The high-end market is not doing too badly if 120 condos sold in Miami-Dade County for $1 million or more in the 1st quarter of 2008. The most expensive one was a 5 bedroom/6 bath condo with 8,900 sq. ft. of living space on Fisher Island for $12.6 million. Four others sold for over $5 million.
Second place was another condo on Fisher Island for $7.2 million. Third place was a 5 bedroom/5 bath villa located at the Bath Club in Miami Beachfor $6.7 million. Fourth place went to a 3 bedroom/3 bathroom penthouse at the Setai for $6 million. Fifth place was a 4 bedroom/4 bathroom condo at One Bal Harbour for $5.1 million.
3 condos sold in the $4 million range. 4 sold in the $3 million range. 31 sold in the $2 million range. The remaining 78 that sold were in the $1 million range.
Here are the hottest areas and the hottest buildings according to number of sales over $1 million.
1) Bal Harbour with 26 sales - 24 of these sales were at the new condo/hotel, One Bal Harbour/Regent Bal Harbour.
2) South Beach and Sunny Isles each with 23 sales. In South Beach, the buildings with the most sales were as follows: 8 in the Icon South Beach; 6 in the Continuum South Tower; and the Setai with 4. In Sunny Isles, Turnberry Ocean Colony with 7 sales $1 million or over; Acqualina with 6; and Trump Palace with 5 sales.
4) Key Biscayne had 11 sales with the Ocean Club leading the way with 4 sales at $1 million or more.
The 120 condos were on the market an average of 201 days before they went into contract for an average of 89.2% of the asking price and 83.2% of the original list price.
For more information on real estate in Miami Beach, Sunny Isles, Bal Harbour, Fisher Island and Key Biscayne, or to learn more about specific condominium buildings or data, contact Michael Sahlman via email or by phone at 786.553.0697 or visit the website at www.HomesForVIPs.com.