Q1 2022 Greater Downtown Miami Luxury Condo Market Report - Brickell Leads Miami Growth

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Greater Downtown Miami kickstarts 2022 as the hottest market for luxury condos in Miami - even surpassing the Miami beaches. With Brickell and Edgewater again taking the sales growth lead in Q1 2022, buyers are making it crystal clear where their priorities lie. With all 3 sub-markets reporting record-setting sales for a first quarter, Greater Downtown Miami has emerged as the market to watch for buyers and investors alike.

Sellers across Greater Downtown Miami got great value for their properties in Q1 2022, considering prices in this collective neighborhood have been consistently on the rise for the past few quarters. This, coupled with shrinking inventory shows that a seller's market is in effect in Miami's urban core.

Still, there was one neighborhood that closed Q1 2022 with the highest inventory of all the Miami neighborhoods under our review – read on to find out which one.

Quick summary of Q1 2022 for the Greater Downtown Miami area includes:

  • Brickell had the most sales volume (122 sales)
  • Brickell had the greatest sales growth YoY (259%)
  • Edgewater posted the highest median sales price ($1.6 million)
  • Edgewater posted the highest price per square foot ($824)

Read below for our exclusive and in-depth analysis on how Greater Downtown, Edgewater, Brickell, and Downtown Miami performed over Q1 2022, along with a detailed comparison to the overall Miami luxury condo market trends in terms of sales, prices, days on market, and inventory.


Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q1 2022 YoY (Number of Sales)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q1 2022 YoY (Number of Sales)


Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q1 2022 YoY (Median Sales Price)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q1 2022 YoY (Median Sales Price)


Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q1 2022 YoY (Median SP/SqFt)

Overall Greater Downtown Miami Luxury Condo Markets at a Glance - Q1 2022 YoY (Median SP/SqFt)

For this report, we've only included areas with zipcodes 33129, 33130, 33131, 33132, 33137 – Brickell Hammock, Brickell, Brickell Key, Downtown Miami, Arts & Entertainment District, Edgewater, Wynwood, Midtown and the Design District. This luxury condo market report only features properties priced $1 million and above, and generally does not include pre-construction condo sales.


Q1 2022 - Greater Downtown Miami Area Luxury Condo Market Highlights

  • Highest-ever sales in a 1st quarter with 192.8% year-over-year growth – Brickell was the highest percentage contributor
  • 12-month Sales Trendline positive for a 6th quarter in a row -- Q4 2020 through to Q1 2022
  • Price per Square Foot up 14.9% year-over-year to a new peak of $799 -- highest in more than 6 years
  • Median Sales Price up 6.6% year-over-year
  • Days on Market down year-over-year
  • Inventory down 72.7% year-over-year to a new low of 9 months
  • Greater Downtown Miami remains a sellers' market


Q1 2022 - Greater Downtown Sub-neighborhood Highlights

  • Winner: Brickell leads 1Q sales growth in Greater Downtown and Miami overall with highest percentage (259%) year-over-year increase
  • Winner: Brickell luxury condos again offered maximum value to sellers in Greater Downtown Miami with highest percentage growth (17%) in year-over-year Price per Sq. Ft.
  • Winner: Edgewater reported the highest Median Sales Price of $1.6 million 
  • Winner: Edgewater was the most expensive neighborhood in Greater Downtown, priced at $824/Sq. Ft.
  • Winner: Edgewater posted the highest percentage decline in year-over-year Days on Market (-78.1%), emerging as the quickest market to sell luxury condos
  • Brickell reported the lowest levels of inventory (9 months) in Greater Downtown
  • Downtown Miami had the highest inventory of all Greater Downtown and Miami neighborhoods under review


