5 Park Units for Sale

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The recently opened 5 Park is the latest addition to the local neighborhood.  While it seems that new owners are moving in every day, there are also quite a number of owners who are putting their units on the market for sale.  Today there are 29 such units available ranging in price from just over $1 million for a 1 bedroom, 2 bath unit with 878 SF of living area to  $20 million for a lower penthouse unit with 4 bedrooms, 7 baths and 5,888 sf of living area.

My personal favorite is unit 3701, a 4 bedroom, 5 bath unit with 3,186 SF of living area.

Take a peek at all of them with the link below.

https://portal.onehome.com/en-US/share/2428290g79242

South of Fifth Luxury Sales Chart

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The chart below represents the last 14 months of Condo Sales in the South of Fifth neighborhood priced at over $1,000,000.  In early 2023, 14 such units sold in the month of January and 8 in the month of February.  This year the numbers were 12 and 6 for the same 2 months.  Generally, the first 6 months performed better than the last 6 months of the year, with 68 units selling from January through June and just 37 for the remainder of the year.  The Median sales price averaged about $2.3 million for the year, with a high median over $4.4 million and a low of $1.4 million.

 

2023 SoFi Median Sales Prices

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The Median Sales price of a Condominium in the South of Fifth Neighborhood was $1,650,000, and at its highest level, for the months of October and November, 2023.  That contrasted significantly with a Median price of $450,000 in the previous month of September.  The Median Sales Price was over $1 million for half of the year.

Today there are about 204 units for sale in the South of Fifth neighborhood. This is how they are priced:

Under $ Million     73 Units
$1-2 Million.           39 Units
$2-4 Million.          50 Units
$5 Million plus.     42 Units

The least expensive unit is priced at $199,000, while the most expensive is priced at $47,500,000.  Almost twice as many units are selling for more than $1 million than are selling for less, and the number of units selling for more than $5 million is becoming increasingly significant.

 

 

Some New Year Stats

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South of Fifth Absorption Rates

 

Every year I like to see how the Luxury Waterfront Towers in the South of Fifth Neighborhood stack up against each other.  They are among the most desirable buildings in Miami Beach and typically units in them command the highest prices.  Still, they tend to sell at different paces-some able to reduce inventory almost as fast as it appears, and others struggling to have it absorbed over multiple years.

The Chart above shows this quite clearly with the Continuum North Tower and Icon Condominiums each projected to sell the units currently on the market in the next five months based on their sales pace over the past 6 months. Compare this to the  Continuum South Tower and the Murano Grande Condominium (respective neighbors to the Continuum N Tower and Icon) which have 57 and 48 months worth of inventory based on their most recent sales pace.  The Murano also shares a similar absorption rate with these two buildings.

In a normal market an absorption rate of 6-9 months is considered balanced, neither favoring the Buyers or the Sellers. That said, there does not seem to be a balanced market in any of the buildings surveyed. The Continuum North Tower and Icon Buildings represent a Sellers Market with an Absorption rate of just 5 months, while the other six buildings more dramatically represent a Buyers market with it taking from 18-60 months for their inventory to be absorbed based on the most recent sales data.

The data for the chart above was compiled from the MLS at the end of 2023.

CONDOMINIUM                       ACTIVE LISTINGS                          RECENTLY SOLD

Apogee                                                        6                                                           2
Continuum N                                             5                                                           6
Continuum S                                            19                                                           2
Murano Grande                                        8                                                            1
Icon                                                             6                                                            7
Portofino Tower                                      14                                                           4
S. Pointe Tower                                         7                                                           2
Murano                                                     10                                                           1

 

South of Fifth Market Stats

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It’s almost the end of May and I’m looking at the last six months of Sales activity in the primary Luxury Towers in the South of Fifth neighborhood.  Today there are 82 units on the market and 39 have sold in the past six months. At that rate it would take about 12.5 months for the existing inventory on the market to be absorbed. (the logic is that if 39 units sold in 6 months, 78 would then sell in 12 months, etc).

In a balanced market it would just take between 6-9 months for all the inventory to be absorbed.  Because it is taking longer than average for units to sell, it is a Buyers Market. If it were taking less than 6-9 Months for units to sell, it would be considered a Seller’s Market. In the seven Condominium Towers depicted in this snapshot, 5 of them exhibited signs of a Buyers market, while two of them reflected a balanced market.  None reflected Sellers Market activity.

The three buildings with the lowest absorption rates (S. Pointe Tower, Murano Grande, and Icon) also are selling at the lowest price per square foot, on average, at about $1,200/SF.  Also, two of the buildings, with an absorption rate of about 7 months, exhibit qualities of a balanced market. The three buildings with the highest absorption rates (Murano and both Continuum Towers) are also selling at the highest price per square foot on average, over $2,200/SF for Murano and a combined average of $2,900/SF at the Continuum Towers. All three of these buildings exhibit qualities of a Buyers Market with absorption rates ranging from 16-22 months much higher than what would occur in a balanced market.