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Q4 2022 & Annual Miami Beach Luxury Condo Market Report & Stats

by Sep Niakan, February 09, 2023

Q4 2022 & Annual Miami Beach Luxury Condo Market Report & Stats
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Positive signs for Miami's Coastal Neighborhoods: As mentioned in the overall Miami Luxury Condo Market Report for Q4 2022, most Miami Beach and coastal neighborhoods reported their second-biggest year in terms of sales, despite a seasonal slowdown pausing momentum over the second half of 2022. In a nod to general market health, prices peaked to an all-time high in most sub-markets, Days on Market remained low, and with high season on the horizon, we as real estate experts, expect market growth to resume and any surplus inventory to be wiped off quickly.

In 2022, Sunny Isles Beach emerged as the most resilient market of the Miami Beach-area neighborhoods, reporting the least negative impact on annual sales growth. As usual, Fisher Island stayed in the lead in terms of pricing – reporting the most expensive Price per Square Foot in Miami along with maximum gains in 2022-over-2021 prices. The exclusive island neighborhood also turned out to be the fastest-selling market of Q4 2022, as luxury condos took only 27 days to sell.

Read on for more year-over-year insights in our exclusive and detailed analysis on how each Miami Beach-area neighborhood fared against each other, as well as against the overall Miami luxury condo trends and real estate market statistics in Q4 2022, as well as on an annual basis in 2022.

For the purposes of this report, we've included in "Miami Beach" the sub-neighborhoods of South Beach, Mid-Beach, North-Beach, Sunny Isles Beach, Surfside, Bal Harbour, and Fisher Island as part of our Miami Beach-area grouping. Also, this luxury condo submarket report only features properties priced at $1 million and above.



2022 Annual Miami Beach + Sub-neighborhood Luxury Condo Market Stats Summary:

  • Annual Sales down -21.5% compared to record-setting 2021, but second-best year ever
  • Annual Price per Square Foot up to $1,103 in 2022-over-2021 analysis
  • Annual Days on Market down 17% in 2022-over-2021 analysis
  • Winners: Sunny Isles Beach topped popularity charts, emerged as the most resilient market in greater Miami Beach area with least impact (-13%) on 2022-over-2021 sales growth
  • Winner: Fisher Island plus Surfside and Bal Harbour led price growth in Miami overall with highest percentage increase in Price per Square Foot – offering maximum value to sellers
  • Winner: Fisher Island stayed the most expensive neighborhood of 2022 with a median price of $1,903/sq. ft.
  • 2022 closed as a buyer's market, in theory, but sellers held equal advantage


Q4 2022 - Miami Beach Luxury Condo Market Highlights:

  • Sales down -58.4% year-over-year
  • 12-month sales trendline stayed negative between Q3 and Q4 2022
  • At $1,130, Price per Square Foot up by 9.2% year-over-year to highest-ever
  • Days on Market down 4.8% year-over-year
  • Inventory up 100% year-over-year to 18 months


Q4 2022 - Miami Beach Sub-neighborhood Highlights:

  • Winner: Mid-North Beach topped popularity charts in Miami Beach, with the lowest percentage decline (-55%) in year-over-year sales volume
  • 12-month Sales Trendline negative across the board
  • Winner: Fisher Island posted highest percentage growth in year-over-year price per sq. ft. (75%) in Miami Beach and Miami overall, replacing Surfside & Bal Harbour from top spot in Q3 2022
  • Winner: Fisher Island continued as the most expensive neighborhood in Q4 2022 with a median price of $2,584/sq. ft.
  • Fisher Island emerged as the fastest-selling market in Miami Beach and overall Miami, as luxury condos took only 27 days to market – from listing to closing
  • Mid-North Beach reported the lowest year-end inventory (16 months) in Miami Beach
  • Fisher Island posted the highest year-end inventory (21 months) in Miami Beach


Miami Beach Luxury Condo Markets at a Glance - Q4 2022 YoY (Number of Sales)

Miami Beach Luxury Condo Markets at a Glance - Q4 2022 YoY (Number of Sales)


Miami Beach Overall Luxury Condo Markets at a Glance - Q4 2022 YoY (Median Sale Price)

Miami Beach Overall Luxury Condo Markets at a Glance - Q4 2022 YoY (Median Sale Price)


Miami Beach Luxury Condo Markets at a Glance - Q4 2022 YoY (Median Sales Price / SqFt)

Miami Beach Luxury Condo Markets at a Glance - Q4 2022 YoY (Median Sales Price / SqFt)





Table of Contents

  1. Overall Q4 2022 & Annual Miami Beach Luxury Condo Market Stats
  2. Q4 2022 & Annual South Beach Luxury Condo Market Stats
  3. Q4 2022 & Annual Mid and North Beach Luxury Condo Market Stats
  4. Q4 2022 & Annual Surfside & Bal Harbour Luxury Condo Market Stats
  5. Q4 2022 & Annual Sunny Isles Beach Luxury Condo Market Stats
  6. Q4 2022 & Annual Fisher Island Luxury Condo Market Stats
  7. Conclusion - Q4 2022 & Annual Miami Beach Luxury Condo Market Report

Q4 2022 vs Q3 2022 Miami Beach Miami Luxury Condo Market Summary - Fig. 1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q4-2022

152

-18.7%

$2,000,000

11.1%

$1,130

4.2%

79

Q3-2022

187

$1,800,000

$1,085

68



Q4 2022 vs Q4 2021 Miami Beach Miami Luxury Condo Market Summary - Fig. 1.1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q4-2022

152

-58.4%

$2,000,000

-1.2%

$1,130

9.2%

79

Q4-2021

365

$2,025,000

$1,035

83



Annual 2022-over-2021 Miami Beach Miami Luxury Condo Market Summary - Fig. 1a

Year

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

2022

1253

-21.5%

$2,000,000

0.0%

$1,103

10.5%

78

2021

1596

$2,000,000

$998

94

 



— Annual & Q4-22 Miami Beach Luxury Condo Stats - Sales Down, But Market Stable


Q4 Sales Down -58.4% Year-over-year — Higher Than Any Pre-pandemic 4Q (2019 & before)

Echoing and strongly influencing the sales trend seen in the overall Miami report for Q4 2022, Miami Beach posted a decline in quarter-over-over and year-over-year sales, however it was still the second strongest sales year ever behind 2021:

  • Q4 2022 vs Q3 2022. Sales dipped -18.7% quarter-over-quarter, down from 187 in Q3 to 152 in Q4 2022. (Fig. 1)
  • Q4 2022 vs Q4 2021. Sales declined -58.4% year-over-year, down from 365 in Q4 of last year to 152 for the same quarter 2022. (Fig. 1.1)
  • Still, Q4 2022 volumes were higher than any previous fourth quarter noted pre-pandemic (years 2019 and before). This shows that the market held on to its growth thresholds acquired over the past two years.
  • Sunny Isles Beach was the highest contributor in terms of sales volume (54 sales).
  • Mid-North Beach was the most resilient sub-market, reporting the least negative impact in year-over-year sales growth (-55%).

As the luxury condo market expectedly slowed down after about two years in overdrive plus with a seasonal pause setting in, sales in these beach neighborhoods closed the year soft. However, as real estate experts, we expect the market to pick up pace as high season approaches in Spring 2023, bringing the market to an equilibrium.


Annual Sales down -21.5% — Second-highest Sales in a Year — Negative Trendline

Owing to a record opening to the year (Fig. 2.1), the luxury condo market in this grouping of popular coastal neighborhoods reported its second-biggest year of sales, even as the market cooled drastically over the last two quarters:

  • 2022 vs 2021. Sales dipped 21.5%, down from 1,596 annual sales in the record-setting previous year to 1,253 in 2022. (Fig. 1a)
  • However, with annual sales surpassing those from 2020 (498 total sales), 2019 (507 total sales), 2018 (481 total sales), and the years before – Miami Beach reported its second-biggest sales year on record. (Fig 2.1)


Miami Beach Luxury Condo Quarterly Sales 2015-2022 - Fig. 2.1

Miami Beach Luxury Condo Quarterly Sales 2015-2022 - Fig. 2.1


Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Dec. 2022 - Fig. 2.2

Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Dec. 2022 - Fig. 2.2


With the market cooling in anticipation of high season in 2023 (Spring is generally Miami's peak season for luxury condo sales, as noted historically), the 12-month Sales Trendline of Fig. 2.3 expectedly stayed negative between Q3 and Q4 2022.


Miami Beach Luxury Condo 12-Month Sales with Trendline - Fig. 2.3

Miami Beach Luxury Condo 12-Month Sales with Trendline - Fig. 2.3





— Miami Beach: Luxury Condo Prices Up Annually & Q4-22


Annual Price per Square Foot up to $1,103, Median Sales Price Flat

Consistent with the overall market trend of higher 2022-over-2021 Price per Square Foot and a flat Median Price, luxury condos in Miami Beach reported the following annual trends (Fig. 1.a):

  • Price per Square Foot increased 10.5%, up from $998 in 2021 to $1,103 in 2022.
  • Median Sales Price stayed flat, reporting no change from $2,000,000 in 2021.


Q4 2022 Price per Square Foot up 9.2% to Peak of $1,130 — Median Sales Price Flat Year-over-year

Deviating slightly from the overall Miami market trend of higher year-over-year Price per Square Foot and a lower Median Price, luxury condos in Miami Beach reported the following pricing statistics (Fig. 1.1):

  • Q4 2022 vs Q4 2021. Price per Square Foot increased by 9.2%, up from $1,035 in Q4 2021 to an all-time high of $1,130 in Q4 2022.
  • Looking at the 5-year snapshot of quarterly prices per square foot below (Fig. 3), prices in this grouping closed Q4 at their highest ever - giving sellers excellent value for their luxury condo investments and confirming market health.
  • Median Sales Price stayed mostly flat, adjusting only by -1.2%, slightly down from $2,025,000 in Q4 2021 to $2,000,000 in Q4 2022.


Miami Beach Quarterly Sales Price per Sq. Ft. 2017-2021 - Fig. 3

Miami Beach Quarterly Sales Price per Sq. Ft. 2017-2021 - Fig. 3


— Miami Beach: Days on Market Down Annually & YoY in Q4-22


Days on Market Down 17% on Annual Basis and 4.8% 4Q22-over-4Q21

Decreasing in step with the overall Miami luxury condo market statistics, and showing the health of the market, the Days on Market (DOM) for luxury condos in the Greater Miami Beach area dropped as follows:

  • 2022 vs 2021. Days on Market declined 17%, with luxury condos taking 16 fewer days to sell compared to 2021. (Fig. 1a)
  • Q4 2022 vs Q4 2021. Days on Market decreased 4.8%, indicating luxury condos spent 4 less days on market compared to the same quarter a year-ago. (Fig. 1.1)
  • Q4 2022 vs Q3 2022. Days on Market increased slightly in the last quarter of the year to 79 days from 68 days, however this is historically fairly usual. (Fig. 4)


Miami Beach Area Quarterly Days on Market 2018-2022 – Fig. 4

Miami Beach Area Quarterly Days on Market 2018-2022 – Fig. 4





— Miami Beach: Q4 2022 Inventory Up YoY


Q4 2022 closed with 18 months of Inventory

Following 8 quarters of frenzied sales, it was quite expected that Inventory would increase as soon as the market took a break:

  • On an annual basis, Inventory was up from 9 months in December 2021 to 18 months by year-end 2022 – reporting a 100% jump. (Fig. 5)
  • On a quarter-over-quarter basis, inventory expanded from 9 months in September 2022 to 18 months in December – again reporting an uptick of 100%.

