November is here! We Miamians love our weather and our food!
Once a month my Condo Experts Group meets to discuss the state of the market and to share ideas. This month we were hosted by Missoni Baia in Edgewater in their newly designed showroom. This beautifully designed building sits right on the water and is reasonably priced: starting at $630K to $4.2M for a 5000 SF Townhouse.
Sleepy Hallandale is changing! Developers just announced a 250 SLS brand luxury condos planned for the 127-acre Diplomat Golf and Tennis Club. Please contact me for details.
Miami real estate Inventory. Below is a report by Miller Samuel Inc. about Miami inventory levels which came out this month I have summarized the report below. Please feel free to contact me for full details.
Wishing you and your loved ones a wonderful Thanksgiving!
Inventory generally fell as sales are climbing and sellers are becoming more realistic with their pricing in accordance with market conditions.
Miami Beach and the barrier islands (Bal Harbour, Bay Harbour Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, Miami Beach, and Miami Beach's Mid Beach, North Beach and South Beach neighborhoods, North Bay Village, Sunny Isles Beach, and Surfside make up Miami Beach and its barrier islands)
Total Residential: 850 closings : 5.2 % increase
Condo sales: 750 closings : 7.3 % increase
Single-family: 100 closings : 8.3 % decline
Sunny Isles Beach condo sales increased by 23 % to 171 Bal Harbour condo sales doubled to 28 closings, up 100 % Bay Harbor Islands condo sales fell 46 % to 20 closings Surfside condo sales rose by 7.7 % to 14 North Bay Village condo sales increased by 21.4 % to 51 Miami Beach islands single-family home sales dropped by 64.3 % to 5 closings North Beach condo sales fell by 4.7 % to 82 Mid-Beach condo sales dropped by 15.6 % to 76 South Beach condo sales decreased by nearly 17 % to 216 Key Biscayne condo sales rose by 9.5 % to 46, while single-family home sales dropped by 50 % to 6 closings Fisher Island condo sales dropped by 10 % to 9
Miami coastal mainland (Aventura, downtown Miami, Brickell, Coconut Grove, Coral Gables, South Miami, Pinecrest, and Palmetto Bay)
Condos : 1,971 closings, + 1.1 %
Single-family: 2074 closings + 8.1 %
Aventura condo sales fell by 13.7 % to 220.
Downtown Miami condo sales rose by 6.2 % to 1,414, while single-family sales rose by 7.8 % to 1,740. Brickell condo sales dropped by 13.4 % to 220 closings. Coconut Grove condo sales jumped by 20 % to 12 closings, while single-family home sales fell by one sale, down 9.1 % to 10 closings. Coral Gables condo sales decreased by 1.3 % to 76 closings, while single-family home sales surged by 26.5 % to 143. South Miami single-family home sales increased by 13.6 % to 25. Pinecrest single-family home sales jumped by 35.3 % to 69. Palmetto Bay single-family home sales took a plunge, down 19.6 % to 78.
Fort Lauderdale Residential sales remained stable year-over-year in Fort Lauderdale While condo sales fell by 4.1 %, down to 490, home sales rose by the same percentage, up to 505. Luxury condo sales, defined as the upper 10 % of the market, fell by one sale, and luxury home sales rose by eight sales, up 4.1%.
Boca Raton, Highland Beach Residential sales increased slightly in Boca Raton and Highland Beach, up less than 1 % for a total of 1,450 sales. Condo sales dropped to 748 closings, a 4.5 % decline. Home sales increased to 702 closings, up 7.3 %.
Palm Beach residential sales reported a 9.2 % drop. The decline reflects stable home sales of 18 sales and an 11.6 % drop in condo sales, down to 61. The median price for single-family homes increased by a whopping 59 % to nearly $5.9 million. Condo prices also surged, with the median price rising by nearly 22 % to $535,000.
West Palm Beach Sales fell by 2.8 % to 1,161.
Condo sales reported a 5.6 % drop to 662,
Single-family home sales increased slightly, up 1.2 % to 499.
The median prices of both condos and houses continued to rise, up 7.7 % to $140,000 for condos and up 5.3 % to $300,000 for houses.
Where do millennial millionaires want to buy? In Florida, of course
Housing advocacy groups and City of Miami officials released a new report on Monday about the city's housing crisis. The report identifies specific ways to rescue or build 12,000 affordable homes. BY COURTESY OF MIAMI HOMES FOR ALL
Miami's urban cores will keep growing thanks to millennial millionaires.
Florida ranks among the top seven states where millennial millionaires are buying property, according to the most recent "A Look at Wealth" study by Coldwell Banker Global Luxury and data surveyor WealthEngine.
ULI South Florida focus group leaders Andrew Frey and Greg West
A new Urban Land Institute report suggests city officials relax certain provisions of the Miami 21 zoning code to encourage denser developments on narrower lots and further incentivize developers who reduce or eliminate parking, among other recommendations.
Bright and Sunny w/ ocean & pool views from the entire condo and balcony. Owner access to Carillon lifestyle w/ 70,000 sq. ft. spa & fitness center, daily exercise classes, 4 pools, and more.15 min from midtown, South Beach and Bal Harbour.
