Miami Beach Real Estate Values Are Soaring
Miami Beach real estate values are flying high. The $350,000 median sales price for real estate on Miami Beach is illustrative of an increase of 9.8% from the previous quarter and 6.1% from the previous year. If we look back even further to a five year outlook, we’ll see that median sales prices have leaped ahead to a tune of a 35.4% increase in values.
Comps broken down into 1,2,3 and 4 bedroom sales have all shown considerable upward momentum as well. The average $386 per square foot value for one bedroom sales have shown a year-over-year increase of 9%, while the average $577 per square foot values for two bedroom units have shown a more timid 2.9% increase. However, the larger units took a massive leap forward – demonstrating that the top-end of the luxury Miami Beach real estate market is absolutely on fire. Three bedroom units averaged at $744 per square foot, which was illustrative of a 20% year- over-year increase. And finally, four bedroom units came in at $1,253 per square foot, demonstrating a ridiculous 154% year-over-year increase. Not too bad Miami Beach…not too bad at all.
Miami Beach Real Estate Boom
The current number one transfer of wealth within the United States is coming from New York City to Miami. Much of Latin America and Europe is following suit as well with robust buying into Miami Beach real estate. Globally, South Beach is in a class by itself when it comes to a fun, active and hip lifestyle. The entertainment and restaurant options are outrageously exciting. Until recently, there has been a rather sharp drop off around 30th Street – separating prime South Beach real estate from Mid Beach….things are changing quickly though. The new Faena District is making the 30’s and 40’s area of Miami Beach cool and sexy.
Amazing New Faena District
Alan Faena has created his own city within a city. Faena has organized an amazing all-star cast of celebrated artists, architects and designers to create a social and cultural renaissance. His development, Faena Miami Beach, includes the restoration of the historic Saxony Hotel (a longtime past symbol of Florida’s glory years) and the construction of new luxury condos. The Faena has already produced a record condo sale for Miami Beach at $50 million.
Miami Beach real estate trends are giving buyers more of what the high-end market craves. New South Beach condo buildings like 321 Ocean, One Ocean and Marea all have an abundant share of larger floor plans. Ten foot ceilings have become the new standard of design and full service amenities pamper buyers around the pool, spa and concierge areas. All in all, Miami Beach real estate values are rising for a reason. Our beach and social offerings are simply the best in the world – demand for Miami Beach is at an all-time high.