2016 Year In Review: The Downtown Miami Area Condo Market (Brickell to Midtown)

Image courtesy of Wanderson Dos Santos

As the sun sets on 2016, let’s review our year in real estate. There have been a lot of reports about the slowing preconstruction market, but what about the resale and rental markets? Here’s a quick breakdown:

• Greater Downtown Miami (Brickell to Midtown/Edgewater) saw 1,485 closed transactions this year.
• Those transactions amounted to a total of $720 million.
• The average price per square foot of all sales ended up being $389/square foot.
• The most expensive sale was Pharrell Williams’ penthouse at Bristol Tower, sold by our Madrina herself, Dora Puig, for $9.25 million.
• Brickell’s Taj Mahal finally went into contract.
• There were 92 sales over $1 million, with an average price per square foot of $673.
• 6908 residential leases were signed. This does not include rental-only buildings, who do not report their closed rentals to the MLS.
• The most expensive rental was the 6 bedroom penthouse at Jade Residences at Brickell Bay for $25,000/month.
• There were just over 100 unicorns that rented for less than $1,450/month.
• This guy really screwed up his MarinaBlue apartment.

China didn’t show up the way everyone was hoping back in 2015. Chinese buyers only took 11 condos, according to MLS data. Here are the stats from other countries:

• Venezuela: 51
• Argentina: 50
• Brazil: 41
• Colombia: 40
• France: 13
• Mexico: 10
• Italy: 9
• India: 7
• UK: 7
• Spain: 5
• Russia: 2
• Japan: 2
• German: 1
• USA: 435!
• Undisclosed: 791 (We’re looking at you, 791 lazy Realtors. Please do better with logging your sales data in 2017 so that next year’s year-end post will be better.)

What other stats are you curious about? We would love to improve our content for 2017 and offer more of what you want.