South of Fifth Market Trends
Categories: Miami Beach, Real Estate News, South Florida Market Stats
hi
When I looked at the data for South of Fifth (SoFi) condo sales last month I found that 20 units sold during the 30 day period between mid-March and mid-April. For the most recent 30 day period that number increased to 33 units according to MLS figures.
While such a small sample over such a short period cannot be considered statistically significant, in a market that has not given us much to cheer about for almost three years, I am pleased to see this increase.
Where did these sales come from? The most units sold (7) were at the Yacht Club, followed by four units at Murano Grande, and three at South Pointe Tower. Two units were sold at the Courts, the Continuum, Portofino Tower, Absolut and 345 Ocean Drive. The remaining 9 units were sold in separate buildings.
The two highest price sales were $3,400,000 each for unit 3401 at Murano and unit 703 at Apogee. A total of 10 units sold for over $1,000,000. The two lowest sales were $146,000 for a unit at 361 Collins Avenue, and $237,000 for a unit at
345 Ocean Drive.
The median price was $600,000, with 16 units sold above and below that amount. The average selling price for all the units was $604.00/sf, and the average sales price was $950,615.
