August Sees Miami-Dade Condo Sales Bounce Back, Surpassing $700 Million in Transactions

As reported by The Real Deal, in August, condo sales in Miami-Dade County experienced a notable uptick, surpassing both July's figures in terms of closings and dollar volume.

The total sales for August reached an impressive $700 million, marking a substantial increase from July's $592 million, and aligning with June's figures of $700 million. According to MLS data from Redfin, brokers successfully closed 934 sales last month, a significant improvement from the 841 in July. The range of sale prices in August was wide, spanning from $42,000 to a staggering $19.3 million, with the median sale price settling at $410,000. Price per square foot varied from $103 to $4,229, with a median price of $430 per square foot.

Claiming the leading position for August was the Grove at Grand Bay unit LPHS, located at 2675 South Bayshore Drive in Miami's Coconut Grove, with a remarkable closing price of $19.3 million. This sale translated to an impressive $2,024 per square foot after being on the market for 333 days. The deal was adeptly handled by Angel Nicolas, representing both sides of the transaction, and working with Compass.

It's worth noting that this sale, although substantial, was slightly lower in price compared to July's highest sale, which was the Fisher Island unit 7463 at 7463 Fisher Island Drive in the 7400 Oceanside building, fetching a price of $24.2 million.

On the other end of the spectrum, August's most affordable transaction was a condo at Star Lakes Estates. Unit 919 at 18707 Northeast Second Avenue in Miami closed at $42,000, equivalent to $103 per square foot, after just 54 days on the market. The listing was handled by Camila Willis from The Keyes Company, while the buyer was represented by Ellier Gonzalez of EM Squared Real Estate. Interestingly, this transaction was more budget-friendly compared to July's lowest sale, which came in at $67,000.

Here's a breakdown of some noteworthy condo sales in August:

Most Expensive Condo

Grove At Grand Bay, 2675 South Bayshore Drive, Unit LPHS in Miami
Price: $19,250,000 | $2,024 psf | Year built: 2016
Listing agent: Angel Nicolas with Compass Florida
Buyer’s agent: Angel Nicolas with Compass Florida
 

Highest Price Per Square Foot

Surf Club, 9001 Collins Avenue, Unit S-207 in Surfside
Price: $18,500,000 | $4,229 psf | Year built: 2017
Listing agents: Ximena Penuela and Kimberlyn Montilva with Fort Realty
Buyer’s agent: Dustin Nero with Douglas Elliman
 

Lowest Price Per Square Foot

Star Lakes Estates, 18707 Northeast 2nd Avenue, Unit 919 in Miami
Price: $42,000 | $103 psf | Year built: 1969
Listing agent: Camila Willis with The Keyes Company
Buyer’s agent: Ellier Gonzalez with EM Squared Real Estate
 

Newest Condo

57 Ocean, 5775 Collins Avenue, Unit 504 in Miami Beach
Price: $2,300,000 | $1,783 psf | Year built: 2021
Listing agent: Mayan Van Der Miller with Compass Florida
Buyer’s agents: Stephanie Dubugras and Rejane Gomes de Paula with Fortune Christie’s International Real Estate
 

Oldest Condo

Casa Grande, 834 Ocean Drive, Unit 501 in Miami Beach
Price: $850,000 | $639 psf | Year built: 1923
Listing agent: Aldo Massaglia with AG Real Estate Advisors
Buyer’s agent: Aldo Massaglia with AG Real Estate Advisors

The surge in condo sales in August signals a dynamic real estate market in Miami-Dade County, with a diverse range of properties catering to various preferences and budgets.