Our Quarterly South of Fifth Real Estate Report and Trends

An Update on the  South of Fifth Real Estate Market

Our Quarterly South of Fifth Real Estate Report and Trends

Welcome to our South of Fifth Real Estate Update. Just like we do for our market updates, in our condo inventory update, we look closely at what happens in the most desirable pocket of Miami Beach, South of Fifth. For the overall Miami Beach condo market update click here.

The condos that trade in the highest price per sq ft are located in this relatively small triangle. This southernmost tip of South Beach is very well known among Miami residents and buyers looking at top locations.

Our Observations in the Different Price Ranges

  • The entry level up to $3M is still quite dynamic. The major indicator – the month of inventory- is now at ten months, which, considering the seasonality of this area, is not alarming. In the past 30 days, we had 13 closed sales.
  • In the $3M to $5M range, we see a much more alarming vertical increase in the months of inventory, from 4 to 66 months of supply. This tremendous jump is mainly due to the complete stop in closed sales recorded in the past 90 days. Sellers might not be aware that only one property was sold in the past ninety days in South of Fifth. On the other hand, 22 new properties were listed for sale on top of the ones already on the market. Buyers are getting a strong indication that more choices are coming their way, therefore prices will necessarily have to adjust in the short term.
  • Surprisingly, more properties traded in the $5M to $10M bracket, where the inventory is growing. Although inventory is growing, it is not growing at an alarming pace. Currently twenty-two months of supply against the six months from the previous months.

We can conclude that the bread and butter of the South of Fifth real estate market, the $3M to $5M range, will certainly experience stronger competition in the upcoming months.
Sellers now realize that this market has peaked and they can still capitalize on their investments without having to be greedy.
That is where the advice of experienced listing agents,  can make a difference between a sale in what is still a high-performing market, or a lost opportunity.

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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