A Look Back at 2015 South Florida Market Trends
Every year, market analysts and real estate experts release their predictions regarding where they believe the market is headed. Now that we will be bidding 2015 a fond farewell, 2016 will surely be another exciting year for South Florida real estate. Instead of looking forward, let’s take a look back and see how things progressed this year.
It was anticipated that there would be over 6,000 new condominium units built to the east of Interstate 95 by the time 2015 came to a close, with 5,400 of those units set to emerge within the city of Miami. From that lofty projection, about eight percent of these units are now complete, but the numbers could change as some projects fail to get off the ground and end up being canceled.
Miami Beach penthouses continued to soar, commanding handsome asking prices. At the Continuum II condo in South Beach, its penthouse had a price of $50 million, representing the continued value of Miami Beach real estate. A Star Island estate is another example of high priced Miami Beach property; it was selling for $75 million before it was taken off the market.
Now that we’ve explored 2015 a little bit, where do you believe the market will go in 2016?
This update is presented by Miami Beach Realtor Tim Allen of Blackstone International Realty, specializing in Continuum South Beach. If you are interested in Miami Beach condos such as the Continuum condos for sale, call Continuum expert Tim at 305-588-2451 for information on sales and rentals.