Downtown Miami Sales Report – November 2016

November 2016

Welcome to our latest monthly sales report for November 2016! Our reports take pleasure in including all the sales of each individual building in the Downtown Miami area. If you’re interested in a personal copy or would like an extensive report on any of the featured developments call us today at 305-305-3885 or send us a message here. Don’t see your community? Let us know and we will have it featured for you! The properties seen here were listed and sold by various South Florida MLS participants from November 1st to November 30th, 2016.

As a month, November saw a spike in the amount of closed sales during its period as well as an even greater shift on the market towards buyers. One look at the sales below and the difference between list and selling prices will be obvious. Most deals I saw had an average of more than 8% difference between the list price and what the unit ultimately sold for.

In the long run, these sales will help create a more realistic market with prices that will help create more sales.

Despite the rise in sales, inventory continues to remain on levels that are higher than comfortable. In the 33132 zip code, total months went down from 40.1 to 30.9 months overall.  Other zip codes within the area also showed similar levels and also reflected similar spikes in activity. The market continues to shift up and down in a similar fashion to a roller coaster, only this time, it has once again shown a certain level of promise for more sales to occur.

Please see the table below for the breakdown in sales (buildings with no sales for the month are not included on the list, better luck next month!)

November 2016 Sales Report – Downtown Miami

Total Transactions: 40

($) Volume:$14,380,400

Highest Priced Sale: 1800 Club #1701 – $910,000

1800 Club November 2016
This upgraded 3 bedroom unit at 1800 Club was November’s highest priced sale.

 

Building NameList Price# Beds# BathsUnit #Sale Price
1800 Club$939,00033#1701$910,000
50 Biscayne$800,00032#1802$714,000
1800 Club$619,00022#3107$570,000
Marquis$550,00022.5#1506$500,000
Quantum On The Bay$530,00022.5#3015$516,000
Mint$520,00033#4203$520,000
One Miami East$520,00022#3705$485,000
1800 Club$520,00022#4203$520,000
Mint$499,00022.5#2803$465,000
The Grand$498,00022#A-1940$480,000
One Miami West$458,00022#1719$439,500
Wind$450,00022#3701$400,000
One Miami West$449,00022#3714$435,000
Opera Tower$429,90022#3302$420,000
Marina Blue$415,00011.5#3406$407,000
Epic$399,00011.5#3814$360,000
The Ivy$395,00012#TH705$345,000
Loft II$390,00022#3401$340,000
50 Biscayne$375,00022#3601$390,000
900 Biscayne Bay$369,90012#4110$295,000
Wind$329,00011#4108$287,000
The Grand$319,00021.5#A-1550$255,000
Vizcayne$318,90011#2207$285,000
Vizcayne$310,00001#3605$300,000
Ten Museum Park$309,90011.5#1208$300,000
Vizcayne$309,00011.5#2906$300,000
Met 1$300,00011.5#3705$300,000
Quantum On The Bay$299,00011.5#615$275,000
Opera Tower$285,00011.5#2512$210,000
Quantum On The Bay$269,00011.5#3410$257,500
The Ivy$260,00011.5#1407$235,000
Quantum On The Bay$258,00011.5#2417$252,000
The Ivy$245,00011.5#1112$234,000
1800 Biscayne Plaza$232,00011.5#405$224,500
Venetia Condo$219,00011.5#606$219,000
Loft II$208,50011.5#2215$205,000
Loft I$205,00011.5#2109$190,000
Loft II$199,90011.5#1405$199,900
Opera Tower$190,00001.5#1808$180,000
Madison Condo$165,00011.5#W-1405$160,000

Source: Miami Multiple Listing Service (MLS). Information deemed reliable but not guaranteed

As 2016 enters its final stages, the number above will be set the standard for 2017. Along with the recent events we’ve begun to experience, such as the rise of interest rates, we might be seeing the initial stages of a new market reality after a year of transtioning. Let’s see what happens in December but based on the activity I’ve noticed as of late, I expect more of the same.

We specialize in Downtown Miami Real Estate! Stay tuned for our list of sales for the month of November. As always, contact us today at 305-305-3885 or at steinmander.m@ewm.com for any questions about the area. In addition, feel free to browse our other categories where you can find dozens of other local stories.

Thanks for reading The Miami Observer!

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