Realtors have smashed the record for sales volume and transactions of Miami Beach luxury waterfront homes, selling more than $602 million in 2012.
Ninety-nine waterfront homes sold in the area last year for a total of $602,818,300, said ONE Sotheby’s Vice President Kevin Tomlinson.
The area analyzed comprised Miami Beach up to 63rd Street, La Gorce, Allison and Indian Creek islands.
After searching records, Mr. Tomlinson said all prior sales volume and transaction numbers didn’t compare to 2011 and 2012.
Using data compiled from real estate services, he said sales volume and transaction numbers have been on a solid upward trend since 2009.
In 2009, 42 homes sold in the area for a sales volume of $169,331,447. These numbers rose in 2010 to 53 homes sold for a total of $226,854,000 and in 2011, 75 homes for $351,263,033.
The average price per home and price per square foot of waterfront sales have also steadily increased since 2009, Mr. Tomlinson said.
In 2009, the area’s average priced home was $4,031,701, with price per square foot at $702. In 2010 these figures rose to $4,280,264 and $710.
In 2011, the average price of a home reached $4,683,507 at $769 per square foot and last year the average home price reached $6,089,073 at $887 per square foot.
In the same area, Mr. Tomlinson said almost $97 million of land was sold in 2012.
“This is not just a Miami Beach real estate renaissance or boom,” he wrote on his South Beach Condo Blog. “This is a solid upward trend.”
He described Miami Beach real estate last year as “The Great Land Grab of 2012.”
He wrote, “There is no more Miami Beach land on which to build,” adding he’d been saying this to buyers and sellers for five years.
Now, he said, the reality seems to be sinking in.
Article as it appeared on the front page of Miami Today: