Our First 90-Day South Miami Luxury Real Estate Report Q4 2021 | $1M+ Homes
Welcome to our first South Miami Luxury Real Estate Report focusing on the last quarter of 2021. As the Miami real estate market moves at an incredible speed we are now publishing 90 day reports to update you on the latest trends of the Miami real estate market. We want to provide you with a complete overview of the market in less than 10 minutes. We provide you with the most important market data (months of inventory, number of active listings, sales and pending deals, key sales in the area and average sales prices per SF) in combination with our signature social narrative.
The South Miami Real Estate Market in Q4 of 2021
South Miami might be one the most under-rated neighborhoods in Miami right now with tons of potential and opportunity. Locals have always loved this area for its location, the canopies and how family friendly this neighborhood is, but the secret is out now and this area is officially on the map.
Between South Miami, Coconut Grove, Coral Gables and Pinecrest, South Miami is the smallest market when looking at size. South Miami is not necessarily known for those jaw dropping sale prices which we see in Pinecrest or Ponce Davis. However, this might change soon. The real estate boom we have experienced in the last year has pushed home buyers and luxury home builders into surrounding areas like South Miami and over the the west side of US1 down the Sunset corridor.
At the moment there are about 20 Active Listings in this area and the average asking price is about $1.6M or about $600 per SqFt. There have been 49 sales in this area in the last 90 days, almost double the amount that sold last year, with only 2 months of inventory. The average price per square foot is over $500, which includes ALL sales including tear downs. The highest jump we have seen in the last year is in new construction.
5990 SW 80th St is a 2017 construction that was flipped in 2021 by one of our clients and traded for 25% more within one year.
New Construction Homes saw the biggest jump
There has been 6 sales of homes built post 2015 with an average of $665 per SqFt! Brand new construction is breaking the $800 per SqFt mark, which for South Miami is uncharted territory. I feel the need to mention there are also some new construction homes that are almost complete and have not yet sold. These new homes will be priced around the$4M dollar mark and are located directly on 80th street between 57th ave and 62 ave so we’ll certainly keep an eye on those! Call me at 305.508.0899 to learn more about these South Miami pre-construction opportunities.
Other areas like Mango terrace have seen a few homes sell that will be demolished with a brand new construction on the way. So this clearly shows that there is a high level of confidence among home builders in this area. Another pocket to keep in mind is down the Sunset corridor on 72Ct. Here you can find beautiful properties being developed on an acre of lot.
Why is South Miami experiencing this Growth?
Seems redundant, but in real estate it’s the most critical component…Location! South Miami’s location is prime yet still affordable compared to its surrounding areas. Some areas of South Miami are extremely walkable, it is close to some of Miami’s best schools (some of which are just minutes away) and my personal favorite: it has that small town feel! A perfect place to live and grow a family. The motto for South Miami is literally “THE CITY OF PLEASANT LIVING” and they aren’t lying. People who know South Miami LOVE South Miami and the neighborhood has become very rapidly a destination neighborhood where families want to be and where builders seek opportunity.
So yes, new construction is definitely driving this market. The price of land in the surrounding areas has skyrocketed pricing many people out. South Miami is in the middle of these areas brushing shoulders with Pinecrest, Ponce Davis and Coral Gables. There are plenty of great lots in this area with beautiful canopies, something the city is very proud of and respects dearly. They certainly love and protect their trees! The price of land here in relation to these other prime markets can be anywhere from 20-30% less yet still offer the same quality of life and people are realizing this more than ever.
Some of the Key Sales we have seen in the last 90 days:
We’ll start with the top of the market where there has been a total of 7 homes that have sold at $3M or above including one that broke the $4M dollar mark and sold off-market for $4.2M or $750 per SqFt. That home located on 6020 SW 86 St was built in 2018 and this beautiful family home sits on a great.
6020 SW 86 st sold off-market for $750 per SqFt or $4.2M
The $3-$4m range
- 5910 SW 80 St – built in 2017 located directly on 80th st sold for just over $3.2M or $615 per SF. This house offered just over 5,000 SqFt on a 14k LOT
- 7901 SW 59th Ave – this sale raked in the highest price per square foot at $813 for a total sale price of $3,025,000, the residence was only active for 7 days, it was a brand new home with over 3,700 SqFt on a 15k LOT
The $2M- $3M Range
- 6871 SW 75 St – this house is just off Sunset (West of US1). The property is very well built and situated on a large 18k lot. Construction completed in 2017 and it sold for $2,450,000 or $646 per SqFt
- 6000 SW 86 St – The David Siddons Group listed this home at $1.9M and sold it to our client for $2,125,000. Our client re-listed it immediately after closing and today it’s under contract again for 2.3M! This was a very unique home which needs some work done, but is probably one the best lots in all of South Miami given its size and location.
6000 SW 86 St was sold twice by the David Siddons Group in half a year.
$1M-$2M Range
There are many sales in this price range that we can go over, however 5991 SW 87 St stands out for its charming location (tucked behind Dante Fascell Park) and the fact that it was just a 3 bedroom/2 bathroom originally built in 1958 with about 1,500 SqFt of living on a 10,500 SqFt lot and sold for $1,005,000 or $670 a foot in less than a week. Anything in this price point in this great area gets absorbed immediately and gets extremely competitive for buyers now.