At 18 months, inventory closed above the 9-12-month range of an ideal market, making a theoretical shift into a buyer's market for the time being. As real estate experts, we expect this surplus to correct as soon as high season resumes in Spring 2023 and the luxury condo market to navigate 2023 as a balanced market – offering equal opportunity to buyers as well as sellers.


Miami Beach Months of Inventory from Mar. 2019 to Dec. 2022 - Fig. 5

Miami Beach Months of Inventory from Mar. 2019 to Dec. 2022 - Fig. 5


A balanced market has 9-12 months of inventory. The months of inventory are calculated as – number of active listings + number of pending listings, divided by the average number of deals in the last 6 months.


Looking for a market valuation on your Miami Beach condo? Call, chat, or email us for a FREE market evaluation of your property to make the most of this strong seller's market.



— Miami Beach Neighborhoods: Q4 2022 South Beach (ZIP 33139)

Q4 2022 vs Q3 2022 South Beach Luxury Condo Market Summary - Fig. 6

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q4-2022

50

13.6%

$2,000,000

4.7%

$1,226

-6.9%

87

Q3-2022

44

$1,910,000

$1,317

68



Q4 2022 vs Q4 2021 South Beach Luxury Condo Market Summary – Fig. 6.1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q4-2022

50

-56.9%

$2,000,000

7.5%

$1,226

0.9%

87

Q4-2021

116

$1,860,000

$1,216

63



Annual 2022-over-2021 South Beach Luxury Condo Market Summary - Fig. 6a

Year

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change iMedian of DOM

Median of DOM

2022

366

-23.8%

$2,000,000

-4.8%

$1,270

2.8%

69

2021

480

$2,100,000

$1,235

86





— South Beach Luxury Condo Sales Stats: Annual + Q4 2022 Sales Down


Q4 2022 Sales down -56.9% Year-over-Year — Highest in a Fourth Quarter (2020 and Prior)

Consistent with the overall Miami luxury condo market trend for Q4 2022, South Beach reported a decrease but with an upside:

  • Q4 2022 vs Q4 2021. Sales declined -56.9% year-over-year, down from 116 in Q4 2021 to 50 for the same quarter 2022. (Fig. 6.1)
  • Q4 2022 still recorded higher sales than any previous fourth quarter in the years 2020 and before.
  • Q4 2022 vs Q3 2022. Sales increased 13.6% quarter-over-quarter, up from 44 in the previous quarter to 50 in Q4 2022. (Fig. 6)


Annual 2022 Sales down -23.8% - Second-biggest Sales Year - Negative Trendline

Even with the market losing steam over the second half of 2022, South Beach reported its second strongest year in terms of sales, much like the overall Miami market trend:

  • 2022 vs 2021. Sales decreased -23.8%, down from 480 annual sales in the record-setting year of 2021 to 366 in 2022. (Fig. 6a)
  • With the second-highest annual sales ever, South Beach outperformed all previous years on record starting in 2020. (Fig. 7.1)


South Beach Luxury Condo Quarterly Sales 2015-2022 - Fig. 7.1

South Beach Luxury Condo Quarterly Sales 2015-2022 - Fig. 7.1


Owing to slower sales over the past three quarters, the 12-month Sales Trendline of Fig. 7.2 expectedly stayed negative from Q3 to Q4 2022.


2022 South Beach Luxury Condo 12-Month Sales with Trendline - Fig. 7.2

2022 South Beach Luxury Condo 12-Month Sales with Trendline - Fig. 7.2





— South Beach Luxury Condo Price Trends: Mixed Annually + Q4 2022


Annual Price per Square Foot Flat at $1,270, Median Sales Price Down

Partly in line with the overall market trend of higher year-over-year annual price per square foot and flat Median Price, luxury condos in South Beach reported the following price statistics (Fig. 6a):

  • Price per Square Foot stayed mostly flat, adjusting by 2.8%, slightly up from $1,235 in 2021 to $1,270 in 2022.
  • Median Sales Price declined -4.8%, down from $2,100,000 in 2021 to $2,000,000 in 2022.

Inconsistencies in the Price Per Square Foot and Median Sales Price trends may be attributed to the sales of smaller amenity-rich luxury condos dominating the year, which tend to command higher prices per square foot.


Q4 2022 Price per Square Foot Flat at $1,226 — Median Sales Price Up Year-over-year

In contrast to the overall Miami market trend of higher quarterly Price per Square Foot and lower Median Price in Q4, South Beach reported the following (Fig. 6.1):

  • Q4 2022 vs Q4 2021. Price per Square Foot stayed flat, adjusting by 0.9%, marginally up from $1,216 in Q4 2021 to $1,226 in Q4 this year.
    • Looking at the 5-year snapshot of quarterly prices per square foot below (Fig. 8), we found that prices in South Beach closed in the higher ranges for a Q4 – offering sellers good value for their luxury condo investments.
    • Median Sales Price increased 7.5%, up from $1,860,000 in Q4 2021 to $2,000,000 in Q4 2022.

South Beach Luxury Condo Quarterly Price per Square Foot 2017-2022 - Fig. 8

South Beach Luxury Condo Quarterly Price per Square Foot 2017-2022 - Fig. 8





— South Beach: Days on Market Down Annually, Up YoY in Q4


Days on Market Down 20% on Annual Basis, Up 39% 4Q22-over-4Q21

Deviating partly from the overall market trend of lower Days on Market, luxury condos in South Beach reported a decline in 2022-over-2021 days, but increased in 4Q22-over-4Q21 trends:

  • 2022 vs 2021. Days on Market decreased 20%, with luxury condos spending 17 fewer days on the market compared to 2021. (Fig. 6a)
  • Q4 2022 vs Q4 2021. Days on Market increased 39%, showing luxury condos spent 24 more days on market in the fourth quarter compared to Q4 2021. (Fig. 6.1)


South Beach Luxury Condo Quarterly Days on Market 2018-2022 - Fig. 9

South Beach Luxury Condo Quarterly Days on Market 2018-2022 - Fig. 9





— South Beach: Luxury Condo Inventory Up YoY in 2022


Q4 2022 Closed with 17 months of Inventory

Following the overall Miami market statistics and trends, luxury condo inventory in South Beach  increased quarter-over-quarter, as well as year-over-year in Q4 2022. At 17 months, inventory closed above the 9-12-month mark of a balanced market – bringing the luxury condo market in this vacation hotspot to favor buyers until high season (Spring 2023) will likely clears off a chunk of the surplus.

  • On an annual basis, Inventory was up from 8 months in December last year to 17 months in December 2022 – an 112.5% uptick. (Fig. 10)
  • On a quarter-over-quarter basis, Inventory increased from 8 months in September 2022 to 17 months in December – again posting a 112.5% increase.


South Beach Months of Inventory from Mar. 2019 to Dec. 2022 - Fig. 10

South Beach Months of Inventory from Mar. 2019 to Dec. 2022 - Fig. 10





— Miami Beach Neighborhoods: Q4 2022 Mid and North Beach (ZIP 33140 & 33141)

Q4 2022 vs Q3 2022 Mid-Beach and North-Beach Luxury Condo Market Summary - Fig. 11

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q4-2022

24

-36.8%

$1,475,000

-1.7%

$1,131

-2.6%

123

Q3-2022

38

$1,500,000

$1,162

40



Q4 2022 vs Q4 2021 Mid-Beach and North-Beach Luxury Condo Market Summary - Fig. 11.1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q4-2022

24

-54.7%

$1,475,000

-9.2%

$1,131

14.4%

123

Q4-2021

53

$1,625,000

$989

83



Annual 2022-over-2021 Mid-Beach and North-Beach Luxury Condo Market Summary - Fig. 11a 

Year

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

2022

224

-18.2%

$1,637,500

6.5%

$1,064

12.1%

69

2021

274

$1,537,500

$949

89





— Mid-North Beach Luxury Condo Sales Trends: Most Resilient Market of Q4-22 in Miami Beach


Q4 2022 Sales Down -54.7% Year-over-year

Luxury condos in Mid-North Beach reported a decline in year-over-year sales, much in line with the overall Miami market trend for Q4 2022:

  • Q4 2022 vs Q4 2021. Sales dropped -54.7% year-over-year, down from 53 in Q4 a year-ago to 24 in the same quarter of 2022. (Fig. 11.1)
  • Q4 2022 vs Q3 2022. Sales decreased -36.8% quarter-over-quarter, down from 38 in Q3 2022 to 24 in Q4 2022. (Fig. 11)
  • Still, Mid-North Beach topped the popularity charts in Miami Beach with the lowest percentage decline in year-over-year sales.


Annual Sales Down -18.2% — Second-Highest Annual Sales Ever — Negative Trendline

Echoing the overall Miami market trend, the luxury condo market in Mid-North Beach also reported its second-highest annual sales ever, even as momentum dropped significantly over the last two quarters (Fig. 12.1):

  • 2022 vs 2021. Sales declined -18.2%, down from 274 annual sales in the record-setting previous year to 224 in 2022. (Fig. 11a)
  • Outperforming all previous years on record, starting 2020, Mid-North Beach posted its second-biggest year for sales. (Fig. 12.1)


Mid-Beach and North-Beach Quarterly Sales 2015-2022 - Fig. 12.1

Mid-Beach and North-Beach Quarterly Sales 2015-2022 - Fig. 12.1


As explained above in this report, the 12-month Sales Trendline of Fig. 12.2 expectedly kept its negative trajectory between Q3 and Q4 of 2022 owing to a seasonal slowdown.


Mid-Beach and North-Beach 12-Month Sales with Trendline - Fig. 12.2

Mid-Beach and North-Beach 12-Month Sales with Trendline - Fig. 12.2





— Mid-North Beach Luxury Condo Price Trends: Up Annually + Mixed YoY in Q4 2022


Annual Price per Square Foot Up 12.1% to $1,064 — Median Sales Price Up

Almost in line with the overall market trend of higher year-over-year annual Price per Square Foot and a flat Median Price, luxury condos in Mid-North Beach reported the following increases (Fig. 11a):

  • Price per Square Foot increased 12.1%, up from $949 in 2021 to $1,064 in 2022.
  • Median Sales Price also increased 6.5%, up from $1,537,500 in 2021 to $1,637,500 in 2022.


Q4 2022 Price per Square Foot up 14.4% to $1,131 — Median Sales Price Down Year-over-year

Consistent with the overall Miami market trend of higher year-over-year Price per Square Foot and lower Median Price in Q4, Mid-North Beach reported the same (Fig. 11.1):

Q4 2022 vs Q4 2021 

  • Price per Square Foot increased 14.4%, up from $989 in Q4 2021 to $1,131 in Q4 this year.
  • Median Sales Price decreased 9.2% to $1,475,000 in Q4 2022 from $1,625,000 in Q4 of 2021.

This variance in Price per Square Foot and Median Sales Price trends could be due to more sales of amenity-dense, smaller (in size) condos in the area that inherently command a higher price per square foot.

Looking at the 5-year snapshot of quarterly prices per square foot below (Fig. 13), we found that prices in Mid-North Beach closed in the higher ranges for Q4 – giving sellers top dollar for their luxury condo investments.


Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2017-2022 - Fig. 13

Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2017-2022 - Fig. 13





— Mid-North Beach: Days on Market Down Annually, Up YoY in Q4


Days on Market Down 22% on Annual Basis — Up 48% 4Q22-over-4Q21

Partly deviating from the overall market trend of lower Days on Market, Mid-North Beach reported a decline in 2022-over-2021 statistics but an increase in 4Q22-over-4Q21 numbers:

  • 2022 vs 2021. Days on Market declined 22%, with luxury condos spending 20 fewer days on the market compared to 2021. (Fig. 11a)
  • Q4 2022 vs Q4 2021. Days on Market increased 48%, indicating luxury condos spent 40 extra days on market compared to Q4 2021. (Fig. 11.1)


Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 14

Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 14





— Mid-North Beach: Q4 2022 Inventory Up YoY — But Lowest in Greater Miami Beach


Q4 2022 closed with 16 months of Inventory

Consistent with the overall Miami market trend, luxury condo inventory in Mid-North Beach also increased quarter-over-quarter and year-over-year in Q4 2022:

  • On an annual basis, inventory was up from 12 months in December 2021 to 16 months in December 2022 – an increase of 33.3%. (Fig. 15)
  • On a quarter-to-quarter basis, inventory increased from 7 months in September 2022 to 16 months in December – posting a 128.6% increase.

At 16 months, Mid-North Beach reported the lowest year-end inventory of all the Miami Beach neighborhoods in our study. Year-end inventory closed above the 9-12-month mark of an ideal market – giving buyers a temporary edge until high season (Spring 2023) takes over to sweep off a chunk of the surplus – bringing the market into a balanced position for the rest of 2023.


Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Dec. 2022 - Fig. 15

Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Dec. 2022 - Fig. 15


A balanced market has 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.



— Miami Beach Neighborhoods: Q4 2022 Surfside & Bal Harbour 

 

Q4 2022 vs Q3 2022 Surfside & Bal Harbour Luxury Condo Market Summary - Fig. 16

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q4-2022

18

-14.3%

$2,225,500

-10.8%

$1,028

-14.8%

70

Q3-2022

21

$2,495,000

$1,207

32



Q4 2022 vs Q4 2021 Surfside & Bal Harbour Luxury Condo Market Summary - Fig. 16.1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q4-2022

18

-63.3%

$2,225,500

1.2%

$1,028

-15.9%

70

Q4-2021

49

$2,200,000

$1,222

140



Annual 2022-over-2021 Surfside & Bal Harbour Luxury Condo Market Summary - Fig. 16a

Year

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

2022

158

-25.8%

$2,850,000

21.3%

$1,292

27.6%

87

2021

213

$2,350,000

$1,013

102





— Surfside & Bal Harbour: Luxury Condo Sales Down – Annually & YoY


Q4 2022 Sales down -54.7% Year-over-year

In line with overall market trend for Q4 2022, luxury condos in Surfside & Bal Harbour reported a decline in year-over-year sales:

  • Q4 2022 vs Q4 2021. Sales dropped -63.3% year-over-year, down from 49 in Q4 2021 to 18 in the same quarter of 2022. (Fig. 16.1)
  • Q4 2022 vs Q3 2022. Sales decreased -14.3% quarter-over-quarter, down from 21 in the previous quarter to 18 in Q4 2022. (Fig. 16)


Annual Sales Down -25.8% — Still, Second-Biggest Sales Year — Negative Trendline

Following the overall Miami market trend, Surfside & Bal Harbour statistics showed the second-highest annual sales ever despite a seasonal pause over the second half (Fig. 17.1):

  • 2022 vs 2021. Sales declined -25.8%, down from 213 annual sales in the record-setting year of 2021 to 158 in 2022. (Fig. 16a)
  • Speaking to the market's health, annual sales in Surfside & Bal Harbour outperformed all previous years on record, starting 2020, to post the pairing's second-biggest sales year. (Fig. 17.1)


Surfside & Bal Harbour Quarterly Sales 2015-2022 - Fig. 17.1

Surfside & Bal Harbour Quarterly Sales 2015-2022 - Fig. 17.1


As sales cooled further in this upscale pairing, the 12-month Sales Trendline of Fig. 17.2 expectedly kept negative between Q3 and Q4 2022.


Surfside & Bal Harbour 12-Month Sales with Trendline - Fig. 17.2

Surfside & Bal Harbour 12-Month Sales with Trendline - Fig. 17.2





— Surfside & Bal Harbour: Luxury Condo Prices Up Annually – Second-Most Expensive in Miami Beach for 2022


Annual Price per Square Foot Up 27.6% to $1,292 — Median Sales Price Also Up

Partly in line with the overall market trend of higher year-over-year annual price per square foot and flat Median Price, luxury condos in Surfside & Bal Harbour reported the following increases (Fig. 16a):

  • Price per Square Foot increased 27.6%, up from $1,013 in 2021 to $1,292 in 2022.
  • At $1,292/square foot, luxury condos in Surfside & Bal Harbour emerged as the second-most expensive in Miami Beach, just behind Fisher Island priced at $1,903/square foot.
  • Surfside & Bal Harbour (collectively) provided maximum value to sellers by reporting the highest percentage growth in 2022-over-2021 price per square foot.
  • Median Sales Price also increased 21.3% to $2,850,000 in 2022 from $2,350,000 in 2021.


Q4 2022 Price per Square Foot Down 15.9% to $1,028 — Median Sales Price Flat Year-over-year

Partly deviating from the overall Miami market trend of higher year-over-year Price per Square Foot and lower Median Price, Surfside & Bal Harbour luxury condos reported the following price statistics (Fig. 16.1):

  • Q4 2022 vs Q4 2021. Price per Square Foot declined by 15.9%, down from $1,222 in Q4 of the previous year to $1,028 in Q4 2022.
  • Median Sales Price stayed mostly flat, adjusting by 1.2%, marginally up from $2,200,000 in Q4 of 2021 to $2,225,500 in Q4 2022.

Looking at the 5-year snapshot of quarterly prices per square foot below (Fig. 18), prices in Surfside & Bal Harbour closed in the mid-ranges for a Q4 – giving sellers fair value for their luxury condo investments in this upscale pairing.


Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2017-2022 - Fig. 18

Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2017-2022 - Fig. 18





— Surfside & Bal Harbour: Days on Market 
Down Annually + YoY in 4Q-22

Days on Market Down 15% on Annual Basis, 50% drop 4Q22-over-4Q21

Declining in sync with the overall Miami luxury condo market trend, the Days on Market (DOM) for luxury condos in Surfside & Bal Harbour posted the following statistics:

  • 2022 vs 2021. Days on Market declined 15%, with luxury condos spending 15 fewer days on the market compared to 2021. (Fig. 16a)
  • Q4 2022 vs Q4 2021. Days on Market dropped 50%, showing that luxury condos spent 70 fewer days on the market compared to Q4 2021. (Fig. 16)


Surfside & Bal Harbour Quarterly Days on Market 2018-2022 – Fig. 19

Surfside & Bal Harbour Quarterly Days on Market 2018-2022 – Fig. 19





— Surfside & Bal Harbour: Q4 2022 Luxury Condo Inventory Up YoY


Q4 2022 Closed with 18 months of Inventory

In step with the overall Miami market trend, luxury condo inventory in Surfside & Bal Harbour expectedly increased quarter-over-quarter as well as year-over-year:

  • On an annual basis, inventory was up from 7 months in December last year to 18 months in December 2022 – a 157% uptick. (Fig. 20)
  • On a quarter-over-quarter basis, inventory increased from 8 months in September 2022 to 18 months in December – reporting a 125% increase.

At 18 months, inventory closed above the standard 9-12-month mark of an ideal market – giving luxury condo buyers a temporary advantage until high season (spring 2023) kicks in to remove a sizable portion of this surplus – bringing the market to a balance for the rest of 2023.


Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Dec. 2022 - Fig. 20

Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Dec. 2022 - Fig. 20


A balanced market has 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.


If you are interested in buying or selling a condo in any of these Miami Beach neighborhoods, or would like more information about the data in our reports, please email us anytime or call (786) 655 - 4576.



— Miami Beach Neighborhoods: Q4 2022 Sunny Isles Beach

Q4 2022 vs Q3 2022 Sunny Isles Beach Luxury Condo Market Summary - Fig. 21

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q4-2022

54

-33.3%

$1,812,500

2.1%

$947

6.6%

76

Q3-2022

81

$1,775,000

$888

91



Q4 2022 vs Q4 2021 Sunny Isles Beach Luxury Condo Market Summary - Fig. 21.1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q4-2022

54

-56.5%

$1,812,500

-8.2%

$947

14.7%

76

Q4-2021

124

$1,975,000

$826

85



Annual 2022-over-2021 Sunny Isles Beach Luxury Condo Market Summary - Fig. 21a

Year

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

2022

462

-13.0%

$1,800,000

2.9%

$905

13.9%

87

2021

531

$1,750,000

$795

100





— Sunny Isles: Luxury Condo Sales Down – Most Popular Market of 2022 in Miami Beach


Q4 Sales Down -56.5% year-over-year — Highest in a Pre-pandemic 4th Quarter (2019 and prior)

Following the overall Miami market trend for Q4 2022, Sunny Isles Beach reported decreases but with a bright side:

  • Q4 2022 vs Q4 2021. Sales declined -56.5% year-over-year, down from 124 in Q4 2021 to 54 for the same quarter 2022. (Fig. 21.1)
  • Still, Q4 2022 reported the highest sales volume of any fourth quarter recorded in the year 2019 and from before – showing this oceanfront corridor for branded luxury condos has crossed a major growth threshold.
  • Q4 2022 vs Q3 2022. Sales decreased 33.3% quarter-over-quarter, down from 81 in Q3 2022 to 54 in Q4 2022. (Fig. 21)


Annual Sales Down -13% — Second-highest Annual Sales Yet - Negative Trendline

Just like the overall Miami market, Sunny Isles Beach reported its second strongest year in terms of sales, despite momentum taking a pause during the second half of 2022:

  • 2022 vs 2021. Sales declined -13%, down from 531 annual sales in the record-setting year of 2021 to 462 in 2022. (Fig. 21a)
  • With the second-highest annual sales on record, Sunny Isles Beach outperformed all previous years, starting 2019. (Fig. 22.1)
  • Sunny Isles Beach emerged as the most favored luxury condo market of 2022, posting the least negative impact (-13%) on 2022-over-2021 sales growth.


Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2022 - Fig. 22.1

Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2022 - Fig. 22.1


As explained previously in this report, the 12-month Sales Trendline of Fig. 22.2 expectedly remained negative from Q3 to Q4 2022 owing to a seasonal slowdown.


Sunny Isles Beach Luxury Condo 12-Month Sales with Trendline - Fig. 22.2

Sunny Isles Beach Luxury Condo 12-Month Sales with Trendline - Fig. 22.2





— Sunny Isles Luxury Condo Price Trends: Up Annually + Mixed YoY in 4Q 2022


Annual Price per Square Foot up 13.9% to $905 — Median Sales Price Flat

Consistent with the overall market trend of higher year-over-year annual price per square foot and a flat Median Price, luxury condos in Sunny Isles Beach reported the following price statistics (Fig. 21a):

  • Price per Square Foot increased 13.9%, up from $795 in 2021 to $905 in 2022.
  • Median Sales Price stayed mostly flat, adjusting 2.9%, slightly up from $1,750,000 in 2021 to $1,800,000 in 2022.


