What to expect for 2017?

24 Jan

Continuum SouthHow does the beginning of the year look like? It’s still early to draw a conclusion but it looks far better than 2016. Furthermore, with Trump as the new president many things are expected to change, as we have already experienced with the mortgage rates.

Holidays are over so sales should start moving. In the last two weeks, buyers seemed more interested and we experienced some movement. The luxury market is still good independently of what it’s happening around the country. The volume of sales increased and few units have been sold for more than $1 million last week. The closing price ranged from $605,000 to $5.65 million. Let’s see together which units have sold in Miami Beach in the last weeks.

The most expensive has been purchased at the Continuum South, unit #3104 for $5.65 million. Doing the math, this means that the apartment has been sold at $2,600/sqft. Moreover, the unit was sold in only 26 days only. The average price per square feet of sold units at the Continuum is $1,822/sqft so this sale is one of the most expensive ones in the condo. No expense was spared in this unit which includes remodeled oak kitchen, travertine and oak bathrooms and of course a tremendous view of the ocean.

The second most expensive unit sold last week was also in South Beach, at the Murano Grande condo. Unit #2806 has been sold almost at $3 million for $1,351/sqft. The average sale price for this building is $1,072/sqft.

The third one highest sale this year was at the Blue Diamond condo on Collins Avenue. The listing sold at $1.85 million for a 1,980/sqft unit.

In total, the second week of January has witnessed 75 closings for a total of $30.8 million. During the first week of January the total amount of the units sold was $25.2 million. Not bad for a soft market !

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Posted by on January 24, 2017 in News


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