Published by Peter Zalewski
2/20/2024 
8:49:27 PM 
Choosing a Miami Beach condo building to reside in can be a confusing process given the variety of choices.
After all, Miami Beach is a barrier island city sandwiched between the Atlantic Ocean west to Biscayne Bay, and South Pointe Drive north to 87th Terrace.
This 7.5-mile long city is comprised of a variety of condo product ranging from lowrise Art Deco buildings constructed nearly a century ago to highrise modern towers designed by internationally acclaimed architects.
In 2023, buyers paid more than $1.8 billion for about 1,949 condos in Miami Beach, according to a recent report.
The average transaction price for a Miami Beach condo was about $727 per square foot last year, according to the stats.
By comparison, half of the condo projects on the Top 10 list had an average transaction price of less than $520 per square foot in 2023, according to the stats.
Only two of the Miami Beach condo projects on the Top 10 list transacted at an average price of more than $1,000 per square foot.
The remaining three projects on the Top 10 list traded at an average price between $521 and $999 per square foot, respectively.
It is worth noting, all of the condo projects on the Top 10 list are located on sites that front the water, whether it be the ocean or the bay.
In addition, every one of the condos projects on the Top 10 list is at least 14 years old.
The takeaway of the stats for the Top 10 list is, buyers are opting for older, waterfront towers that come at prices that are less than the average 2023 price per square foot for a Miami Beach condo.
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
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
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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.
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