Nearly 43% Of Miami Beach Condo Resales Traded At A Price Below $500 PSF In 2023
A review of the condo statistics shows that the average price per square foot for a Miami Beach unit was about $727 per square foot last year.
Luxury, glass towers designed by internationally acclaimed architects may get all of the attention - both traditional and social media - but it is the “cheap” units that are fueling the Miami Beach condo market.
In 2023, about 43 percent of the nearly 1,950 condo transactions in Miami Beach traded for less than $500 per square foot, according to an analysis of statistics compiled by CondoVulturesRealty.com.
By comparison, the average transaction price for a Miami Beach condo was about $727 per square foot in 2023, according to a recent report.
The price point of less than $500 per square foot is noteworthy as it suggests one-bedroom condos with the standard 750 square feet of living space could be attainable for about $375,000 in Miami Beach.
This is far less than the public perception that suggests Miami Beach is a place primarily for wealthy individuals who are willing to spend as much as $4,700 per square foot for a unit on the barrier island.
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 in creating a table to chart Miami Beach unit transactions based on a range of prices per square foot.
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.
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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