As real estate prices continue to surge in South Florida, one wonders what can you buy for $1 million dollars in today’s market? $1 million dollars does not stretch as far as it used to, especially in a hot real estate market like Miami. I searched the MLS for condos between $900K – $1M in South Beach, Mid Beach, North Beach, Surfside, Bal Harbour, and Sunny Isles to find out what you can get for $1M.
South Beach, which is notoriously expensive and a popular place for tourists and residents alike, is selling condos for an average price per square foot of $766 and an average sales price of $668,625 according to the Douglas Elliman real estate report for the 2nd quarter of 2015. So what can you buy in South Beach for $1M?
You can purchase a 2B/2BA, 1090 sqft condo at the Yacht Club at Portofino (90 Alton Rd.) with panoramic bay views for $999K.
Or you can purchase a 1B/1BA, 850 sq ft. with a direct ocean view at the Roney Palace (2301 Collins Ave.) for $999K.
Mid Beach is an increasingly popular neighborhood with the new construction of the Faena District and the opening of the Edition Hotel & Residences. However, $1M will not buy you a condo at either of these projects. The average price per sqaure foot in the second quarter of 2015 for this neighborhood was $561 and the average sales price was $590,373. For $998K you can buy an 802 sqft studio, with partial ocean view at the Sorrento Residences (4391 Collins Ave), part of the famous Fontainebleau Hotel.
North Beach has also seen a resurgence of interest with lots of older hotels being renovated and several luxury pre-construction projects in the works including L’Atelier and Eighty Seven Park, designed by famous Architect, Renzo Piano. The average price per square foot in this neighborhood is $410, with an average sales price of $335,244 in the second quarter of 2015. For $950K you can purchase a 1,304 sqft, 3B/2.5BA, condo with panoramic bay views at the newly constructed Eden House (6700 Indian Creek Dr.)
Surfside, like most of Miami Beach, is seeing a lot of pre-construction activity most notably at the Four Seasons Surf Club and the Fendi Chateau Residences. The average sales price per square foot for Surfside Condos was $410 and the average sales price, $612,662 for the second quarter of 2015. For $959K you can purchase a 3B/2BA, 1,160 sqft condo with a direct ocean view at the Waverly (9201 Collins Ave).
Bal Harbour is well known for it’s ritz and glamour and is home to the ultra-luxury Bal Harbour Shoppes. The average price per square foot was $715 and the average sales price was $1.15M for the second quarter of 2015. For $990K you can purchase a 2B/2BA, 1,056 sqft with a direct ocean view at the Balmoral Condo (10275 Collins Ave)
Sunny Isles, dubbed “Florida’s Riviera” has had a slew of pre-construction activity recently, most notably with the Porsche Design Tower and the Ritz Carleton Residences to name a few. The average price per square foot was $517 and the average sales price was $732,193 in the second quarter of 2015. For exactly $1 million you can purchase a 1,637 sqft, 3B/2.5BA with partial ocean view at the St. Tropez condo (16699 Collins Ave.)
My neighborhood pick for the $1M price range is North Beach. There are a lot of nice 2B+ options in this range with great views!. North Beach is becoming the next hot neighborhood and now is the time to buy! For information on buying or selling your condo or home contact the Benmeir Team at 305-710-9095.