Brickell Waterfront Development Site At 1201 Brickell Bay Dr Sells For $363M Posted on April 22, 2022April 22, 2022 by Sarah Elles Boggs Ever since we very first started working in the Brickell area, new residents ask the same question. “What’s going on with this waterfront lot in between Jade at Brickell and The Mark on Brickell Bay Drive?” The answer has always been the same. “Right now it is a parking lot, but one day it will be a tower.” But the history is not so vague. The development site was owned by Tibor Hollo of Florida East Coast Realty. He has developed a host of waterfront buildings from Brickell to Edgewater over the years, including Panorama Tower. He is quite an interesting man and has quite the interesting story, but for today we are talking about the Brickell waterfront development site. The History of the Site The site was originally slated to be developed into a monstrosity of a multi-use development in 2006 dubbed Villa Magna. When 2006-2009 happened (don’t pretend you don’t remember), the project was placed on hold and Mr. Hollo focused on other projects. He says himself that he likes to build only one tower at a time, and you kind of have to respect that out of him, but he still had something big planned for the site. Fast forward to 2016 and he still had big plans, albeit different. Mr. Hollo had Panorama Tower under construction, the tallest tower south of Manhattan (he loves having the tallest tower, everything he builds is substantial in height), and he had a new vision for his waterfront development site at 1201 Brickell Bay Dr. He intended to call it “The Towers” and it was to be designed by Pritzker Prize-winning British architecture firm Foster + Partners. The Towers were slated to feature two 1,049 ft towers with a total of 660 luxury units, connected by a rooftop amenity deck. When I spoke with him about it, his face lit up as he boasted, “If you have ever been impressed by the Marina Bay Sands in Singapore, you’re going to love this development.” His robust enthusiasm for the neighborhood is infectious. Today’s Update Time has passed and the market has changed. Florida East Coast Realty (the company Mr. Hollo founded) has owned the 2.5 acre lot since the year 2000, when they purchased it for a mere $15.5 million. Mr. Hollo’s son, Jerome Hollo is now managing TWJ 1201 LLC, the entity that holds the property. This week, the property has changed hands for a whopping $363 million to 1201 Brickell Bay LLC, a Delaware-based foreign LLC that is managed by Randall Davis in Chicago according to the South Florida Business Journal. The price jump is expected, as this is one of the last waterfront development sites available in Brickell, and is the only one that is completely ready to begin construction. Others would need to go through a lengthy condo termination process including complicated owner buyouts followed by demolition, or the saga that we have seen with the First Presbyterian parking lot site. So, at a time when so many businesses and residents are flocking to the area, the premium paid for this parcel completely makes sense. The main question now is… will the new owners uphold Mr. Hollo’s vision? He currently still has the tallest tower in Florida with the 868-foot Panorama Tower, but PMG’s Waldorf Astoria in Downtown is set to surpass that with their 1,049-foot design. Only time will tell. If you would like to stay up-to-date with the project, subscribe to our newsletter. Also, please do not hesitate to contact us if you are interested in buying or selling in Brickell or surrounding areas. You may reach Broker and Executive Director of Luxury Sales, Michael Light, directly at 786.566.1700 or via email at michael@miamiluxuryhomes.com.
