Miami Condo Prices Up 4 Months in a Row

January 2, 2012 by Lucas Lechuga

A report released by the Miami Association of Realtors revealed that Miami condo prices have risen for the fourth month in a row.  Since last November, the average sales price for condominiums increased 21.5% on a year-over-year basis from $193,486 to $226,151.  The average sales price for single family homes in Miami also fared well with an 8.2% increase in the same time period from $300,369 to $324,846.  Cash transactions accounted for 79% of all condominium closings and 41% for single family home closings.

Residential inventory in Miami-Dade County has dropped a whopping 40% over the past year with 14,461 active listings at the present time compared to 24,278 active listings a year ago.  Foreign buyers are the main reason for the dramatic recovery Miami has experienced since 2008.

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23 Comments on "Miami Condo Prices Up 4 Months in a Row"


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Anonymous
Joe
4 years 7 months ago

Wow, this place has really slowed down. I guess everyone got sick of the same arguments. LOL.

Anonymous
Glen
4 years 7 months ago

Where is everybody? Everyone must be out looking at condo’s???

Anonymous
Gixxer1000
4 years 7 months ago

No point arguing anymore when the turnaround is obvious. From a recent NAR report:

“The report looks at which local markets experienced the greatest appreciation in median price and largest reductions in inventory age and inventory levels from the fourth quarter of 2010 to the same period in 2011.”

“Miami took the top spot.”

Anonymous
Makes_Me_Think
4 years 7 months ago

yeah, but there are no jobs being created in Miami. There are no companies moving to Miami that can will create jobs to support a middle class. There are too many foreigners and way too much corruption. Didn’t you guys read that Miami was recently rated the most miserable city in America? Can’t trust those Realtors numbers.

Anonymous
Michael Light
4 years 7 months ago
I really don’t understand why you say “Can’t trust those Realtors numbers.” Facts are Facts and prices are up. There are articles written everywhere lately describing the same thing. People other than Realtors are reporting the same facts. And what does the fact that prices are up have anything to do with jobs, foreigners and corruption? Miami has one of the highest unemployment rates in the country, yet prices are still going up and inventory is still going down. And yes, I read the article about Miami being the most miserable city in America and yet still, prices are up,… Read more »
Anonymous
Makes_Me_Think
4 years 7 months ago
come on you can trust the numbers being reported by the media. It is all a conspiracy to get people to rush out and buy real estate. The truth is that Miami is a third world banana republic with a bunch of foreigners who can’t speak English. American Airlines just announced huge layoffs, there are no new Companies moving their Headquarters here and the jobs that are here are mostly service jobs. There is no middle class here to afford the these condos. Are we to believe people parking cars and cleaning hotels are buying these overpriced condos?
Anonymous
AJ
4 years 7 months ago
Anonymous
F-35
4 years 7 months ago

Makes Me Think, I suspect you’ve never been to any “third world banana republics” if you think that Miami is one of them.
The rest of your lunacy I won’t even touch, since I am not licensed for that (although symptoms are evident and diagnosis is easy).

Anonymous
Makes_Me_Think
4 years 7 months ago

F-35 that was my lame attempt at humor. I was mirroring someone else comments towards good news about Miami Real Estate. I guess you didn’t get in.

My bad

Anonymous
Gixxer1000
4 years 7 months ago

I had to do a quick double take. While I was reading you comments I assumed it was Joe until I read F-35’s comments.

I think its been a while since everyone posted which is why F-35’s didn’t get the satire.

Anonymous
Kramer
4 years 7 months ago

Well the developer broke ground last week on the 70 story project in Downtown Miami called Met 3. My guess is that they did their due diligence on demand for their product whether they sell them or rent them. The demographic trend is the demand from the wave of people who are fleeing the suburbs.

Anonymous
Gixxer1000
4 years 7 months ago

I agree with Kramer. There are still zip codes in the suburbs where prices are continuing to go down, but most things east of I-95 are going up. There is a huge supply gap downtown. And the addition of the 400+ units at Met 3 will do a lot for the street activity downtown. You see places like Kork popping up downtown which is really helping to create real urban living. And as prices go to insane levels in Brickell, downtown will start to get more spill over.

Anonymous
AJ
4 years 7 months ago

I am happy Met 3 finally got off ground. Now Can we have the spot at the proposed paramount Park (Next to Marina Blue) filled up soon.

