Miami Beach High End Real Estate Market Overview by Top Producer Nelson GonzalezMay 22, 2017
In this overview on the luxury real estate market we wanted to give you a brief update on the ultra-high-end luxury real estate market in Miami Dade County; how it all began and where we are now. The price range that we will consider for this ultra-high-end market segment is $20M and over.
Miami wasn’t always the destination for luxury buyers for ultra-high-end real estate. Up until recent years, Miami did not have this type of luxury real estate product available. It all started in 2004 when wealthy buyers from around the world started to target Miami’s waterfront mansions due to Florida’s tax benefits and the lifestyle that Miami Beach offered.
Year 2006 is the year when the Miami Beach area saw its first closed sale over $20M with the sale of 12 Indian Creek Island Road for $22.5M, in which Nelson Gonzalez represented the Buyer. The first sale for Miami Dade County over $20M was 2 years earlier in 2004 with the sale of 1 Arvida Parkway at $20.6M. In the time from 2004 to 2012 Miami Dade recorded a total of 6 sales over $20M which amounts to an average of 1 sale over $20M each year. Starting in year 2012 this number tripled and from 2012 until present Miami Dade has been recording an average of 3 sales over $20M per year. The total number of sold single-family waterfront homes over $20M for Miami Dade County so far is 27. Nelson Gonzalez has personally sold 8 of the 27 homes closed over $20M. Throughout the years, the inventory levels for this market segment have been slowly increasing, but increasing at a higher rate than demand. In 2017 inventory levels for this market show an increase of nearly 300% compared to 9 years ago. The silver lining is that demand for high end real estate and the number of sold luxury homes has also been increasing. Year 2017 started off great for this market segment with already 3 closed sales of $20M+, in which Nelson Gonzalez represented the buyer in 2 of the sales. As of June 2017, in Miami Dade there are 31 single-family waterfront homes for sale with an asking price of $20M+. Although demand and sales have increased, inventory levels for this type of luxury real estate are still high for such a small market segment and it may take some time before that inventory burns off and the real estate market stabilizes.
Scroll below to see all the sales of over $20M in which Top Producing Realtor Nelson Gonzalez has represented the Buyer, Seller, or both, including Nelson’s Record-Breaking sales! CLICK HERE to see the Facts & Trends Report and see how inventory levels for this luxury real estate market segment has changed in the last 10 years, quarterly.
RECORD-BREAKING SALE FOR MIAMI BEACH AND NORTH BAY ROAD
5800 North Bay Road | Sold: $33,000,000 | 2015
RECORD-BREAKING SALE FOR VENETIAN ISLANDS
212 W Di Lido Drive | Sold: $22,000,000 | 2017
RECORD-BREAKING SALE FOR COCONUT GROVE
La Brisa Estate | 3551 Main Hwy | Sold: $34,600,000 | 2016
HIGHEST SALE FOR NORTH BAY ROAD IN 2 YEARS
6466 North Bay Road | Sold: $20,000,000 | 2017
HIGHEST SALE FOR INDIAN CREEK VILLAGE IN 5 YEARS
17 Indian Creek Island Rd | Sold: $30,000,000 | 2015
OTHER SALES OVER $20M FOR NELSON GONZALEZ
12 Indian Creek Island Rd | Sold: $28,000,000 | 2014
12 Indian Creek Island Rd | Sold: $22,500,000 | 2006
2068 North Bay Rd | Sold: $20,500,000 | 2014
This overview was presented by Miami’s Top Realtor Nelson Gonzalez and Julijana Rose from THE NELSON GONZALEZ TEAM at EWM Realty. If you need help buying or selling your waterfront home or a condo contact us.