The Real Deal Miami

Modest yearly gain for Miami Beach’s lux homes and condos, broker report says

Single-family homes rose 5.2 percent and condos 4.7 percent in Miami Beach's $500K and higher market

June 17, 2013 02:00PM

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Arno de Vos

Arno de Vos

The sales prices of single-family homes and condominium units in Miami Beach’s luxury real estate market rose at a steady clip from a year ago, according to a report by Miami-based Douglas Elliman broker Arno de Vos.

From June 1, 2012 to May 31, 2013, 803 condos and 291 single-family homes sold in Miami Beach’s luxury residential market, which de Vos defines as homes valued at $500,000 and higher.

The average sales price of a single-family home in this category rose 5.2 percent, from $2.186 to $2.3 million, while the sales price per square foot rose 11 percent, from $468 to $521.

During the same period, the averages sales price of a luxury Miami Beach condo rose to $1.474 million from $1.408 million, a 4.7 percent increase, while sales per square foot rose 7.4 percent, from $755 to $812.

The priciest listings in Miami Beach as of the year ending May 31 have been a $30 million single-family home, compared to a $19.8 million single-family home in 2012, and a $27 million condo, a 25.5 percent gain over the highest sale a year ago of $21.5 million. –Emily Schmall

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