Anonymous
Gixxer1000
4 years 7 months ago

I wouldn’t count on that happening for a while. With the exception of the revised Met 3 and Met Square the majority of activity happening over the next few years will be in Brickell.

They’ve started sitework on CitiCentre and MyBrickell is scheduled to break ground this month. Then Brickell House shouldn’t be too far behind.

I think the area around Paramount Park and to the north will be on hold for a while until the figure out the destination resort gambling issue.

Anonymous
Kramer
4 years 7 months ago
Actually Downtown is scheduled to break ground on one other massive project in the next year or so. Tibor Hollo’s East Coast Realty has coming “One Bayfront Plaza” at Biscayne Boulevard and SE First Street. Plans are for twin towers with a 1000 foot 70 story office tower and the second tower will be an 850 room four star hotel with convention space. That along with the Met 3 – 70 story building and Met’s buildout of their entertainment and movie house project next door to that will challenge just where the epicenter of Miami will end up becoming. Just… Read more »
Anonymous
Gixxer1000
4 years 7 months ago
One Bayfront Plaza is scheduled to break ground in 2015 at the earliest, leases still run until the end of 2014. Tibor is trying to get this thing before he goes but it will be a challenge. Best case scenario it will be here in 2018. Also Met 3 is no longer a 70 story project. It will still have Whole Foods with parking above that and about 400 rental units above the parking. It should be around 30 stories. The probable projects over the next few years are: Brickell Citicentre MyBrickell MyBrickell 2 at lot near Axis Brickell House… Read more »
Anonymous
Gixxer1000
4 years 7 months ago
From an article on miamitodaynews.com: But from 2010-’11, “it was a much better picture,” Mr. O’Connell said. “Inventory dropped by 40%, sales increased by a little over 8%, and suddenly the price per square foot rose by 16.41%.” “As a result, she said, the average asking price, which was $486,000 last year, is now $583,000 — and the average sold price has gone up from $279,000 to $352,000.” “A lot of people are pulling money out of the stock market now and putting it in real estate,” Ms. Thomson said. “Attorneys and financial advisors from New York are looking for… Read more »
Anonymous
Gixxer1000
4 years 7 months ago

I should clarify, that article was about Brickell.

So all the geniuses here talking about how the market was going to drop even more were too busy looking at the overall market and arguing about Miami being a banana republic all the while the actual places anyone coming to MiamiCONDOinvestments would be looking to buy are/were going up.

Anonymous
AJ
4 years 7 months ago
Lucas, I am pricing my 1800 club condo rental price. I went to check your “recent rentals” link and see that it has not been updated since October 2011. I would like to know the comps before I can decide on pricing my unit for rent. 1) Any chance, you will be updating the recent sales/rental column? 2) If not can anyone guide me here as to how I can get that information as I am not a RE agent and as such do not have access to the MLS database? 3) Or at least pull out some info and… Read more »
Anonymous
Michael Light
4 years 7 months ago
AJ, We appreciate your question about pricing your rental at 1800 Club and your continued support of our site. Please note, we are realtors. We make a living selling and leasing condos. As you can see, we do not use the site to generate ad revenue like some other agents in Miami. We are not here to provide you with free information so you can go and list your unit with someone else or on your own. Our website is a marketing tool to inform all of our followers on how well informed Lucas and I are with the condo… Read more »
Anonymous
AJ
4 years 7 months ago

If there is not enough info on the lines 5 & 7, at least lines 3 & 9 will also suffice. They are the smaller 2 bed units also with direct bayview. Usually 5 & 7 lines go for $100-$200 more than lines 3&9.

Anonymous
Gixxer1000
4 years 6 months ago

“Record demand for Miami properties has caused inventory to rapidly decline, resulting in limited supply,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. “Now home prices in Miami are significantly rising and sooner than expected.” The average sales price for single-family homes rose to $334,952 last month from $238,527 in January 2011, a 40.4 percent increase. The average condo sales price rose 45.2 percent,to $248,443 from $171,077. Inventory fell by 37 percent over the last year.

Anonymous
Gixxer1000
4 years 6 months ago

“The new Mansions at Acqualina has reportedly earned $200 million in sales in its first month on the market, with 51 percent of the units sold. Prices at the Sunny Isles project, which is the brainchild of Eddie and Jules Trump (no relation to Donald Trump), begin at $5 million. It includes 79 private residences conceived as oceanfront villas, topped by a $50 million, 16,000-square-foot penthouse property. Construction is set to begin by the end of the year.”

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