Average sale price of high-end Miami Beach condo up 37 percent
The average sale price of a high-end Miami Beach condo jumped 37 percent during the most recent quarter compared to the same period last year, according to an industry report. The average was $2,653,423 during that period, up from $1,935,041, according to a report by Miami-based Zilbert Realty broker Arno de Vos, which analyzed transactions between Sept. 1 and Nov. 30. The median price was $1.875 million.
Single-family home prices averaged a more modest 5-percent increase. Those sale prices averaged nearly $ 3 million, up from about $2.85 million, during the same period. The median was $1,647, 500.
Closed sales of condominiums rose from 67 to 72, but single -family home sales dropped steeply, from 51 to 36.
For the 12 months from Dec. 1, 2013 to Nov. 30 2014, sales of luxury single family homes remained stable (211 each year) while average price per square foot rose 21 percent to $772.
High-end condos saw an 11 percent rise in price per square foot ($1,079 to $1,199) while sales dipped slightly from 375 to 365. [deVosReport] — William J. Gorta