Miami-Dade County saw a condo market boost at the end of February, with more than $70 million worth of closings recorded last week and a handful of multimillion-dollar sales.
The week’s most expensive deal was the $5.5 million purchase of unit 1405 at the newly built Edition Residences in Miami Beach. Toni Schrager of Avatar Real Estate Services had this listing, which spent just under a year on the market before closing at $2,425 per square foot. The penthouse was owned by an entity linked to Fairholme Capital Management’s Bruce Berkowitz. It features stylish bleached teak-wood floors, floor-to-ceiling windows and modern kitchen. One interesting note: the unit had a tenant paying $30,000 a month for one year, though a 10-day “kickout clause” was made in case the new owner wanted unit 1405 all to himself.
Next on the list was unit 804 at the Continuum South Tower in South Beach. The two-bedroom, two-bathroom unit boasts a large kitchen, tile floors and ocean views. Billy Hernandez of Brown Harris Stevens | Zilbert had it on the market for 90 days before it closed at $4.6 million or $2,006 per square foot.
And the week’s third priciest sale was unit 600 at Terra Group’s newly completed Glass condo tower in South Beach. It was one of the units to be immediately listed for resale with an asking price of $4.9 million after the original buyer closed the contract. After spending 187 days on the market, Eloy Carmenate of Douglas Elliman has sealed the deal for $2,360 per square foot — a $325,000 discount from the asking price. The residence features a Calcutta marble kitchen, oak wood floors and “white glove concierge service.”
After those top three sales, Miami-Dade’s top 10 most expensive deals ranged in price from $3.75 million to $930,000.
The county as a whole saw 202 sales last week for $72.2 million. That’s a significant improvement over the 85 closings from the previous week, which only brought in $29 million. Average prices were $357,382 per unit and $253 per square foot.
Here’s a breakdown of the data for the week of February 28 to March 5. Click on the map for more information:
Edition Residences, Miami Beach | 346 days on market | $5.5M | $1,499 psf | Toni Schrager of Avatar Real Estate Services
The Carriage Club South, Miami Beach | 139 days on market | $930,000 | $511 psf | Gina Arellano of Esslinger Wooten Maxwell
Most days on market
Grovenor House, Coconut Grove | 374 days on market | $1.67M | $951 psf | Anastasio Lorente of Great Properties International
Least days on market
Beacon Harbor, Coconut Grove | 69 days on market | $3.75M | $983 psf | Olimpia Zanardi of Trump International Realty
Source: The Real Deal Miami