Miami Beach’s priciest residences are selling in greater numbers and at a faster clip as the rate of price appreciation slows, according to Zilbert Realty broker Arno de Vos.
The number of closed transactions for single-family homes skyrocketed 38 percent in the year ending August 31. Closed condo sales soared 21 percent during the same period, according to the report.
“This clearly illustrates that buyers still perceive Miami Beach as representing immense value on a global scale and are eager to buy, despite the premium compared to three or four years ago,” De Vos told The Real Deal in an email.
The leap in prices, however, has slowed from double- to single-digit growth.
Single-family homes in a market de Vos defines as upwards of $500,000 sold for an average $2.39 million, a 3.5 percent gain over the average $2.31 million a year ago. The average sales price of a luxury condo was $1.44 million, a 2.9 percent increase from the average sales price of $1.4 million a year ago.
At $1,486 per square foot, Star Island leads the pack with single-family homes sale prices. Apogee in the South of Fifth neighborhood has netted the most for condos, with an average of $2,371 per square foot. — Emily Schmall