The 90-Day Brickell Condo Report | Q3 2021

Your Condo is Probably Worth a Lot More Than You Think

Now that we have your attention, let’s dive into our 90-day Brickell Report. The reality is that the 2021 Brickell market is on fire – and not just because we have wonderful 85° weather year-round. Listings are selling, cash sales are rising, inventory is minimizing, and people are buying!

In August 2021, Miami condo sales (number of closed transactions) had an increase of 70.1% year-over-year. Luxury condo sales ($1M+) took the lead with, increasing 217.1% year-over-year, of which 47.6% were cash deals. Back in August 2020, the condo market was a Buyers’ Market (with an estimated 14 months worth of supply), while today is very clearly a Sellers’ Market (with approximately 4.9 months of supply).[i]

If you have (or haven’t) thought about selling your condo, keep reading. This report is designed to provide homeowners with the right market knowledge and analytics to enhance their decision. While the data speaks for itself, we want prospective sellers to take into account an essence of urgency, given that this booming condo market won’t last forever. With new construction development projects launching sales and breaking ground – read our latest Brickell blog to find out if you’ll be affected– now is your time to test the condo market, while pent-up demand keeps surging.

The Brickell Condo Report for Q3 2021

This Brickell report specifically compares Q3 2020 to Q3 2021 data, providing you with real and actionable market figures. Some quarters are known to inherently outperform others due to seasonal trends, but seeing these striking year-over-year price increases is why we are urging condo owners to explore a potential sale.

The following report uses data collected from the Multiple Listing Service (MLS) by using the median sale price per square foot ($SP/SF), instead of the average price per square foot, since the median removes all outliers (extreme highs and lows). The median figure serves to create a more stable and realistic benchmark. We have tailored this report to include newer buildings (2014 or newer), as well as slightly older buildings (2004 or older) to give condo owners a general overview of the current Sellers’ Market.

1. Echo Brickell | 1451 Brickell Avenue (Built: 2017)
   • Q3 2021: Median Sale Price Per Square Foot ($SP/SF): $893
   • Q3 2020: Median $SP/SF: $592
   • ≈ 51% increase in Sale Price Per Square Foot

2. Brickell House | 1300 Brickell Bay Drive (Built: 2014)
   • Q3 2021: Median $SP/SF: $598
   • Q3 2020: Median $SP/SF: $444
   • ≈ 35% increase in Sale Price Per Square Foot

3. Rise at Brickell City Centre | 88 SW 7^th Street (Built: 2016)
   • Q3 2021: Median $SP/SF: $624
   • Q3 2020: Median $SP/SF: $473
   • ≈ 32% increase in Sale Price Per Square Foot

4. Santa Maria | 1643 Brickell Avenue (Built: 1997)
   • Q3 2021: Median $SP/SF: $679
   • Q3 2020: Median $SP/SF: $615
   • ≈ 10% increase in Sale Price Per Square Foot

5. Four Seasons Residences | 1425 Brickell Avenue (Built: 2003)
   • Q3 2021: Median $SP/SF: $909
   • Q3 2020: Median $SP/SF: $534
   • ≈ 70% increase in Sale Price Per Square Foot [ii]

6. Jade Residences at Brickell Bay | 1331 Brickell Bay Drive (Built: 2004)
   • Q3 2021: Median $SP/SF: $775
   • Q3 2020: Median $SP/SF: $633
   • ≈ 22% increase in Sale Price Per Square Foot

The information listed above simply serves as a benchmark of the median sale price per square foot. Importantly, this does not take into account the characteristics that make your unit potentially more valuable than others. At the David Siddons Group we dive deeper than just the headline figures, guiding our clients with our trusted expertise and pricing recommendations. We look out for unique floor plans, ceiling heights, interior upgrades, orientations, views, and ultimately the quality of the line. We also analyze the financial health of each building and its respective management company, and are always on the lookout for surrounding development projects (or lack thereof).

We have an unmatched level of expertise and capability to sell your property, as well as an internal network of trusted territory managers that will find you your next dream home or investment property, whether it’s on or off-market. The decision to sell your condo is as simple as it will ever be, as there’s never been a better time to test the market than today. You have nothing to lose and everything (or at least a whole lot!) to gain.

[i] Buyers’ Market = more than 9 months of supply; Sellers’ Market = less than 6 months of supply; Balanced Market = 6 to 9 months of supply.

[ii] The percent increase is higher than the other buildings since there was only 1 sale in Q3 2020 for Four Seasons meanwhile in 8 sales in Q3 2021.