The Miami-Dade luxury residential market experienced a notable slowdown last week, with buyers signing nine contracts for homes and condos priced at $4 million or more. This data comes from the latest Eklund-Gomes report, which tracks such listings included in the Multiple Listing Service.
Between August 11 and August 17, the average property spent 101 days on the market before going under contract. During this period, 31 new luxury listings were added, bringing the total to 1,153.
The prior week also saw nine contracts signed but with a higher combined asking price of $109.7 million. In contrast, last week’s six single-family homes and three condos under contract had a total asking dollar volume of $62.7 million.
Single-family homes accounted for an average asking price of $7 million each and collectively represented $42.3 million in potential sales. These properties averaged 92 days on the market.
The highest-priced pending single-family home contract was for a waterfront house at 1001 North Venetian Drive in Miami’s Venetian Islands. The five-bedroom, five-and-a-half-bathroom property spans 3,981 square feet and is listed for $12.2 million by Monica Barros and Irlenne Laricchia of Shelton and Stewart Realtors. Property records indicate that Fred S. Mann, an ophthalmologist, owns the home through a trust. Built in 1938 and expanded in 2004, it sits on a 0.3-acre lot.
Condos under contract last week averaged an asking price of $6.8 million and stayed on the market for about 119 days each, totaling $20.4 million in asking dollar volume—an average of $1,968 per square foot.
A notable condo transaction involved Unit 7441 at Oceanside on Fisher Island Drive. The three-bedroom unit measures nearly 4,000 square feet and is listed for just under $11 million ($2,765 per square foot) by Karla Abaunza of Luxury Living Realty. Records show a Delaware LLC purchased it for $7.5 million last year; the building was completed in 2002.
For comparison, New York’s luxury market saw buyers sign contracts for 23 homes last week with a combined asking price of $148.9 million; those properties spent an average of about three years on the market.
