North Beach Oceanfront Condo Market Report 2015July 14, 2015
2014 proved to be an exciting year for real estate in North Beach. We continue to see high end condo projects coming to the area, like L’Atelier and the Bath Club Estates; both astonishing oceanfront developments featuring innovative and luxurious design concepts, accompanied by lavish amenities. With these significant new additions to the neighborhood, we also continue to see property values on the upswing. In particular, condo prices took a big leap in the first half of 2015, setting a good precedent for the year.
Generally, the average rate for a North Beach condo, from waterfront high-rises to garden style condos, is $442 per square foot. That’s an impressive 23% overall increase from last year. More specifically, oceanfront luxury condos have seen a huge rise in value over the past 4 years. Average prices have increased by an astonishing 44%, going from $401 per square foot in 2012 to $579 per square foot in 2015.
This year at The Carillon, North Beach’s priciest oceanfront luxury condo, we have seen sales at an average of $850 per square foot. The highest sale was for a 4 bedroom/3 bathroom unit that sold for $3.9M; that’s $1,461 per square foot! Although they’re on the rise, these prices are still unbeatable anywhere else along Miami Beach’s shoreline, making North Beach a very attractive option for most. However, this may be the last we see of prices this low.
What do we expect to see in the future? Well, the new developments coming to North Beach will offer a unique, low unit count and will be focused primarily on providing residents with a more luxurious quality of life. Projects like L’Atelier, an exclusive 18-story tower, will house a limited collection of 20 units starting at $1,739 per square foot. Even the previous design featured only 3 units per floor; 40 units total. Just 2 blocks south, the Bath Club Estates will be comprised of only 13 exclusive 1-story and 2-story residences in the sky. The smallest estate will stretch over 5,600 sqft, not including private outdoor space, and will be priced starting at about $1,607 per square foot.
Through the simultaneously rising rental market, it is evident that people are coming to Miami Beach to LIVE, not just invest here. With limited supply, and a continuously growing demand, we only expect the market to continue on this positive trend.
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