The Beach’s luxe homes trading more swiftly

However, year-over-year price appreciation slows to single digits

Sep.September 16, 2013 01:00 PM

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

Related Articles

Chad Carroll, Mariana Trentini, and Fabio Lopes, and Christopher Burch with 5050 North Bay Road

Heinz Brasil exec sells waterfront North Bay Road home to Christopher Burch

Jeffrey Soffer and Fontainebleau Miami Beach

Fontainebleau Miami Beach reveals proposed addition

David Martin, Russell Galbut, and a 500 Alton rendering (Credit: The Next Miami)

Miami Beach, Crescent Heights, Terra agree to settle dispute over floor-to-area calculations

Amir Zwickel and a Showfields store

Showfields to bring new retail concept to Lincoln Road

David Arditi of Aria Development Group and 321 Ocean

Condo association alleges construction defects at 321 Ocean: lawsuit

Julian Cohen and a rendering of the project

Felix and Julian Cohen propose waterfront spec mansion on North Bay Road

1452 Washington Avenue (Credit: Google Maps, iStock)

Spanish investor buys mixed-use building near Española Way

Joseph Menaged with his units at Faena House and One57 (Credit: Facebook, Redfin, StreetEasy)

Father of “Property Wars” star pleads guilty to bank fraud