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Miami Real Estate Stats for February 2022

February Real Estate Stats Are in for Miami Dade County

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Miami Real Estate Stats for February 2022

In Miami-Dade County, condo sales and dollar volume increased in the first week of February. Volume for the week rose to $232 million which is up from $159.5 million from January 2022. Units sales increased from 210 to 259 units. The average condo price also rose from $759,000 to $896,000 in just one week.

The top sale for the first week of February was none other than a Palazzo Del Mare unit on Fisher Island. Sold at $21 million, which equals $2,874 per square foot. This property is considered the highest closing on Fisher Island this year.

The unit located at the Palazzo Del Mare unit 7153, features 5 bedrooms, 5.5 bathrooms, a terrace, a playroom, and a conference room spanning over 7,025 square feet. It also has a private 2-car garage on the parking level of the building and a private cabana near the pool.

Seller for the unit, Igor Olegovich Nesterenko, is a businessman in the meatpacking industry from Moscow. The buyer for this property is listed as Fana Fisher Palazzo 7153 LLC, which is managed by a trust in Bellevue, Washington.

For the second week in February, condo sales and volume fell slightly for Miami-Dade. Volume reached $148 million with sales totaling 206. The average condo price also fell to $719,000 from the $896,000 that was in the first week.

The top sale for this week included that of Oceana Bal Harbour. The unit located at 10201 Collins Avenue unit 2401 sold for $10.5 million equaling $2,630 per square foot. The sellers for this property include Tatiana Zorina and Kirill Stadnikov and the buyers are listed as Andrew and Jacqueline Africk.

This corner unit on the 24th floor of Oceana features gorgeous views of the ocean and the Miami skyline. The open-concept living areas flow effortlessly throughout with floor-to-ceiling glass windows. The 3 bedrooms showcase marble bathrooms and European cabinetry. This unit also features a private elevator foyer, powder room, 3 parking spaces, and storage space.

Miami-Dade County real estate has been steadily increasing month over month. In December 2021, we saw an 18.6% increase in condo sales with a 100% increase for luxury condo properties. We are excited to see what’s in store for Miami real estate.

L'Atelier Penthouse View of Pool and Ocean

CEO of Kayak Breaks 2 New Condo Records all on the Same Day

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L'Atelier Penthouse Family Room Views
Photo Credit: Eloy Carmenate

Kayak co-founder and CEO Steve Hafner paid $40 million for a penthouse on Fisher Island–Palazzo Della Luna after selling his smaller unit at L’Atelier Miami Beach for $36 million in two straight record-breaking deals.

One of the records include Mr. Hafner’s duplex at L’Atelier Miami Beach, which was listed for $39.9 million in March and sold on Friday. Mr. Hafner purchased his 6-bedroom, 7.5 bathroom unit at L’Atelier Miami Beach for $21 million in 2017 while the project was still under construction. Mr. Hafner and his wife, Staci Hafner, worked with Bart Reines Luxury Home Builder to redesign the 8,000-square-foot unit.

A glass elevator, a private 40-foot infinity pool, and a summer kitchen and bar are all included in the penthouse. SMG Management and W Capital Group developed L’Atelier.

Mr. Hafner then smashed his own record by purchasing a nearly 10,000-square-foot condo at the Palazzo Della Luna on Fisher Island later that evening. The seven-bedroom mansion was first listed for $40 million in 2018 and then relisted for $48 million in April.

The new purchase sits on Fisher Island, a 216-acre private island south of Miami Beach, and is home to around 800 CEOs and business owners. According to the listing, Mr. Hafner’s new house at the Palazzo Della Luna is on the 10th level with various terraces and a rooftop patio with a pool.

According to the company’s website, Mr. Hafner co-founded Kayak Software Corporation, an online travel booking tool, in 2004. Booking Holdings bought the company for $1.8 billion in 2013. According to property records, Mr. Hafner, who also owns residences in Rowayton, Conn., and the Hamptons, sold his New York condominium for $23.5 million earlier this month.

