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    CONDO PROJECT TRACKER
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    Miami Beach Faces 41-Month Supply Of Luxury Condos Listed For Sale At Peak Of Winter Buying Season

    Buyers Purchased Less Than 18 Miami Beach Luxury Condos Monthly In 2017   

    (This Report Is Powered By Brickell Ventures LP.)

    DOWNTOWN MIAMI (March 14, 2018) - Nearly 750 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the barrier island city of Miami Beach in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

    Based on luxury condo sales of less than 18 units monthly in the year 2017, Miami Beach now has more than a 41-month supply of units available for purchase 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 Miami Beach luxury condos formally listed for sale. The report does not factor in the nearly 47,500 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 52 Miami Beach luxury condo units are under contract waiting to transact - or pending - at an average asking price of less than $3.5 million each or about $1,449 per square foot, according to the statistics. 

    The average asking price of a Miami Beach luxury condo currently listed for sale is more than $3.5 million per unit. This works out to an average asking price of about $1,507 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the 12 months of 2017, the average transaction price of a Miami Beach luxury condo was less than $2.5 million or $1,205 per square foot.

    This means the current asking price of a Miami Beach luxury condo listed for sale is nearly 43 percent higher than the average transaction price achieved on a per-unit basis and more than 25 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

    In 2017, the sellers who were able to unload their units needed about 181 days to transact a Miami Beach luxury condo listed for sale. The current Days-On-The-Market average for Miami Beach luxury condos listed for sale is about 226, according to the statistics.

    The number of Days-On-The-Market for the luxury condo units currently under contract is about 178 in Miami Beach, 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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