The 2018 Bal Harbour Luxury Condo Report

Bal Harbour Luxury Condos for Sale | The 2018 Market Analysis

Please use the orange buttons to read the latest information on the Bal Harbour real estate market. The original article was written in 2018 and information might be outdated.

A Soft Second Home Market 

When discussing the Bal Harbour luxury market it is essential to know that there are only a handful of luxury condos available in this neighborhood (far fewer than we see in other neighborhoods like Miami Beach, South Beach or Sunny Isles). The luxury condos are: St Regis, One Bal Harbour, Bellini and Oceana. With that said it is important to say that this small neighborhood works in conjunction with other sections of the beach and buyers generally won’t discriminate their buying behavior from one part of Miami Beach to the next, most notably from Surfside which is 1/4 mile to the south.

Understanding this neighborhood’s buyer and seller behavior is best understood by the demographic profile. Bal Harbour has always been strongly supported by foreign investors who bought luxury condos as a second or third ‘vacation home’. Many of these investors come from countries that currently have challenged economies and currencies, which in turn may have potentially caused a softening in 2017.

Oceana Bal Harbour is the newest addition to the neighborhood but there are limited sales (less than 3 units are sold) so we have to be careful not to make sweeping assumptions.

The 2018 Bal Harbour Luxury Condo Report
The 2018 Bal Harbour Luxury Condo Report
The 2018 Bal Harbour Luxury Condo Report
The 2018 Bal Harbour Luxury Condo Report

Much like Sunny Isles, Bal Harbour as mentioned is not a primary market. Many people buy in Bal Harbour for their second home and this has become a legitimate problem in an overheated market. Signs of an overheated market (high levels of inventory and high asking prices, which result in long periods on the market) combined with a soft rental market (high levels of rental inventory) typically result in more immediate and aggressive downward behavior compared to primary markets (where the majority of homes are a primary residence). Contact me for my personal and unfiltered opinion about the different condos in Bal Harbour.

Advice for Buyers of Bal Harbour Luxury Condos

Bal Harbor is not an investment play neighborhood right now, it is more a second home play, which you chose because you like the area. You might also consider neighboring Surfside. This is fast emerged as a new luxury area for Miami Beach with luxury condos such as Eighty Seven Park (Still Miami Beach but very very close) and Fendi, which has justifiably delivered some record breaking sales. Statistically, we have seen 15 sales over $3m in the neighborhood of Bal Harbour. Expect to pay between $1500-$2000 per sqft for one of the top 2 Bal Harbor condos: St Regis or Oceana or economize with Bellini at just under $1000 per sqft. Definitely consider: Fendi and 87 Park.

Advice for Sellers of Bal Harbour Luxury Condos

The Bal Harbour market is seeing less demand than before. As mentioned before, other Miami areas have emerged that are now offering a superb lifestyle and high-end condos. If you want to sell your Bal Harbour luxury condo, you have to sell at an attractive market price. As you can see most luxury condos have seen a loss in value after the 2015 peek. Also make sure you have an agent with national and international outreach. Marketing your unit only to a Miami base of realtors and buyers will not do the job anymore, especially when you are dealing with a particularly broad base

Contact David Siddons to know more about the Bal Harbour Luxury Real Estate Market.I can give you an uncensored opinion about Bal Harbour’s condos over the phone (Which for legal reasons I cannot do in this report). Whether you want to sell or to buy a luxury condo in Miami or Bal Harbour we can help you with insights and an excellent (digital) marketing strategy.

David Siddons | +1.305.508.0899 | David@siddonsgroup.com

David Siddons is a top producing Miami realtor with nearly $100M in yearly sales. He is known as a market analyst and he is the author of many 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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