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Miami-Dade Luxury Real Estate Update (October 2018)

November 2, 2018

Welcome to our annual End of Year Sales Season. The bellwether for how the following year’s real estate market in Miami should perform.

If you’ve been living under a rock for the last 6 months (or have been in la la land) our market is moving forward and higher (although slightly). Our End of Year Sales Season is usually the period that wraps up the previous quarters (with a nice bow) and demonstrates to Buyers who procrastinated (or required more confidence) that now is the time to locate the perfect property and get ready to buy…. and when you are ready to buy (or sell) Get Wise with WiseCat Realtors!”  The WiseCat is one of the few unbiased, consultative and pro-active Real Estate Agents in South Florida.

Our annual End of Year Sales Season starts in October with properties that went to contract after Labor Day.   Sales were up and continue to move higher (in fact, this has been the trend since February 2018). If these numbers are any indication, we expect to see higher numbers and more sales as the months continue. Our 2019 forecast also looks very favorable, as buyers (formerly on the sidelines) are now making purchasing decisions.

The County recorded 150 closings during the week of Oct 14 to 0ct 20 for a total of $54.2 million, up from the previous week’s 121 closings and $40.8 million in sales volume.

Closing prices in the top 10 deals ranged from $995,000 to $3.7 million.

The most expensive unit was at Four Seasons Residences at the Surf Club at 9001 Collins Avenue in Surfside. Unit 610 in the south tower spans nearly 1,900 square feet, and traded hands for about $1,949 per square foot. This unit was on the market for one day before it sold.

The second priciest condo sale of the week was the $3.5 million trade of a unit at Bal Harbour Tower at 9999 Collins Avenue. Unit 17D sold for about $703 per square foot.

Surfside and Bal Harbour had the most activity; and we remain confident it will continue as Sellers come down to earth and understand this particular Buyers Market.

Here’s a breakdown of the top 10 sales from Oct. 14 to Oct. 20:

Most expensive
Four Seasons at Surf Club, Surfside | #S-610 | 1 day on market | $3.7M | $1,949 psf |

Least expensive
Murano Grande, Miami Beach | #S-610 | 479 days on market | $995k | $603 psf |

Most days on market
Carillon, Miami Beach | #2104 | 1,113 days on market | $2.08M | $967 psf |

Fewest days on market
Four Seasons at Surf Club, Surfside | #S-610 | 1 day on market | $3.7M | $1,949 psf |

ATTENTION MIAMI REAL ESTATE INVESTORS:  SEARCH FOR CONDOS ALLOWED BY LAW TO RENT SHORT TERM HERE

Call 305-523-9323 and “Get Wise with The WiseCat!”

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