Recent Luxury Condo Sales in Miami

March 18, 2011 by Lucas Lechuga

Four Seasons Residences 46B

Below are five recent luxury sales that have closed in Miami within the past 30 days.  The unit at 900 Biscayne Bay marks the highest priced condo sale in the building for a non-penthouse unit.

  1. Four Seasons Residences 49F – 3 bedroom/3.5 bath (3,795 square feet) – This condo sold for $3,025,000, or $797 per square foot, on February 17, 2011.
  2. Four Seasons Residences 46B – 2 bedroom/2.5 bath (2,309 square feet) – This condo sold for $1,500,000, or $650 per square foot, on February 28, 2011.
  3. Asia Brickell Key 1002 – 2 bedroom/2.5 bath (1,781 square feet) – This condo sold for $1,200,000, or $674 per square foot, on March 8, 2011.
  4. 900 Biscayne Bay 4006 – 3 bedroom/4 bath (2,335 square feet) – This condo sold for $1,100,000, or $471 per square foot, on February 28, 2011.
  5. Bristol Tower 2101 – 3 bedroom/3.5 bath (3,065 square feet) – This condo sold for $419 per square foot, on March 11, 2011.

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8 Comments on "Recent Luxury Condo Sales in Miami"


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Anonymous
Gixxer1000
5 years 6 months ago

I guess this helps validate Terra Groups desire to do 700 Biscayne targeting 3 and 4 bedrooms. With the current cost of construction they would need to get near $500 SF for it to work.

Looks like they are pretty close getting $471 SF. I’d guess that $500 SF are where prices are headed at 900.

And the area will look a lot nicer once the museums are complete.

Anonymous
5 years 6 months ago

Gixxer,

Michael heard from someone at Terra Group that the penthouses at 700 Biscayne are going to be monstrous. Like 10,000 square feet. They are gonna go all out on that building.

Anonymous
SouthBeacher
5 years 6 months ago

Do you think 700 Biscayne will get built? Do they have financing lined up for it? Do you think the area around Museum Park can support more condos given the large number of units already available (Ten Musuem, 900, Marquis, 888 Biscayne)?

Anonymous
Gixxer1000
5 years 6 months ago
Thought this might be an interesting indicator of future rental rates. Brickell First recently opened as a rental building. The building is located on the west side of the metrorail and not exactly in a prime location. Here is the current advertised pricing: 1bdrm: $1800 – $1900 2bdrm: $2170 – $2950 3bdrm: $2850 – $3200 Now they are currently offering one month free rent so you can basically reduce those rents by about 8% to: 1bdrm: $1650 – $1740 2bdrm: $1990 – $2700 3bdrm: $2600 – $2930 These effective rents are more in line to other rents in the area.… Read more »
Anonymous
gables
5 years 6 months ago

gixxer, any details on brickell first? not familiar with it. was it newly constructed or from existing stock? any outstanding amenities? those rates seem reasonable for a professionally run building, where you don’t have to fight with the cheap landlord to fix anything in the unit! unless there is a definate difference in amenities, in general i would tend to pay a slight premium for a well run rental building over a building with several hundered independent landlords. many private landlords really don’t understand what being a landlord entails.

Anonymous
Gixxer1000
5 years 6 months ago
Its a new building that was originally going to be condos but then changed to rentals because of the market. Current amenities are in line with most of the buildings in the area. Honestly as a current renter, given an equal quality of buildings price and location are the determining factor for me. I mean lets be seriouse were talking about brand new condo buildings. There isn’t much maintenance for a landlord to fix. In my unit I had a problem with the ice maker. It took them two months to fix it so I guess that was a hastle.… Read more »
Anonymous
Gixxer1000
5 years 6 months ago
Southbeacher, They are going after the 3 and 4 bdrm market so that actually aren’t a lot of these units already available. In the downtown market these units make up 6.8% and 2.9% of the market respectively. I’d also assume that they are going to do some type of hotel, which is doing very well. JOnes Lang Lasalle is predicting a 250% increase in hotel transactions in 2011: http://www.joneslanglasallehotels.com/hotels/EN-GB/Pages/NewsItem.aspx?ItemID=21330 “No major supply additions are slated for Miami’s downtown area over the medium-term, which should make the recovery stronger. Increased condo sales activity and downtown Miami’s rebranding as a 24/7 entertainment… Read more »
Anonymous
Gixxer1000
5 years 6 months ago

Condo sales are up again for another month:

http://www.worldpropertychannel.com/us-markets/residential-real-estate-1/miami-home-sales-report-miami-association-of-realtors-condo-sales-in-miami-miami-median-home-sales-price-existing-home-sales-existing-condo-sales-4043.php

“In Miami-Dade County, sales continue to climb even though the median prices countywide are still seeing declines,” said 2011 Mimai Association of Realtors Residential President Ralph E. De Martino. “But buyers looking for desirable properties in desirable areas will find that prices are already going up. For example, in the fourth quarter of 2010, 67 percent of oceanfront condos in Miami Beach were non-distressed sales. Compared to a year earlier, the median and average sales prices increased 12 percent and 22 percent respectively.”

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