Before these new records, the county’s highest-priced condo purchase of the year was a penthouse at Continuum that sold for $35 million in April. The highest-priced condo transaction ever was a $60 million double penthouse at Faena House in 2015.

According to the press release, Hafner hasn’t been to their NYC apartment since the pandemic first started and they didn’t see a way back. The seller’s were represented by Eloy Carmenate with The Corcoran Group. The buyer of the L’Atelier penthouse is currently unknown.

Wetbar at Penthouse at L'Atelier
Photo Credit: Eloy Carmenate
L'Atelier Penthouse View of Pool and Ocean
Photo Credit: Eloy Carmenate
L'Atelier Penthouse Aerial View
Photo Credit: Eloy Carmenate
The Standard Midtown Residences

Rosso Development and Standard International are Partnering to Bring a 228 Unit Condo Project to Midtown

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The Standard Midtown Residences

In its very first partnership, Standard International along with Rosso Development are collaborating on a residential project that will bring a 12-story tower to the Midtown neighborhood of Miami, the Standard Midtown.

Sales are slated to begin on November 30. Arquitectonica and Urban Robot are collaborating on the project, which will be located on the southwest corner of Northeast First Avenue and Northeast 32nd Street across from a grocery store development that is currently under construction.

The Standard Midtown will feature 228 luxury condos ranging from 432 to 965 square feet of living space with studio to two-bedroom floor plan options. Prices will range from $329,000 to $829,000

Payment Structure:

  • Deposit 10% at reservation
  • Contract and Groundbreaking 20%
  • 6 months after contract 10%
  • Top off 10%
  • Closing 50%

The units will feature cubby kitchens designed by Urban Robot, expansive terraces, and master baths with double showers. Unit owners will be able to rent their units for periods up to 30 days with exclusive benefits to friends and family.

Amenities:

  • 35,000 square feet of amenities
  • 10,000 square feet of retail space
  • Expansive lobby with lounge areas and a cafe
  • Rooftop restaurant
  • Bar
  • 60-foot resort-style pool
  • Sweat room and fitness center
  • Indoor pickleball court
  • Yoga and stretch studios
  • Karaoke bar
  • Pet Spa
  • Party room

Carols Rosso, owner of Rosso Development has stated that this is his first major development since he left the Related Group. Rosso hinted at additional Standard-branded residential projects in the pipeline.

Standard International, currently operates 16 hotels in the United States and across the world and owns a waterfront hotel on the Venetian Islands in Miami Beach named the Standard Spa.

Construction is planned to begin next year and be finished by the middle of 2023. The site at 3100 Northeast First Avenue, as well as the air rights above the existing neighboring garage, are owned by Vadia’s Midtown Opportunities VIIIB LLC.

Miami Mansion 198 Palm

Developer Sells Palm Island Mansion for $17 Million

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Aerial View of 198 Palm
Front Elevation of 198 Palm

Miami-based developer Pedro Adrian of Adrian Homes has recently sold his Palm Island waterfront mansion for a cool $17 Million. The buyer, listed under a LLC by the name of JLG Family Holdings LLC, purchased the property at $1,459 per square foot. The LLC is managed by Jorge and Aida Garcia of Miami Beach.

Located at 198 Palm Avenue, Miami Beach, this gorgeous estate was originally built in 2016 by Adrian and his wife Adria. Featuring 30,000 square feet of property and 100 feet of water frontage, this land is the perfect backdrop for the modern Mediterranean home.

The lot itself is considered one of the largest lots on Palm Island with one of the best views overlooking the downtown Miami Skyline.

The property features 14,000 square feet of unrivaled living space. A total of 6 bedrooms, 8.5 bathrooms, and a 4 car garage make this home truly spectacular. This mansion is not limited in amenities and the lucky buyers will enjoy a sauna, fitness room, and a temperature-controlled wine cellar.

Family Room of 198 Palm

This estate boasts top-of-the-line appliances and mechanicals. The backyard is complete with a 20×40 heated pool, expansive terrace with a summer kitchen and BBQ installation. The 2 large gazebos overlook the ocean and the spacious dock.

