South of Fifth Market Stats
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.
March Sales in SoFi Neighborhood
In the month of March, 2023, 30 condominiums in the South of Fifth Neighborhood were recorded as sold through the MLS. They were not all multi-million dollar units in in the Waterfront Towers. They did not all have unobstructed water views. In fact there was quite a range in almost every metric for which they could be measured. Here are some of the bullet points that I noticed:
The 30 Units that Sold ranged in price from a low of $300,000 to a high of $10,800,000.
16 of the Units Sold for over $1 million
5 of the Units Sold for under $500,000
9 units Sold for between $535,000 and $950,000
6 units Sold between $1-2 Million
3 units Sold between $3-5 Million
6 units Sold between $5-10 Million
1 unit Sold for over $10,000,000
13 Units Sold for less than $1,000/SF
12 Units Sold for between $1,000-2,000/SF
4 Units Sold for between $2,000-4,000/SF
1 Unit Sold for over $4,000/SF
21 of the units were on the Waterfront
9 of the units were not waterfront
8 units had an address on S. Pointe Drive
8 units had an address on Alton Road
6 units had an address on Ocean Drive
5 units had an address on Washington Avenue
3 units had an address on Meridian Avenue
12 of the units Sold had a Living Area of under 1,000SF
18 of the units Sold had a Living Area of over 1,000 SF
3 units contained between 2,000 and 3,000 SF
3 units contained between 3,000 and 4,000 SF
1 unit contained more than 4,000 SF
7 units Sold in less than 10 days
5 units Sold between 11 and 30 days
6 units sold between 35 and 100 days
6 units sold in between 100 and 200 days
5 units Sold in between 200 and 317 days
1 unit was on the market for 836 days before it Sold
The single Studio unit Sold contained 605 SF of Living Area
The 11 1BR units Sold contained between 621-850 SF of Living Area
The 11 2BR Units that Sold contained between 1010-1862 SF of Living Area
The 5 3BR Units that Sold contained between 2340 and 4510 SF of Living Area
The 2 4BR Units that Sold contained between 2393 and 3979 SF of Living Area
Highest Priced Listings and Sales
The South of Fifth neighborhood remains one of the most coveted neighborhoods in South Beach and indeed in all of South Florida. Evidence is clear not only from the high prices Condos that are on the market, but also from the sales prices that have most recently been achieved. The two lists were printed on March 19, 2023 represent the units that are currently on the market in the South of Fifth Neighborhood and the ones that have been sold in the Neighborhood within the past 6 months.
The Units range in price from just under $10 million to a staggering $40 Million for the Penthouse unit at the Icon and $25 Million for a combined unit at the Apogee.
The units that sold during this recent 6 moth period all traded between $4.5 Million and $11.25 Million
