2024 Bay Harbor Islands Condo Market Trends & Forecast Q1-Q3

Dive into the latest Bay Harbor Condo market trends complete with expert advice for buyers and sellers.

Highlights for 2024.

The luxury market in Bay Harbor Islands is expanding, although in 2024 we saw just 15 sales in the $1M+ resale segment. Prices are rising quickly due to room for appreciation, thanks to its prime location near the beach and shopping areas. Despite strong demand, the area remains a buyer’s market with 33 months of inventory, though new listings are selling faster. The influx of new condos is set to elevate the island’s appeal but will also heighten competition for existing properties.

Advice for Buyers, Sellers, and Investors

 

  • Buyers: The island offers a high amount of older condos to be cautious with. If you want a safer bet focus on the new wave of ultra luxury condos whether its the just delivered Onda or a project that is still under construction such as Mare, La Baia or The Well. Please focus on the east island which is closer to the beach and the shops and is therefore better set for future appreciation.
  • For sellers: Please be aware that if you have a condo in the $1M+ range that there is now severe competition from the many brand new ultra luxury condos. Many buyers and investors are attracted by new construction so while your condo might have been the best in class on the island for a long time, this might no longer be the case. Therefore pricing your unit right is now more important than ever.
  • For luxury investors: The island offers many brand new condos that can compete with luxury construction elsewhere in Miami. We are especially fond of Onda, La Baia, the Welll or any of the three La Mare condos.

Commentary on specific transactions and 2025 Predictions

We have a positive outlook on the Bay Harbor Islands condo market. The island, uniquely positioned and ideally located, is undergoing significant development. In a few years, the landscape will transform with a new wave of condos. The arrival of The Well and the expansion of Bal Harbour Shops are further boosting the island’s appeal, keeping pace with its growing new construction. The islands saw two top sales for sales price over $1,200 per SF at Sereno. Unit 404 sold for $1,300 per and the penthouse sold for $1,230 per SF.

Commentary on specific transactions and 2025 Predictions

We have a positive outlook on the Bay Harbor Islands condo market. The island, uniquely positioned and ideally located, is undergoing significant development. In a few years, the landscape will transform with a new wave of condos. The arrival of The Well and the expansion of Bal Harbour Shops are further boosting the island’s appeal, keeping pace with its growing new construction.

The islands saw two top sales for sales price over $1,200 per SF at Sereno. Unit 404 sold for $1,300 per and the penthouse sold for $1,230 per SF.

Click on the link for the Current Inventory
Read part 1 of our 2024 Report: Overview and Most Asked Qeuestions
Read part 2 of our 2024 Report: Miami Neighborhood Trends

Schedule Time with David (Via Zoom, Call or in Person)

Schedule time to discuss your personal questions regarding the Bay Harbor Islands Condo Market in 2024/2025.

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. 

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.

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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