Why Sell Your Miami Investment Condo When Rents Are So High? Posted on April 19, 2022April 24, 2022 by Sarah Elles Boggs The party is on till the break of dawn for Miami investment condo owners and landlords, leaving tenants terrified. Rental rates have jumped 55% year-over-year according to a report by Realtor.com, and a quick scroll through the Brickell Living Facebook Group is evidence enough that everyone is getting priced out of their rented condos. So, if the rental market is so great for Miami investment condo owners, why should they sell now? We have a few reasons… Interest rates are rising While we are certainly still in a seller’s market, interest rates are climbing and thinning out the pool of potential buyers for properties. Just yesterday, the rates for 30-year mortgages jumped by more than one percentage point to 5.0%. The rate is nearly two percentage points higher than the average rate just one month ago and is the highest in over a decade. Even though these rates are still historically low, the fact that they are rising fast is a sign that you should strike while the iron is hot. Don’t chase the bubble because you never know when the market will change until after it has already begun changing, thus reducing your potential sales income. Rent control Miami has traditionally been an incredibly lax city when it comes to rent control. Landlords get a lot of leeway, but this is tightening up. As many tenants are seeing their rents jump by 55% on average, the government has stepped in. Last month, Commissioner Eileen Higgins introduced an ordinance that would require landlords to give their tenants a 60-day written notice of any rent increase of 5% or more. The ordinance also requires the notice for evictions to be extended from 30 days to 60 days. During COVID, the eviction moratoriums wiped out many smaller landlords, causing them to sell to institutional conglomerates who could handle the lack of income and lack of ability to regain control of their assets. While these changes are not very landlord-friendly, we still have it better than some other cities. Some other cities such as Portland and Oakland have prohibited the use of criminal background checks, limited the use of financial background checks, and limited security deposits. Oof. That’s scary for a landlord to hear! Changes or removal of the 1031 Exchange system Last April, Biden announced his “American Families Plan”, which proposes to change the scope of the popular 1031 Exchange program that allows real estate investors to defer their capital gains tax as long as the transactions adhered to a strict set of guidelines. The changes include limiting the tax deferral to profits that exceed $500,000. This isn’t effective just yet, but if it passes, it will absolutely disincentivize investors to put their money in the real estate market and reduce the pool of potential buyers. Additionally, the $500,000 gains limit ($1 million for married couples) might seem like a decent amount, but many people forget that many 1031 Exchanges take place on commercial properties which bring in far more than that. Speaking of commercial real estate, these properties offer property tax revenues and jobs for the locals. If investors aren’t investing, there are fewer jobs available. Without these jobs, the initial problem of tenants being priced out of the market is compounded. Not to mention that property taxes would have to increase in order to compensate for the lack of taxes that the businesses that occupy the investment properties would typically bring in. If you would like more information on the 1031 Exchange program and how it could help your tax basis for investment real estate (it works on residential real estate as well), don’t hesitate to reach out. This post is not intended to scare investors. The market is still very good and Miami is still very much in demand. But if you are on the fence about whether or not to sell your rental investment, now is an amazing time to do it. Please do not hesitate to contact us if you are interested in buying or selling in Florida. You may reach Broker and Executive Director of Luxury Sales, Michael Light, directly at 786.566.1700 or via email at michael@miamiluxuryhomes.com.
Celebrating a Banner Year for Douglas Elliman Florida Posted on April 7, 2022 by Michael Light We are thrilled to announce that Douglas Elliman Florida has achieved another record-breaking year, closing 2021 with $14.6 Billion in total sales volume – more than doubling our previous record set in 2020, with over 7,259 total transactions and closing $40 Million in daily sales! In such a competitive Florida real estate market, our achievements speak to the dedication, expertise, knowledge and perseverance demonstrated by each of the real estate professionals within our 22 offices across Florida from Miami to Palm Beach to Ponte Vedra and everywhere in between. Douglas Elliman (Coast to Coast) Not only did Douglas Elliman have a record year in Florida, but the brokerage shattered its national sales reporting $51.2 Billion in sales last year, up from $29.1 Billion the year prior. The firm also reported an overall 32,405 transaction for 2021 – a record, up from 22,686 the year prior. Douglas Elliman is the leading luxury real estate firm from coast to coast operating in New York, The Hamptons, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas, with approximately 6,500 agents and 100 offices nationwide. The Light Group at Douglas Elliman The Light Group is also proud to announce that our small team was in the top 4% of the entire company nationwide last year! We could not have done this without the amazing support of our clients, and we want to say THANK YOU! We are so grateful for the opportunity that our clients have given us, and we will continue to work hard to help you turn what you love into where you live! Please do not hesitate to contact us if you are interested in buying or selling in Florida. You may reach Broker and Executive Director of Luxury Sales, Michael Light, directly at 786.566.1700 or via email at michael@miamiluxuryhomes.com.
