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  • PRECONSTRUCTION
    CONDO PROJECT TRACKER
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    Nearly 78 Months Of Luxury Condo Supply Listed For Sale In Greater Downtown Miami

    Luxury Units Sold For Average Of $648 PSF In Greater Downtown Miami In 2017

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (March 6, 2018) - More than 500 luxury condo units are formally listed for sale at an asking price of least $1 million each in the Greater Downtown Miami market of Miami-Dade County in South Florida, according to a new report from Condo Vultures® Realty LLC.

    Based on luxury condo sales of less than seven units monthly in the year 2017, Greater Downtown Miami now has nearly a 78-month supply of units available for purchase for at least $1 million each in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the peak of the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.

    A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

    It is worth noting this report only tracks those Greater Downtown Miami condos formally listed for sale. The report does not factor in the 47,450 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region.

    (For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)

    Currently, about 14 Greater Downtown Miami luxury condo units are under contract and waiting to transact - or pending - at an average price of about $2.2 million each or $740 per square foot, according to the statistics. 

    The average asking price of a Greater Downtown Miami luxury condo currently listed for sale is less than $2.2 million per unit. This works out to an average asking price of about $855 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In 2017, the average transaction price of a Greater Downtown Miami luxury condo was less than $1.6 million or about $648 per square foot, according to the statistics.

    This means the current asking price of a Greater Downtown Miami luxury condo listed for sale is about 38 percent higher than the average transaction price achieved on a per-unit basis and nearly 32 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

    In the 12 months of 2017, the sellers who were able to unload their luxury units needed about 183 days to transact a Greater Downtown Miami luxury condo listed for sale with a minimum price of $1 million. The current Days-On-The-Market average for a Greater Downtown Miami luxury condo listed for sale is about 191, according to the statistics.

    The number of Days-On-The-Market for the luxury condo units currently under contract in Greater Downtown Miami is about 240, according to the statistics. 

    CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

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