prices!”

This is factually incorrect.

Alfonso
1 year ago

Record …. LOSSES!!!! by sellers of all preconstruction projects this cycle……. This is so biased it is beyond funny!!!! Maybe this article is meant to entertain and not educate…

Anonymous
1 year ago

It would be nice if they wouldn’t abbreviate so much. Some of us are not in the real estate business. What is MSA? What is MLS?

Anonymous
1 year ago

MSA – metro area
MLS- service used by real estate brokers to list properties

Anonymous
1 year ago

Metropolitan Statistical Area
Multiple Listing Service

Marc
1 year ago

Stay away from Brickell, Edgewater, Downtown, and Sunny isles! Buy Miami Beach, Surfside or Bal Harbour.
Some projects can’t sell even when they try to pay 10% commission to Brokers

Anonymous
1 year ago

City of the future

Anonymous
1 year ago

Record prices in Miami Beach…. GLoBaL WArMinG! lulz #fakenews

Anonymous
1 year ago

So I guess the scientific data you’ve gathered from your investigation of the climate world wide is much better than the ninety eight percent of the scientist who’re saying global warming is real then?

Anonymous
1 year ago

Global warming is real, so is global cooling. It’s called climate change because long-term weather are starting to become apparent because of how long since we started keeping record. If humans have an effect, go p**s at China and India, or even Cuba and Haiti when you see all their garbage washed ashore.

Anonymous
1 year ago

Due to global warming, more moisture is being dumped into the atmosphere resulting in bigger and more severe storms, more snow fall and snow in places that very rarely has them, shrinking of ice caps resulting in rising sea levels, and floods in areas like we’ve never seen before. But you and others would rather trust the brilliant scientific mind of Donald Trump.

Anonymous
1 year ago

This documentary explains the 97% of scientists myth.

https://youtu.be/oYhCQv5tNsQ

Andy
1 year ago

Civilized, intelligent humans in south Florida don’t need to convince climate-change-deniers of anything (logic and science don’t seem to work on them anyway). We just need to make sure there are enough of them left in 20-50 years so that we can still sell our homes/condos to them when it comes time for us to retreat from the inevitable rising waters.