Published by Peter Zalewski
2/22/2024 
8:52:13 PM 
Buyers have paid at least $4,000 per square foot each for 15 Miami Beach condo resales – including four deals in 2023 – in the last decade, according to an analysis of statistics compiled by CondoVulturesRealty.com.
The 15 units in Miami Beach’s exclusive $4,000-per-square-foot club have traded for a combined purchase price of more than $292 million. The average price per square foot for these units works out to more than $4,535, according to the stats.
By comparison, the average transaction price for a Miami Beach condo was about $727 per square foot in 2023, according to a recent report.
In 2023, buyers paid more than $1.8 billion for nearly 1,950 condos in Miami Beach, according to the stats.
Industry watchers say that Florida condo pricing peaks in Miami Beach’ s South Of Fifth (SoFi) neighborhood and decreases as you move to the north, south and west from the tip of the barrier island.
Given the local colloquialism, it should come as no surprise that seven of the 15 units in the $4,000-per-square-foot club were located in the affluent, five-block long neighborhood of SoFi that stretches from South Pointe Drive (effective Zero Street) north to Fifth Street.
An additional five units in the $4,000-per-square-foot club traded in buildings in Miami Beach’s South Beach submarket but outside of the SoFi neighborhood.
The other condo resales in the $4,000-per-square-foot club traded in projects located in the Middle Beach submarket (one unit) and the North Beach submarket (two units).
We have crunched the statistics for the Year 2023 and plan on publishing a series of of reports during the next two weeks on CondoVultures.com looking at the winners and losers in Miami Beach.
If you want the reports emailed to you, just sign up for the Miami Condo Market Intelligence Report With Peter Zalewski™ newsletter at: PeterZalewski.substack.com
Additionally, we encourage you to check out our video and audio podcasts.
This information is believed to be accurate and complete but cannot be guaranteed or warranted. For more information, please call 305.865.5859 or visit CondoVulturesRealty.com
Copyright © 2024 Condo Vultures®, LLC. All Rights Reserved.
Condo Market Inventory Tracker
A Snapshot Of Tricounty South Florida Region Of Miami-Dade, Broward And Palm Beach
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 24,016 | 10.2 |
| Luxury Condos | 3,740 | 15.1 |
| Shortsales | 30 | 15.0 |
| REOs | 126 | 6.6 |
| Rentals | 21,476 | 3.9 |
Peter Zalewski is a licensed real estate broker and consultant focused on the South Florida condo market. Zalewski is a former special contributor to the Miami Herald and a former real estate columnist for The Real Deal magazine. Zalewski now hosts the Miami Real Estate Investing Podcast that is available in audio and video wherever you get your podcasts.
Confused about whether it is the appropriate time to buy or sell a condo in South Florida? The experts at CVR Realty are here to assist you in crafting a strategy during this uncertain time. Unlike many brokers offering services, our organization has been through the cycles and can assist you to capitalize on the situation.
For a free consultation, please contact the South Florida Condo Experts
or Visit
