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Condo Blackbook in the News: Miami Brokers Say There’s An ‘Avalanche’ Of New Residents Incoming
by , December 24, 2020
Originally published here on December 10, 2020
Blackbook Properties' Sep Niakan and Condo Blackbook as featured in The Next Miami:
Miami’s red-hot real estate market is about to get even hotter, brokers say, as new residents flock to the area.
Trends that were already in place are now accelerating due to the pandemic, they say.
Sep Niakan, who runs Condo Black Book, said that an avalanche of sales is incoming to the Miami market.
The trigger: work from home policies instituted by companies during the pandemic are now expected to be made permanent.
Employees are already visiting Miami to shop for a permanent home in advance of those announcements, thanks to better weather and lower taxes, he said.
Once those permanent work-from-home policies are announced, the “complete avalanche” will begin. Announcements by companies are expected late this year and in early 2021.
Real estate in the $1 million and up range is already on fire, according to Ana Bozovic of Analytics Miami.
In November 2020, Miami-area condo transaction volume in the $1m+ range was up 85% compared to the same period last year.
Single family transaction volume in the $1m+ category during November was up 127%.
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— Ana Bozovic (@ana_analytics_) December 7, 2020
$1M+ South Florida is on 🔥
As I keep saying, I think we are in the early stages of a 5-10 year shift in how people live & work. Corona is essentially accelerating habit & infrastructure changes out of the pre-internet & into the post-internet world.#floridarealestate pic.twitter.com/IhBytOVRkr
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Annual & Q4 2024 Miami Beach Luxury Condo Market Repor (From Google Doc)
Despite shifting toward a buyer’s market, Miami Beach ended 2024 on a strong note. In Q4, sales momentum surpassed projections, with both annual and quarterly volumes increasing. While some segments saw slight price pressure, there were no signs of a major downturn.
South Beach
Sunny Isles Beach
Bal Harbour
Fisher Island
North Beach
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North Miami Beach
Surfside
Annual & Q4 2024 Miami Beach Luxury Condo Market Report
Despite shifting toward a buyer's market, Miami Beach ended 2024 on a strong note. In Q4, sales momentum surpassed projections, with both annual and quarterly volumes increasing. While some segments saw slight price pressure, there were no signs of a major downturn. Highlights on this report include Fisher Island emerging as the strongest market in Miami Beach with the highest year-over-year sales growth in Q4, while Mid-North Beach topped annual sales trends. Fisher Island remained South Florida's most expensive zip code for luxury condos, both quarterly and annually. Meanwhile, the modest Mid-North Beach market was the fastest-moving in Q4. Dive into our in-depth analysis for year-over-year insights on how each Miami Beach neighborhood performed against one another and the broader Miami luxury condo market in Q4 and throughout 2024. For this report, Miami Beach sub-neighborhoods include South Beach, Mid-Beach, North-Beach, Sunny Isles Beach, Surfside, Bal Harbour, and Fisher Island. Also, this luxury condo submarket report only features properties priced at $1 million and above.
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