Trending
Weekly luxury contracts down in Miami-Dade, led by $20M Continuum unit
Nine deals inked for condos and homes asking a combined $66.5M
Dealmaking in Miami-Dade County’s luxury residential market slowed last week, with just nine homes over $4 million going into contract.
That’s down from 17 new contracts inked the previous week, according to the Eklund-Gomes report. The combined asking dollar volume April 15 to April 21 for four condos and five single-family homes was $66.5 million, down $120 million, week-over-week.
Condos performed better than single-family homes last week. Condos made up $39.1 million of the asking dollar volume, and single-family homes accounted for $24.7 million.
The average asking price for condos was $9.8 million. Average price per square foot for condos reached more than $2,600, up 37 percent from last week’s $1,900. The units spent an average of 151 days on market, but the report noted a Fisher Island contract with 458 days on market skewed the data.
Single-family homes saw an average asking price of $5.5 million, and an average price per square foot of $1,400. Days on the market averaged 68.
Both the county’s top contracts of the week were waterfront condos. The priciest contract was for unit 2203 at the Continuum at 100 South Pointe Drive in Miami Beach, which Eddy Martinez and Crystal Connors of One Sotheby’s International Realty listed for $19.9 million, almost $4,200 per square foot.
Hedge funder Jim Chanos, who famously shorted Enron, bought the 4,800-square-foot unit for $3.1 million in 2003, records show. The three-bedroom, three-bathroom, one half-bathroom condo is marketed as a renovation opportunity, according to the listing.
The next priciest contract was also at the Continuum. Mario Kroeff of Douglas Elliman listed unit 2201 for $10.2 million, or about $3,500 per square foot. The 2,900-square-foot condo has three bedrooms, four bathrooms and one half-bathroom, and last sold for $4 million in 2011, records show.
Douglas Elliman agents Fredrik Eklund, John Gomes and their team recently launched the weekly Miami-Dade focused report based on new contracts entered in the Multiple Listing Service. It is South Florida’s answer to Donna Olshan’s weekly report on Manhattan contracts over $4 million.
That report identified 28 contracts in Manhattan last week, with a combined asking dollar volume of $263.7 million.