Summer slowdown? Luxe signed contracts plummet in Miami-Dade

Fewer luxury buyers pulled the trigger on home and condo purchases in Miami-Dade County last week. 

Buyers signed just seven contracts for residential properties priced at $4 million and up from June 10 to June 16, according to Eklund-Gomes luxe signed contracts report. The properties’ combined asking price is $68.5 million. Four single-family homes and three condos went into contract. 

The drop-off in deals could be due to the summer slowdown, as well as flash flooding that delayed open houses, showings and closings. 

At the top of the report is the waterfront home at 200 Harbor Drive in Key Biscayne, asking $21 million. 

Coldwell Banker’s Cristina Greeven has the listing for the 2,600-square-foot, four-bedroom, four-bathroom house. The home was built in 1972 and includes a pool and dock. It would likely be torn down and redeveloped. 

The priciest condo to enter into contract is a resale at the Estates at Acqualina in Sunny Isles Beach. Unit 3605, asking nearly $14 million, is on the market with Monica Villate of EXP Realty. 

Property records show an LLC paid $6.5 million for the four-bedroom, six-and-a-half-bathroom condo in late 2022, when closings began. It includes 5,200 interior square feet and a 1,000-square-foot terrace. The Trump Group, led by brothers Jules and Eddie Trump and of no relation to Donald Trump, developed the two-tower Estates at Acqualina.

The single-family homes priced at $4 million and up that went into contract last week spent 61 days on the market on average before securing buyers. 

The luxury condos that entered into contracts were on the market for an average of 167 days, and averaged about $2,332 per square foot. 

The previous week, buyers signed contracts for 24 luxury homes and condos in Miami-Dade County asking a combined $220.5 million.

Eklund-Gomes’ report, based on pending deals recorded on the Multiple Listing Service, is modeled after the Olshan report that tracks new deals in Manhattan. Activity picked up in New York last week, where buyers signed contracts for 31 homes, according to the latest Olshan report. Their combined asking price was $229 million, and the typical home spent 485 days on the market.