Local 10 News features Miamism's take on the Miami Beach Luxury real estate market. I was interviewed by Julie Summers on Friday regarding an article I posted about discrepancies in Miami Beach Luxury Real Estate list versus sale prices.
Of course the media will always try to sensationalize the news - so I will give you the findings of my research to see if it is true that "Housing Crisis affects Luxury Home Prices".
From my article above, there were obvious discrepancies between list and sales prices in September in the Miami Beach Luxury Real Estate market. But the purpose of that article was to present a question to our readers - were September numbers a fluke? or is that a trend we will begin to see? I decided to do a small study on Luxury property stats to see what the real numbers are instead of an isolated month. Here's what I came up with:
In 2007 - There were 91 Miami Beach Luxury Homes sold in the price range of $1,420,000 to $16,400,000 -
- The average percent difference between list price and sale price in 2007 was 12%
- The average list price per square foot was $718
- The average sale price per square foot was $629
In 2008 - There have been 70 Miami Beach Luxury homes sold in the price range between $1,000,000 and $13,100,000
- The average percent difference between list price and sale price in 2008 has been 12% (no difference from last year)
- The average list price per square foot is $806 (quite a bit higher than last year)
- The average sale price per square foot is $712 (HIGHER - prices have increased)
In 2007 - There were 162 Miami Beach Luxury Condos sold in the price range of $1,110,000 to $12,000,000
- The average percent different between list and sale price in 2007 was 9%
- The average list price per square foot was $950
- The average sale price per square foot was $852
In 2008 - There have been 153 Miami Beach Luxury Condos sold in the price range between $1,002,000 and $12,300,000
- The average percent difference between list price and sale price in 2008 has been 11% (slightly higher than last year)
- The average list price per square foot has increased to $1021
- The average sale price per square foot has also increased to $910
Remember that stats are just that, and as much as I like to play with numbers and give you statistics, you cannot generalize. These numbers are provided to give you an overall impression of the Luxury Real Estate Market, but it's important for you to study each particular situation individually. Miami Beach Luxury Condos for example are very particular because you cannot compare sales in Apogee to Bentley Bay for example - you need to know each building, the historical numbers and each seller's situation.
If you are a Miami Luxury buyer, it's good for you to know that there ARE sellers in distress and as I said in the interview, Foreclosures in the Luxury Market which is INSANE! But don't assume that everyone wants out and is willing to dump their properties.
I also pointed out that there are a lot of cash buyers from Europe and South America - we are currently working with French, Italian, Venezuelan and Russian clients willing to pay cash if the right property comes along.
As for the 2 properties featured on the news - They are Majestic Properties Listings:
The Temple House - 1415 Euclid Avenue - Miami Beach
Listed at $9,950,000
The Temple House, South Beach's largest residence. Over 16,000 square feet as per previous tax records. This former synagogue was transformed into an ultra contemporary residential compound over a two-year period. Living quarters abound on both levels - 6,000+ square feet grand loft with approx. 30 foot high ceiling, 2,500 square foot outdoor terrace, 2-car garage plus parking for 3 additional vehicles and much more!
- 5 bedrooms / 6 bathrooms
- Built in 1935 by known architect L. Murray Dixon (architect for The Victor and The Tides hotels)
- converted into a synagogue in 1942 and expanded by known architect Lester Avery in the 60's
- Turned back into a residence in 2003 by current owner - Daniel Davidson (2 year process)
- polished concrete floors
- 7,000 square foot living area with 30? ceilings
- mezzanine overlooking living space
- media room
- plans for a second floor pool area on terrace.
The Continuum - 50 S. Pointe Drive, #3301 - Miami Beach
Listed at $9,500,000
One of a kind direct oceanfront condo in Continuum South Beach. Ultra-modern luxury residence located on the 33rd floor with breathtaking ocean and city views. 3,000+ square foot of open living space, private elevator foyer, floor-to-ceiling windows, 1,300+ square foot of terraces and large Italian open-style kitchen, complete with Miele appliances. Building located on 13 acres of prime oceanfront land at the tip of South Beach
- 3 bedrooms / 3.5 bathrooms
- 2 parking spaces
- private elevator foyer
- over 1,300 square feet of terraces with amazing views of the Ocean and South Beach
- Full amenity building with Spa, state-of-the-art fitness center, valet, concierge, etc.
- built in 2008