The Adrians own a primary home located at 145 Palm Avenue as well as an adjacent lot that features a tennis court.

Adrian Homes is a residential development company based in Miami. They have a long history with Miami and have been established in the area for the past 42 years. Adrian’s has built over 5,000 single-family homes as well as many retail and commercial centers in the Miami Area.

Kitchen of 198 Palm
Backyard of 198 Palm
International Travel for Miami Can Commence

U.S. Lifts Restrictions for International Travelers November 8th-Will this Change the Miami Real Estate Market?

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International Travel for Miami Can Commence

Since the pandemic, the Miami condo market has flourished with record-breaking sales, massive tech companies making moves to Miami, and new developments being announced every day. One of the biggest variables that South Florida has always counted on was the international buyers, but due to travel regulations, foreign buyers have dwindled.

In the past 12 months, homes sales for international buyers have dipped to 31% making it the lowest since 2011, with Florida having the most sales to foreign buyers. Although Miami has seen a surge in condo sales this past year, the majority were domestic buyers.

With President Biden’s announcement of lifting travel restrictions for foreign travelers from certain areas in Canada and Countries in South America, this is big news for the real estate market itself. Beginning November 8th, vaccinated travelers can resume travel into the United States. With this, we can expect to have an increase in international buyers.

According to the Miami Chairman of the Board (MIAMI Association of Realtors), Jennifer Wollmann, with international travel resuming in the United States in November, the expectation is that foreign home buying will grow in the coming months.

According to Biz Journals, elections in Peru and Colombia are soon and South Florida may see an influx in buyers from those areas. The Senior Vice President of the Related Group, Eric Fordin has stated that he was surprised at the number of international buyers taking an interest in the District 225 project. According to Fordin, the new construction tower has over 100 buyers that are from Colombia.

Even with the increase in new construction towers, inventory remains at an all-time low for single-family homes and condominiums. Currently, there are only 631 condos in new or under construction remaining unsold.

According to The White House press release, there will be a second phase to requirements for all inbound foreign travelers in January 2022.

Miami Dade Record Sales

Miami Dade County Breaks More Records for Home Sales in September 2021

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Miami Dade Record Sales

Home sale records continue to be crushed month over month for Miami-Dade, marking its best September sales in history and setting the bar for the most condos sold in a year’s time. The previous annual record was 17,142 in 2013, while the current condo sales have equaled 17,942 with only 3 months to go!

According to the Multiple Listing Service (MLS), homes sales for Miami Dade have risen 20.2% at 3,031 transactions. This is up from the 2,521 transactions that occurred in 2020. Simultaneously, we saw a dip in single-family home sales at 3.6% at 1,241. This may be due to the lack of single-family home inventory. Condo sales have exponentially increased at 45.2% at 1,790 for September.

According to the Miami Chairman of the Board Jennifer Wollmann, with international travel resuming in the United States in November, the expectation is that foreign home buying will grow in the coming months.

Miami is also on track to have its best year ever for single-family home sales. For September, single-family home sales have increased by 35.3% at 3,031 total transactions.

Miami condos sales have increased by 45.2% in September with major increases in pricing for properties over $250,000.

Luxury sales have also been in the records spotlight with a 31.4% increase with 209 sales for September. For properties $1 million and up, sales have increased 96.5% at 167 transactions. Currently, there is a 3.9 month of supply for luxury single-family homes and a 9.4 month supply for luxury condos.

Single-family home pricing falls between $400,000 to $600,000 increasing by 27.4% higher than September 2020. Condo sales also saw a heavy rise at 161.1% with sale prices between $400,000 to $600,000.

Inventory has decreased for both single-family homes as well as condominiums. Inventory single-family homes decreased by 42.1% since 2019. Condominiums have decreased from 68.8% since 2019 as well.

