Miami Beach Condo Market Slowly Nears 30,000-Unit Milestone
A review of the statistics shows that the Miami Beach condo market added more than 7,100 condo units between 2000 and 2009 but a limited number of units since then.
For two decades, the barrier island city of Miami Beach has encouraged condo development that promotes quality of life over the high-density projects that are commonplace on the mainland in Greater Downtown Miami.
As a result of the city’s more conscientious approach - by Miami standards - to development, numerous challenges now come with building - or converting - condos in the 80,000-resident city that is situated between the Atlantic Ocean and Biscayne Bay.
It is against this backdrop that Miami Beach’s condo market is on the verge of eclipsing an inventory milestone of 30,000 units, according to an analysis based on statistics from CondoVulturesRealty.com
If all of the nearly 450 new units planned since 2020 are built, Miami Beach will have nearly 29,900 units located within 260 condo projects in a municipality that extends 7.5-miles long from South Pointe Drive north to 87th Terrace.
By comparison, Greater Downtown Miami - a causeway ride away to the west of Miami Beach - is on pace to top 52,000 units located within 185 projects during this current South Florida real estate cycle, according to a recent CondoVultures.com report.
It is worth noting that Greater Downtown Miami had about 11,000 units between 1963 and 2001. In the more than two decades since then, developers have added - and are building - some 41,000 units in an area that stretches nearly five-miles long, according to the stats.
Some 9,100 condos have been planned for Greater Downtown Miami since 2021 alone, according to a recent report.
Basic economics shows that high demand coupled with low supply results in higher prices.
In 2023, nearly 1,950 Miami Beach condos traded at an average price of $727 per square foot for a combined $1.8 billion in resales, according to a recent report.
In Greater Downtown Miami, buyers purchased 2,433 condo units at an average price of $660 per square foot for a total of more than $1.9 billion in resales, according to a recent report.
For context, Miami Beach is made up of three distinctly different submarkets with flashy South Beach, mellow Middle Beach and working class North Beach.
From south to north, the South Beach submarket is defined as the South Pointe Drive north to 41st Street.
The Middle Beach submarket is an area that extends from 41st Street north to 63rd Street.
The North Beach submarket stretches from 63rd Street north to the Surfside city limits at 87th Terrace.
To assist with better understanding the market, CondoVultures.com has analyzed where Miami Beach’s condo units are located and created a pie chart to show the results by submarket.
This chart was created by CondoVulturesRealty.com using proprietary statistics along with data from the Southeast Florida MLX Matrix, Cranespotters.com, Miami-Dade Property Appraiser’s Website and Miami-Dade Clerk Of The Court.
This chart is available behind the paywall for members of the Miami Condo Market Investment Club™.
Additionally, the statistical breakdown of Miami Beach condo development and conversions that was used to create the line chart above is also behind the paywall.
We have crunched the statistics for the Year 2023 and published a series of of reports during the next three 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
Additionally, we encourage you to check out our video and audio podcasts.
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
Copyright © 2024 Condo Vultures®, LLC. All Rights Reserved.