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Listed here are the 5 hottest luxurious actual property markets in South Florida


This oceanfront mansion in Highland Seaside, FL offered for $40 million breaking a neighborhood document for the city.

Robert Stevens

The availability of luxurious houses and condos in South Florida is not merely tight. It is worse than that.

“This is not only a decline in stock,” stated Jonathan Miller, CEO of Miller Samuel, an appraisal and consulting agency that tracks 14 actual property markets within the area for brokerage Douglas Elliman. “This can be a collapse.” 

That is not hyperbole, in keeping with the numbers. Within the first quarter of this 12 months, South Florida stock stood at a document low of seven,906 models, in keeping with Miller’s information. That is down from a median of 27,000 models from 2017 to 2019.

Miller does not see the scenario getting again to regular anytime quickly, both. “Even when itemizing stock doubled and even tripled, provide could be thought-about ‘low’ in most markets,” he stated.

However gross sales are crimson sizzling.

Regardless of that low variety of accessible properties, the primary quarter noticed greater than $11.8 billion in whole gross sales, topping the earlier quarter by greater than $1.9 billion. Some luxurious markets achieved document highs, in keeping with Miller.

The realm’s high 5 luxurious actual property markets delivered over 45% of all gross sales quantity for the area, or nearly $5.4 billion, in keeping with information compiled by Miller for Douglas Elliman’s Elliman Report revealed earlier Wednesday.

This is an inventory of the highest 5 luxurious markets in South Florida by common gross sales value and a better take a look at how headwinds like low stock and rising mortgage charges may have an effect on future gross sales.

Aerial view of the $53 million Palm Seaside dwelling that delivered the highest sale for Q1 2022 in South Florida.

Douglas Elliman Realty

1. Palm Seaside

For the fourth consecutive quarter, Palm Seaside secured the highest spot in South Florida for highest common luxurious dwelling sale value. The city accounted for over half a billion in whole gross sales quantity, in keeping with Miller’s evaluation.

The typical value of a luxurious single-family dwelling within the ritzy seaside city topped $21 million. (Luxurious is outlined within the Elliman Report because the higher 10% of gross sales in a market.) The typical value per sq. foot was $3,659, down 2.7% from the document value within the earlier quarter, however the variety of gross sales closed in Q1 totaled 15, up nearly 67% over the fourth quarter, in keeping with the report.

The waterfront residence at 854 S County Rd in Palm Seaside, FL offered for $53 million.

Douglas Elliman Realty

Palm Seaside additionally had the most important first-quarter sale in South Florida. The beachfront dwelling at 854 S County Rd. closed at $53 million, in keeping with public data. The ten,171-square-foot residence sits on 2 acres throughout the Intracoastal Waterway with 220 ft of water frontage, in keeping with the itemizing. The worth per sq. foot was a whopping $5,210.

Itemizing agent Gary Pohrer of Douglas Elliman informed CNBC the scale of the property and water frontage set the property above the remaining. When requested about his outlook available on the market’s future, Pohrer informed CNBC he stays “cautiously optimistic” together with his greatest fear being a critical stock downside. 

“If you happen to take a look at the historical past of energetic listings, we’re at an all-time document low, that does not change in a single day,” stated Pohrer.  

Miller sees the stock disaster having a major influence on upcoming quarters.

“It’ll restrain gross sales under their potential and maintain or improve the market share of bidding wars,” he stated.

2. Miami Seaside, Barrier Islands

Miami Seaside, Barrier Islands, was the second most costly luxurious single-family dwelling market within the report, with 17 closings and a median value of just about $17.9 million. The typical value per sq. foot was $2,766, down from the document of $2,835 set within the earlier quarter. Complete gross sales quantity in any respect value ranges available in the market was nearly $2.9 billion second solely to the Miami Mainland market, which racked up $3.9 billion in gross sales. 

Aerial view of Palazzo Della Luna, a 10-story ultra-luxury condominium on Fisher Island in Florida.

Fisher Island Holdings

In keeping with Miller, Miami’s Fisher Island noticed the Miami Seaside, Barrier Island, market’s largest first-quarter transaction: a $30 million deal for a penthouse condominium in Palazzo Della Luna, a 10-story ultra-luxury condominium positioned at 6800 Fisher Island Dr. The itemizing agent, Dora Puig, informed CNBC that the property often known as Penthouse 3 spans nearly 6,800 sq. ft, and has 4 bedrooms, 4.5 baths and an over 8,000-square-foot rooftop terrace.

A rendering of the penthouse rooftop space atop Fisher Island’s Palazzo Della Luna.

Fisher Island Holdings

Wanting forward at potential headwinds, Puig stated she is much less involved about mortgage charges rising since most of her rich consumers within the high-end market pay in money.

In essence, the luxurious purchaser’s reliance on money mutes the impact of rising charges, however it does not remove it. Miller informed CNBC they may create “a slight improve in itemizing stock and a slight discount from the present frenzied surroundings.”

Puig is anxious, nonetheless, in regards to the Federal Reserve elevating charges too excessive and too quick, doubtlessly sending the financial system right into a deep recession.

“If that happens, individuals in all sectors of the market might be affected and at that time, nobody is proof against the financial results that may happen,” Puig stated.

3. Coral Gables

Coral Gables, which is positioned southwest of downtown Miami, was the third most costly luxurious dwelling market with 15 closings and a median sale value of about $10.6 million, a document for the realm. The typical value per sq. foot additionally hit an all-time excessive of $1,609, up 33.7% over the earlier quarter, in keeping with Miller.

4. Fort Lauderdale

In fourth place is the Fort Lauderdale market, which delivered 57 luxurious dwelling gross sales at a median value of just about $6.9 million and a median value per sq. foot of $1,167, in keeping with Miller, each are all-time data for Fort Lauderdale.

This oceanfront mansion in Highland Seaside offered for $40 million and shattered a neighborhood document.

Robert Stevens

5. Boca Raton/Highland Seaside

Boca Raton/Highland Seaside was the fifth most costly luxurious dwelling market, with 60 gross sales at a median sale value simply over $5.5 million. The typical value per sq. foot of $670 additionally set a document for the market. 

The market achieved the fourth-highest dwelling sale in all of South Florida, and a record-breaking value for the city of Highland Seaside when the oceanfront mansion at 2455 S Ocean Blvd., offered for $40 million, in keeping with public data. The sale of the 17,600-square-foot dwelling was the best value ever for Boca Raton/Highland Seaside, in keeping with Miller. The house’s itemizing agent, Beverly Aluise Knight of Ocean Property Properties, informed CNBC the mansion’s move-in-ready standing was a plus.

“Totally designer-furnished — write a verify, transfer proper in — arduous to search out on this market,” she stated. Knight additionally informed CNBC the client paid a further $5 million for furnishings, bringing the record-breaking sale to $45 million. 

When requested about how rising charges and low stock may influence actual property gross sales in South Florida, Knight stated all of it relies upon available on the market. However she believes when unexpected occasions negatively influence the market it is houses on the water which have confirmed to be essentially the most resilient.

“I take nice inventory in believing that historical past has proven that the oceanfront is all the time the final to crash and the primary to get well,” stated Knight.



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