Lap of luxury: Miami-Dade’s $10M housing market is on fire as sales skyrocket
Demand more than doubled this year for single-family homes and condos priced at or above $10 million in Miami-Dade County, according to a new luxury sales report.
The number of ultra-luxury houses and condos sold between the first and second quarter 2021 rose by about 54%, to 80 transactions from 52, according to the first luxury sales report by the New York-based brokerage firm Bespoke Real Estate.
The firm looked at the total number of real estate transactions for listings priced at or above $10 million on the Multiple Listing Service for South Florida, the Hamptons on Long Island and New York City. For South Florida, it compared the sales volume between Miami-Dade and Palm Beach counties.
Miami-Dade also had more luxury sales than Palm Beach, which trailed behind with a total of 60 deals in the second quarter, up from 27 deals in the first three months of the year, an approximately 122% quarter-to-quarter increase.
“Miami offers the most diverse set of real estate [compared to Palm Beach],” said Harlan Goldberg, senior managing director and head of Bespoke Florida. “You have to come in with a bigger budget to go into the Palm Beach market. There are opportunities for buyers but it’s limited. You can come in at around $15M or $18M but you will have to be prepared to do work.”
Luxury homes were priced slightly cheaper in Miami-Dade than in Palm Beach. Miami-Dade had an average sale price of about $17 million for houses; Palm Beach had an average sales price of about $22 million.
The reverse is true for the condo market. In the over $10 million category, Miami-Dade had an average sale price of about $16 million while Palm Beach had an average sale price close to $14 million.
