Downtown Miami Sales Report – August 2016

Welcome to our latest monthly sales report for August 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 August 1st to August 31st, 2016.

I’m excited to talk about August because as a whole, it was a very dynamic period in our marketplace. To begin, it is the first month out of the year where I noticed more sales among the higher price ranges. Out of the 31 properties that sold in the Downtown Miami area last month,  over 70% of them were units that sold for over $350,000. Furthermore, over 30% of those units were listings  priced for $500,000 or more. That’s not bad for a single 31 day period.

The reason for this sudden surge in higher priced sales is simple to explain: Most of these sales were in my opinion, not priced accordingly. Over 50% of these sales had at least one or two price reductions prior to going under contract. Most markets take an average of  4-7 months to adjust, we may be seeing the first signs of the shift into more of a buyer’s market. With that said, there’s still a lot of outstanding inventory that isn’t priced based on the comparables.

 

 

ZIP 33129, ZIP 33130, ZIP 33131, ZIP 33132, ZIP 33137


Condo/Coop/Villa/Twnhse
Curnt vs. Prev Month: For Sale 0.5% | Sold -8.2% | Pended 0.5%
Curnt vs. Same Month 1 Yr Ago: For Sale 6.7% | Sold -6.1% | Pended 5.9%
* This representation is based in whole or in part on data supplied by the Realtor Association of Miami, the Greater Fort Lauderdale Realtors, or the Southeast Florida Multiple Listing Service (MLS).

 

As a whole, I see August 2016 as the first month where I’ve actually seen a broad adjustment among some market sectors. In summary, this is a period of transition and will continue to be that way. With these new comparable sales we should begin to see more price adjustments as we prepare for the end of the year. Winter is coming.

I also wanted to make some announcements. Beginning next month I will start an additional monthly report for Brickell and will also make adjustments on the Downtown report. The Brickell report will include all sales south of The Miami River all the way to South Brickell. On the other hand, due to a demand from some folks, I will include sales in the Riverfront in the Downtown report. This includes all transactions in The Ivy, Mint and Wind developments. Please let me know if you’d like to throw in any extra suggestions. I’m open to hearing feedback!

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!)

Downtown Miami August 2016

 

August 2016 Sales Report – Downtown Miami

 

Total Transactions: 31

($) Volume: $12,952,474

Highest Priced Sale: Epic Condo #4008

 

August 2016 Epic Miami
This 2 bedroom unit at The Epic was August’s highest sale.

 

Complex NameList Price#BR#FB#HBUnit #Sale Price
Epic Condo9500002214008850000
The Grand74900022A-2931682000
Marquis610000122905590000
1800 Club57500022 3207575000
One Miami58490032 2626545000
Quantum On The Bay56900033 3212 544500
The Grand57490022 A-2331540000
50 Biscayne58900022 1908536174
The Grand54990022 A-1740 520000
Venetia Condo50000033 21 A-B 510300
900 Biscayne Bay5490002213112495000
One Miami45900022 2008455000
Marina Blue4650001114803445000
Met 144220022T-2306433000
50 Biscayne42000022 4001400000
Marina Blue420000114902400000
One Miami39990022 2522400000
The Grand42990022 A-3655395000
1800 Club425000111408375000
Marina Blue3720001111510356000
One Miami34900011 3603340000
One Miami369900111203338000
The Grand310000111A-1852300000
1800 Biscayne Plaza28900021 306289000
Met 1274560111L-804267000
Quantum On The Bay2790001113507260000
Quantum On The Bay2690001114119255000
Vizcayne23900011 444236500
One Miami215000011106210000
Opera Tower 21000001 2408210000
Loft II21050011 1403200000

 

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

I’m eager to see what happens this month. In addition, I’m also eager to expand the report and beginning the report on Brickell. I’ll keep a close eye on what’s occurring. Feel free to contact me directly.

Last but not least, thank you for reading our monthly reports and stay tuned for our list of sales for the month of September. As always, contact us today at 305-305-3885 or at steinmander.m@ewm.com for any questions about Downtown Miami real estate. In addition, feel free to browse our other categories where you can find dozens of stories on the developments we specialize in.

Keep visiting us for other great reports!

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