Spectacular top-floor Towerhouse unit on the prestigious Aventura Circle, with soaring views of the Aventura skyline, mesmerizing sunsets, and 12 ft ceilings. This is the largest condo in the tower. Granite kitchen and baths, open kitchen, hurricane impact floor to ceiling windows. This building offers great amenities and lifestyle. 2 parking spaces.
Modern, recently renovated bright 2 bedrooms with ocean views next door to the new ultra-luxurious 87 Parc by Renzo Piano, and next to the city park-soon to be completely improved. A MUST SEE. Walking distance to shops,
DEVELOPER: OKO GROUP LLC in partnership with OB GROUP & CAIN HOY
EXECUTIVE ARCHITECT: REVUELTA ARCHITECTURE INTERNATIONAL
DESIGN ARCHITECT: ASYMPTOTE ARCHITECTURE
INTERIOR DESIGN: PARIS FORINO INTERIOR DESIGN
Boasting an unrivaled 200 feet of frontage on Biscayne Bay in East Edgewater, Missoni Baia is a one-of-a-kind work of high-performance architecture, designed by internationally acclaimed Hani Rashid of Asymptote Architecture. South Florida's first development by OKO Group, led by one of Europe's most successful developers, this visionary architectural landmark is influenced by Minimalist art and driven by forward-thinking design. The building offers expansive amenities that are unrivaled in Miami, including an Olympic-sized pool and one of the city's largest and most elegantly appointed spas. The tower's 146 two- to four- bedroom residences-with elegantly crafted interiors by rising New York design star Paris Forino, and richly layered landscape by Enzo Enea-set a new standard for quality and sophistication in East Edgewater.
MIAMI NOVEMBER CALENDAR OF EVENTS
Oct 31st - Jan 6th
SANTAS ENCHANTED FOREST
The largest holiday theme park in the world, Santa's Enchanted Forest returns this season at Miami's Tropical Park. Enjoy carnival rides, shows, games, a 92-foot tall Christmas tree and more than three million Christmas lights. Ride the Ferris wheel, a roller coaster or play in a fun house. Single day and season passes are available. Children ages 2 and under are free. A can't miss tradition for the holiday season.
1st - 10th
MIAMI INTERNATIONAL AUTO SHOW
The completely auto-obsessed and those who just use their vehicles to get from Point A to Point B will find something to enjoy at the Miami International Auto Show. A Miami institution, known as one of the finest auto shows in the nation, this event has been around since 1971. Fans come back year after year for the new exhibitions from more than 40 auto manufacturers, including vintage cars on Memory Lane. Admission is $15 for adults and $6 for children.
7th - 10th
THE SEED FOOD & WINE WEEK
The first plant-based food and wine festival of its kind in the country, the Seed Food & Wine Week is a gathering of people passionate about wellness, healthy lifestyle and conscious living. Taste, explore, listen and experience demonstrations, learning sessions, brand activations, beer, wine and food stands and more than 200 exhibitors enjoyed by 10,000 attendees. Join the 5th Annual Plant Based Burger Battle, Taco Tailgate Party, farm to table dinners, yoga and meditation sessions.
VETERANS DAY PARADE
Spend this important day honoring our military men and women. The City of Miami Beach will host their annual Veteran's Day Parade along Ocean Drive from 5th to 14th Streets.
SUNNY ISLES BEACH JAZZ FEST
The 12th annual Sunny Isles Beach Jazz Fest is a day-long jazz event held on November 16th at Gateway Park. This relaxing jazz event takes place from 7 p.m.- 10 p.m. in a scenic outdoor performance area. General admission is free and VIP is $50 per person.
CELEBRITY BEACH SOCCER MATCH
For an afternoon of fun in the sun, celebrity watching and supporting a good cause, buy your tickets for the Celebrity Soccer Match benefiting Best Buddies on Saturday, November 23 on the North Beach Bandshell. Models, athletes, influencers and comedians will compete alongside their buddies to raise money for this great cause.
Gobble gobble! Give thanks at Miami's fine restaurants many of which are hosting special brunches and dinners to celebrate the Thanksgiving holiday. Search our site for great restaurants to visit on Turkey Day and check out What to do in Miami for Thanksgiving.
Nov 30th - Jan 20th
MIAMI LANTERN LIGHT FESTIVAL
Join in a six-week celebration of Chinese culture at the Miami Lantern Light Festival at the Miami-Dade County Fair and Exposition. Lanterns by some of the world's best artisans and makers will be on display and lit to showcase the tremendous work and talent that it takes to create each piece - some lanterns are up to 300 feet long!
"Working with Joelle was an absolute pleasure. We bought and sold one unit in six months for a substantial gain, Then repurchase a newer better "Off the Market" unit. She is tenacious and honest and has the utmost integrity. The key is to trust their ways and it will all come together. She knows the market well and is "in the know" of deals happening. The people that make up this business are hard working and accurate. I chose Joelle for all these reasons and is my realtor I will continue to use in the future."