Downtown Miami waterfront condo market sees 20 percent price increase

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The waterfront condominium market in downtown Miami saw a 15 percent increase in average sales prices at the halfway point of 2012, according to a new report from One Sotheby’s International Realty. There were a total of 314 waterfront condo transactions in the first six months of 2012, down 12 percent from 356 in the same timeframe in 2011. The average sales price rose to $485,256 from $420,216, with the median sales price rising 20 percent in the same period. The non-waterfront market saw a 26 percent increase in median sales prices in the same period. — Alexander Britell