The Miami Beach Luxury Homes Real Estate Market is not as active as we would like it to be with only 11 sales above $1,000,000 this year (from January 1st to today). With an average sales price of $2,082,250.00 and an average price per square foot of $568.96. The sales are well distributed within Miami Beach: 2 on Venetian Islands, 3 on North Bay Road, 2 on Pinetree Drive, 1 on Palm Island, 1 on Normandy Island, and the rest scattered inland.
Take a look at the document with all the sales – CLICK HERE
When looking at these numbers and trying to come up with a fair value for a Miami Beach home, I cannot stress enough how important it is to use comparable sales in close proximity to the property in question and not general numbers like all the sales in Miami Beach (and much less the sales in Dade-County…..that’s as far a stretch as I can take). Pulling the 2 sales from Venetian Islands increases the average price per square foot to $702.33 – it is crucial to also compare apples to apples. The 2 sales from Venetian are very different sized homes with very different styles and water views which make a big impact when pricing.
If you ever want to see numbers for a particular city or subdivision, send us a quick email or leave a comment and we will be glad to prepare a report for you.
The market is coming back!
Yes it is Stuart