The Perigon Miami Beach | Rem Koolhaas’ OMA Brings Sophistication Back To Millionaire’s Row Posted on March 16, 2022March 25, 2022 by Sarah Elles Boggs One of the most endearingly controversial and highly-acclaimed architects in the world is bringing a new level of sophistication to Millionaire’s Row in Miami Beach. Rem Koolhaas’ OMA (Office of Metropolitan Architecture) has unveiled plans for The Perigon Miami Beach. Comprised of just 82 signature residences, which includes 9 luxury guest suites for friends & family, right on the pristine Miami Beach sand, a new level of design and services are anticipated. Mr. Koolhaas is a Dutch architect, architectural theorist and urbanist and Professor in Practice of Architecture and Urban Design at Harvard University’s Graduate School of Design. Oh, and he also won the Pritzker Prize in 2000…no biggie. You can see some of his other work in Miami at Park Grove in Coconut Grove, as well as the Faena Forum, which was featured in Architectural Digest. Rendering of Perigon Miami Beach Pool and Cabanas For The Perigon Miami Beach, an even higher level of service is expected. Located at 5333 Collins Avenue, just blocks away from the highly successful, and fully sold out, 57 Ocean development, Perigon Miami will offer a host of services to residents and guests including 24-hour security, doorman and valet, on-site general manager, dedicated lifestyle concierge, residential butler service and use of a luxury house car. The ground level will house a signature restaurant that offers in-residence dining and catering. Home management services will also be offered that include cleaning, maintenance, floral upkeep and pantry stocking. Beachgoers will enjoy 200 linear feet of pristine private shoreline, also serviced through the signature restaurant. Each of the 82 homes will have direct-water views of the Atlantic Ocean. Units will range from two to four bedrooms and 2,100 to 6,700 square feet, excluding penthouses. Every condo will have a private elevator, 10-foot ceilings with floor-to-ceiling impact windows and linear cove accent lighting. Overlooking the ocean, the terraces have been generously designed, and will offer 10 to 12-foot deep plans for a seamless indoor/outdoor lifestyle. Rendering of Perigon Miami Beach Terrace Gardens The kitchens are slated to be decked out with honed marble countertops, backsplashes and islands with Sub-Zero and Wolf appliance suites. Each bedroom will offer at least one walk-in wardrobe and the primary bathrooms will feature natural stone flooring and wet walls, custom bathtubs and bespoke mirrors and light fixtures. Aside from the fully serviced beachfront access, the boutique development also will feature a beachside pool with an outdoor spa that includes sunbeds and cabanas…this is Miami, after all. Be chic or go home. Or be chic at home. Whatever, I digress… In the mornings at The Perigon Miami Beach, residents may enjoy a daily breakfast bar in the conservatory or book a custom brunch in the sunrise lounge. In the evenings, the cocktail lounge, wine room and speakeasy will be available for a little happy hour or after-dinner libations. Rendering of Perigon Miami Beach Pool Restaurant View For those residents who have guests, the development will offer 9 luxury guest suites with the same services as the main residences. There will also be a screening room, playroom for the children and a private salon with personalized beauty services. Douglas Elliman is the exclusive broker for The Perigon Miami Beach. If you are interested in a private presentation of the project, with specific friends and family (1st tier) pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Collaborators of The Perigon Miami Beach Architect: OMA – Office of Metropolitan Architecture, Founded by Rem Koolhaas Developer: Mast Capital & Starwood Capital / 5333 Collins Acquisitions, LP Interiors: Tara Bernerd & Partners Landscaping: Gustafson Porter + Bowman The Perigon Miami Beach Features & Amenities 18-story oceanfront condo designed by highly-acclaimed architecture firm OMA Gold level LEED building certification Comprehensive amenity program for residents offering the best of beachfront living 200 expansive linear feet of beachfront Direct entry to the dedicated beach, equipped with lounge chairs, umbrellas and service Beachside swimming pool with cabanas and sunbeds Outdoor spa Pool and beach food and beverage