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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.

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07.29.2025

Unlocking Edgewater's Potential: Live Local Act Approval Sparks Development

Update Edgewater's Future: A New Chapter for Miami's Skyline The recent approval of the Live Local Act for an Edgewater site marks a significant turning point in Miami’s real estate development landscape. The partnership of Amit Kort and Ofir Gabriel, operating under the name Tulip Developments Group, is poised to transform a modest assemblage of 0.8 acres into a soaring 47-story residential tower. This project promises not just to add height to the skyline but also to cater to the community's pressing need for affordable housing. Understanding the Live Local Act Under Florida's Live Local Act, a crucial incentive for developers, projects can be constructed with higher density than what current zoning laws typically permit. By dedicating 40% of units for households earning up to 120% of the area median income (AMI), the act plays a pivotal role in addressing workforce housing shortages. With Miami-Dade County's AMI for a one-person household set at around $86,800, developers like Tulip ensure these vital housing options are within reach for more residents. Economic Benefits and Community Impact The approval of this project is not just about luxury high-rises; it's also about revitalizing areas that need it most. Located in an Opportunity Zone, this site allows investors to enjoy tax benefits while uplifting potentially underdeveloped neighborhoods. The Live Local Act approval, combined with transit zone bonuses, enhances the project's viability and its capacity to accommodate the diverse needs of the Miami population. A Vision Driven by Local Needs Designed by prominent Miami architect Kobi Karp, the development isn’t solely focused on market-rate units. With plans for 296 market-rate apartments, 203 workforce housing units, and retail opportunities on the ground floor, the project is set to foster a vibrant community-centric atmosphere. This mix of high-density living and local commerce aims to ensure that residents have access to essential services right by their homes. Conclusion: What's Next for Buyers? As Miami continues to evolve, the need for balanced and inclusive development becomes ever more urgent. This new project by Tulip is not only a response to that need but also a model for future undertakings in the city. Florida homeowners and potential buyers in the area should stay informed about these developments, as the changing landscape may open opportunities for more affordable housing options in the near future.

07.29.2025

Crow Holdings Acquires 376-Unit Apartment in Davie for $97.5 Million

Update Rising Interest in South Florida RentalsThe multifamily investment sector in South Florida is witnessing a resurgence, particularly highlighted by the recent acquisition of the 376-unit 33 West apartment complex in Davie. Purchased by Crow Holdings for $97.5 million, this deal, valued at approximately $259,000 per unit, indicates a renewed confidence in the region's rental markets after a downturn precipitated by rising interest rates.A Closer Look at 33 WestCompleted in 2013, the 33 West complex features a mix of one-bedroom to three-bedroom units, with rents ranging from $2,105 to $2,767 per month. Its appeal stems from its size and amenities, situated on a spacious 15.5-acre site, making it attractive for a variety of residents in today's competitive rental market.Market Dynamics ShiftThe landscape for multifamily investments has changed significantly since the pandemic’s peak rental demand. During 2021, Broward County reported an impressive $5.3 billion in multifamily investment sales. However, due to elevated interest rates and a cooling influx of new residents, sales figures have dropped to a projected $1.2 billion in 2023. Deals like the Crow Holdings purchase suggest that while the market cools, there remain robust opportunities for serious investors.Cash is King Amid Higher RatesThe trend of all-cash deals has grown as buyers like Crow Holdings aim to sidestep hefty interest payments. Unlike many recent purchases that involve financing, Crow Holdings did not record a mortgage for its 33 West acquisition, potentially indicating a strategic move towards liquidity amidst rising rates. This trend may shape the future landscape of multifamily housing investments in South Florida.Given these market dynamics, it’s essential for Florida homeowners and potential investors to remain informed about the fluctuations in the rental market and consider strategic opportunities. Engaging with local real estate experts and staying aware of current investment trends can equip homeowners with the necessary insights to navigate these evolving circumstances.

07.28.2025

Ockap Caviar Restaurant and Financial Shift: A New Era for South Beach

Update Ockap Caviar: The New Culinary Attraction in South BeachMiami Beach is set to welcome a fresh culinary gem—Ockap Caviar & Cuisine will open its second location at One Ocean in the highly sought-after South of Fifth neighborhood. The restaurant is making waves as it occupies a spacious 3,200 square feet with a remarkable lease rate of $175 per square foot, a record-breaking figure in the area.Financial Firms Move to Bay Harbor IslandsAlongside the opening of Ockap, Bay Harbor Islands is attracting attention from financial industries as Legacy Wealth Advisors and NewCo Capital Group relocate their headquarters to Terra’s new development, The Well. Legacy will occupy a 5,000-square-foot space, while NewCo will take an 8,800-square-foot office. This movement showcases not only the upscale amenities of the area but also a trend toward improved business environments focused on health and wellness.The Impact of New Rentals on Local BusinessesThe real estate trends seen in Miami Beach and Bay Harbor Islands reflect a growing demand for premium lifestyle offerings. Ockap's arrival adds to an already vibrant restaurant scene, enticing food enthusiasts. Meanwhile, the financial firms bolster the local economy, signaling opportunities for further development and growth.Local Amenities and Community DevelopmentThe Well at Bay Harbor Islands promises a blend of functionality and wellness, featuring air and water purification systems and spacious rooftops that enhance community living. The inclusion of an organic market and fitness programs in its residential component emphasizes a lifestyle trend focusing on health, attracting a clientele that values both luxury and well-being.Conclusion: Embracing Change in South FloridaThe movements in both culinary and business sectors illustrate a dynamic shift in South Florida's real estate landscape. For Florida homeowners, these developments not only enhance community offerings but also increase property values as the demand for premium experiences fuels real estate growth. Stay informed and embrace the changes shaping your community.

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

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

Spotlighting One Park Grove: A Luxe Highlight

Comparative Analysis of Recent Sales: Value Trends

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

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