Q4 2022 Price per Square Foot Up 14.7% to Peak of $947 — Median Sales Price Down Year-over-year

Tightly in line with the overall Miami market trend of higher year-over-year Price per Square Foot and lower Median Price in Q4, Sunny Isles Beach reported the same (Fig. 21.1):

  • Q4 2022 vs Q4 2021. Price per Square Foot increased by 14.7%, down from $826 in Q4 2021 to $947 in Q4 this year.
  • Median Sales Price decreased 8.2%, down from $1,975,000 in Q4 2021 to $1,812,500 in Q4 2022.

Looking at the 5-year snapshot of quarterly prices per square foot below (Fig. 13), we found that prices in Sunny Isles Beach closed at an all-time high in Q4 2022 – giving sellers top dollar for their luxury condo investments in this beach town.


Sunny Isles Beach Quarterly Price per Sq. Ft. 2017-2022 - Fig. 23

Sunny Isles Beach Quarterly Price per Sq. Ft. 2017-2022 - Fig. 23





— Sunny Isles: Days on Market Down Annually + YoY in Q4 2022


Days on Market Down 13% on Annual Basis, 10% for 4Q22-over-4Q21

Following the overall Miami luxury condo market trend, the Days on Market (DOM) for luxury condos in Sunny Isles Beach too posted declines:

  • 2022 vs 2021. Days on Market declined 13%, with luxury condos spending 13 fewer days on the market compared to the previous year. (Fig. 21a)
  • Q4 2022 vs Q4 2021. Days on Market declined 10%, with luxury condos spending 9 fewer days on the market compared to the same quarter 2021. (Fig. 21)


Sunny Isles Beach Quarterly Days on Market 2018-2022 – Fig. 24

Sunny Isles Beach Quarterly Days on Market 2018-2022 – Fig. 24





— Sunny Isles Beach: Luxury Condo Inventory Up YoY 2022


Q4 2022 Closed with 20 months of Inventory

Comparable to the overall Miami market trend, luxury condo inventory in Sunny Isles Beach expectedly increased quarter-over-quarter, as well as year-over-year:

  • On an annual basis, inventory was up from 10 months in December 2021 to 20 months in December 2022 – a 100% uptick. (Fig. 25)
  • On a quarter-over-quarter basis, inventory increased from 11 months in September 2022 to 20 months in December – reporting an 81.8% increase.

At 20 months, inventory closed way above the 9-12-month benchmark of an ideal market – handing condo buyers the advantage until high season (Spring 2023) kicks in to wipe out a sizable portion of this surplus – hopefully recentering the market to a balanced position for the rest of 2023.


Sunny Isles Beach Months of Inventory from Mar. 2019 to Dec. 2022 - Fig. 25

Sunny Isles Beach Months of Inventory from Mar. 2019 to Dec. 2022 - Fig. 25


A balanced market has 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.



— Miami Beach Neighborhoods: Q4 2022 Fisher Island

 

Q4 2022 vs Q3 2022 Fisher Island Luxury Condo Market Summary - Fig. 26

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q4-2022

6

100.0%

$9,825,000

81.9%

$2,584

40.8%

27

Q3-2022

3

$5,400,000

$1,835

330



Q4 2022 vs Q4 2021 Fisher Island Luxury Condo Market Summary - Fig. 26.1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q4-2022

6

-72.7%

$9,825,000

113.6%

$2,584

74.9%

27

Q4-2021

22

$4,600,000

$1,477

137



Annual 2022-over-2021 Fisher Island Luxury Condo Market Summary - Fig. 26a

Year

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

2022

43

-55.2%

$6,500,000

9.9%

$1,903

28.5%

69

2021

96

$5,915,000

$1,481

121





— Fisher Island: Luxury Condo Sales Down Annually & YoY in 4Q-22; Prices Up


Q4 Sales Down -72.7% Year-over-year

Following the overall market trend in Miami, luxury condos in Fisher Island too reported a decline in year-over-year sales:

  • Q4 2022 vs Q4 2021. Sales dropped -72.7% year-over-year, down from 22 in Q4 2021 to 6 in the same quarter of 2022. (Fig. 26.1)
  • Q4 2022 vs Q3 2022. Sales increased 100% quarter-over-quarter, up from 3 in Q3 2022 to 6 in Q4 2022. (Fig. 26)


Annual Sales Down -18.2% — Negative Trendline

In line with the overall Miami market trend, the luxury condo market in Fisher Island too reported a decline in annual sales (Fig. 12.1):

  • 2022 vs 2021. Sales dipped -55.2%, down from 96 annual sales in the record-setting year of 2021 to 43 in 2022. (Fig. 26a)


Fisher Island Luxury Condo Quarterly Sales 2015-2022 - Fig. 27.1

Fisher Island Luxury Condo Quarterly Sales 2015-2022 - Fig. 27.1


Owing to the market cooling in anticipation of high season in spring of 2023, the 12-month Sales Trendline of Fig. 27.2 expectedly maintained its negative curve from Q4 2021 through to Q4 2022.


Fisher Island Luxury Condo 12-Month Sales with Trendline - Fig. 27.2

Fisher Island Luxury Condo 12-Month Sales with Trendline - Fig. 27.2





— Fisher Island: Luxury Condo Prices Up to Most Expensive in Miami – Leads Price Growth in Miami Beach 


Annual Price per Square Foot up 28.5% to $1,903 — Median Sales Price Up

Partly deviating from the overall market trend of higher year-over-year annual Price per Square Foot and flat Median Price, luxury condos in Fisher Island reported the following increases (Fig. 26a):

  • Price per Square Foot increased 28.5%, up from $1,481 in 2021 to $1,903 in 2022.
  • At $1,903/square foot, luxury condos in Fisher Island remained the most expensive in Miami overall, followed by Surfside & Bal Harbour priced at $1,292/square foot.
  • Fisher Island (along with Surfside & Bal Harbour) offered maximum value to sellers by recording the highest percentage growth in annual price per square foot.
  • Median Sales Price also increased 9.9%, up from $5,915,000 in 2021 to $6,500,000 in 2022 – the most expensive zip code in all of Miami.


Q4 2022  Price per Square Foot up 74.9% to peak of $2,584 — Median Sales Price Up Year-over-year

Deviating partially from the overall Miami market trend of higher year-over-year Price per Square Foot and lower Median Price, luxury condos in Fisher Island reported the following price statistics (Fig. 26.1):

  • Q4 2022 vs Q4 2021. Price per Square Foot increased by 74.9%, up from $1,477 in Q4 2021 to $2,584 in Q4 this year.
  • Median Sales Price increased 113.6%, up from $4,600,000 in Q4 2021 to $9,825,000 in Q4 this year.

Looking at the 5-year snapshot of quarterly prices per square foot below (Fig. 18), prices in Fisher Island closed at an all-time high in Q4 – giving sellers excellent value for their luxury condo investments as well as keeping this the most expensive neighborhood in Miami.

Fisher Island luxury condos also reported the highest percentage growth in 4Q22-over-4Q21 Price per Square Foot of all the Miami neighborhoods in our overall study.


Fisher Island Quarterly Price per Sq. Ft. 2017-2022 - Fig. 28

Fisher Island Quarterly Price per Sq. Ft. 2017-2022 - Fig. 28





— Fisher Island: Days on Market Down – Fastest-selling Market of Miami in Q4 2022


Days on Market Down 43% on Annual Basis and 81% for 4Q22-over-4Q21

In line with the overall Miami market trend of declining days on market, luxury condos in Fisher Island too reported the following:

  • 2022 vs 2021. Days on Market declined 43%, with luxury condos spending 52 fewer days on the market compared to 2021. (Fig. 26a)
  • Q4 2022 vs Q4 2021. Days on Market decreased 81%, with luxury condos spending 110 fewer days on the market compared to the same quarter of 2021. (Fig. 26.1)

With luxury condos taking only 27 days to sell in Q4 2022, listing to closing, Fisher Island emerged as the fastest-selling market in Miami Beach as well as overall Miami.


Fisher Island Quarterly Days on Market 2018-2022 – Fig. 29

Fisher Island Quarterly Days on Market 2018-2022 – Fig. 29





— Fisher Island: Luxury Condo Inventory Up YoY to Highest in Miami Beach


Q4 2022 Closed with 21 months of Inventory

In sync with the overall Miami market trend, luxury condo inventory on Fisher Island increased by year-end:

  • On an annual basis, inventory was up from 6 months in December 2021 to 21 months in December 2022 – an increase of 250%. (Fig. 30)
  • On a quarter-over-quarter basis, inventory increased from 10 months in September 2022 to 21 months in December – reporting a 110% increase.

At 21 months, inventory closed way above the 9-12-month mark of a balanced market – giving condo buyers the edge until high season kicks in by spring 2023 to wipe out a majority of this surplus – keeping the market in equilibrium through the rest of 2023.


Looking to sell your luxury home in Fisher Island? Call, chat, or email for a FREE market evaluation of your property to make the most of this market.



Fisher Island Months of Inventory from Mar. 2019 to Dec. 2022 - Fig. 30

Fisher Island Months of Inventory from Mar. 2019 to Dec. 2022 - Fig. 30


A balanced market has 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.



— Q4 2022 Miami Beach Luxury Condo Market Conclusion


With the beach neighborhoods showing the first signs of a slowdown in Q2 2022, it was quite expected of this coastal district to close the year soft. Still, in a nod to general market health, annual sales in Miami Beach (collectively) surpassed those from 2020 and before – indicating that the market had not completely lost its steam and had expanded from its pre-pandemic era. And prices were generally up. Further, Days on Market generally decreased, showing healthy interest in these desirable waterfront neighborhoods.

Mid-North Beach remained the neighborhood of choice for luxury condo buyers in Q4 2022 - reporting the least negative impact (-55%) in a 4Q22-over-4Q21 sales analysis. On the other hand, Sunny Isles Beach topped popularity charts in a 2022-over-2021 sales analysis.

Echoing the overall Miami trend, the 12-month sales trendline remained negative across the board in Miami Beach, owing to a slow Q3 and Q4.

In terms of prices, Miami Beach, like the overall Miami trend, reported an increase in 2022-over-2021 as well as 4Q22-over-4Q21 Price per Square Foot – offering sellers good value for their luxury properties. As always, Fisher Island remained the most expensive zip code in Miami and Miami Beach – posting the highest Price per Square Foot of all time at $2,584 and highest Median Sales Price of $9.8 million. Further, in Q4 2022, Fisher Island led price growth trends in Miami Beach as well as Miami overall – offering sellers a great return on investment with an year-over-year increase of 75%.

Even with the market taking its usual pause over Q3 and Q4, the annual Days on Market declined across the board, like the overall market trend. In Q4 2022, the year-over-year Days on Market values declined in most parts of Miami Beach, much like the overall market trend – with only South Beach and Mid-North Beach reporting an increase.

As expected, Inventory went up across the board in the greater Miami Beach area, echoing the overall Miami trend. Mid-North Beach closed 2022 with the lowest levels (16) of inventory out of all the Miami Beach sub-neighborhoods under our review, while Fisher Island reported the highest levels (21 months). 

