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.

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