If you have been reading my blog for the past months, then you know that the Miami real estate market has been surging cross the board as of late. Buyers are coming here in droves and they are not looking for small properties. Rather, they want big spaces, luxury, and amenities. South Florida has all of that in spades, but with the recent influx in demand, we are simply running out of inventory! A recent MansionGlobal.com article called “New Developments on Tap for Miami’s Sizzling Luxury Market” elaborates on this shortage of inventory. “For the $5 million-plus single-family market in Miami-Dade County sales in November, December and January were ‘up over 400% year-over-year,’ said Ron Shuffield, president of [BHHS] EWM Realty International.‘ A year ago, for the $5 million-plus market, ‘we had seven years of supply,’ Mr. Shuffield said. ‘Now we’re down to nine months of supply for single-family homes and 36 months for luxury condos. That inventory is decreasing daily.’”
Fortunately, developers have seen our market’s need for space and luxury and are breaking ground on some gorgeous new developments in Coconut Grove, Miami Beach, Downtown Miami, and beyond. As someone who specializes in selling property in Coral Gables, the Grove, South Miami, Pinecrest, and Palmetto Bay I am particularly thrilled by Mr. C Residences, where many “buyers are purchasing multiple units in the 20-story condo tower and combining them to up their square footage. The project launched sales in the first quarter of last year with 118 units, and 60% percent of the condos have now been sold... Most of the new combined units are in the $2 million to $3 million range.”
Another fabulous-looking development is The Villa Collection at the Ritz-Carlton Residences on Miami Beach, which is comprised of 15 two-story single-family homes, eight of which come with private boat dockage. These range from 3,200 to 4,600 square feet with 3, 4, and 5 bedroom floorplans and their starting price is $4,375,000 – in this market for a single family home with dockage and ocean access, plus the amenities of a Ritz Carlton residence, that seems like a good deal!
The full MansionGlobal.com touches on four additional developments both here and in Ft. Lauderdale. I have to say that these beautiful, spacious, and luxurious homes, both on the water and in the sky, must be tempting more out-of-towners to our wonderful part of the world! For some real estate eye candy, be sure to click here and read all about them.