services Signature oceanfront restaurant by a celebrated chef, exclusive to residents Sprawling conservatory offering daily breakfast bar Chic cocktail lounge and speakeasy Dramatic double-height lobby with lounge area Sunrise lounge with catering kitchen for entertainment and private events Private spa with saunas and treatments rooms High-tech fitness center with high-impact training room overlooking the Atlantic Ocean Bespoke wine room Residents’ salon for personalized beauty services Cinema Kid’s playroom Meditation lounge areas and intimate gardens overlooking the ocean 9 Luxury guest suites for family and friends Bicycle storage Services at The Perigon Miami Beach Residential butler Dedicated lifestyle concierge 24-hour security and valet parking House car On-site general manger In-residence dining and catering from the signature on-site restaurant Pool and beachside food and beverage services Home management services from cleaning and maintenance to floral and grocery stocking The Perigon Miami Beach Condo Features 82 signature OMA-designed residences, including 9 guest suites 2 to 4-bedroom layouts ranging in size from 2,100 to 6,700 square feet Direct, private elevator entrances to each residence 10-foot ceilings with floor-to-ceiling windows Private 10 to 12-foot-deep terraces offering stunning ocean views Open-concept living, dining and entertaining areas perfectly accented with linear cove lighting Italian kitchens custom designed by Tara Bernerd & Partners Kitchens feature honed marble countertops, backsplashes and islands and premium Sub-Zero and Wolf appliances Primary bathrooms boast natural stone flooring and wet walls, custom bathtubs, bespoke mirrors and light fixtures Each bedroom offers walk-in wardrobes Deposit Structure for The Perigon Miami Beach 10% of Purchase Price at Reservation (Now) 10% of Purchase Price at Contract (Approx. 60-90 days after Reservation) 10% of Purchase Price at Groundbreaking (Est. January 2023) 10% of Purchase Price at Top Off 60% of Purchase Price at Closing (Est. Q2 2025) Downloads for The Perigon Miami Beach The Perigon Miami Beach – Fact Sheet The Perigon Miami Beach – Keyplan (Lobby Level & Resident Amenities) The Perigon Miami Beach – Keyplan (Second Level & Lifestyle-Wellness) The Perigon Miami Beach – Floor Plans (3rd Floor) The Perigon Miami Beach – Floor Plans (4th – 10th Floors) The Perigon Miami Beach – Floor Plans (11th – 15th Floors) Rendering of Perigon Miami Beach Spa Rendering of Perigon Miami Beach Gym Rendering of Perigon Miami Beach Pool to Ocean View Rendering of Perigon Miami Beach Condos and Garden Path Rendering of Aerial View of Perigon Miami Beach
Carlos Rosso Makes His Development Debut With The Standard Midtown Miami Posted on February 27, 2022February 27, 2022 by Sarah Elles Boggs Last year, Carlos Rosso made jaws drop when he resigned from The Related Group. Why would he do such a thing? He is a staple at Related. He is Jorge Perez’s right-hand-man! They developed countless Miami towers together, including SLS Brickell, SLS Lux and Residences at Armani Casa! Well, now we know. It is time for Carlos to shine on his own, and he is starting by building his first tower in Midtown Miami, The Standard Residences. The Standard is known around the world for its quirky yet chic brand image, offering a fun and comfortable vibe that is rich in culture. With locations in Miami Beach, New York, Los Angeles, Ibiza, Bangkok, Maldives and London, this will be the first residential tower in the Miami area. It will offer 228 pied-a-terre-style residences that range from 432 to 965 square feet in the hip Midtown Miami neighborhood. When asked about the location of the new 12-story tower, Carlos Rosso said, “Midtown has been well planned from day one. It has great bones. It has wide sidewalks that create a very safe environment. It’s a mini residential neighborhood.” In addition to the attributes mentioned by Mr. Rosso, Midtown offers an array of entertainment, shopping and restaurants. Residents can find anything from a Target up to ultra-high-end shopping in the Miami Design District just blocks away. The same expansive choices are present for food and nightlife options as well. Whether you grab a burger at Five Guys on your way home from work or enjoy a chic night out rubbing elbows with the likes of Kanye West at the members’-only ZZ’s Club in the Design District, this location has got