Miami is synonymous with luxury. Over the past few years, we have seen the boom in luxurious condo constructions such as the Armani Residences, The Ritz-Carlton Sunny Isles, and The Aston Martin Residences. Let’s have a look at some numbers to feel the current market trend.
The trends we can see are that the condos take longer to sell and the sales volume have dropped. It took 54 days longer for a condo to be sold in 2017 than in 2016 in the South of Fifth neighborhood. The days needed to sell a unit in other neighborhoods such as Brickell and Fisher Island have also increased by more than 30%.
In fact, properties with $1M-$5M range sales fell in almost all neighborhoods. Downtown Miami saw a decrease of 20%, the South Pointe neighborhood dropped also by 18% while Brickell sales saw a decline of 5% and in Miami Beach the drop was of 2%. This is, however, not the case for properties over $5M. The sales for these properties have increased by 38% in Miami Beach and 83% in Sunny Isles last year.