Moving into high season of 2023, we, as real estate experts, expect the following factors to influence market trends:

  • Known as a tax-saver's haven and a pro-business market, we expect wealth and business migration to continue boosting demand for generously-sized luxury condos in Miami, especially those on the beach.
  • We expect more buyers and sellers to become active and enter the market as interest rates look to normalize.
  • We expect our foreign buyer market share to increase in the near future, as Miami continues being a safe investment haven for buyers looking to escape harsh political winds back home and softening European economies.
  • We expect inventory to correct back to a more balanced position as high season sets in over the course of late Spring/early Summer (considering Miami is a cyclical market with winter being its slowest and spring being its strongest seasons for sales).
  • We expect more high net worth individuals to snap up a vacation condo or second/third homes in Miami, considering Miami's brand value is being recognized globally, (read this Knight Frank Report ranking Miami as the second "prime" real estate market in the world).

Q4-22 Trends

Overall Miami

Miami Beach

South Beach

Mid-North Beach 

Surfside & Bal Harbour

Sunny Isles Beach

Fisher Island

Sales

Down

Down

Down

Down

Down

Down

Down

Trendline

Negative

Negative

Negative

Negative

Negative

Negative

Negative

Price per Sq. Ft

Up

Up

Flat

Up

Down

Up

Up

Days on Market

Down

Down

Up

Up

Down

Down

Down

Inventory

Up

Up

Up

Up

Up

Up

Up



2022 Annual Trends

Overall Miami

Miami Beach

South Beach

Mid-North Beach 

Surfside & Bal Harbour

Sunny Isles Beach

Fisher Island

Sales

Down

Down

Down

Down

Down

Down

Down

Price per Sq. Ft

Up

Up

Flat

Up

Up

Up

Up

Days on Market

Down

Down

Down

Down

Down

Down

Down


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Celebrating the past, present and future of ballet, come to witness local talent to visiting stars performing in modern, contemporary and classic styles. Click here for the full schedule and tickets. ## Rolling Stones Concert: August 31 _347 Don Shula Drive, Hard Rock Stadium, Miami Gardens_ This one is for the young at heart and those with a classic soul. The greatest rock bands of all time will be visiting the Hard Rock Stadium for one of its most explosive events. Grab your seats here to catch this legendary band in all its glory, as it closes out its summer tour. So, where would you like to be seen this August? Let us know in the comments below!

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Coconut Grove

Coconut Grove vs Brickell: Which Miami Neighborhood is Better?

Miami is a city of contrasts. On one hand, you have thriving urban centers bustling with life and energy 24/7, and on the other, you have village-like neighborhoods where time stretches and life rolls by without a care in the world. And often they are just mere miles away from each other. It’s one of the main reasons the area attracts such a wide variety of people! There is truly something for everyone here. Two of the areas that best embody this dichotomy are Brickell and Coconut Grove. Despite both being immensely popular and sitting right next to each other, their characters couldn’t be more different. Together, they represent one of Miami’s oldest neighborhoods and one of Miami’s newest and fastest-growing neighborhoods. And both are undergoing spectacular renaissances. So if you’re wondering which one of these two world-class destinations would be best to buy a property in or call home, you’re in luck because in this blog, we’ll compare both locales in several categories to help you make your best decision when choosing between Coconut Grove vs Brickell. ## The Lifestyle Established in 1825, Coconut Grove is one of Miami’s oldest and most beloved neighborhoods. Oozing with historic charm and lush tropical foliage, it's known for its quaint Caribbean flavor, bohemian vibe, verdant nature, and laid-back coastal lifestyle right on Biscayne Bay. Throughout history, Coconut Grove has attracted families, creative types, and sailing enthusiasts alike, looking for a relaxed daily rhythm, community and privacy in a more secluded setting but close to everything. Its small streets offer cool shade thanks to a canopy of tropical trees, including grand poincianas and banyans, while its unique inhabitants include exotic bird species such as peacocks – yes, peacocks! – and renegade parrots that have managed to escape the pet trade and found a home in the treetops. In contrast, Brickell is a growing and bustling metropolitan area, commonly dubbed the “Manhattan of the South.” It’s the largest financial center in the U.S. south of New York, and it’s characterized by high-rise luxury condos, luxury corporate offices, and vibrant dining, shopping, and nightlife. In all, Brickell’s fast-paced lifestyle is ideal for professionals, executives and world travelers who want to have walkable access to it all, including where they work. If you’d like to see for yourself how both of these neighborhoods compare to one another, check out our exclusive video on everything Coconut Grove vs. Brickell. ## Getting Around Both neighborhoods score high on walkability and transportation. Coconut Grove’s village feel makes it naturally walkable with many great parks, outdoor eateries and boutiques within a short distance. Bicycles are also a common form of transportation, and you can always take the free Coconut Grove Trolley to move within the neighborhood limits. ###### Miami Trolley To get to other areas of Miami, you would normally take your car, with the Grove connecting directly to main roads leading to Brickell (10-20 minutes), Coral Gables (15 minutes), US-1 and I-95\. Alternatively, there’s also the option to take the Metrorail, Metromover, and several bus lines. But as with most of Miami, you’ll want your car. ###### Miami Metromover Being a busier and denser area, Brickell takes walkability to another level with cafes, restaurants, convenience stores, banks, and offices on almost every block. It also has more transportation options, including the free Brickell trolley, the Metromover, which can take you to Wynwood, Coconut Grove, and Downtown Miami, bus lines, and the Metrorail. While you don’t need a car to live in Brickell, many residents do. And if you plan to drive, plan to expect heavy traffic during peak rush hours, plus congestion throughout most of the day – it comes with the territory of living in Miami's financial district. ## The Work-Life Flow While Coconut Grove is mostly a residential neighborhood, it includes a mix of professional services offices, important architecture firms, and other creative industry locales contributing to its vibrant, small and medium business environment. New boutique office buildings have been emerging alongside retail and dining, attracting tenants in tech, finance, real estate development and creative sectors. Also, thanks to its proximity to the University of Miami, the Grove attracts both students and faculty, giving the area a college-town feel, with a creative, intellectual vibe that mixes well with its charming eateries, wellness spots, and boutiques. Brickell, on the other hand, lives up to the image of a true modern metropolis. Gleaming high rises line the streets, while pedestrians wait to cross the streets to get to their next lunch meeting. It’s a buzzing international corporate mecca now evolving into Miami's tech hub, with startups, VC firms, and AI labs filling the office space available. While Coconut Grove is all about finding nirvana amid the natural splendor of the South Florida coast, when you compare Brickell vs Coconut Grove, you get a stark contrast. Brickell provides a tropical-chic urban setting where you can rub shoulders with some of the world’s most important players in the international corporate scene, all waterfront, while Coconut Grove offers you nature’s counterbalance. And this is why so many people who work in Brickell also choose to live in Coconut Grove. Brickell is winning you over? Discover top luxury Brickell condos for sale and rent. ## Outdoor Living & Waterfronts Coconut Grove cannot be beaten as far as access to nature goes, as the entire neighborhood is one lush tropical wonderland. Streets serve as walking trails, and there are expansive areas such as Kennedy Park and Peacock Park, where you can play volleyball or kickball, and your furry friends can run leash-free. With Biscayne Bay as its backdrop, the Grove is also a great place to play on the water and enjoy sailing, kayaking, or stand-up paddleboarding, with many marinas available, of which the most notable is the Dinner Key Marina – Miami’s largest! And the breathtaking and historic Vizcaya Museum and Gardens, with its spectacular gardens and natural mangrove forest and excellent cultural programming is a gem of Miami destinations that Coconut Grove gets to call home. Coconut Grove’s charm is working on you? Explore the Grove’s luxury condos for sale and rent. Despite its urban density, Brickell provides plenty of smaller outdoor options with green spaces as well, such as Brickell Park, Brickell Key Park, Alice C. Wainwright Park, and Miami Circle Park, where you can enjoy walking along shady trails, and pups can enjoy off-leash areas. And while the neighborhood is waterfront, it lacks beaches, marinas, or public boating facilities. For this, you’d have to drive 10 minutes to Coconut Grove. ## Arts & Culture Thirty years ago, Coconut Grove was Miami’s first art district before any other existed, and the area still celebrates the arts with a host of fairs and quirky cultural festivals such as: * the King Mango Strut * Goombay Festival * the Coconut Grove Arts Festival. The neighborhood is also home to many small art galleries and artists’ studios, as well as hosting Pinta Miami, a key Art Week highlight. Moreover, it has unique sites where culture, history, and nature converge, such as: * the aforementioned Vizcaya Museum and Gardens * The Kampong National Tropical Botanical Garden * Barnacle Historic State Park. While Brickell is best known for its lively happy hours, Michelin-rated Miami dining, and nightlife venues more than for