Miami Beach's Top 10 Most Expensive Condo Resales
A review of condo statistics identifies the units that traded at the highest price per square foot in 2023.
Industry watchers say that Florida condo pricing peaks in Miami Beach’ s South Of Fifth (SoFi) neighborhood and decreases as you move to the north, south and west from the tip of the barrier island.
The local colloquialism was proven true again in 2023 when nine of the 10 most expensive condos to trade in Miami Beach were located in the affluent, five-block long neighborhood of SoFi that stretches from South Pointe Drive (effective Zero Street) north to Fifth Street.
A review of the 2023 statistics shows that the SoFi condos on the Top 10 list traded at an average price per square foot ranging from $3,347 to $4,631.
Join the Miami Condo Market Investment Club™ to see the comprehensive list of the Top 10 most expensive condo resales in Miami Beach in 2023
By comparison, the average transaction price for a Miami Beach condo was about $727 per square foot in 2023, according to a recent report.
In 2023, buyers paid more than $1.8 billion for about 1,949 condos in Miami Beach, according to the stats.
The only condo on the Top 10 list of most expensive units sold in 2023 that is not in the SoFi neighborhood is located at the recently built 57 Ocean project in the Middle Beach submarket.
For context, Miami Beach is a 7.5-mile-long city located on the barrier island between the Atlantic Ocean west to Biscayne Bay, and South Pointe Drive north to 87th Terrace.
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 the 2023 condo resales to provide a ranking of the 10 most expensive transactions based on price per square foot.
This list 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.
Here are the 2023 rankings:
For those seeking more details, we have created a comprehensive chart ranking the Top 10 most expensive Miami Beach condo sales in 2023. The chart includes the:
Asking price per unit;
Sale price per unit;
Asking price per square foot;
Sales price per square foot;
Asking price v. sales price change;
Number of bedrooms;
And the year built.
The chart is available behind the paywall for members of the Miami Condo Market Investment Club™.
We have crunched the statistics for the Year 2023 and plan on publishing a series of of reports during the next two weeks on CondoVultures.com looking at the winners and losers in Miami Beach.
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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
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