The High Demand for Large Bal Harbour Condos is Driving up Prices

Advice for Bal Harbour Condo Owners | Sell When Nobody Else is Selling

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.

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.