The Q1 2020 Miami Real Estate Report: The 10 Most Expensive Condos In Miami

Part 3: What are the Top Luxury Condos by dollar per SqFt in Miami?

In part 3 of this 8 part report we address: “The 10 Most Expensive Condos in Miami”. These are the Condos that have achieved the highest figures – by virtue of asking price or sales price. Taking a look at their statistics we can see the trajectory of sales, what has sold over the last 12 months, all the way back to when the Condos were built and the Condominiums ability to hold value over an entire economic cycle. We report on what the buildings are asking today and what sold in the past.

Our dashboard analysis factors in what traditionally reports either do not or cannot calculate. A very micro view of the buildings on top of a holistic view of the Condo landscape, widening the peripheral vision of the reader and allowing macro-factors to be observed without having to water down or generalize the data at a Micro level. This is what we cover: The $ per sqft in comparison to all the other Condos in the neighborhood and total Miami market, the percentage discounts we are currently experiencing in every building AND the metric needed to recognize how ‘vulnerable’ the buildings are (months of inventory and average days on the market). In short everything you need to list right or buy right is here. With additional and personal analysis we will be able to help you target the best opportunities across the market, knowing what to offer in the face of severe economic pressure such as the Corona Virus or a recession.

These are the The 10 Most Expensive Condos In Miami (in no particular order): Apogee, Faena, 321 Ocean, Four Seasons Surf Club, Glass, Oceana Bal Harbour, Continuum, Setai, St Regis, 87 Park.

An overview of the price per SF for the 10 Most Expensive Condos In Miami

Apogee, South Beach (South of Fifth)

Apogee rises as one of the 10 most expensive condos In Miami and has been pretty impressive from 2009 when it was really first introduced into Miami’s South of Fifth market. Starting at $1,248 per SF jumping up 7-20% in value every year all the way up from 2015 to $2,578 SF, only to drop in 2016 and 2017 but regain ground to $2,749 per SF in 2018. Two sales were recorded in 2019 averaging $2528 per sqft – one in Feb and the next in May, no recorded sales since. Yes, it is extremely boutique, with Fort Knox style security, but it does not even sit directly on the sand. Regardless the quality of the building, the security, excellent floor plans and wrap-around glass view have ensured this condo stays in vogue, yet with a lot of fierce competition from Surfside Condos and an average current asking of $2900 per sqft  I predict this building will experience a slow down unless asking prices comes down much closer to $2500 per sqft.

Since January 2019 the units sold did so within an average discount of 4% off their asking price. What does this mean to a seller? If you are not priced right to start you are really unlikely to sell, because the units that actually did manage to sell were priced fairly aggressively to start with (5% or less of their achieved sales price). Historically over the entire economic cycle this figure was more like 9%. 394 days is the average count for days on the market for condos currently listed – historically units sell faster than this with an average of 227 days on the market before selling. My takeaway from this – Sellers need to be more realistic given the new current market conditions, and buyers need to make sure they are getting their units under 2019 figures.

Faena, Miami Beach

In 2017 Faena took the top spot as the most expensive building (in price per SF) sold in Miami averaging $2,698 per SF. 2 Years later that number dropped to $2,140 per SF based off 2 sales recorded that year!  Faena still offers an unbelievable array of services including a number of well-known restaurants like ‘Poa’, but the Miami Beach neighborhood is no longer considered the prime place to be for luxury condos that honor goes to Surfside. Today it asks an average of $2,800 per SF with an average unit price of $11.4M

Since January 2019 sold units have on average been discounted 12% off their list price and with  an average of only 97 days on market before these units sold. Currently that figure is much higher – 330 days is the average we see right now for active listings, which suggests a number of overpriced listings not hitting the mark.

321 Ocean, South Beach (South of Fifth)

The most luxurious boutique beachfront condo on South of Fifth. If this is your criteria priority then this could be the condo for you. As is the nature of boutique condos (much like Glass, another South of Fifth boutique condo in South of Fifth) we are dealing with a rather limited data set of one sale per year. What is rather interesting is the 14% discount percentage of sale price from asking for the sales over the last 3 years of recorded data. This is ultimately high, reflecting on the fact that sellers have been over reaching on their asking price, or have been less motivated. More likely, because they have had a unique product they have had little to gauge their initial listing price. Ultimately a desirable building, but one that has not been able to break the $2,000 per SF marker achieved in the last 2 years by other more ‘full service’ condos in better locations.

Since January 2019 these units have shown a historic discount on their sales price of 14.5% and 269 days is the current average count for days on the market for this condo (the average over the years is 254 days).

The Surf Club Four Seasons Residences, Surfside

The Surf Club residences belong to the 10 most expensive condos In Miami.You always know you are going to get a high standard with Four Seasons and this building does not disappoint. Its introduction into Surfside has a lot to do with why today Surfside is the neighborhood with the highest sales price per SF in Miami.  We work closely with the developer and there is a few units off market that we are privy to, so please call us if this condo is of interest. It definitely is the most expensive condo for Surfside commanding well over $2,000 per SF.

Since January 2019 the units sold were on the market for on average 259 days, a slight increase off the historic figure 197 days. There are as of the beginning of April 10 units for sale. This is not a huge amount considering the scale of the project (compare that to Oceana Bal Harbour). There have been 12 sales since Jan 2019 on record but we know of many more closed deals that happened through the developer. This Condo remains a high priority focus for buyers, no doubt on account of the Four Seasons name.

