Most Expensive South of Fifth Condos

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The South of Fifth neighborhood is a primary go-to destination for Buyers looking for a Luxury lifestyle in their home, their building and their neighborhood.  It’s no surprise then that the most spectacular of the units available come at a price that reflects  the epitome of luxury living.  Here, then is a curated list of the 10 most expensive condominium units currently on the market in the South of Fifth neighborhood. Click the link below to see where unparalleled design meets breathtaking views!

Call me to see any of them.

View 10 Most Expensive Condos

Newest SoFi Listings

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With just more than a week into the new year, there are already a dozen new listings available for sale on the MLS in the South of Fifth neighborhood.  These units, all condominiums, range in price from under $300,000 to over $3,000,000, from 423 SF to 2,508 SF. They include Studio, 1BR, 2BR and 3BR units.  Five of the new units available are priced under $1 million and three are over $2 million.  For a description and photos of each, click the link below.

View New Listings

 

Some New Year Stats

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South of Fifth Absorption Rates

 

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

 

South of Fifth Waterfront 1BR’s

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South of Fifth Market Stats

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It’s almost the end of May and I’m looking at the last six months of Sales activity in the primary Luxury Towers in the South of Fifth neighborhood.  Today there are 82 units on the market and 39 have sold in the past six months. At that rate it would take about 12.5 months for the existing inventory on the market to be absorbed. (the logic is that if 39 units sold in 6 months, 78 would then sell in 12 months, etc).

In a balanced market it would just take between 6-9 months for all the inventory to be absorbed.  Because it is taking longer than average for units to sell, it is a Buyers Market. If it were taking less than 6-9 Months for units to sell, it would be considered a Seller’s Market. In the seven Condominium Towers depicted in this snapshot, 5 of them exhibited signs of a Buyers market, while two of them reflected a balanced market.  None reflected Sellers Market activity.

The three buildings with the lowest absorption rates (S. Pointe Tower, Murano Grande, and Icon) also are selling at the lowest price per square foot, on average, at about $1,200/SF.  Also, two of the buildings, with an absorption rate of about 7 months, exhibit qualities of a balanced market. The three buildings with the highest absorption rates (Murano and both Continuum Towers) are also selling at the highest price per square foot on average, over $2,200/SF for Murano and a combined average of $2,900/SF at the Continuum Towers. All three of these buildings exhibit qualities of a Buyers Market with absorption rates ranging from 16-22 months much higher than what would occur in a balanced market.