Miami Beach Luxury Real Estate Market Update
The year 2018 was a great one for real estate investors in the Miami Beach area. In the present year, the market continues to heat up –thanks to the big-name architects and foreign buyers. The city has been bringing attention by attracting global events like the Art Basel, Miami Boat Show and more! Over the past ten years, Miami Beach has seen a surge in luxury developments designed by some of the biggest names in architecture.
Home to Renzo Piano 87 Park and Zaha Hadid's the One Thousand Museum Residences, and projects like Monad Terrace – the Miami Beach market is attracting more tourists and capital each year. Miami is at the perfect intersection of having the ideal climate and a plethora of commercial opportunities.
The Current Market Situation
The first quarter this year proved to be great for the luxury market in Miami Beach, Florida. Demand for both condos and single-family homes increased according to latest reports.
For the luxury single-family homes, the median sales price soared to $10.1 million – marking a 61% increase whereas the overall sales remained the same as last year. Furthermore, the market saw a 38.5% decrease in inventory.
On the other hand, the prices for luxury condos reached $3.23 million – marking a 12.7% increase. However, the sales volume decreased to 2.8%. Moreover, the decrease in inventory was recorded to be 6.6%. Here it needs to be noticed that the reduction in inventory creates more demand. This demand ends up increasing the overall value of the real estate in a particular area. That's the reason why the median sales price in the Miami Beach area sees an upward trend
Best Developments and Areas in Miami Beach
In Miami, you find all sorts of activities. With more than 23 million tourists flying in and bringing $18 billion per year to add to the economy – the city is making waves across the globe. If you are a real estate buyer looking to invest in the safest market, then Miami Beach is the place to go. Here are some of the best developments and areas in Miami Beach you should consider while doing your due diligence.
1. South of Fifth
The South of Fifth is surrounded by water on three sides and is also known as SoFi. Because of its convenient access to South Beach's, the development attracts many luxury real estate buyers each year. This neighborhood is also known to hold some of the most historic restaurants in the area: Smith & Wollensky, Joe’s Stone Crab and Prime 112.
2. Bal Harbour
Known as the safest neighborhood in the Miami Beach area, Bal Harbour has a great lineup of schools and one of the most popular high-end open-air Bal Harbour Shops being the most upscale mall. Since its development in the 1950s, the mall has maintained its luxurious ambiance.
3. Sunny Isles Beach
Known for its casual vibe, the Sunny Isles Beach is a barrier island between Atlantic and Intracoastal Waterway. This neighborhood possesses several high-rise and mid-rise luxury condo buildings and hotels. Referred to as Florida's Riviera, Sunny Isles Beach has a population of several international residents. Some of the most upscale locations in to live are Muse, Chateau Beach Residences, Mansions at Acqualina, Acqualina Resort, Jade Signature, Regalia and Turnberry Ocean Colony.
Is it i good time to purchase real estate in Miami Beach?
YES! The current times are being considered the best to buy a condo in Miami Beach. You will not only get to choose among several great options but also have buying/negotiation power on your side. The buyer always gets the advantage as the luxury villas have a limited number of buyers.