Don’t be fooled—Miami isn’t only about South Beach, there are numerous other up-and-coming areas of the Magic City that are not-so-silently sprouting as high season kicks in.
In total, downtown Miami and the Arts District saw 30 closed condo sales in the month of November. Out of the four neighborhoods of Miami, condos in downtown sold at the highest price per square foot last month.
Over in the Arts District of Miami, there were 12 closed condo sales in the month of November. The highest selling condo was located in the Quantum building at 1900 N Bayshore Drive, selling for $363,000, or $262.86 per square foot. It was originally listed for $430,000 but after 76 days on the market the condo sold for 14.42 percent less. The 1,400-square-foot condo features two bedrooms and two and a half bathrooms. There condos in the area actually saw an increase from listed price to sale price, while the rest saw decreases between 2.39 percent and 15.38 percent. A condo located in The Grand building at 1717 N Bayshore Drive was on the market for 183 days and sold for $290,000, 14.45 percent less than the listed price. It has three bedrooms and two full bathrooms and features 1,509 square feet of living space. The average sales price for the 12 condos sold in the Arts District was $177 per square foot.
Over in downtown Miami, a total of 18 condos sold in November at an average of $318 per square foot. The most expensive condo to sell in downtown last month was a $1,200,000 three bedroom, three and a half bathroom 2,502-square-foot unit located in the Epic building at 200 Biscayne Boulevard. The selling price was 25.93 percent down from its original asking price of $1,620,000. Seven of the 18 condos sold for asking price or higher, while 11 of the condos saw decreases ranging between 3.27 percent and 33.53 percent. One condo, located in the One Miami development, sold for its listed price of 280,000 and was on the market for 406 days, the longest for any of the closed sales in the area.