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Annual & Q4 2024 Miami Beach Luxury Condo Market Report

Despite shifting toward a buyer's market, Miami Beach ended 2024 on a strong note. In Q4, sales momentum surpassed projections, with both annual and quarterly volumes increasing. While some segments saw slight price pressure, there were no signs of a major downturn. Highlights on this report include Fisher Island emerging as the strongest market in Miami Beach with the highest year-over-year sales growth in Q4, while Mid-North Beach topped annual sales trends. Fisher Island remained South Florida's most expensive zip code for luxury condos, both quarterly and annually. Meanwhile, the modest Mid-North Beach market was the fastest-moving in Q4. Dive into our in-depth analysis for year-over-year insights on how each Miami Beach neighborhood performed against one another and the broader Miami luxury condo market in Q4 and throughout 2024. For this report, Miami Beach sub-neighborhoods include South Beach, Mid-Beach, North-Beach, Sunny Isles Beach, Surfside, Bal Harbour, and Fisher Island. Also, this luxury condo submarket report only features properties priced at $1 million and above.

Shoma Bay Condo Tower Launched in Miami Beach’s North Bay Village

Developer Shoma Group launched sales for its boutique waterfront condo project Shoma Bay. The 21-story condo tower will stand in one of Miami’s most idyllic waterfront communities, part of a three-island paradise called North Bay Village. Coral Gables-based developer Shoma Group is also the name behind South Beach’s ultra-luxury Ten 30 condos. The masterfully-designed Ten 30 community stands only 3 stories tall with 43 high-design residences and an alluring set of amenities including a rooftop sun deck with a rose-colored pool, outdoor yoga areas, two fitness centers, an herb garden, and more. Prices at the newly launched Shoma Bay condos start in the $400,000s. Buyers will have a choice of 360-square-foot studios to about 1,500-square-foot 3-bedroom residences. Prices are expected to average at about $900 per square foot, an exceptional value for the amenities and location in comparison to other similar waterfront preconstruction projects in Miami. Shoma Bay is likely to break ground early next year, with completion expected in late 2024. Originally planned as a multifamily apartment rental tower, Shoma Bay will be the second pre-construction rental project in Miami to convert to condos, after the successful launch of PMG’s Elser Hotel & Residences in Downtown Miami this June. ### North Bay Village’s Gorgeous Shoma Bay Condos Shoma Bay will rise 21 stories with 327 luxury condos just off the John F. Kennedy Causeway. Developer Shoma Group has tapped MSA Architects to design the project, while Miami-based Adriana Hoyos will design the interiors. MSA’s was the architect for the very popular Waverly at Surfside condominium. The mixed-use Shoma Bay is expected to feature sweeping water views at every turn, in addition to a range of resort-style amenities. Amenities planned for this luxury community include a 6,030-square-foot pool deck with cabanas and a summer kitchen, a fitness center with Technogym equipment, a spa, a residents’ lounge and bar, plus a kid’s club. There would also be a 2,600-square-foot co-working business lounge, library, pet spa, charging stations for electric cars, and more. Shoma Group had paid about $16 million for the 2.8-acre lot at 1850 79th Street Causeway in May. Prior to being converted to condos, the mixed-use project was approved to feature a 36,000-square-foot Publix and about 6,300 square feet of retail inclusive of a rooftop lounge plus Shoma Bazaar food hall. How many of these elements make their way into the condo tower is yet to be seen. ### North Bay Village - A Quaint Community with Water at Every Turn Shoma Bay 2.8-acre waterfront lot sits on the main thoroughfare connecting the islands to the mainland and Miami Beach. Surrounded by fantastic water views on all sides, residents will be part of a beautiful island community that houses the prestigious KLA Schools, a supermarket, a mini market, and a handful of restaurants. By car, the Normandy Shores Golf Course, La Gorce Country Club and North Beach will be less than 10 minutes, shopping at the upscale Bal Harbour Shops will be 20 minutes, the world-famous beaches of South Beach will be 20 minutes, the artsy murals of Wynwood will be 20 minutes, and the Miami International Airport will be 30 minutes. The only other pre-construction planned for North Bay Village is 7918 West Drive. Developed by Kuala Lumpur-based P&O Global Technologies, the 21-story ultra-luxury condo tower will be home to 54 bespoke residences. With only 4 residences per floor, 7918 will feature a unique sun-and-shade design developed by MTTR MGMT’s Juan Azulay. Standout amenities include a waterfront pool, indoor Japanese gardens, wellness studio, a summer kitchen with BBQ terrace, and more. **ARE WE FRIENDS ON SOCIAL MEDIA?** 📣 Connect with us on Instagram, TikTok and Youtube. 📣 If you’re interested in learning more about Shoma Bay, 7918 West Drive, or any other pre-construction condo in Miami or the Miami beaches, please call, chat, or email us directly to lock in early bird prices, get a private presentation, reserve a preferred unit, or browse more investment-worthy properties.