you. Everything is just a block or two away. Rendering of The Standard Residences Midtown The open-concept floor plans will include studios, 1 bedrooms, 1 bedrooms with a den, and 2 bedroom options. The building will include 12 floors that have 9-foot ceilings, floor-to-ceiling windows, smart technology, sleek Italian kitchens, premium Bosch appliances, stone countertops and detailed ceramic backsplashes. The bathrooms also feature sleek modern design with glass-enclosed showers, dual vanities with brass fixtures, dual shower heads. Each residence has wood-grained porcelain flooring, in-unit washer and dryer and a private terrace overlooking the Midtown neighborhood, Wynwood, Downtown Miami and/or the Miami Design District. With the pied-a-terre-style, owners are offered a flexible rental program that allows 12 leases per year (leases that are a minimum of 30 days). This is not a common offering in the greater Downtown Miami area. Most buildings allow only 2 leases per year, with the minimum being 6 or 7 months. Rendering of The Standard Residences Studio Rendering of The Standard Residences Terrace On the amenity level, residents will enjoy 34,000 square feet of amazing services, all to the level of service that patrons of The Standard are accustomed to. There is a 10,000 square foot ground-level retail space, double height lobby with social spaces, The Standard Café, a resort-style rooftop deck with a 60-foot swimming pool, whirlpool spa, and rooftop restaurant and bar. Additionally, residents will enjoy a fitness center with indoor/outdoor yoga, saunas and meditation studio as well as a pickleball court. The social areas will include a lounge, karaoke bar, cinema and work floor that has co-working spaces and private meeting rooms. Services include poolside food and beverage services, on-demand food delivery to residences from the rooftop restaurant, 24-hour attended lobby, doorman, concierge services, on-demand grocery delivery, housekeeping, dry cleaning, laundry and pet grooming spa. “I like [the Standard’s] ethos. They don’t overextend themselves,” Carlos Rosso said. “They’re very boutique in that sense. And I like that it’s an honest brand. They’re not pretentious, but they’re cool and quirky. And I thought the Standard would attract people from New York and the Northeast, who are very familiar with the brand. The units are relatively small, about 600 square feet. This is perfect as a pied-à-terre for a New York guy.” Rendering of The Standard Residences Rooftop Pool Residences range from $400,000 to $1,000,000 with current friends & family pricing. Pricing is subject to change as the project progresses. If you are interested in a presentation and specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
The Estates at Acqualina South Tower is Sold Out! North Tower Selling Remaining Residences Posted on February 17, 2022February 19, 2022 by Sarah Elles Boggs The exceedingly opulent Estates at Acqualina has passed a milestone. The south tower of the dual high rise development has officially sold out. The north tower is not far behind in sales as construction starts to wrap up and new owners anticipate their luxurious beach refuge, set to be delivered this year. According to the developer, the 154-residence south tower completed sales in December 2021. The two beachfront luxury skyscrapers each rise 50 stories, with the south tower topping off at 646 feet and the north tower topping off slightly higher. These match the tallest heights in Sunny Isles. Both towers have lobbies designed by the late fashion icon, Karl Lagerfeld. Limited inventory does remain at the 91-residence north tower. Most of the available purchase opportunities include 4 and 5 bedroom residences, priced between $92 to $10.7 million as well as a couple of penthouses. Completion of the north tower is also expected within a few months. Residences in The Estates at Acqualina’s sister buildings, Mansions at Acqualina, which was built in 2015, currently range from $6.9-$15 million. The original tower of the $1.8 billion development was built in 2006. Aqualina has residences ranging from $2.5-$4.5 million currently. Please click the links if you are interested in the most up-to-date resale inventory, or here if you would like to see our previous coverage of this star-studded development. If you are interested in a private tour or exclusive pricing on new units, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
