A review of 2023 condo statistics shows that half of the sales – based on dollar value – occurred in the Brickell Avenue Area submarket alone.
Eye-popping prices paid by extravagant-minded buyers spurred more than $1.9 billion in condo sales in Greater Downtown Miami in the 12 months of 2023, according to an analysis based on statistics from CondoVulturesRealty.com
The total dollar value is based solely on resale properties listed in the Multiple Listing Service – a database used by Realtors to market condos – and does not include preconstruction properties that are marketed primarily by developers outside of the industry’s private database.
Greater Downtown Miami is a 60-block stretch comprised of three submarkets – Brickell Avenue Area, Central Business District also known as Downtown and the Biscayne Boulevard Corridor – that extends from the Eddie Rickenbacker Causeway north to the Julia Tuttle Causeway, and Biscayne Bay west to Interstate 95, according to CondoVultures.com boundaries established for statistical purposed in 2006.
More than half of all condo sales based on total dollar value – some $1 billion – occurred in the Brickell Avenue Area submarket that is defined as the Rickenbacker Causeway north to the Miami River.
The Central Business District submarket – also known as Downtown – generated more than $340 million in condo sales for an area that stretches from the Miami River north to the Gen. Douglas MacArthur Causeway.
The Biscayne Boulevard Corridor submarket – which includes the neighborhoods of Edgewater, Midtown and Wynwood – accounted for nearly $550 million in condo sales in 2023. The Biscayne Boulevard Corridor submarket stretches from the MacArthur Causeway north to the Julia Tuttle Causeway.
Based on the closed sales in 2023, the Brickell Avenue Area submarket accounted for about 53 percent of the dollar value, the Biscayne Boulevard Corridor submarket generated about 29 percent and the Central Business District submarket represented about 18 percent, according to the stats.
We have crunched the Year 2023 numbers and plan on publishing a series of of reports during the next two weeks on CondoVultures.com looking at the winners and losers in Greater Downtown Miami.
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This information is believed to be accurate and complete but cannot be guaranteed or warranted. For more information on the statistics, please call 305.865.5859 or visit CondoVulturesRealty.com