Nearly 43% Of Miami Beach Condo Resales Traded Below $500 PSF In 2023

  • Published by Peter Zalewski
  • 2/22/2024
  • 12:45:01 AM
​A review of the condo statistics shows that the average price per square foot for a Miami Beach unit was about $727 per square foot last year.

Luxury, glass towers designed by internationally acclaimed architects may get all of the attention – both traditional and social media – but it is the “cheap” units that are fueling the Miami Beach condo market.

In 2023, about 43 percent of the nearly 1,950 condo transactions in Miami Beach traded for less than $500 per square foot, according to an analysis of statistics compiled by CondoVulturesRealty.com.

By comparison, the average transaction price for a Miami Beach condo was about $727 per square foot in 2023, according to a recent report.

Join the Miami Condo Market Investment Club™ to see the comprehensive chart of condo resales per price per square foot range in Miami Beach in 2023

The price point of less than $500 per square foot is noteworthy as it suggests one-bedroom condos with the standard 750 square feet of living space could be attainable for about $375,000 in Miami Beach.

This is far less than the public perception that suggests Miami Beach is a place primarily for wealthy individuals who are willing to spend as much as $4,700 per square foot for a unit on the barrier island.

For context, Miami Beach is a 7.5-mile-long city located on the barrier island between the Atlantic Ocean west to Biscayne Bay, and South Pointe Drive north to 87th Terrace.

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.

 

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Peter Zalewski

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.

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