South Florida is Dubbed NYC’s “6th Borough” After COVID-19 Exodus Posted on June 14, 2021June 15, 2021 by Michael Light Florida’s Department of Highway Safety and Motor Vehicles has proven what everyone in real estate has been talking about over the past year…New Yorkers have fled to South Florida in droves during the COVID-19 pandemic. At least 33,565 people exchanged their New York driver’s licenses for Florida driver’s licenses between September 2020 and March 2021. This is an increase of 32% from the prior-year same time period. Of the 33,565 people who moved to South Florida, 14,045 moved to the Palm Beach area, while 8,422 moved to Broward and 8,033 to Miami-Dade County. Although Miami only accounts for about 24% of those New Yorkers, it has still majorly impacted our market here in Miami, especially when you combine them with the thousands flocking from Chicago, Los Angeles and Connecticut. According to the NY Post, Florida officials claim a major reason people have ditched NYC and headed to the Sunshine State is because they wanted their kids to go back to full-time, in-person schooling (New York schools in-person learning has been closed until recently). But, I think a lot of people had been on the verge of moving down here for tax reasons and COVID closures & lockdowns in their city just pushed them over the edge to make a decision. Whatever the reason…everyone is moving to South Florida! If you are considering making the move, inventory is at an all-time low! In the beginning of this surge, we were seeing massive demand for single-family homes while the condo market slowed. As most of the single-family home inventory was absorbed, buyers had no choice but to turn back to condos causing that inventory to also shrink to historic lows leading to multiple offer/over asking price scenarios throughout the city. If you, or someone you know, are looking to buy or sell in Miami or Miami Beach, please contact Michael Light, Broker at Douglas Elliman Real Estate, to discuss more about the current state of our market. It is important to speak to a real estate expert who is truly knowledgeable about the local markets. You may reach Michael directly at 786-566-1700 or via email at michael@maimiluxuryhomes.com.
Douglas Elliman’s Q1 2021 Miami Mainland, Coral Gables & Miami Beach Market Reports Posted on March 20, 2021May 28, 2021 by Michael Light Douglas Elliman has released the 1st quarter 2021 Elliman Reports for Miami Coastal Mainland, Coral Gables and Miami Beach & Barrier Islands. Produced in conjunction with Miller Samuel to provide you with the most comprehensive and objective market insight available, the Douglas Elliman Reports are recognized as the industry standard for providing the state of the residential real estate market, which includes an extensive suite of tools to help readers objectively identify and measure market trends, provide historical context to current information and provide comprehensive analysis of the results. Download Douglas Elliman’s Q1 2021 Market Reports: Douglas Elliman’s Q1 2021 Miami Coastal Mainland Market Report Douglas Elliman’s Q1 2021 Coral Gables Market Report Douglas Elliman’s Q1 2021 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q1 2021 Sales Overall Highlights “The market was characterized by record pricing as well as falling supply.” Condo sales rose annually for the 3rd straight quarter as listing inventory fell for the 7th time. All single-family price trend indicators set new records collectively for the 4th straight quarter. Listing inventory for all property types fell sharply to the lowest on record. Aventura All price trend indicators surged year over year to new records. The number of sales jumped annually for the 3rd consecutive quarter. Brickell Median sales price posted year over year record gains. The number of sales nearly doubled year over year at a record rate. Coconut Grove Condo price trend indicators surged to new records. Condo listing inventory declined year over year to a new low. Single family price trend indicators continued to show year over year mixed results. Single family listing inventory and months of supply fell sharply to record lows. Downtown Miami Condo price trend indicators rose sharply to new records. Condo listing inventory dropped annually to a new low. Single family price trend indicators surged year over year. Single family listing inventory