Single-family home median prices have increased by 11.5% from $435,000 to $485,000. Condo median prices have increased by 24.5% from $265,000 to $330,000

Miami-Dade cash sales are up by 62.2% and represent 37.3% of Miami’s closed sales in September. According to statistics from the National Association of Realtors, almost 23% of all United States home sales are cash. Cash sales count for 45.9% of Miami condo sales with 24.9% for single-family sales.

Record Breaking August 2021 for Miami Dade County

Miami Real Estate Breaks Another Record for August 2021

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Record Breaking August 2021 for Miami Dade County

The Miami-Dade real estate market keeps smashing records over and over! For August 2021, a new record was set for the most homes sold in a quarter for Q2 in 2021. In April alone, we saw the best sales month in the history of Miami Dade county. Now, another record was set with the best August sales month in history!

There are multiple reasons for these records breaking, which include companies and executives moving their businesses to Florida in the masses, lower taxes than other states, record-low mortgage rates, and reduced covid restrictions.

Total homes sales surged 30.6% for August 2021 with an increase to 3,299 from 2,527 properties in 2020. There was a slight decrease in sales for single-family homes at 3.5% sliding from 1,357 to 1,309 from August of last year. However, we did see a 70.1% increase in condo sales from 1,170 to 1,990 compared to last year.

All price ranges have also increased for August 2021, especially in the $300,000 and higher range. The median sales price for single-family homes is up 20.3%, placing the average price at $500,500. Condo median prices are also up from the previous year from $265,000 to $335,000.

Insufficient inventory has also impacted sales. We have seen less inventory specifically for single-family homes which has decreased by 27.4% for August 2021 and 41.9% for condominiums.

Single-family luxury homes have also increased by 68.8% with 258 sales than 2020. Luxury condo sales increased by 217.1% with 222 sales.

Total volume for Miami-Dade real estate reached $2.5 billion in August 2021, with single-family homes increasing from 37.4% at $1.4 billion. Condo volume also increased from $490.8 million to $1.1 billion, at 129.2%.

Cash sales have also played a huge role in transactions. Buyers are paying cash at asking or over asking prices for listings. Cash sales represented 38.9% of all closed transactions for August. Cash sales accounted for 47.6% of condo sales and 25.8% of single-family sales.

Miami is on track to have its best year in sales for condos and single-family transactions ever. Within 8 months, total sales have already surpassed 2020’s numbers at 26,931 from 26,345 (2020). The highest year for sales in Miami was in 2013 at 30,041 total transactions.

Miami Heat's Jimmy Butler

Miami Heat’s Very Own Jimmy Butler Sold his Pinecrest Mansion for $7.1 Million

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Jimmy Butler's Pinecrest Mansion
Photo Credit: Douglas Elliman

Jimmy Butler, Small Forward for the Miami Heat just sold his Pinecrest Mansion for $7.1 million. Butler who just purchased this home just 2 years ago really took advantage of the Miami market because he originally purchased the estate for $4.6 million in 2018. The home was built in 2013.

Foyer Opening to Living Room
Photo Credit: Douglas Elliman

Records show that the managing partner, Reshma Sohoni, for London-based venture capital firm called Seedcamp purchased the home. Sohoni co-founded Seedcamp in 2007 with the idea to assist in investments for European tech start-ups.

The home located at 8975 Southwest 63rd Court in the Stritter Estates subdivision of Pinecrest features 7 bedrooms, 8 bathrooms and a 3 car garage. The custom Mediterain home with 8,958 square feet of living space showcases a grand foyer that opens to the living and dining rooms with double height ceilings.

The large game room is perfect for entertaining with a custom wet-bar and dedicant kitchen. The custom cabinetry, wine gallery, and butler’s pantry makes this home truly unique. The master offers a private terrace and spa bath. The backyard is the ultimate in luxury with covered terraces, playground, spa, and resort style pool.

Jimmy Butler's Custom Kitchen
Photo Credit: Douglas Elliman

For the next four years, Butler will still be a Miami resident with his recently signed 4 year contract extension with the Heat for an additional $184 million.

