Downtown Miami Condo prices per sqft
Since price is of course the most important factor when buying or selling real estate I just ran some market stats for the past 12 months (Feb 2011-Feb 2012) for condo sales in 3 different areas:
Downtown Miami (greater downtown area)
South Beach (other than South of Fifth)
The charts below show you the average sold price per sqft in what I call the “greater downtown” area of Miami. I have researched the average sales price per sqft for 8 of the most popular buildings in the area as well as the min / max sold price per sqft. Since the charts show you the minimum / maximum and average price per sqft that was actually paid in the past 12 months, this is a solid guideline of how much you should be paying / receiving when buying or selling a condo in any of these buildings. Of course there are many factors that will impact the price / value of any unit within the buildings, such as location in the building, views, finishes, etc.
As you can see Quantum and 1800 Club are at the bottom of the price range in the mid to high $200′s, with Vizcayne, Marina Blue and 900 Biscayne hovering right around $300 per sqft on average. Ten Museum Park and Marquis are averaging $397 / $438 p. sqft and – not much of a surprise here – EPIC is the highest priced at $531 p. sqft on average. In my opinion the best “bang for the buck” in the area is Vizcayne or if you don’t mind going a bit further north 1800 Club and Quantum. As for high end options, Paramount Bay (not listed in this article) is definitely worth a look.
As you can see the price ranges per sqft in each of the buildings are quite large, resulting from the vast differences between units in each buildings. “Prime” views & finishes do command a premium while not so desirable lines in the buildings might sell at a discount. While there are very few distressed condos in these buildings, the few that have been there also tend to be on the lower end of the price and desirability spectrum.
Interested in buying or selling a condo in any of the buildings ?
Talk to Tom (305) 482-1688 or fill out below contact form and I will get back to you asap !
