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2024 Surfside Condo Market Trends & Forecast Q1-Q3
Dive into the latest Surfside Condo Market trends complete with expert advice for buyers and sellers.
Highlights for 2024.
Surfside condos are experiencing price increases across all price ranges except for the $1M-$3M range. The market is divided between older condos, mostly in the $1M-$3M range, and brand-new ultra-luxury condos in the $5M+ and $10M+ range. Notably, all sales in the $1M-$3M range that saw price declines involved condos built between 1970 and 2003, making the newest already 25 years old.
Homes in Surfside are now on the market for an average of 108 days, nearly double compared to last year. Key stats include:
- 50% more listings (30 vs. 22)
- 15 months of inventory overall
- The $10M+ market is performing well, particularly in luxury condos like Four Seasons and Fendi, with one unit at The Surf Club Four Seasons selling for $6,500 per square foot, totaling $48 million.
Most of the available inventory falls within the $1M-$3M range, which has 20 months of inventory. A key issue is that condos priced below $5M are all at least 20 years old, while newer condos are only found in the $5M+ range. Buyers are becoming increasingly hesitant to invest in older properties.
Advice for Buyers, Sellers, and Investors
- Buyers:This is a strong market, but discounts are mainly found in the lower end. As a buyer, be cautious when seeking affordable options or better price-per-square-foot deals—you don’t want to end up with a condo that’s too old or at risk of failing its 25-year assessment. The newer condos, typically priced at $5M or more, are the safer bet. Contact me for details on the ideal price per square foot for each floor plan. With my unique Condo Geeks software, I can help you find the right unit at the right price.
- For sellers The Surfside condo market remains a healthy market, but buyers are no longer willing to overpay. Your listing needs to be priced competitively, or it may stay on the market for a long time. If you own an older condo, now is the best time to sell. Concerns about older buildings are gaining attention, and buyers are steering clear of them. If you’re considering selling in the near future, it’s better to act sooner rather than later and price your property correctly.
- For luxury investors Ultra-high-end condos are in demand as more wealthy families continue to move to Miami. Desired condos for rentals or those that have appreciated most over the years are Four Seasons Surf Club and Fendi Chateau. One new construction condo was recently announced which is the boutique Ocean House Residences.
Commentary on specific transactions and 2025 Predictions
The best performing condos in this market are Fendi and The Four Seasons Surf Club Residences. It is also in these two condos that we see the record sales such as the previously mentioned sale at $6.500 per SF or unit S-709 for $5,600 per SF. A condo that has not performed as well since it was delivered is Arte. We are bullish on this market as it is truly converting into an ultra-luxury market. Besides Ocean House, DAMAC properties out of Dubai also acquired an oceanfront lot and is planning a brand new ultra-luxury project.
Click on the link for the Current Condo Inventory.
To see the latest sales or price point specifics sales and data, please click on the picture below or on this following link: Show me the Surfside Analytics Page
Schedule Time with David (Via Zoom, Call or in Person)
Schedule time to discuss your personal questions regarding the Surfside 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.
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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