Butler isn’t the first Heat player to sell its Miami mansion. Dwayne Wade and wife Gabrielle Union sold their Miami mansion for $22 million after 2 years on the market.

Let’s also not forget that Pinecrest was ranked #2 in the top places to live in Miami!

Outdoor Terrace at Pinecrest Mansion
Photo Credit: Douglas Elliman
Miami Condo Statistics

Volume for Condo Sales Rose more than $60 Million for June

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Miami Condo June Statistics

According to the Miami-Dade MLS (Multiple Listing Service), condo sales for Miami rose more than $60 million, while the number of units remained steady. As of last week, 273 units sold, which is very similar to the previous week with a dollar amount totaling just over $210 million, with the previous week at $149.3 million.

The average sell price for condos from June 13 to June 19 is up to $770,000 with the previous week at $541,000. The most expensive sale for this week included a penthouse at Miami Beach’s Faena House for $11.2 million equaling $2,628 per square foot. The unit was on the market for 267 days.

Faena House condominium is located at 3315 Collins Avenue in Miami Beach. It is an ultra-luxury tower with 47 units rising 18 stories tall. This building offers 1 to 4 bedroom floor plans with 1,307 to 8,273 interior square feet of living space. Residence features include; Miele appliances, Dornbracht bathroom finishes, marble flooring, and Crestron Automated Systems. Residents enjoy exclusive amenities including a 24-hour doorman, valet, spa, fitness center, beach club, and direct ocean views.

The second most expensive sale was at the Surf Club Four Seasons in Surfside selling for $6 million at $3,409 per square foot. This property was on the market for 126 days.

Surf Club Four Seasons located at 9001 Collins Avenue and 9111 Collins Avenue in Surfside was designed by architect Richard Meier who brilliantly blinded the historical Surf Club and the new 12-story development. The Surf Club Four Season features 150 residences and 77 hotel rooms. The residences feature 1 to 5 bedroom units with staff quarters ranging from 1,411 to 7,500 square feet of living space with floor-to-ceiling glass walls, expansive balconies, and unobstructed views of the Atlantic Ocean and Biscayne Bay.

Dwyane Wade and Gabrielle Union

Dwyane Wade and Gabrielle Union Sell their Miami Beach Waterfront Mansion for $22 Million

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Dwyane Wade and Gabrielle Union

What a crazy week for luxury real estate! Another mansion just sold in Miami Beach by none other than retired Miami Heat basketball player, Dwyane Wade and wife, Gabrielle Union.

Wade and Union first purchased the home located at 5980 North Bay Road in Miami Beach in 2010 for $10.6 million. The couple originally listed the home for $32.5 million in 2019 and lowered the price in December 2020 to $20.6 million. The home has been under contract with the same buyer since January of this year and just closed on June 1, 2021.

Sitting on 13,800 square feet of living, the 6-bedroom, 9 full bathrooms, and 2 half bathrooms is infused with Spanish architecture mixed with contemporary designs throughout. The chef’s kitchen features neutral tones and quartz countertops with Sub-zero and Wolfe appliances. The home also boasts an impressive master suite, wine cellar, and a large theater.

Dwyane Wade and Gabrielle Union Sell Miami Beach Mansion

The home sits on professionally manicured 1 acre parcel with an expansive pool overlooking Biscayne Bay, boat dock, outdoor kitchen, guest house, outdoor basketball court, and playground.

The buyer for this property has not been disclosed. Wade and Union are currently residing in Los Angeles where they purchased a Hidden Hills Mansion for $18 million in 2020.

Dwyane Wade retired from his 16-year Miami Heat basketball career in 2019. Wade holds the Miami titles for all-time leader in points, games, assists, steals, shots made, and shots taken. He is also a minority owner of the Utah Jazz.

Gabriel Union is an American actress, activist, and voice actor. She has stared in movie roles on Bad Boys II, Bring It On, and She’s All That. Time Magazine included Union in the 100 Most Influential People in the World of 2020 magazine edition.