Holiday break? Luxe resi signed contracts plummet in Miami-Dade

Market momentum seriously slowed during the first week of July in Miami-Dade County. 

Buyers signed contracts for just three residential properties priced at $4 million and up between July 1 and July 7, according to Eklund-Gomes’ luxe signed contracts report. It was a short week, interrupted by the Fourth of July. 

The three contracts are for two single-family homes and one condo. They’re asking a combined $30.2 million. 

A unit at Four Seasons Residences at the Surf Club in Surfside topped the report. Unit 321 in the north tower at 9111 Collins Avenue is asking nearly $21 million, or about $4,900 per square foot. It’s listed with Ximena Penuela of Fort Realty, the developer’s brokerage firm. 

Property records show Bippy and Jacqueline Siegal own the 4,305-square-foot, four-bedroom, five-and-a-half-bathroom condo. Bippy Siegal founded Raycliff Capital, an investor in Soho House and a partner in a major Miami Design District project alongside Fort Partners, developer of the Surf Club. 

The second most expensive home to secure a buyer last week is the 0.2-acre property at 13689 Deering Bay Drive in Coral Gables’ Deering Bay Estates, according to the report. Compass agent Audrey Ross has the listing for the four-bedroom, five-and-a-half-bathroom house, which spans 4,229 square feet. It’s asking $4.8 million. 

The two single-family homes averaged 267 days on the market before entering into contract. The average price was $4.6 million. 

The previous week, buyers signed contracts for five luxury homes and condos in Miami-Dade County, asking a combined $35 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. Last week in New York, buyers signed contracts for 22 homes, according to the latest Olshan report. Their combined asking price was $167 million, and the typical home spent 409 days on the market.