Statistics on the Miami and Ft. Lauderdale High End Oceanfront Condo Market

So Be View

The woes of the housing market in South Florida and across the country does not seem to apply to the high end oceanfront condo market. As referenced in my blog of November 5th, and as reported by The New York Times, although growth may not be as strong, activity and sales are remaining consistent and in Broward new highs were reached for per square foot costs.

Let’s define high end luxury oceanfront condo market as priced above $2 million. The number of actual sales in 2007 is pretty close to 2006 numbers for both Dade and Broward counties.

In Broward county in 2007 there were 3 reported sales over $1000 per square foot. 2 of those sales were in the St. Regis and one was in the Diplomat.

Broward County (Ft.Lauderdale and Other Cities) Currently 100 Active Listings

2007:

  • 13 Closed Sales of Oceanfront Condo’s Priced Over $2 million
  • Average $ per sq. ft.:$946
  • Highest Reported Sale: St. Regis: Asking Price $5.5 million- Sold for $3.95 million: $1285 sq.ft.

2006

  • 11 Closed Sales of Oceanfront Condo’s Priced Over $2 million
  • Average $ per sq. ft.: $641
  • Highest Reported Sale: Asking Price: $4.250 million -Sold for $4.2 million

Dade County (Miami and Other Cities) Currently 338 Active Listings

2007:

  • 86 Closed Sales of Oceanfront Condo’s Priced Over $2 million
  • Highest Reported Sale: 1500 Ocean Club: Asking Price $18.5 million- Sold for $12 million

2006

  • 87 Closed Sales of Oceanfront Condo’s Priced Over $2 million
  • Highest Reported Sale: Asking Price: $8.950 million -Sold for $8.5 million: $1246 sq.ft.

In summary, the high end oceanfront condo market is alive and kicking.

Pre construction is an entirely different story. Watch for information to come on how the high end preconstruction market is doing.