cultural events, public art installations along the Baywalk and pop-ups during Miami Art Week contribute to its cultural flair. Also, you can easily get to the nearby Downtown Arts District and enjoy the many cultural offerings there, such as: * the Kaseya Center * the Adrienne Arsht Center * Ziff Opera House * the Pérez Art Museum Miami (PAMM). Both neighborhoods also have very good movie theaters. ## The Shopping Edit Coconut Grove offers a charming mix of indie boutiques and lifestyle shops along the streets of the neighborhood’s center, anchored by the CocoWalk, an open-air shopping hub with food and entertainment options that include clothing brands, restaurants, gift shops, bars, and a movie theater. For a luxury shopping experience, you can drive 10 minutes to the Shops at Merrick Park in neighboring Coral Gables, or head to Brickell. For groceries and daily essentials, residents rely on nearby premium markets like The Fresh Market, Milams, Aldi, or specialty spots on Grand Avenue (organic produce, artisanal goods), as well as the Coconut Grove Farmer’s Market. A 10-minute drive will also take you to the Trader Joe's in Coral Gables. In Brickell, you’ll have a huge array of shopping options along Brickell Avenue, with the crown jewel being the multi-storied, luxury shopping destination at Brickell City Centre. Here, you’ll find a Saks Fifth Avenue, as well as other noteworthy brands like Zara, Apple, Anthropologie, and contemporary favorites for fashion, beauty, jewelry, and home goods, plus entertainment like a cinema and a mini golf. For the day-to-day, there’s a Publix near Brickell City Centre, a Whole Foods just over the bridge in Downtown Miami, as well as multiple pharmacies and specialty spots for organic produce and artisanal goods. Plus you’re 10-minutes from Coconut Grove’s Fresh Market. See what we are getting at here? ## Signature Flavors Coconut Grove is home to some of Miami’s most delightful outdoor cafés, world-class restaurants, as well as sports bars and even old-school dives where you can get your bohemian groove on. The Grove’s dining options range from vegan to burgers and seafood options, street food, and international fare from all corners of the world. Some of the most notable options include: * Ariete is the Michelin-starred option experimenting with new American cuisine. * Bombay Darbar thrills with the flavors of India. * Sapore di Mare, a classic offering Italian fare with a nautical twist. * Chug’s Diner takes the diner concept to another level with Cuban flavors and its chic aesthetic. * Midorie is a simple-looking Japanese restaurant that lets the flavors speak for themselves. * Los Félix, another Michelin-starred restaurant that elevates the Mexican experience. * Lokal is a casual joint offering the good old American burger, but with locally sourced ingredients. * Bellini is perched atop the Mr. C hotel, offering great views and even better Italian food from the Cipriani family. * Le Bouchon du Grove is your French corner in Coconut Grove. Brickell's dining scene reflects its cosmopolitan energy. From Michelin-starred experiences to power lunch spots and late-night lounges, the neighborhood caters to professionals, foodies, and those seeking Miami's most elevated culinary moments. Some of the area’s best restaurants include: * Elcielo is a Michelin-starred restaurant where chef Juan Manuel Barrientos reimagines Colombian tradition through dramatic, sensory tasting menus. * Cipriani, credited with inventing both the carpaccio and the Bellini, brings the iconic Italian brand to Brickell with refined dishes, nautical elegance, and panoramic views of Biscayne Bay. * The River Oyster Bar is a beloved seafood bistro where locals have both their romantic and business rendezvous over some of the freshest oysters in town. * The Henry offers a wide range of foods, from avocado toasts to braised ribs, ideal for a large group or if you’re undecided on what to eat. * Claudie channels the sun-drenched charm of the Côte d'Azur with elevated Mediterranean dishes. * Dirty French brings bold prime-aged steaks, extravagant seafood towers, and a decadent martini lounge to a neon-glam, Paris-meets-Miami setting in Brickell. * Casa Tua Cucina is a high-end Italian eatery and market with ten individual food stations offering gourmet ingredients, a hundred labels of wine, and a soulful approach to gastronomy. * B Bistro + Bakery is where locals head to satiate their sweet tooth and comfort food cravings, serving croque madames, creative pastries, tuna avo toast, and pastelito pancakes. ## Schools: Coconut Grove vs Brickell ###### Ransom Everglades School Being a well-established residential neighborhood, Coconut Grove wins in terms of the best schools, and not just over Brickell. Coconut Grove is home to some of Miami’s finest private schools and public ones, too. These include the highly-ranked private Ransom Everglades School, as well as the parochial Carrollton School of the Sacred Heart with its beautiful Mediterranean-style campus. Other private schools in the area include Saint Hugh, Saint Stephen’s Episcopal, Coconut Grove Montessori, the Vanguard School, and LaSalle High School. Public schools include Coconut Grove Elementary, Frances S. Tucker Elementary, and George W. Carver Elementary and Middle Schools. Of course, Brickell also has several notable schools. Public schools that serve the Brickell area include Coral Way K–8 Center, Southside Elementary School, Ponce de Leon Middle School, and Miami Senior High School, as well as the Robert Morgan Vocational Tech Institute and the highly ranked MAST Academy, located in nearby Key Biscayne. Nearby private schools include Open Hearts Language Academy (OHLA), Key Point Academy, and Brickell International Academy. Our clients often reach out to us for the overview of the best private schools in Miami during their search for the new condo home, and you’ll find some excellent Coconut Grove and Brickell recommendations on our list. ## Architecture & Design The architecture in Coconut Grove is an eclectic blend of new high-rise condos, older boutique condos, Bahamian cottages and Old Florida bungalows, mid-century single-family homes, as well as opulent Bayside mansions nestled in gated communities, and even some historic structures. This variety is part of the Grove's appeal! For those who seek modern condo living, some of the most luxurious building options in Coconut Grove include: * The newly completed Vita at Grove Isle * Grove at Grand Bay * Grovenor House * Mr. C Bayshore & Tigertail Residences * Two Park Grove * One Park Grove And the up-and-coming Four Seasons Private Residences Coconut Grove, which is currently under construction with a 2028 completion date. We are extremely excited to see this boutique luxury Coconut Grove condo come to life, and detail its progress in our exclusive video. For new boutique offerings, Ziggurat is a rare find: an exclusive collection of only 19 luxury homes conceived to provide a private oasis within the Grove. Brickell on the other hand offers a completely different landscape. While South Brickell contains older low and mid-rise buildings plus a handful of mansions and Spanish-style homes from the Mary Brickell era, the bulk of the neighborhood consists of soaring skyscrapers—particularly new, modern high-rises packed with resort-like amenities. Watch our Guide to Living in Brickell video for a true local expert’s view. Some of the most luxurious existing buildings you’ll find in Brickell include: * Santa Maria * Jade Brickell * Brickell Flatiron * Echo Brickell * The Four Seasons Residences Brickell However, Brickell is quickly becoming the world’s destination for ultra-luxury condo living with more than two dozen new construction developments on the way, from supertalls to boutique offerings. In our expert opinion, some of the best Brickell pre construction include: * 888 Brickell by Dolce & Gabbana * The Residences at the Mandarin Oriental, Miami on Brickell Key * St. Regis Residences Miami (in South Brickell) * The Residences at 1428 Brickell * Cipriani Residences * Baccarat Residences * Mercedes-Benz Places * Nobu Residences Miami Watch our exclusive 888 Brickell video interview revealing all the amazing details. ## Prices & Perspective Coconut Grove has a wider range of single-family and duplex housing options, ranging from affordable to extremely affluent, with an emphasis on the higher end of the spectrum. Average listings range around $1,959,878 or about $938 per square foot, but listings can run as high as $22,500,000 or $4,080 per square foot. Brickell’s options lean more heavily toward condo units, which appeal to international investors, young urbanites, young families and C-suite executives seeking stunning Brickell penthouses. Average listings hover at about $484,915, or $357 per square foot, but can run as high as $33,000,000 or $7,119 per square foot. ## Which Neighborhood is Better? Coconut Grove or Brickell? This really depends on what type of person you are and the lifestyle that you seek, since these two neighborhoods are very different from one another, and each offers unique pros and cons. Whether you're debating living in Coconut Grove or Brickell, understanding what each neighborhood offers is key to making the right choice. If you’re more of a nature lover, seeking spacious, family-friendly housing in an exclusive tropical village setting with plenty of access to nature, and close to everything including top schools, Coconut Grove is sure to steal your heart. But if you thrive in an urban core, love being walking distance from work, or are an executive who can’t resist the fast-paced energy of the city, you’ll probably feel more at home at Brickell. If you’re interested in seeing how other neighborhoods compare to one another, for example, Coconut Grove vs Coral Gables or other locations, explore the rest of our Miami Neighborhood Comparisons. Whatever your decision, we’ll be happy to share our 20+ years of experience in Miami’s luxury condo market, as well as our homegrown insights into the advantages of each location. Just give us a call or email, and let us help you sort through the many available listings in Coconut Grove vs Brickell, to help you pick the perfect location for you.

