2024Some New Year Stats
Every year I like to see how the Luxury Waterfront Towers in the South of Fifth Neighborhood stack up against each other. They are among the most desirable buildings in Miami Beach and typically units in them command the highest prices. Still, they tend to sell at different paces-some able to reduce inventory almost as fast as it appears, and others struggling to have it absorbed over multiple years.
The Chart above shows this quite clearly with the Continuum North Tower and Icon Condominiums each projected to sell the units currently on the market in the next five months based on their sales pace over the past 6 months. Compare this to the Continuum South Tower and the Murano Grande Condominium (respective neighbors to the Continuum N Tower and Icon) which have 57 and 48 months worth of inventory based on their most recent sales pace. The Murano also shares a similar absorption rate with these two buildings.
In a normal market an absorption rate of 6-9 months is considered balanced, neither favoring the Buyers or the Sellers. That said, there does not seem to be a balanced market in any of the buildings surveyed. The Continuum North Tower and Icon Buildings represent a Sellers Market with an Absorption rate of just 5 months, while the other six buildings more dramatically represent a Buyers market with it taking from 18-60 months for their inventory to be absorbed based on the most recent sales data.
The data for the chart above was compiled from the MLS at the end of 2023.
CONDOMINIUM ACTIVE LISTINGS RECENTLY SOLD
Apogee 6 2
Continuum N 5 6
Continuum S 19 2
Murano Grande 8 1
Icon 6 7
Portofino Tower 14 4
S. Pointe Tower 7 2
Murano 10 1
