The Real Deal - South Florida
August 15, 2013
Luxe Miami Beach Residential Roars Ahead
By Emily Schmall
Double-digit gains for $500K-plus single-family homes and condos
The sales prices of single-family homes and condominium units in Miami Beach’s luxury real estate market gained from a year ago, according to a report by Miami-based Zilbert Realty broker Arno de Vos.
From August 1, 2012 to July 31, 2013, 826 condos and 304 single-family homes sold in Miami Beach’s luxury residential market, which de Vos defines as homes valued at $500,000 and higher.
The average sales price of a single-family home in this category rose 14.1 percent, from $2.21 million to $2.52 million, while the sales price per square foot rose 11.2 percent, from $480 to $534.
During the same period, the average sales price of a luxury Miami Beach condo rose to $1.49 million from $1.41 million, a 6.5 percent increase, while average sales per square foot rose 5.6 percent, from $765 to $808.
The priciest sales in Miami Beach as of the year ending July 31 have been a $30 million single-family home, compared to a $14.3 million single-family home sold during the previous year, and a $27 million condo, a 25.5 percent gain over the highest sale a year ago of $21.5 million.