Table of Contents

  1. Greater Downtown Miami Luxury Condo Sales Trends
  2. Greater Downtown Miami Luxury Condo Price Trends
  3. Greater Downtown Miami Luxury Condo Days on Market Trends
  4. Greater Downtown Miami Luxury Condo Inventory Trends
  5. Edgewater Neighborhood Trends - Overall Sales
  6. Edgewater Neighborhood Trends - Sales Price, Price/Square Foot
  7. Edgewater Neighborhood Trends - Days on Market
  8. Edgewater Neighborhood Trends - Inventory
  9. Brickell Neighborhood Trends - Overall Sales
  10. Brickell Neighborhood Trends - Sales Price, Price/Square Foot
  11. Brickell Neighborhood Trends - Days on Market
  12. Brickell Neighborhood Trends - Inventory
  13. Downtown Neighborhood Trends - Overall Sales
  14. Downtown Neighborhood Trends - Sales Price, Price/Square Foot
  15. Downtown Neighborhood Trends - Days on Market
  16. Downtown Neighborhood Trends - Inventory
  17. Conclusion
     

Q1-2022 Greater Downtown Miami Luxury Condo Market Summary - Fig. 1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q1-2022

202

192.8%

$1,450,000

6.6%

$799

14.9%

61

Q1-2021

69

$1,360,000

$695

132


Greater Downtown Miami Luxury Condo Market Trends: Highest Q1 Sales in 7 Years

Q1 2022 Sales up 192.8% - Highest-ever in a 1st Quarter - Positive Trendline. Kickstarting 2022 on a strong note, this mainland grouping posted its highest first-quarter sales ever, contributing significantly to the positive sales trend seen in the overall Miami report.

  • Q1 2022 vs Q1 2021. Sales increased 192.8% year-over-year, up from 69 in Q1 2021 to a remarkable 202 sales in the same quarter 2022. (Fig. 1)
  • Brickell remained the highest contributor in terms of volume (122 sales). The financial district was also the highest percentage contributor (259% YoY) to sales growth seen in the Greater Downtown area. (This may in part be due to increasing prices resulting in more condos priced $1 million or greater making the threshold to be included in our report.) 
  • Reporting its best March yet, sales in this grouping gradually increased from 46 in January to 65 in February, ultimately peaking to 91 sales in March. (Fig. 2.2)
  • Considering the neighborhood's March peak and positive trendline, we as luxury condo experts expect Q2 2022 to post strong sales, if not a new record.

Owing to intense buyer demand in Greater Downtown Miami (even outpacing that of Miami Beach neighborhoods in Q1 2022), the 12-month Sales Trendline of Fig. 2.3 maintained its upward trajectory for the 6th consecutive quarter - keeping its positive curve from Q4 2020 through to Q1 2022.


Greater Downtown Miami Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 2.1

Greater Downtown Miami Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 2.1


Greater Downtown Miami Luxury Condo Monthly Sales from Jan. 2016 to Mar 2022 - Fig. 2.2

Greater Downtown Miami Luxury Condo Monthly Sales from Jan. 2016 to Mar 2022 - Fig. 2.2


Greater Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 2.3

Greater Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 2.3


Greater Downtown Miami Luxury Condo Price per Square Foot Peaks to Highest in 6 years

Q1 2022 Price/Square Foot up 14.9% to new peak of $799, Median Price also up 6.6% year-over-year. Consistent with the overall market trend of higher year-over-year prices in Q1, Greater Downtown Miami also reported an increase in its Price per Square Foot and Median Price. Sellers continued receiving excellent value for their luxury condos in this mainland district, as Q1 closed with the highest Price per Square Foot in over 6 years (Fig. 3). 

  • Price per Square Foot increased by 14.9%, up from $695 in Q1 2021 to peak of $799 in Q1 this year.
  • Price/Square Foot has been consistently improving since Q4 2020 - offering sellers a great return on investment in the district.
  • Median Sales Price increased by 6.6%, up from $1,360,000 in Q1 2021 to $1,450,000 for same quarter 2022. (Fig. 1)


Greater Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 3

Greater Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 3


Days on Market Down QoQ & YoY in Greater Downtown Miami 

53.8% decline in year-over-year Days on Market. Consistent with the overall Miami luxury condo market trend of reducing Days on Market, Greater Downtown Miami too reported a drop.

