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    The 2018 Miami Beach Luxury Condo Report

    August 23, 2018

    The 2018 Market Analysis for Miami Beach Luxury Condos for Sale

    The 2018 Miami Beach Luxury Condo Report
    The 2018 Miami Beach Luxury Condo Report
    The 2018 Miami Beach Luxury Condo Report
    The 2018 Miami Beach Luxury Condo Report
    The 2018 Miami Beach Luxury Condo Report

    High Inventory, but not necessarily less demand

    The Miami Beach condo market saw a considerable correction in 2016, one year after the condo prices peaked. The properties priced at the highest price per SF saw the biggest decline while the lowest and average priced properties seem to have experienced just a small correction.

    Like in many other markets, the newest wave of condos offered a mix of good product as well as condos that were disappointing to say the least. Many developers sold luxury condos merely based on ‘location’ and flashy gimmicks. In the end we saw what we call the “McDonalds effect”. They promise a perfect end-product, but what you get is a burger with features that are less than perfect. Some of the new products saw their price take a dive almost immediately, while others are performing quite well. In the resale market we noticed the piggyback mentality of sellers. The arrival of some ultraluxury condos inflated the market prices and condos that had little to no luxury to offer, piggybacked on the sales prices of neighboring luxury condos. Overconfident sellers sold condos to buyers that did not do their proper research and had a “followers” mentality. Instead of looking at the condo they bought into, buyers looked at the overall market.

    Although we saw a sharp decline in inventory in 2018, mainly due to an increased amount of sales, inventory is still elevated. I don’t think the high inventory of the Miami Beach luxury condos is due to the lack of demand. There is still a good number of buyers for the Beach, but prices need to come down. We still see movement within the good-quality condos and condos that are well priced. We think the market is currently seeing a price correction that was necessary after a few years of seeing extreme record prices.

    If you want my personal opinion on which condos to avoid and which ones to focus on, please contact me on +1.305.508.0899

    Special Note: If you are looking for luxury condos on the Beach you might want to look at Surfside. This little niche just north of Miami Beach offers high-end luxury condos such as 87 Park (Still located on Miami Beach), Fendi Residences and the Surfclub Four Seasons. This area is ideal for those who want to live close to the Beach, yet prefer more privacy and tranquility.

    Advice for Buyers of Miami Beach Luxury Condos

    If you are looking for a Miami Beach property, do not look at the market prices but rather at the prices within the condo, preferably the prices in the specific line. Start your research on microlevel. Especially in the ultra-luxury end of the market people find it hard to compare prices, as these condos are extremely scarce and unique. Always use my guide as a measuring tool as to when you might be overpaying. Aim for waterfront condos, corner units, high ceilings or other unique features that sets your unit apart in a very competitive market.

    Advice for Sellers of Miami Beach Luxury Condos

    Stop thinking of the market and start looking at your unit. Is your unit worth to follow the market prices? Buyers are overly price conscious and if your unit does not have the best finishes or unique features, today’s buyers won’t pay top dollar. We still see high prices per SF being paid in some of the condos. This means that a good quality unit priced correctly is still very much in demand by its buyers. Sellers however need to be aware that the market has changed and buyers have an advantage in today’s market. Again, there is demand for Miami Beach luxury condos, but trying to get record prices will not bring any traction to your unit.

    Contact David Siddons to know more about the Miami Beach Luxury Condo Market or for an unfiltered opinion about which Miami Beach Condos to avoid (Which for legal reasons I cannot do in this report). Whether you want to sell or to buy a luxury condo in Miami Beach, 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.

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    THE 2018 MIAMI REAL ESTATE REPORT

    EX-STOCKBROCKER’S ANALYSIS OF THE MIAMI MARKET

    Call us at: (305) 508-0899 or email us below at david@siddonsgroup.com
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