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Is it a Good Time to Sell Your Miami Luxury Condo?
Should you Sell Your Miami Luxury Condo in 2024?
Whether it is the right moment to sell, depends on many factors such as property age, price point and neighborhood. General advice I can give:
- Older condos, in particular, are becoming a hot topic. With high HOA Fees and escalating insurance rates, many owners are finding them increasingly unaffordable. Buyers, facing the same issues, are becoming less interested in these units. With a significant portion of the condo market already 30 years or older, this problem is set to escalate.
- For rental property owners, changes in the rental market directly impact property values. After a period of explosive rent growth—rents jumped 68% in just one year—recent declines signal a healthy market adjustment. As more inventory becomes available, rental prices are stabilizing, which is a relief given that, at one point, rents consumed 45% of tenants’ incomes. If rent prices continue to drop, property values may follow suit. Considering rising maintenance and insurance costs, now is the time to evaluate your rental property’s performance. If it’s underperforming, you may need to rethink your investment strategy. For more information on whether you should sell your rental property in 2024, click here.
- All the other owners this really depends on where and what they own.
- With our Condo Geeks tool (Condo Analytics Tool), you can review your condo’s performance over its lifespan and compare it to similar buildings in the area.
Read our latest market report to learn more about the risks and opportunities in your Market
2022 BLOG POST BELOW
Selling Your Miami Condo | The Time has Never Been Better
The Miami luxury condo market is very strong right now, but this market is known to be cyclical. As we have always advised in the past: Sell when the market is high and nobody else is selling. We do not expect this market to go down, but it might be experiencing a slight correction at one point as prices cannot go up indefinitely. Many markets have experienced corrections in the past and it does not affect every condo owner equally. The condo market is pre-dominantly an investor-driven market and more likely to react strongly to macro-economic events. If you are an investor in the current market, this is the right moment to sell.

Our listing at Elysee in Edgewater sold above asking price just a week after listing it
How Can this Market Begin to Soften?
The market will soften when the demand decreases or when the supply increases. We do not see demand decrease any time soon, but there is an argument to make that prices cannot keep increasing indefinitely and at one point buyers will stop making offers or start offering below asking price. For this blog we want to focus on the increasing supply. At this moment there are 16 new luxury condos being constructed, many of which have just been announced. We have done the math and the 16 new luxury condos around town provide for a little less than 4,000 new residences. When given a choice, many buyers prefer a brand new condo over a resale condo.

The David Siddons Group has currently 10 units under reservation at different new construction projects around Miami, Fort Lauderdale and Pompano Beach.
Is it a Good Time to Sell Your Miami Condo? | 4000 New Condos Units will enter the market
There are about 16 new luxury condos entering the market and that is just in Miami, not including the new condos in Pompano Beach and Fort Lauderdale.

The Price Ranges of the new Condos
- St Regis Brickell
- Waldorf Astoria, Downtown Miami
- Vita Coconut Grove
- Cipriani Residences Coconut Grove
- Mr C Residences, Coconut Grove
- Mr C Tigertail residences
- Baccarat Brickell
- Casa Bella Residences
- Five Park, Miami Beach
- The Bentley Residences, Sunny Isles Beach
- Onda, Bay Harbor
- La Baia, Bay Harbor
- Aria Reserve, Edgewater
- St Regis, Sunny Isles
- Una, Brickell
- Aston Martin Residences, Downtown Miami

Is it a Good Time to Sell Your Miami Luxury Condo? Yes, our listing at Jade Ocean received 10 showing requests during the first weekend after listing it.
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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