A new month breathed new live into Miami-Dade County’s condo market, though it might be short lived. Sales volume spiked upward last week, buoyed by a major new development sale in Miami Beach and a well-rounded collection of million-dollar closings.
The week was led by the massive $14 million sale of Beach House 8’s penthouse to Brazilian entrepreneur Mario Garnero — the first unit to close at Ugo Colombo and Valerio Morabito’s newly built boutique condominium in Mid-Beach. With five bedrooms, five bathrooms and 5,242 interior square feet, the duplex penthouse’s purchase price breaks down to nearly $2,671 per square foot. Besides it plush interior finishes, the condo also boasts 4,794 square feet of terraces and its own private pool. Daniela Bonetti of One Sotheby’s International Realty brokered the deal.
New development condo sales aren’t typically entered into the MLS, though developers sometimes enter a sampling of them onto the listing service. When they do hit the MLS, they usually give a big boost to the county’s aggregate sales numbers.
In last week’s No. 2 spot was Nelson Gonzalez’s $4.65 million closing of unit 2105 at Jade Ocean in Sunny Isles Beach. The five-bedroom, seven-bathroom unit spent a whopping 705 days on the market and suffered several price chops from its original $8.79 million ask before closing at $1,202 per square foot. Its features include white-and-black decor, ocean views and modern appliances.
Following that deal was a $2.375 million sale at the Trump Palace in Sunny Isles Beach that closed after a little over two months. Unit 3709, listed by Cristina Palomo-Preble of Riteway Properties III, sold for $1,109 per square foot after 76 days on the market. Just like the Jade Ocean unit from last week, this three-bedroom, four-bathroom residence boasts ocean views and luxury finishes — though with a smattering of dark hardwood floors as well.
After those top three deals, the week’s remaining seven most-expensive closings ranged between $1.58 million to $1.1 million.
Miami-Dade saw 166 condo sales last month for a total of $73.8 million. That’s a big spike over the previous week’s $57.38 million sales volume, despite four fewer condos trading. As we mentioned before, that’s mostly thanks to the closing from the newly opened Beach House 8 development. Average prices were $444,540 per unit and $285 per square foot.
Beach House 8 #PH, Miami Beach | $14M | $2,670 per square foot | Daniela Bonetti of One Sotheby’s International Realty
L’Excellence #2006, Miami Beach | $1.228M | $620 psf | 52 days on market | Barry Roth of Koslovsky Realty
Most days on market
Jade Ocean #2105, Sunny Isles Beach | 703 days on market | $4.65M | $1,202 psf | Nelson Gonzalez of Esslinger Wooten Maxwell
Least days on market
L’Excellence #2006, Miami Beach | 52 days on market | $1.228M | $620 psf | Barry Roth of Koslovsky Realty