December 2025: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update

Preconstruction

December 2025: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update

South Florida’s pre-construction market finished the year strong, with developers advancing luxury condo developments across the pipeline—from announcing new projects to nailing construction milestones. Palm Beach’s new construction market is definitely heating up as well. This December, Lionbright Development launched sales for the highly exclusive 123 Ocean in Palm Beach Shores. Related Ross’ Shorecrest secured approval for its scaled-back waterfront vision. Olara in West Palm Beach began rising vertically. And, new proposals came to light, carrying momentum into the new year. Read on to find out which Fort Lauderdale project resubmitted plans to add a hotel component, along with other updates in our December 2025 pre-construction condo market news round-up for Fort Lauderdale and Palm Beach. --- ## — December 2025 – Fort Lauderdale & Palm Beach Condo Pre-Construction Market at a Glance ### Sales Launched * 123 Ocean – Palm Beach Shores ### Approved * Shorecrest – West Palm Beach ### Planned/Proposed * Sereno Fort Lauderdale – Fort Lauderdale * Condos at Pomp by Lennar-Affiliate – Pompano Beach * One on One Harbor Beach (also Harbor Drive Residences) – Fort Lauderdale ### Construction Updates * Olara – West Palm Beach ### Other Updates * Sage Intracoastal Residences – Fort Lauderdale ### Watchlist * One Boca by Terra & Frisbie Group – Boca Raton * Kadima Developers Acquires Casino-Adjacent Lot – Hallandale Beach --- ## — Fort Lauderdale & Palm Beach Condo Pre-Construction Market: Sales Launched ### 123 Ocean – Palm Beach Shores **Groundbreaking: 2026 | Completion: Late 2027** Lionbright Development launched sales for the boutique 123 Ocean in December. Designed by Arquitectonica, the six-story building will rise with only 27 luxury residences. Perched at 123 Ocean Avenue, you will be next door to the Palm Beach Shores Community Center and enjoy direct beach access via private walkways. Each home will feature refined interiors by Asthetique, layered with vintage-inspired textures that reflect Palm Beach’s unique character. Expect direct elevator entry, a choice of two distinctive chef’s kitchen designs, Bosch appliances, white oak and soft brass accents, expansive balconies, and cinematic ocean views at every turn. Units will range from 1,581 to 3,100 square feet. Highlight amenities include a pool and sun deck, a wellness suite with ice bath and infrared sauna, a fitness studio, a residents’ lounge, a media room, a children’s play space, and landscape architecture by Naturalficial. _Prices start at $1.7 million, with a choice of one- to three-bedroom residences. Reach out to secure your residence early in this intimate building, offering a villa-in-the-sky sensibility in one of Palm Beach Shores’ premier beachfront neighborhoods._ ## — Fort Lauderdale & Palm Beach Condo Pre-Construction Market: Approved ### Shorecrest – West Palm Beach **Groundbreaking: Early 2026 | Completion: Summer 2028** With approval from the West Palm Beach Planning Board, Related Ross can now move forward with plans for its 306-foot waterfront condo at 1901 North Flagler Drive. The project has been approved with a lower density than its previously proposed 199 units. The 2-acre site is currently home to Temple Israel, which will be relocated and its structure demolished to make way for the new development. Designed by Connecticut-based Roger Ferris + Partners, the 27-story Shorecrest will rise with a distinct curvilinear form, accentuated by a reflective glass facade. Units will feature larger-than-average layouts, with most showcasing stunning views of the Intracoastal Waterway. All 100 residences will feature interiors by New York’s Rottet Studio, complete with custom White Oak European millwork, freestanding soaking tubs in the primary baths, white oak wood-plank flooring, and a home automation system. Highlight amenities at the Shorecrest West Palm Beach will include a rooftop deck featuring a 75-foot pool and lounge areas, spa facilities, a fitness center, a cocktail lounge, a private dining room, a game lounge, a golf simulator, and a coworking lounge. The LEED Gold-compliant tower will also feature a five-story podium with 204 parking spaces, offering more than two spots per unit. _Prices started at $1 million, with a choice of two- and three-bedroom residences._ ## — Fort Lauderdale & Palm Beach Condo Pre-Construction Market: Planned/Proposed ### Sereno Fort Lauderdale – Fort Lauderdale **Groundbreaking: N/A | Completion: 2028** Developer partners Integra Investments and Flying Point submitted revised plans to the city’s Development Review Committee for Sereno Fort Lauderdale in December. Under the updated proposal, the duo seeks to increase the number of condo units from 76 to 88, along with the addition of 113 hotel rooms. The project will also feature 1,800 square feet of commercial space and 200 parking spaces. Designed by FSMY Architects + Planners, the condo-hotel will rise 14 stories with a separate four-story parking structure. Interiors will be led by UK-based 1508 London. Each home will feature Italian kitchens outfitted with branded appliances and glass balconies affording panoramic views of the ocean, intracoastal, Hugh Taylor Birch State Park, and the Bonnet House Museum & Gardens. Two rooftop amenity decks anchor the project, providing separate spaces for residents and hotel guests to unwind. Units will range from 372 to 1,252 square feet, with dedicated entrances for the condo and hotel portions. Launch prices started at $1.4 million, with a choice of studios to three-bedroom residences. Call, chat, or email us for updated prices and floor plans and secure your spot early in this exceptional condo-hotel. ### Condos at Pomp by Lennar-Affiliate – Pompano Beach Acting via an affiliate land bank, Lennar Corp. acquired 20 acres around 777 Isle of Capri Circle for $50 million this December. The development site is part of The Pomp mixed-use project, where Harrah’s Pompano Beach Casino is already open. As per plans filed back in 2024, Lennar proposed building 344 condos and 82 townhomes on the site. The complex will be home to buildings no taller than seven stories and feature a clubhouse with a fitness center and at least one pool. ### One on One Harbor Beach (also Harbor Drive Residences) – Fort Lauderdale In late December, Camaco Development submitted plans for a 240-foot, 21-story residential tower to the city’s Planning and Zoning Board in December. The project requires special city approval to exceed the 120-foot limit. The building name is not clear yet, with both Harbor Drive Residences and One on One Harbor Beach found in project documentation. It is slated for a January 21 review before the planning and zoning board. Designed by Adache Group Architects and Kora, the waterfront tower is expected to rise with only 36 luxury residences, including two 9,000 square feet penthouses, a five-story parking podium, and a sprawling amenity deck on the seventh floor. Units will feature larger-than-average layouts and start from the fifth floor. Amenities will likely include a pool, a private pool bar, a gym, a game room, and a wellness center. Located at 3049 and 3043 Harbor Drive, the 0.8-acre site sits south of the upcoming St. Regis Bahia Mar & Yachting Center and north of the Harbourage Place condominium. It is also a 5-minute drive from Las Olas Beach, a 10-minute drive from the popular Las Olas Boulevard, and a 15-minute drive from the Fort Lauderdale-Hollywood International Airport. ## — Fort Lauderdale & Palm Beach Condo Pre-Construction Market: Construction Updates ### Olara – West Palm Beach **Groundbreaking: August 2024 | Completion: 2028** New York-based developer Savanna has started vertical construction on its transformative project in West Palm Beach. Work is underway on its 100,000-square-foot podium. Olara is poised to revitalize the North Flagler waterfront with standalone home-like units and 80,000 square feet of exceptional amenities. Its centerpiece private dock is unlike any other in the area, featuring three for-purchase boat slips, a pair of house yachts, and a dedicated seafaring concierge. Designed by Miami-based Arquitectonica, Olara will rise 26 stories with 287 luxury residences. The timeless tower will be part of a 4-acre residential oasis, flaunting aerodynamic curves with glass terraces reflecting the water below. Interiors will be handled by the world-renowned Gabellini Sheppard Associates. The oversized floor plans range from 1,500 square feet to 4,200 square feet. Fronting the Intracoastal Waterway in West Palm Beach, the high-rise will also carry about 1,570 square feet of commercial space and 30,000 square feet of epicurean marketplace space, including an 8,500-square-foot restaurant space helmed by the Michelin-starred Chef José Andrés. You will also benefit from an exclusive partnership with Sollis Health, affording access to the best healthcare concierge professionals. More wellness-focused amenities include an Olympic-size lap pool, a leisure pool with full-service cabanas, a spa with a five-star recovery zone and Japanese-style Onsen, plus 13,000 square feet of indoor and outdoor workout spaces designed by The Wright Fit, inclusive of a yoga and Pilates studio. There will also be a game room, a multimedia lounge, a co-working lounge, a library, and lush landscaping by EDSA. _Prices start at $1.7 million, with a choice of two- to four-bedroom-plus-den residences._ ## — Fort Lauderdale & Palm Beach Condo Pre-Construction Market: Other Updates ### Sage Intracoastal Residences – Fort Lauderdale **Groundbreaking: November 2025 | Completion: Q3 2027** A month after breaking ground, Property Markets Group (PMG) secured a $115 million construction loan for their 25% pre-sold development located next door to the Galleria Mall at 900 Intracoastal Drive. All east-facing condos in this boutique building will offer unobstructed water and ocean views that are permanently protected by the Bonnet House Museum & Gardens and beach situated across the Intracoastal. Designed by Fort Lauderdale-based FSMY Architects, the boutique Sage Intracoastal will rise 28 stories with only 44 residences. No more than two units per floor, interiors by San Francisco-based BAMO, and 270-degree views combine to create a standout boutique living experience. Units will range from 2,767 to 3,400 square feet. With approximately 19,000 square feet of indoor and outdoor amenities, you can look forward to a resort-style pool and lounge, a cafe, a water-view bar and lounge room, a fitness center, a dedicated yoga lawn, a golf simulator, and a Sage Wellness Spa with steam, sauna, cold plunge pool and treatment rooms. Pet lovers will appreciate the dog run and dog walking services. PMG is also in talks to add four boat slips to the property. _Prices start in the high $2 millions, with a choice of two- to four-bedroom residences. Contact us to schedule a private presentation and explore remaining opportunities at this boutique waterfront residence featuring expansive floor plans._ ## — Fort Lauderdale & Palm Beach Condo Pre-Construction Market: Watchlist ### One Boca by Terra & Frisbie Group – Boca Raton Approved by the Boca Raton Planning and Zoning Board, Terra and Frisbie Group can now proceed for a first reading on their proposed 99-year lease of city-owned land, which would enable the development of One Boca. Board members supported the lease, citing the need to encourage development around the Brightline station and noting that downtown redevelopment is long overdue. The large-scale project would feature 765 apartments (77 of which will be workforce), 180 hotel rooms, a 30,000-square-foot grocery store, 120,000 square feet of office space, and 2,100 parking spots across 7.8 acres of city land, including at 101 Northwest Boca Raton Boulevard. If approved, the transit-oriented One Boca would also be home to another mixed-use project featuring 182 condo units at 141 Northwest Fourth Street, a privately owned parcel. The developers are currently under contract to acquire the site. If council members approve the first reading, the lease agreement will be presented to voters for final ratification in March. As per earlier reports, the developers have also proposed a community benefits package, including a reimagined version of Memorial Park, a new city hall and community center, a World War II memorial, a new tennis center with up to 10 clay courts, a playground with banyan trees, and a new children’s museum. ### Kadima Developers Acquires Casino-Adjacent Lot – Hallandale Beach Hot on the heels of breaking ground on Seven Park in Hallandale Beach, Miami-based Kadima Developers made headlines again with the purchase of a 12.2-acre vacant lot next door to the Big Easy Casino. The parcel sits just 10 minutes from the beach, five minutes from the under development, and within walking distance of the neighborhood’s top restaurants. Billionaire Jeffrey Soffer sold the site at 831 North Federal Highway, not including the casino, for $31.1 million. Kadima plans on developing the parcel into a master-planned community, featuring a mix of condos, apartments, retail, entertainment, and warehouse space. For now, the developer flipped about 3 acres of the site for $12 million to an affiliate of Persea Ventures, a Fintech investment firm, while retaining the role of project manager for the sold portion. --- If you love staying on top of pre-construction news and trends in Fort Lauderdale and Palm Beach, subscribe to this blog or our YouTube channel for monthly updates! If you are interested in pursuing a Fort Lauderdale or Palm Beach preconstruction condo, please reach out to us directly to be connected with one of our South Florida preconstruction expert agents.

