In a bustling luxury real estate market, Miami-Dade County is witnessing significant sales activity, particularly in the high-end segment. Between June 16 and June 22, buyers secured contracts on 17 luxury properties priced at $4 million and above, amounting to a total asking dollar volume of $201.7 million.
Notably, Rosie O’Donnell’s former estate on Star Island, listed for $48 million, led the recent transactions, entering into contract last week. The waterfront mansion, originally purchased by the late Dr. David Frankel and his widow in 2013 for $16.5 million, boasts eight bedrooms and ample amenities including a pool and dock.
Luxury market dynamics show that these properties typically remain on the market for around 103 days. Additionally, last week saw the introduction of 41 new luxury listings, bringing the total inventory to 1,228, even as it experienced a slight decline from previous weeks.
Among the significant sales, a high-end condo at Continuum South Beach was marked as the most expensive unit to find a buyer, a 3,497-square-foot unit with an asking price of $13.7 million. This reflects a trend within the market where the average asking price for condos that secured buyers last week was approximately $8.7 million, with properties often spending around 95 days on the market.
The luxury property market in Miami is thriving, indicating sustained interest and investment in high-end real estate, which is vital for the local economy. Despite a slight decrease in the number of luxury contracts signed from the previous week, the appetite for upscale properties remains robust, showcasing the appeal of Miami’s lifestyle and real estate offerings.
This detailed account highlights the ongoing vibrancy in Miami-Dade’s luxury real estate market, suggesting a positive outlook for future sales and investments in the area.