The Miami-Dade luxury residential market experienced a slow week, with buyers signing nine contracts for homes and condos priced at $4 million and above between August 11 and August 17. This data comes from the latest Eklund-Gomes report, which tracks high-end properties listed in the Multiple Listing Service.
During this period, 31 new luxury listings were added to the market, bringing the total number of such properties to 1,153. The average time spent on the market for these signed contracts was 101 days.
The combined asking price for last week’s six single-family homes and three condos under contract reached $62.7 million. According to the report by Douglas Elliman’s Fredrik Eklund and John Gomes, single-family homes accounted for $42.3 million of that volume, with an average asking price of $7 million and an average of 92 days on the market.
The most expensive pending single-family home contract was for a five-bedroom, five-and-a-half-bathroom house at 1001 North Venetian Drive in Miami. The waterfront property on Venetian Islands is listed at $12.2 million by Monica Barros and Irlenne Laricchia of Shelton and Stewart Realtors. Property records indicate it is owned by a trust named after ophthalmologist Fred S. Mann. Built in 1938 and expanded in 2004, the Mediterranean-style home sits on a 0.3-acre lot.
Condos that found buyers last week had an average asking price of $6.8 million and spent about 119 days on the market, totaling $20.4 million in dollar volume or approximately $1,968 per square foot.
Leading condo contracts was Unit 7441 at Oceanside on Fisher Island Drive, listed at nearly $11 million by Karla Abaunza of Luxury Living Realty. The three-bedroom, four-and-a-half-bathroom condo spans 3,959 square feet and has an asking price of $2,765 per square foot. Records show a Delaware LLC owns the unit after purchasing it last year for $7.5 million; the building was completed in 2002.
For comparison, New York saw more activity during the same week with buyers signing contracts for 23 homes totaling a combined asking price of $148.9 million; those properties spent an average of about 1,000 days on the market.
