Biscayne Beach Sales Market Update – September 2017
As of September 17th, 2017, there are 79 condos listed for sale at Biscayne Beach, with 0 closed sales since the building’s opening, and 0 marked as pending. It is not uncommon with new construction buildings in Miami for the first resale to take a few months, or even a full year to close, so while sellers may be eager to unload their property, it may be a bit longer for that first transaction. Closings from the developer began in May, so at this moment, we’re only about 4 months past the building’s opening.
Another commonality among new construction buildings that is quite apparent in the sales listings at Biscayne Beach is the wide range of pricing among even similar units. This in part reflects the range of purchase prices that owners paid to the developer (developer pricing varies with time and availability), and also the lack of comparable resales to help guide the market value. Essentially, the first round of resale prices are determined from a blank slate. This is why it may take a year or two for pricing to even out, as closed resales will help determine future pricing. At the time of writing this article, available 1 bedroom condos range from $490k-$742k, 2 bedrooms from $649k to $1.2M, and 3 bedrooms from $1.275M to $4M, with 2 4-bedroom units asking $2.473M and $2.8M, respectively.
This period with such high variation in pricing presents a great opportunity for buyers to strike a great deal once they find a motivated seller. It will be very interesting to see how the sales market develops at Biscayne Beach and to track the price per square foot once there are some closed resales. If you have an interest in selling, renting, or buying a condo at Biscayne Beach, please email email@example.com and a building specialist will contact you.