October Report: SoFi (South of 5th) Miami Luxury Condo Sales

Map of the top 10 most expensive sales in Miami’s South of 5th neighborhood, October 2015:

October 2015 Snapshot: South of 5th Market Activity

# Condos sold in October 2015: 16
Average price: $350,882
Average price /square foot: $262
Average days on market: 114
List vs. sold price average: -7.99%


Most expensive sold in October:
Icon #1901/2, $8.4M, $2,060 /square foot

Ana: picture shown is of ICON South Beach #1901/2. This unit had one of the most spectacular build-outs I have seen here in South Beach. The finishes are impeccable and the furniture and decor is so beautiful, that I simply didn’t want to leave the apartment. I stayed for espresso and took lots of wonderful pictures! This apartment is a real treat and I wish the new owners much happiness in it!


Real Estate Market Health Snapshot: South of 5th, Miami

Everyone seems to have an opinion regarding where in its cycle the Miami real estate market is. With all the new construction going up in the city, many people are starting to say that the market is saturated, that a correction is coming, etc… These concerns are understandable given the number of cranes in the skyline! However, a look at some charts shows a different story. Below are three charts specific to the South of 5th neighborhood. While average sale price is climbing steadily, the close price to list price ratio has been stable since mid 2012 and the average days to sell has actually dropped. The charts do not indicate extreme market conditions. To the contrary, the market in the South of 5th neighborhood looks very steady and the availability of new construction is not having an adverse affect on the resale market.

Close price versus list price ratio, South of 5th MiamiAverage sale price, South of 5th, MiamiDays to Sell, South of 5th, Miami


Click on the name of a building to view condos currently for sale.
Table shows the 16 condo that sold in Miami’s South of 5th (“SoFi”) neighborhood in October 2015.
Building Address Sold $ Sold $ /sq ft Bedrooms Square feet Ask vs. Buy Sold date Days on Market
ICON South Beach 450 ALTON RD # 1901-2 $8,400,000 $2,060 3 4,078 -4.76% 10/14/2015 286
350 Meridian 350 MERIDIAN AV # PH $4,450,000 $1,483 3 3,000 -7.75% 10/2/2015 65
ICON South Beach 450 ALTON RD # 1410 $1,200,000 $876 2 1,370 -8.25% 10/16/2015 54
YACHT CLUB 90 ALTON RD # 2010 $824,000 $756 2 1,090 -4.25% 10/13/2015 251
The Courts 100 MERIDIAN AV # 214 $700,000 $606 2 1,155 -4.14% 10/26/2015 87
Royal Atlantic 465 OCEAN DR # 920 $680,000 $1054 1 645 -2.65% 10/30/2015 59
The Cosmopolitan 110 WASHINGTON AV # 1813 $475,000 $575 1 826 -0.84% 10/9/2015 11
Ocean Point 345 OCEAN DR # 1122 $405,000 $612 1 662 -4.94% 10/15/2015 44
Ambassadors 227 MICHIGAN AV # 402 $400,000 $571 1 700 -7.50% 10/7/2015 56
Royal Condo 221 Collins # 2 $308,500 $604 1 511 -11.83% 10/19/2015 125
Bacarat 328 EUCLID AV # 108 $300,000 $460 2 652 -3.33% 10/2/2015 425
Sage on 3rd 130 3 ST # 205 $280,000 $431 1 650 -6.79% 10/23/2015 193
The Fountain 334 EUCLID AV # 204 $280,000 $653 1 429 -5.36% 10/7/2015 59
The President 361 COLLINS AV # A5 $279,000 $489 1 570 -3.58% 10/15/2015 53
Terrace View 240 COLLINS AV # 5B $255,000 $383 1 665 -17.25% 10/16/2015 55
Ocean Towers 158 OCEAN DR # 407 $200,000 $500 0 400 -6.00% 10/20/2015 5

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