Glass, South Beach (South of Fifth)

This boutique South of Fifth condo is a tricky one to analyze on account that there are so few sales recorded and few listings, unsurprising really given that this is a building with just 18 units total. The last recorded sale was in 2019 at $2,213 per SF,  which came at a 6.67% discount off asking. Current asking blends at $2,384 per SF. There are 4 current listings and 25 months of inventory according to velocity of sales.

Since January 2019 the one sale as mentioned above – sold in record time – being on the market for just 14 days. This may be in part due to the fact that it was the 15th floor which is right at the top. Historically days on the market before selling was 101 days and average discount on the listing price: 5%. Currently the 4 units for sale average 279 days on the market. The best chance we have to analyse this is to cross analyse with other boutique Condos like: 321 Ocean, Apogee, Beach house 8 as well as perhaps the new Arte in Surfside (see my most recent Vlog on this Condo)

Oceana, Bal Harbour

Oceana has achieved the highest price per SF for a Bal Harbour condo in the last 6 months at $2,025 per SF. Specifically the David Siddons Group are responsible for this sales as we were the listing agents. This Condo comprises of two towers – North and South. As you might imagine the outer corner units are the most desirable in both Towers (01 line). It is important to recognize that over the 16^th floor you clear the building to the left and right.

Since January 2019 there have been 10 sold units with an average discount off their asking prices of 11%. 240 days is the current average count for days on the market for units (the average days on the market for sold units historically was 231 days). Oceana has seen a very very solid number of sales since 2019 – 11 sales in total and the sheer number of sales is a reflection of the perceived superiority and quality of what is considered ‘The Best Condo in Bal Harbour’.

Continuum on South Beach (South Tower 100 S Pointe Dr), South of Fifth

Continuum is a building that since conception has maintained a standing in the Top 10 Condos in Miami, both for list price and for sales. Other condos have come and gone but Continuum remains firm. A lot of this has to do with the fact that it geographically sits in South of fifth on the tip of South Point, and no other building can or ever will be able to match this location. The 12 acres lot is also the biggest of any condo project in South Florida. The South Tower commands the higher prices and if you can get into a high floor in these lines: The 03, 04, 05 ( or a combined unit from these 3 floor plans which does exist!) you can enjoy the most premium views in South of Fifth with 270 degrees of water view. The amenities are truly top level and more extensive than any other condo: gym, multiple pools, spa, tennis courts and restaurants. This is resort living.

Since January 2019 those units sold have shown a discount off their asking price of 8%. 183 days is the current average count for days on the market for active listings in this condo (the average for the years before on units sold was 176 days – so we are historically moving slower than what is typical).

The Setai, South Beach

2014 Was the year for Setai where it took the top spot for the most expensive price per SF building based off closed sales, achieving $2,885 per SF. Today the Setai, although still being a highly desirable condo/hotel, is starting to feel dated and much like other South Beach condos does not have the same geographical allure as it used to: Surfside and South of Fifth take first and second choice for location above South Beach.

Although the current asking price per SF is averaging at $2,700, it is achieving much less. In 2018 the sales achieved an average of $2,295 per SF dropping to $1,669 per SF in 2019. This can explain why sales have been few and far between and with 26 current listings the current slow rate of sales equates to 157 months of inventory! This is massive. Simply put, a large number of the current listings are reaching way above what is achievable to sell. The average days on the market for current listings is 365 while the average time it took to close listings was 232 days! Sales in 2019 have been at a 22% discount, which is the 3^rd biggest discount of any condo in Miami.

My advice for buyers is offer accordingly and if necessary wait for these overpriced units to come down from the lofty $2,700 per sqft they are on average asking. For sellers recognize that there is a ton of choice out there and if you really want to move your unit recognize that buyers don’t care what you paid, they care what the unit is worth in today’s market.

St Regis, Bal Harbour

St Regis today retains a solid velocity of sales and belongs to the 10 most expensive condos in Miami. With an average current asking of $2,500 per SF yet $1,671 per SqFt being the sold $ per sqft achieved in 2019 there is definitely going to be some solid room for negotiation with the current inventory (40 Months of inventory and 13 active listings means buyers have some good options) in what is a very desirable condo. How much are we seeing on discounts? Since January 2019 we have seen average discounts of 17% off asking price based on closed sales and units stay on the market for 330 days (218 historically and 330 days since Jan 1 2019). David Siddons will be closing on unit 1102 in May at a record low. Please call me to get the details on what superb deal we got for that buyer and how we achieved it!

Eighty Seven Park, Miami Beach

Eighty Seven Park’s unique position as a condo with views to the south over a park (Think a tropical Central park), Ocean views and inter-coastal view – ALL at the same time! This makes this condo one-of-a-kind. Renzo Piano’s vision has now come to life and this boutique condo understandably is setting the marker as one of the most expensive buildings in the whole of Miami. It is the units to the south side of the building that are the unique play. This is a boutique building and there are only a couple of units currently available (some are not listed on the mls) – please call me for the inventory. Expect more resales in the future, but for now with its closing having only started at the beginning of January you will have to wait to see resales come up. Few buildings will make the hairs stand up on the back of your neck with their sheer beauty, this is one of them.

87 Park doesn’t have much data yet as it was just released. Therefore we show you the data which we have so far. The average listing price per SF in the condo is $2,490. Beware that for smaller 1 or 2 bedrooms the prices stay below $1,850 per SF. The bigger units – 3,4 and 5 beds with Ocean view and notably South views over the park expect to pay over $2500 per sqft. The David Siddons Group sold one of the largest units in the building which was a combined floor with full East, South and West views.