- Best of All
- Best Miami Luxury Condos
- Most popular
- Relocating to Miami
- Private Schools
- Investments
- Gated communities
- Waterfront information
- Luxury homes
- Luxury Condos
- New Construction Condos in South Florida
- Independent Pre-Construction condo reviews for Miami
- Independent Pre-Construction condo reviews for Fort Lauderdale
The High Demand for Large Bal Harbour Condos is Driving up Prices
Advice for Bal Harbour Condo Owners | Sell When Nobody Else is Selling
There is a massive demand for large Bal Harbour condo units for sale
We get daily leads from buyers looking for condos in the Bal Harbour area. Buyers want to be on the beach, but they prefer to be outside of the busy or touristy streets of Miami Beach. Together with that trend we see that after Covid-19 more and more buyers are looking for large units to make it their primary residence and to be able to work from home. The demand for large units in the Bal Harbour area has therefore skyrocketed. We created this report with our Bal Harbour specialists Stefania Cambarau who confirmed the enormous increase in demand for these type of units especially when these units are completely redone or updated.
Not only large units in Bal Harbour are desired with buyers. Demand for large residences is up across town. Our latest Sunny Isles listing at Jade Ocean was under contract within 2 weeks.
Recent Trades
Unit 2601 at Oceana, a spectacular 4,185 SF Corner residence traded for $11.5M in March 2022, and relisted in April of 2022 for $15.7M. Both times the unit was listed with all furniture included. That is a 36% increase.
Unit 2302S at the St Regis in Bal Harbour sold for $6.5M in March of 2021 and just over one year later in April of 2022 it sold for $8.4M. That is a $1.9M profit in 13 months a whopping 30% increase in value.
Unit 1402 at Bellini sold in December 2019 for $2,834,000 and is now under pending sales contract with a last asking price of $4.7M. Nearly $2M appreciation in just over 2 years. The 01 and 02 line at Bellini are very desired and rarely go on the market.
The St Regis in Bal Harbour
Sharp Increase in Price Levels
Looking at our Condo Analytics Software “Condo Geeks“, we see the sharp increase in values. I looked separately at condos like Oceana and St Regis (second screen). In both screens we can see that the Bal Harbour condo market for large condo residences has surpassed the values of the previous peak and is heading to new highs.
Current Inventory
As per April 25, there are only 13 residenes in Bal Harbour that offer 3,000 SF or more. The majority of these is listed north of $6M, while just 4 of them are asking between $2.4M and $4M. Furthermore, many of these 13 units are in need of a full renovation, which for this size of unit can go up to $1M. Some of these buildings have long waiting lists to start a renovation project. So the actual availability for move-in-ready units is even less.
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!
WHY WORK WITH DAVID? THINGS YOU SHOULD KNOW...
For all our analytics we are agents driving some very unique and advanced tech. We Provide a granular and custom experience that empower our clients with the insight and tools to understand the most complex behaviors of any local markets.
-
Analytical
Over 100 reports produced to date
-
Knowledgeable
Over 1800 published articles and counting