In Q1 2022, luxury condos spent 71 fewer days on the market compared to Q1 last year and 5 fewer days compared to Q4 2021 (Fig. 4) – showing a growing consistency between buyer-seller expectations and strong demand.


Greater Downtown Miami Luxury Condo Quarterly Days on Market 2018 - 2022 – Fig. 4

Greater Downtown Miami Luxury Condo Quarterly Days on Market 2018 - 2022 – Fig. 4


Condo Inventory Drops to New Low in Greater Downtown Miami - Sellers' Market Stays

Q1 2022 closed with 9 months of Inventory. In line with the overall market trend in Miami, inventory in Greater Downtown Miami also dropped to its lowest levels in more than 6 years of us reporting. At 9 months, inventory fell within the 9-12 months range of an ideal market, keeping sellers in control of negotiations as demand exceeded supply.

  • On a quarter-over-quarter basis, inventory was down 18.2% from 11 months in December 2021. 
  • On a year-over-year basis, inventory was down a whopping 72.7% from 33 months in March 2021.

Still, with one of the highest levels of inventory in Miami, buyers looking to live closer to work in Brickell or the urban core can hope to find some advantage in terms of choices, as they search the Greater Downtown Miami area for available condos for sale.


Greater Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Mar 2022 - Fig. 5

Greater Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Mar 2022 - Fig. 5

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.


Greater Downtown Miami Neighborhoods: Edgewater Market Trends (33132 and 33137)

Q1 2022 Edgewater Luxury Condo Market Summary – Fig. 6

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q1-2022

50

194.1%

$1,612,500

19.4%

$824

12.2%

23

Q1-2021

17

$1,350,000

$734

105


Edgewater Luxury Condo Sales Up YoY – Second-highest Sales Growth in Miami Overall

Q1 Sales up 194% year-over-year - second-highest percentage growth in Miami - positive trendline. Second only to Brickell in terms of sales growth and popularity, Edgewater reported the second-highest year-over-year percentage gain of all Miami neighborhoods under our review in Q1 2022.

  • Q1 2022 vs Q1 2021. Sales increased 194.1% year-over-year, up from 17 in Q1 2021 to an incredible 50 sales in the same quarter 2022. (Fig. 6)
  • Positive sales trend stood consistent with the overall Miami market trend.
  • Highest first-quarter sales seen since 2015 (and before, noted anecdotally). (Fig. 7.1)

Owing to tremendous domestic and foreign buyer demand, the 12-month Sales Trendline of Fig. 7.2 kept its positive trajectory for a sixth quarter in a row - from Q4 2020 through to Q1 2022.


Edgewater Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 7.1

Edgewater Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 7.1


Edgewater Luxury Condo 12-Month Sales Trendline - Fig. 7.2

Edgewater Luxury Condo 12-Month Sales Trendline - Fig. 7.2


Edgewater Price/Square Foot Up to Peak

Q1 Price/Square Foot up 14.9% to new peak of $799, Median Price also up 6.6% year-over-year. In sync with the overall market trend of higher year-over-year prices, Edgewater"s Price per Square Foot and Median Price both increased (Fig. 6):

  • Price per Square Foot increased by 12.2%, up from $734 in Q1 2021 to a peak of $824 in Q1 2022.
  • With Price per Square Foot at its highest in over 7 years of our reporting, sellers received excellent return on investment for their luxury condos in this bayfront neighborhood (Fig. 8).
  • Median Sales Price increased by 19.4%, up from $1,350,000 in Q1 2021 to $1,612,500 in Q1 this year.


