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February 19.2025
2 Minutes Read

Miami-Dade Condo Market Sees Expensive Closings: One Park Grove Dominates

Miami-Dade luxury condo sales interior with city view.

The Latest in Miami-Dade's Condo Market: Sales Trends

Miami-Dade County's luxury condo market is making headlines again, particularly with the recent closing of a breathtaking unit at One Park Grove. Weekending February 17, there were 77 condo sales totaling $71.2 million, slightly down from the 84 sales totaling $67.6 million the previous week.

Despite fewer transactions, the average sold price of condos has surged, reaching $924,040, an increase from $805,279. This trend underscores the resilience of the high-end segment of the market, particularly in sought-after neighborhoods like South Bayshore Drive.

Spotlighting One Park Grove: A Luxe Highlight

Unit PH-A at One Park Grove, located at 2811 South Bayshore Drive, led the pack with an astounding closing price of $22.5 million, setting the tone for opulence in Miami's skyline. With a staggering price per square foot at $3,504, this sale exemplifies the allure of luxury living in Miami. The unit spent 87 days on the market, managed by seasoned agents Judith Zeder and Nathan Zeder from Coldwell Banker Realty, showcasing their expertise in navigating this elite segment.

Comparative Analysis of Recent Sales: Value Trends

This week’s report reflects the ongoing fluctuations within Miami-Dade's condominium sector. While last week saw an overall decrease in listings compared to early February, the average price per square foot, which declined slightly from $567 to $557, shows stability in pricing even during seasonal slowdowns.

For context, during the previous week, the highest closing unit at Surf Club Four Seasons fetched $7.8 million, emphasizing how diverse Miami's market is across neighborhoods. Individual property performances matter significantly, revealing a trend of top-tier units commanding remarkable prices, illustrating homeowners' interest in quality and exclusivity.

What's Next for Miami's Luxury Condominium Market?

As we look ahead, industry experts predict that the demand for high-end condos will likely continue, fueled by affluent buyers seeking prime locations and premium amenities. Understanding pricing dynamics becomes more vital for current and prospective owners in this vibrant market landscape.

Homeowners should remain informed and consider current trends as they contemplate future investments or sales. Prices are holding steady even amid market variability, and with recent notable transactions, now may be an opportune moment to engage seriously with the luxury sector of the Miami-Dade condo market.

Florida News

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09.13.2025

Confronting Gun Violence: The Stories of Hope After Tragedy

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Miami Seaquarium Property Development Talks: What Florida Homeowners Need to Know

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Major Financing for Ritz-Carlton Residences: What Florida Homeowners Should Know

Update Investing in Luxury: The Ritz-Carlton Project Unveiled In a significant move for South Florida’s luxury real estate market, Lionstone Group, Flag Luxury Group, and Ben-Josef Group have secured a $61.2 million predevelopment loan from BHI, the U.S. arm of Israel's Bank Hapoalim, for their planned Ritz-Carlton Residences in South Beach. Located at 1671 Collins Avenue, the project promises to elevate the area’s opulence. The developers received approval for this venture in 2023, setting the stage for a new 15-story, 30-unit condominium, alongside a redeveloped 101-key Sagamore Hotel into a sleek 55-room Ritz-branded establishment. Architectural and Amenities Focus Designed by Kobi Karp Architecture & Interior Design, with contributions from Studio Munge and landscape firm Naturalficial, the Ritz-Carlton Residences will cater to affluent tastes. Units will range from one to five bedrooms, including luxurious penthouses priced at $69 million and $52.5 million respectively. Residents and guests can look forward to an array of amenities, featuring multiple pools, a beach club, a library, a theater, a fitness center, and a sculpture garden. Additionally, the hotel will house a restaurant by the renowned Michelin-starred chef José Andrés, adding a culinary footprint to this upscale living experience. Market Outlook for Luxury Real Estate The strategic partnership forming around this project reflects broader trends in the upscale real estate market in South Florida. The recent approval signals not only confidence among investors but also affirmations of South Beach as a premium destination for luxury living. Competition remains robust, evidenced by BHI's continued investments across the region, including a recent $125 million loan to Craig Robins’ Dacra for new apartments in the Miami Design District. Looking Ahead: Completion and Sales Strategy With completion slated for 2027, the Ritz-Carlton Residences project is being aggressively marketed by Douglas Elliman’s Eklund-Gomes team. The alluring price point of condos starting at $4.3 million suggests strong demand for luxury properties in Miami, opening opportunities for potential buyers who seek an elite lifestyle in a vibrant community. As the South Florida luxury market evolves, staying informed is essential for prospective homeowners looking to invest wisely. With developments like the Ritz-Carlton Residences leading the way, now is an exciting time for real estate in the Sunshine State.

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