High-end condo prices take sharp downturn in Miami Beach. Houses are a different story
Luxury condo prices have plummeted by 23% throughout Miami Beach in recent months, according to a new report Monday.
Sale prices in the popular area and the barrier islands declined on average to $3.47 million from $4.51 million in the third quarter, compared with the second quarter of 2021, Douglas Elliman found in a report on sales of properties priced over $1 million.
At the same time that condos dipped in the Miami Beach market, single-family home prices jumped by 20% — to $18 million from about $14.95 million. The area includes the communities of Sunny Isles Beach, Bal Harbour, Surfside, North Bay Village, North Beach, Mid-Beach, South Beach, Key Biscayne and Fisher Island.
Across Miami’s coastal mainland, both luxury condo and single-family home prices also fell.
The median sales prices dipped by 7% for condos, from $1.35 million to $1.25 million, and by about 14% for houses, from $3.15 million to $2.72 million. The area consists of Aventura, Brickell, Coconut Grove, Downtown Miami, Palmetto Bay, Pinecrest and South Miami.
Meanwhile, Coral Gables bucked the mainland trend, seeing a rise in luxury pricing for both condos and single-family homes.
The median sales price for condos soared by 42%, from $1.4 million to $1.99 million. Prices also climbed for single-family homes by 19%, from $5.05 million to $6 million.
“People are willing to enter what is not in direct sight,” said Jay Phillip Parker, CEO of Douglas Elliman’s Florida brokerage, of Coral Gables. “Your traditional relocation buyer from California, New Jersey or New York, they don’t know Coral Gables. They were going to South Beach, Boca Raton, Palm Beach. People are willing to explore new territory.”
This story was originally published October 26, 2021 at 6:00 AM.
