August numbers are in, and the prevailing trends remain strong: 1) For purposes of discussion, we have two markets: the very high and and everything else. --> August sales volume of SFH past $1K / SF was higher than last year, despite overall volume drops. (Contact me for on & off market opportunities & buildable lots) 2) Data quantifying macro trends pushing high value domestic migrants keeps coming in. It is my belief that forces pushing high net worth domestic migration are still in their infancy.
The general Miami condo market is experiencing drastic reductions in transaction volume. We are currently below 2011 volume.
However, there are some brights spots in the market.
Sales volume for Miami Beach one bedroom condos, $300K – $600K, is up
This last cycle has seen a boom in the high end of the market and it seems that the majority of new developments, especially in Miami Beach, are building large and expensive units.
Miami Beach is a coastal city in Miami-Dade that stretches to 82nd street. It is a very popular destination and has been the site of much of the recent high end condo development.
Very few new developments incorporate many one bedroom floor plans, if at all.
A sizable portion of the market here is comprised of second and third home buyers.
Miami Beach is a beautiful destination and a great place to have a vacation home.
A $600K one bedroom condo is a very piece of property here and gets you into some of the best buildings. So it seems that there is a strong market for high-quality yet not very large, residences that are probably vacation homes.
South Beach in particular has seen a good amount of boutique new development, and almost all feature only large floor plan units.