The 2019 / 2020 South of Fifth Real Estate Forecast

The 2019 South of Fifth Real Estate Forecast

The 2019/2020 South of Fifth Condo Market Forecast

 

  • The months of inventory show that the neighborhood will keep moving its inventory and South of Fifth will keep its crown of best performing neighborhood on the beach.
  • Below $1M, the market will be fueled by investors buying income generating units (35% of the sales in 2018), while the rest of the product for sale will see consistent price adjustments.
  • We expect buyers to prefer South of Fifth to the rest of Miami Beach within the high- end of the condo market ($3M – $5M). The South of Fifth market is showing a much lower inventory level (2.5 years) compared to the rest of Miami Beach (6 years). South of Fifth is also considered a relocation heaven.
  • We expect the market of $3M and above to continue selling at discounted prices. Although the high-end of the market has seen some top sales in 2018 showing increased buyers’ confidence, 70% of the inventory is sitting on the market between 6 and 30 months, which will have an impact on the average price per SqFt.
  • New construction will adjust prices even more with just a handful of closed sales
  • South of Fifth’s buyers will keep coming from high tax states and Europe as the beach life is extremely appealing to many relocating families (Please read our 2019 Miami relocation guide).
The 2019 / 2020 South of Fifth Real Estate Forecast

What Does this Neighborhood Economic Health Score Mean?

Using the human body as the perfect metaphor, this neighborhood health score indicates the current economic health of an area and its likelihood to fall ill or to be susceptible to illnesses. It measures the market’s elasticity; it is about robustness and resilience of the market against economic change.

The 2019 / 2020 South of Fifth Real Estate Forecast
The 2019 / 2020 South of Fifth Real Estate Forecast

Advice for South of Fifth Buyers

With much more product available, make sure to get the best advice on where the market is headed in your specific price bracket so you don’t find yourself overpaying. Below the $1M you can go home with great deals if you do not need a high ROI, but look more at asset appreciation in the long run. When buying a short-term rental unit make sure to calculate your ROI carefully as there is less negotiation involved in that sector. When it comes to properties above $1M, prices will see a softening compared to 2018, which was marked by a stronger buyer confidence.
For the luxury condo buyer, focus on the top selling product of South of Fifth, which is still Continuum. For specifics on this visit our Continuum Website.
The other top buildings for this neighborhood are Murano at Portofino, which is undergoing a renovation, Apogee, which is still the most expensive condo in South of Fifth and Glass, which is the newest and most luxurious boutique condo in South of Fifth. Expect to pay between $1,500 – $2,000 per sqft for the best product in this ultra luxury neighborhood.

If you do not find exactly what you are looking for in South of Fifth do consider the growing Surfside neighborhood with condos such as Fendi, 87 Park and Surf Club Four Seasons providing some prestigious luxury alternatives. Also Palazzo Del Sol and Palazzo della Luna on Fisher Island, which offer high luxury finishes with total privacy and private beaches.

Advice for South of Fifth Sellers

Watch for market adjustments on a monthly basis, as this is a fast adjusting market.
Anybody pulling the trigger in 2019 will be looking for a deal and the smart sellers will be the ones seeing further as the following 24 months do not promise any acceleration.

We have custom sites for specific condos such as Continuum, so please call us if you have a unit in the project and are considering selling. Our ability to reach and resonate with New Yorkers and other NE ‘Tax motivated’ buyers is exceptional, and we are constantly engaging with that audience through reports such as this, which educates and lays the foundations for a buying relationship based off providing better education than other agents can provide. Please call me if we can help: 305 508 0899.

Contact the David Siddons Group to learn more about the South of Fifth Condo Market

David Siddons | +1.305.508.0899 | david@siddonsgroup.com

The David Siddons Group is a top-performing Miami real estate group with nearly $100M in yearly sales. David is known as a market analyst and he is the author of several of Miami’s most groundbreaking real estate reports.

 

FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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