The first quarter of the year is behind us, and now is a great time to take stock of what has been happening in the Miami real estate market to understand what lies ahead.
According to the South Florida MLS, the 2024 Q1 has seen a definite increase in activity in comparison to the same period last year. The first quarter of 2023 saw just 8 waterfront properties sold in Miami Beach, while in 2024 that number has climbed up to 18 homes either sold or currently pending sale.
A Buyer’s Market
We've witnessed a surge in inventory, yet properties linger longer on the market, prompting notable price adjustments. Consequently, this also means an increase in the negotiability range.
In Miami Beach, negotiability in waterfront homes in Q1 2024 was up to 18%, a notable difference from last year’s 12% discounts on average.
Increased negotiability and the perception of downward trends of interest rates we’ve seen since the end of 2023 mean that buyers who were hesitant to enter the market towards the end of last year have found great opportunities to do so this year.
Bold buyers are finding they can be a bit more aggressive with their offers. A clear inclination towards newly constructed properties and turnkey homes has emerged, swiftly outpacing the absorption of properties that need some work done.
Considering the trends we’ve been observing in terms of market behavior, 2024 is turning out to be a great time for buyers who lingered on the sidelines to enter the market.
An Interesting Opportunity: New Trends in the Venetian Islands
The man-made Venetian Islands on Biscayne Bay have remained highly desirable for a variety of buyers. They connect Miami Beach to the mainland via the Venetian Causeway and retain a peaceful, quiet atmosphere that attracts buyers looking for their next waterfront home.
Buyers entering the market will be glad to find that there have been several homes in the Islands that have experienced significant price reductions compared to their listing prices in 2023.
Moreover, there has been an influx of available properties in the area, coupled with a notable surge in construction activity slated for the upcoming 12 to 24 months. Today, the Venetian Islands stand out as a tactical opportunity, where buyers can find value in the current market conditions.
2024 at OFFICIAL
At OFFICIAL, we’re celebrating a great start to the year with the finalized sale of 2957 Flamingo Dr. in Miami Beach. This recently renovated waterfront home has a spacious, light-filled interior that seamlessly integrates with the outdoor spaces, providing multiple areas to entertain a family.
Another stunning property, 1220 S Biscayne Point Rd., is expected to close in the next month. This exquisite turn-key waterfront residence boasts 70 FT of water-frontage and a dock with direct Intracoastal access.
We currently have some exciting opportunities on the market for buyers looking to purchase their next home in 2024.
5004 N Bay Rd. is a contemporary waterfront home that uniquely blends modern architecture and timeless design, with interior design by Jennifer Post.
Situated on prestigious North Bay Road, this 8-bedroom, 9-bathroom property offers an abundance of natural light and breathtaking waterfront views, sunrise to sunset, from a rare rooftop pool. It was recently repriced to $38.9M down from its Original List Price of $42.5M.
Nestled among just ten wide-bay West-facing homes, this custom-built estate by Alexander Group at 230 Bal Bay Dr. offers unparalleled elegance and waterfront charm.
From the home theater to the chef's kitchen, every detail boasts custom millwork, Jerusalem stone flooring, and marble accents. With 100 ft. of waterfront, enjoy glamorous sunsets over the Intracoastal Waterway. It was recently repriced to $29.85M down from its Original List Price of $35M.
On 1500 W 23Rd St. stands Villa Allegra, a masterpiece meticulously crafted by renowned architect Chad Oppenheim.
This 6-bedroom, 6.1-bathroom waterfront villa celebrates the perfection of proportion, scale, materiality, and detail. Located in Sunset Island III, enjoy ultimate privacy and the convenience of being minutes from Miami's best dining, shopping, and wellness studios.
According to the movement we’ve seen during this first quarter of 2024, it will be a good year for buyers who were in the sidelines during 2023 to enter the market with strong offers and take advantage of the increased negotiability.
Look out for more insights into the Miami real estate market in our blog to stay up to date with the latest market trends.
Reach out today to take advantage of this exciting time in Miami’s real estate market.
ISAAC LUSTGARTEN
EMAIL: [email protected]
MOBILE: +1 (305) 695-6025
OFFICE: +1 (305) 539-0071
ADDRESS: 1410 20th Street Suite 212, Miami Beach, FL 33139
LICENSE #: 3332063
Isaac Lustgarten is a Miami-based real estate professional specializing in luxury home and condo sales, investment purchases, and real estate management. Originally from Colombia, he moved to Miami at a young age and is one of the leading real estate salespersons on The Alexander Team at OFFICIAL, named the number one team in the country for years in a row by Real Trends & Tom Ferry The Thousand.