The market for Luxury Waterfront condominiums in the South of Fifth neighborhood has been especially slow over the past 6 months. There are currently 14 units with 3 Bedrooms and 3.5 Baths for Sale in the buildings like Murano, Continuum, Apogee and a few others, but surprisingly there have only been 2 sales plus a third unit under agreement, in the past 6 months. As a reference, in the previous six months, six units were sold, and while this is not a large sample, it is still an indicator of the sales pace and trajectory.
The units in the group currently for sale range in price from $3,750,000 for a 2,635 SF unit with 4 parking spaces at Murano Grande, to a $25,900,000 for a 4,776 SF unit at the Continuum N Tower. The former selling for about $1,400/SF and the latter about $5,400/SF.
Six of the sales in the past year occurred between May and October, typically considered the off-season. Notably those sales were before the last Presidential election while the other 2 sales happened post-election. The economic uncertainty over tariffs and immigration since the election could be a factor is this condition. If it is, I don’t think we can expect the same seasonal bump-up in sales that we saw last year to happen this year. Much of the tourism and sales that occur during the Summer months are a result of international tourism, which I suspect will be down at least over the next few months.
That said, and with the firm conviction that Miami Beach will remain a leading global destination, let’s look at unit 509 at the Murano Grande. There is only one 3/3/1 unit available for sale there, the other two either recently sold or currently under agreement. It is the the lowest price $/SF of the units, unique renovation plan which is perfect for families, well situated on the Lanai level for easy access to the Pool, Tennis and Restaurant, and has an oversized terrace on one side and a balcony on the other.