and months of supply fell sharply to record lows. Palmetto Bay Single family median sales price and average price per square foot rose to new records. Listing inventory fell year over year at the highest rate to a new low. Pinecrest All price trend indicators rose to new records. Listing inventory fell year over year at the highest rate to a new low. South Miami All price trend indicators rose to new records. Listing inventory fell year over year at the highest rate to a new low. DOWNLOAD: Douglas Elliman’s Q1 2021 Miami Coastal Mainland Market Report Highlights *Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Downtown Miami, Palmetto Bay, Pinecrest and South Miami. Coral Gables Q1 2021 Sales Overall Highlights “The brisk market conditions continued into the new year with record highs for pricing and sales but with chronically low listing inventory.” The Coral Gables housing market saw sharply rising prices, heavy sales volume and listing inventory falling to new lows. A byproduct of these market conditions was a blistering pace. Single-family sales jumped 46.3% to 139 from the year-ago quarter as their listing inventory plunged 59.8% to a record low of 153 over the same period. DOWNLOAD: Douglas Elliman’s Q1 2021 Coral Gables Market Report Highlights *Please note that this only includes the City of Coral Gables. Miami Beach & Barrier Islands Q1 2021 Sales Overall Highlights “The market was characterized by record pricing, heavy sales volume, and a sharp decline in listing inventory.” All single-family price trend indicators surged to record highs as sales nearly tripled to a record. All condo price trend indicators surged year over year at a record rate to new highs. With the sharp rise in luxury condo sales and drop in listing inventory, the market pace was the fasted in 7 years. Sunny Isles Beach The number of sales nearly doubled year over year. Price trend indicators pressed higher year over year. Bal Harbour The number of sales rose sharply year over year for the 2nd consecutive quarter. Price trend indicators drifted lower year over year. Bay Harbor Islands Price trend indicators surged higher year over year. Price trend indicators and sales posted large annual gains. Surfside Condo sales more than doubled from the year-ago quarter. Condo price trend indicators continued to show mixed year-over-year trends. Single family sales more than doubled annually for the 2nd time in 3 quarters. Single family price trends rose collectively year over year for the 3rd straight quarter. North Bay Village The number of sales continued to rise sharply above prior-year levels. Price trend indicators moved higher from the prior-year quarter. Miami Beach Islands The number of sales nearly quintupled from the year-ago quarter. All price trend indicators jumped above prior-year levels. North Beach Price trend indicators rose sharply year over year. Sales surged year over year after 4 straight declines. Mid-Beach Price trend indicators rose sharply year over year. Sales surged year over year for the 3rd consecutive quarter. South Beach Price trend indicators rose to new records year over year. Sales surged year over year for the 2nd consecutive quarter. Key Biscayne Condo sales rose sharply year over year for the 3rd consecutive quarter. Condo price trend indicators continued to surge from year-ago levels. Single family sales surged year over year for the 5th consecutive quarter. Single family price trend indicators pressed higher year over year. Fisher Island The number of sales more than tripled from the prior-year quarter. The price trend indicators showed mixed annual gains. DOWNLOAD: Douglas Elliman’s Q1 2021 Miami Beach & Barrier Islands Market Report Highlights *Please note that Miami Beach & Barrier Islands includes Bal Harbour, Bay Harbor Islands, Fisher Island, Key Biscayne, Miami Beach Islands, Mid-Beach, North Bay Village, North Beach, South Beach, Sunny Isles Beach and Surfside. If you, or someone you know, are interested in purchasing real estate in Miami, Coral Gables or Miami Beach or simply would like to learn more about the real estate market in South Florida, please contact Michael Light, Broker Associate and Senior Director of Luxury Sales at Douglas Elliman Real Estate as well as Founder/Owner of The Light Group. You may reach Michael directly at his office at (305) 350-9842, on his cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.