Top Things to Do in Miami in January 2026

Lifestyle

Top Things to Do in Miami in January 2026

January is all about fresh starts, renewed energy, and pressing the reset button on your mood. And our selection of top Miami events in January 2026 does just that. We’ve got feel-good philanthropic galas, soul-stirring orchestral moments honoring Miami’s Art Deco history, spiritually rich pieces at PAMM, marathon milestones to knock out, and laugh-out-loud nights at the Hard Rock. There’s something for every taste to help you move into the year at your own pace. --- ### Begin the Year by Giving Back: Charity Events and Galas **January 10th, 22nd, and 24th | Multiple Venues** Ring in the New Year with purpose and the simple joy of sharing by supporting one, or more, of these meaningful Miami events in January: #### Be A Voice Gala 2026, January 10 Join the “Voices” championing youth in the foster care system at this elegant black-tie evening and help them open doors to a brighter tomorrow. You get to wine, dine, dance, and bid on exclusive auction items with fellow changemakers at The Ritz-Carlton Key Biscayne, as this year’s theme “Bloom Where You Are Planted” celebrates resilience, hope, and growth. #### YoungArts Miami Gala 2026, January 10 Sponsored by Oscar de la Renta, this evening affair makes a fitting conclusion to National YoungArts Week while supporting rising talents in their pursuit of creative freedom. This year, the five days of multidisciplinary live performances wrap up at the Rubell Museum with a fundraiser and an inspiring awards night. #### Annual Splendor in the Garden, January 22 Get your front-row tickets to an outdoor runway show by Neiman Marcus Coral Gables, and help nurture the next generation of conservationists. Set against the lush backdrop of the Fairchild Botanic Garden, proceeds from this stylish afternoon fund vital school science and education programs, while keeping you on top of trends. #### The Underline Sneaker Ball 2026, January 24 It’s the launch of a signature sneaker, culinary fest, and fundraiser rolled into one! You’ll arrive for the silent auction and a chance to support Friends of The Underline, but end up staying for the eye-popping entertainment and palpable energy. #### The Royal Ball of Prince Orlovsky, January 24 This roaring 20s masquerade offers the rare opportunity to step into an immersive world crafted by the Florida Grand Opera (FGO). Marking the opening night of “Die Fledermaus” at the Adrienne Arsht Center, this one-of-a-kind evening will have you enjoying a champagne tower, a royal ball, dinner on stage, Prince Orlofsky’s legendary hospitality, and the Elevare award ceremony, followed by after-hours entertainment, all while you help fund FGO’s vision for the future of opera. ### Woody De Othello: coming forth by day at PAMM #### **January 1st - June 28th |** 1103 Biscayne Boulevard, Perez Art Museum Miami, Downtown Miami ###### Woody De Othello. Installation: Untitled Works, 2025\. Courtesy the artist, Jessica Silverman and Karma. Photo: Phillip Maisel You have to experience it to fully absorb the nuanced spirituality and ritualistic gravity of Woody De Othello’s immersive installation, widely appreciated during Art Basel 2025. His first museum solo in Miami, “coming forth by day” is heavily inspired by the “Egyptian Book of the Dead: The Book of Coming Forth by Day” (2000) and Othello’s interpretation of written works by Afrocentric scholars. This deeply personal and materially rich exhibit features a series of ceramic and wood sculptures, a large-scale bronze, tiled wall works, clay-painted walls, and subtle use of herbal scents. It will stay on display through to June 28th. ### South Beach Jazz Festival #### **January 8th-11th |** Multiple Venues Across Miami Beach With the theme “From Disability to Serendipity,” this Miami Beach tradition brings together jazz musicians of all abilities and statures to fill your weekend with smooth vocals and timeless melodies. It’s easily one of the top Miami events in January 2026, so come and experience the rich legacy of jazz in Miami, as this annual celebration unfolds across free outdoor concerts and club shows. This year’s lineup includes Federico Britos Jazz Quintet, John Pizzarelli, The Harden Project, Spam AllStars, the Spanish Harlem Orchestra with special guest Etienne Charles, Ricky Ricardi, and Lemon City Trio, among other classic to contemporary artists. ### Art Deco Weekend #### **January 9th-11th |** Along Ocean Drive & Lummus Park, South Beach In its 49th year, Art Deco Weekend goes far beyond postcard views, bringing you themed architecture walking tours around South Beach’s most iconic buildings, including the fan-favorite “Crimes and Scandals” tour that gives you all the secrets you’ve always wanted to know about the city’s infamous past. Set along Ocean Drive, this magical weekend feels like a leaf right out of history and gives you an insider’s view of Miami Beach’s timeless glamour and design heritage, while spotlighting the Miami Design Preservation League’s efforts to protect it for future generations. They also have live jazz performances and dance lessons to round out the festivities Miami style. ### Short FILM FESTIVAL: Best of Fest 2025 + Here We Gather: All We Need, We Already Have Exhibit #### **January 11th + January 25th - March 22nd |** 16701 SW 72nd Avenue, Deering Estate, Palmetto Bay Rounding up and scoring all the cinematic gems released over the past year, the MIAMI short FILM FESTIVAL (MIAMIsFF) will be hosting a special evening show on the 11th. After a brief cocktail reception, you’ll be treated to a screening of the winners in the categories of Best Comedy, Best Animation, Best Documentary, and the prestigious Jury Award. Later, on the 25th, “Here We Gather…All We Need, We Already Have” will debut with a free opening reception. True to its name, the exhibit will showcase works made of materials found at the Deering Estate and curated by Dainy Tapia. Featuring works by Rebecca White, David Valiente, Karla Kantorovich, Jessica (Yessica) Gispert, and Maria Theresa Barbist, among other artists, this two-month-long display will highlight the ephemerality of natural materials, allowing them to shift and weather over time, lending the exhibit great repeat value. ### Outdoor Science Lab for Families at the Vizcaya #### **January 15th | 3251 South Miami Avenue, Vizcaya Museum & Gardens, Coconut Grove** The Vizcaya turns into your personal outdoor lab for the night with this after-hours family experience. Guided by local scientists and educators, kids aged 6-12 are invited to explore the fascinating wildlife that crawls out after sunset at these historic grounds. Each child will receive a flashlight at check-in to assist their study, followed by a story circle hosted by the Miami-Dade Public Library plus science-based art and craft activities to round out this immersive learning program. ### Life Time Miami Marathon & Half Marathon #### **January 24th-25th | Course Spans Downtown Miami, South Beach, and Coconut Grove** Miami’s favorite year-opening race is back to challenge 18,500 athletes from more than 80 countries. Choose between a marathon, half marathon, and 5K to test your limits and catch the best of the city en route, from the shimmering bay views of Downtown to the Art Deco landmarks of South Beach, and palm-lined avenues of Coconut Grove. There’s also a Kids Run that will have elementary to middle-school runners competing for top honors and a medal for each at the finish line, if they can conquer the 26.2-mile route. ### Jerry Seinfeld, Stavros Halkias, Penn & Teller, and More Comedy Gold at the Hard Rock #### **January 16th, 17th, 23rd, 24th & 31st |** 1 Seminole Way, Seminole Hard Rock Hotel & Casino, Hollywood Kickstart your year with hearty laughs courtesy of Hard Rock Hotel’s label-defying lineup: #### Stavros Halkias, Jan. 16: If you’ve seen this “Fat Rascal” star on Netflix or tuned into one of his podcasts, then you know you’re in for an evening of belly laughs. He’s bringing “The Dreamboat Tour” to town, and you’re invited to experience his unfiltered self, up close and personal. #### Miami Comedy Festival, Jan. 17 Catch the likes of Earthquake, Special K, and Sommore for a night of nonstop laughs that will echo well beyond the curtain call. #### Jerry Seinfeld, Jan. 23-24 With one of the most successful comedy series of all time to his name, this Emmy and Golden Globe winner needs no introduction. Reserve your seat to dive into the kind of shenanigans he’s been up to lately. #### Penn & Teller 50th Anniversary Tour, Jan. 31 From busking to sold-out Broadway shows, this chaotic duo has come a long way. You won’t want to miss these acclaimed comedic magicians in action, as they bring the antics that made them one of Las Vegas’s most beloved resident headliners to town. ### Ailey II, Rhapsody in Blue, Bronfman Plays Beethoven, and More Performances at the Arsht Center #### **January 8th-31st (check specific event dates) |** 1300 Biscayne Boulevard, Adrienne Arsht Center, Arts and Entertainment District Here are our top picks for performances at the Adrienne Arsht Center this January: #### The Inheritance (Part 1), Jan. 8th-25th Watch the Florida premiere of this two-part contemporary epic that explores the meaning of love, loss, and legacy within the LGBTQ community. It has been praised for being deeply emotional and unexpectedly humorous, intimate and strong. #### Ailey II, Jan. 9th This dance production by Alvin Ailey American Dance Theater’s second company shines a spotlight on its next generation of performers. South Florida native Jordyn White, known for her powerful stage presence, leads the contemporary program with a full ensemble under the direction of Francesca Harper. #### Rhapsody in Blue, Jan. 10th Marcus Roberts’ Trio delivers a fresh take on George Gershwin's masterpiece, in collaboration with the New World Symphony, at this evening program. A fusion of jazz and classical elements, Roberts’ skillful improvisation meets its harmonious match under the technical clarity of conductor Andrew Grams for an electrifying performance. #### Verdi's Requiem, Jan. 23rd-24th If emotionally charged classical works speak to you, then you won’t want to miss this musical production by The Cleveland Orchestra. Led by the acclaimed baton of Franz Welser-Möst, this dramatic presentation moves from grief to hope, backed by powerful percussion and an exceptional quartet including tenor Joshua Guerrero and soprano Asmik Grigorian. **The Royal Philharmonic Orchestra, Jan. 26th** Another powerful piece of Arsht’s 2025–26 Classical Music Series, this program features Vasily Petrenko leading the Royal Philharmonic Orchestra in two meaningful symphonies on its 80th-anniversary tour. We recommend arriving early to catch the pre-show discussion, scheduled an hour before the show. #### Itzhak Perlman’s Cinema Serenade, Jan. 28th Legendary violinist Itzhak Perlman partners with The Cleveland Orchestra to serenade you with the silver screen’s most stirring melodies. Gear up for an intense evening as the lineup includes “Schindler's List’s” hauntingly beautiful score and the evocative love theme from “Cinema Paradiso.” #### Mikailo Kasha, Jan. 30th Ranked among the top 1% of bassists worldwide, Miami’s own Mikailo Kasha will be taking center stage at the Arsht Center’s outdoor plaza. Expect to tune into the award-winning composer’s original works, as he leads his modern jazz quartet for an unforgettable concert experience under the stars. #### Bronfman Plays Beethoven, Jan. 30th-31st Another can’t-miss concert for classical music fans, this program pairs Beethoven's Piano Concerto No. 5 with Mozart's Symphony No. 41 to deliver a rare masterpiece. With Grammy Award-winning pianist Yefim Bronfman at the keyboard, you’re in for a spectacle worth remembering. --- Take this guide as an invitation to start the year connecting with others and enjoying cultural expressions that will remind you why Miami is the place to be in 2026\. From supporting meaningful causes and exploring cultural depth to riding an emotional wave of music or laughing the night away, there’s a wide range of Miami events in January to keep you energized. And as always, we’d love to hear what made it onto your calendar, so be sure to drop us a comment on our socials. Follow @blackbookproperties on Instagram to join the fun as we bring you highlights from Miami’s hottest annual events. Alternatively, call, text, or email us to become a part of our vibrant community and experience these events with a Miami address of your own.

Video: Tour this $5M, 4-Bedroom + Den, Bayfront Duplex in Edgewater’s Missoni Baia

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Video: Tour this $5M, 4-Bedroom + Den, Bayfront Duplex in Edgewater’s Missoni Baia

Love the privacy and space of a standalone home but desire the conveniences and security of a luxury waterfront Miami condo? Then this 4,400-square-foot, 4-bedroom, 6.5-bathroom duplex with staff quarters delivers the best of both worlds, complete with uninterrupted water views, in one of Miami’s newest fashion-branded condo towers, Missoni Baia. In our latest Missoni Baia video, Sep Niakan, Miami’s leading luxury real estate expert and founding broker of Blackbook Properties and condoblackbook.com, joins Katia Bon, our go-to expert for hidden gems in Miami’s urban core and in-house master baker and cookie master, for a closer look at life inside this ultra-rare, two-story, Missoni Baia townhouse offering more than 4,000 square feet of pure luxury. ### A Bayfront, Entertainer’s Paradise One of only two duplexes in the 57-story Missoni Baia tower, this limited-edition southeast corner home offers grand proportions and expansive water views—a combination rarely found in Edgewater neighborhood. Built to adapt to your lifestyle, this 4,400-square-foot residence features four bedrooms, an open den or study, 6.5 bathrooms as well as staff quarters (behind the kitchen) that can easily be converted into a walk-in pantry, game room, or additional room. ### The Chef’s Kitchen Love cooking or prefer having someone else prepare meals in this Missoni Baia condo? Your chef-ready kitchen comes pre-loaded with Wolf and Sub-Zero appliances, cabinetry from Italkraft, and a built-in wine cooler—all handpicked to afford both everyday convenience and entertainment-ready functionality. Plus a bonus room off the kitchen with a full ensuite bathroom doubles as a massive walk-in pantry or ample staff quarters. Add direct water views from the kitchen and an expansive stone island to the mix, and even your routine coffee becomes a ritual worth sharing. ### Impressive Living Room Area The double-height living room is the absolute centerpiece of this Missoni Baia condo for sale. With floor-to-glass windows spanning the entirety of the 4th and 5th floors, overlooking your balcony that runs the entire width of the residence, you have access to uninterrupted bay views and extended hours of natural light. True to its “entertainer’s paradise” reputation, this space further lends itself as easily to sunlit afternoon get-togethers as it does to elaborate evenings set against the romantic glimmer of the bay. ### Primary Bedroom with Master View Just up the stairs, your open den is perfectly positioned to inspire, complete with sweeping water and sky views. Tucked further inside, the primary bedroom in this Missoni Baia duplex offers its own share of views, a spacious walk-in closet, and a spa-like bathroom complete with freestanding soaking tub, his dual toilet closets, dual sinks, and a double, walk-in shower with dual rain showerheads, creating a sanctuary of calm you’ll love returning home to. ### The Missoni Baia Miami Experience Set against 200 feet of bay frontage, this minimalist glass tower comes alive with Paris Forino Design’s interpretation of Missoni’s iconic color palette for the interiors. Amongst the tower’s two floors of resort amenities, the Olympic-length lap pool, tennis courts, 1,700 square-foot gym with 180-degree views, full-service residents-only spa, and children’s splash pad stand out as favorites for those who value a wellness-focused lifestyle. You further enjoy access to a separate infinity-edge pool overlooking the bay, multiple lounges, a resident’s game room, a kids’ club, a hair and nail salon, a pet spa, and a bayfront boardwalk that takes you all the way to Downtown Miami. ### Missoni’s Edgewater Location: Central to Everything in Miami Within the neighborhood, you have the 8-acre, family-friendly Margaret Pace Park for everything—from fitness training to dog runs and family picnics. Further, Edgewater’s collection of restaurants is second to none; you have everything from waterfront fine dining to cafes and healthy bites close home. As mentioned above, a leisurely walk takes you right into the heart of Miami’s urban core to experience the best of art, culture, sporting events, and fine dining in Downtown. Miami’s Design District—known for its selection of couture shops, flagship stores, top-rated restaurants, and public art installations—is just a 10-minute drive from home. South Beach and its iconic nightlife sit right across the scenic Venetian Causeway, about 20 minutes by car. You are also just 20 minutes from the international airport. This Missoni Baia condo for sale is listed at just under $5 million—contact us directly if this waterfront lifestyle in one of Miami’s most desirable family-friendly neighborhoods speaks to you. We’ll gladly schedule a private viewing, so you can experience the views, scale, and finishes firsthand.

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