With a fierce residential market, the attention has turned from single-family homes to condos and also condo hotels for investment purposes. Everyone escaping high tax states and excessive controls wants what Miami offers and the great surplus of 70+ months of condo inventory may soon be a thing of the past.

The negative absorption of excess inventory from both a market slowdown and pre-construction condo boom spanned from 2015 to 2020. Once Florida reopened approximately 10 months ago, all eyes have been transfixed on owning South Florida real estate. The absorption rate has kicked into full gear as we noted a decade ago from 2010-2012 and shows us clearly in these graphs below.

The well-appointed Miami penthouse is no exception and what most buyers prefer having the highest all-encompassing coastline views and quite simply the premier trophy property in any given development.

What’s happening with Miami’s coastal condo demand?

Here’s the scoop…

Throughout the coastal areas of Miami Dade, we see absorption taking place (condos >$1m) to what is a 7.6 month supply as of March 2021. Supply is decreasing as demand increases. The average price per square foot is 1130 psf while activity took a quick downward turn in November 2020.

Miami Penthouses for Sale

As for Miami coastal penthouses, there are approximately 183 active MLS options for sale. Within the last six months, 104 penthouses have sold and within the prior 90 days, 61 have sold (approximately 20 penthouse sales each month). Looking further into the closed sale penthouse statistics, we find the average sale price at $3.185m (3 bedrooms @ 2580SF) with a sale price per square foot of $786 psf and a 7% buyer discount. I’ll report back on these penthouse stats in ~10 months to see what remains, all things relative.

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Let’s talk  #888.38.DREAM or contact me for a curated property list of new residential opportunities matching your wants & needs here in South Florida.

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You have ONE life to live. You should expect the most from it. As you create your life’s legacy—through friendships, family, and professional accomplishments—you need partners on the journey who take the time to know and understand you and your goals. Professionals who seek to find the perfect place where your dreams can live and take shape in all that surrounds you, inspires you and reflects your values. At ONE Sotheby’s International Realty, that is what inspires our mission: to give extraordinary lives a home to thrive. – OnlywithONE

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I’m connected with the world’s best luxury real estate brand and a vast global network of friends & colleagues who offer a bespoke experience wherever you are in the world. Locally, I offer the very best in real estate knowledge and client services as a master broker-associate with the leading firm, ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, prestige, their propensity for perfection, and quite simply, the immense global reach in curating luxury goods and real estate. Since 2002, I’ve been successful in the South Florida residential market with knowledge, experience, and white-glove service that consistently exceeds expectations.

Technology & Resources.

The Miami Beach Real Estate Blog is an excellent resource for Southeast Florida residential real estate data, trends, and property information. South Florida’s population influx is an important factor in assisting our growth and resilience so check back often to uncover more about South Florida real estate opportunities and trends.

• MiamiPenthousesandEstates.com
• FortLauderdalePenthousesandEstates.com
• Coleman.Properties
• MiamiDreamRealty.com
• ONE Sotheby’s & Ashton Coleman, P.A.
• Jade Beach, Jade Ocean & Jade Signature

• What’s My Home Worth Today?
• Marketing Your Property by Ashton Coleman
• Sotheby’s Marketing Presentation
• ONE Sotheby’s International Realty | Marketing Affiliates

• Client Reviews
• Sotheby’s International Realty History/Overview
• Sotheby’s – An Overview and the Auction House
• ONE Sotheby’s International Realty History/Overview

An ALEXA Flash Briefing is now on Miami’s Residential Real Estate – if you’d like to hear reports from Amazon Alexa, simply enable and I’ll deliver the relevant news simply by asking for the latest news or flash briefing!

• Miami News  http://bit.ly/MiamiAlexaFlashBriefing
• @AshtonColeman’s Podcast

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You are a client – not a customer:

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• Customers purchase a commodity or service.

Knowledge is protection. As a client, you can expect confidentiality but also risk assessment with fully accurate information that you will understand, implement, and use to build your net worth.

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