The Miami-Dade luxury residential market experienced a notable slowdown last week, with buyers signing only nine contracts for properties listed at $4 million and above. This data comes from the latest Eklund-Gomes report, which tracks high-end home and condo listings in the county’s Multiple Listing Service.
Between August 11 and August 17, the properties under contract spent an average of 101 days on the market. During this period, 31 new luxury listings were added, bringing the total to 1,153.
For single-family homes, six contracts were signed with an average asking price of $7 million. These homes averaged 92 days on the market and represented a combined asking dollar volume of $42.3 million.
The most expensive single-family pending sale is a waterfront property at 1001 North Venetian Drive in Miami. The five-bedroom, five-and-a-half-bathroom house measures 3,981 square feet and is listed for $12.2 million by Monica Barros and Irlenne Laricchia of Shelton and Stewart Realtors. Records indicate that a trust in the name of ophthalmologist Fred S. Mann owns the property. Built in 1938 and expanded in 2004, it sits on a 0.3-acre lot.
On the condominium side, three units went under contract last week with an average asking price of $6.8 million and an average time on market of 119 days. The total asking dollar volume for these condos was $20.4 million—about $1,968 per square foot.
Leading the condo segment was unit 7441 at Oceanside on Fisher Island Drive, listed at nearly $11 million by Karla Abaunza of Luxury Living Realty. The three-bedroom, four-and-a-half-bathroom unit spans 3,959 square feet and is priced at $2,765 per square foot. A Delaware LLC acquired this property for $7.5 million last year; records show that the building was completed in 2002.
Comparatively, New York saw more activity during this period: buyers there signed contracts for 23 homes with a combined asking price of $148.9 million and an average time on market of about 1,000 days.
“