Edgewater Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 8

Edgewater Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 8


Edgewater Days on Market Down QoQ & YoY to Lowest in Miami Overall

78.1% decline in year-over-year Days on Market. In line with the overall Miami luxury condo market trend of decreasing Days on Market, Edgewater also reported a drop. The neighborhood also emerged as the quickest market to sell, with luxury condos taking only 23 days (on median) to close after being listed.

In Q1 2022, luxury condos spent 82 fewer days on the market compared to Q1 2021 in Edgewater and 67 fewer days compared to Q4 2021 (Fig. 9).


Edgewater Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 9

Edgewater Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 9


Edgewater Inventory Down to New Low

Q1 2022 closed with 9 months of Inventory. Consistent with the inventory drop seen in the overall market, Edgewater too reported its lowest inventory to date in all the years of us reporting. At 9 months, inventory closed within the 9-12-month range of a balanced market, allowing sellers to enjoy complete control of negotiations and have multiple, immensely profitable offers to choose from.

  • On a quarter-over-quarter basis, inventory was down 25% from 12 months in December 2021.
  • On a year-over-year basis, inventory was down an astounding 84.5% from 58 months in March 2021.


As a top seller's brokerage and agent in Edgewater, we can provide a free evaluation of your luxury condo and position it to attract competitive offers. You can call, chat, or e-mail us and an expert, local real estate agent will help you.

Edgewater Luxury Condo Months of Inventory from Mar. 2019 to Mar 2022 - Fig. 10

Edgewater Luxury Condo Months of Inventory from Mar. 2019 to Mar 2022 - Fig. 10

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.


Greater Downtown Miami Neighborhoods: Brickell Market Trends (33129, 33130 and 33131)

Q1 2022 Brickell Luxury Condo Market Summary - Fig. 11

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q1-2022

122

258.8%

$1,450,000

8.2%

$799

17.2%

52

Q1-2021

34

$1,340,000

$682

166


Brickell Luxury Condo Sales Up YoY – Lead Sales Growth in Miami Overall

Q1 Sales up 258.8% year-over-year - highest percentage growth in Miami - positive trendline. Leading sales growth trends in overall Miami, Brickell reported the highest year-over-year percentage increase of all Miami neighborhoods under our review in Q1 2022.

  • Q1 2022 vs Q1 2021. Sales increased 258.8% year-over-year, up from 34 in Q1 last year to an astounding 122 sales in Q1 2022. (Fig. 11)
  • Positive sales stayed consistent with the overall market trend noted in Miami overall.
  • Highest quarterly sales seen since 2015 (and before anecdotally). (Fig. 12.1)
  • Brickell also reported the maximum sales volume and greatest year-over-year sales growth off all the Greater Downtown Miami neighborhoods under review. This possibly could be in part attributable to increasing prices pushing more condo sales over the $1 million threshold for inclusion in our report. 

Considering exceptional buyer demand, the 12-month Sales Trendline of Fig. 12.2 expectedly kept its positive curve for a sixth quarter in a row - right from Q4 2020 through to Q1 2022.


Brickell Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 12.1

Brickell Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 12.1


Brickell Luxury Condo 12-Month Sales with Trendline - Fig. 12.2

Brickell Luxury Condo 12-Month Sales with Trendline - Fig. 12.2


Brickell Price/Square Foot Up to New Peak
 

Q1 Price/Square Foot up 17.2% to new peak of $799, Median Price also up 8.2% year-over-year. Consistent with the overall market trend of increasing prices, Brickell also posted an increase in both its Price per Square Foot and Median Price (Fig. 11):

  • Price per Square Foot increased by 17.2% year-over-year, up from $682 in Q1 last year to a new peak of $799 in Q1 2022.
  • With Price per Square Foot increasing consistently since Q4 2020, sellers have continued to receive an excellent premium for their luxury condos in this "Manhattan of the South" (Fig. 13).
  • Median Sales Price increased by 8.2%, up from $1,340,000 in Q1 of previous year to $1,450,000 in Q1 2022.


Brickell Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 13

Brickell Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 13


Brickell Days on Market Down QoQ & YoY

68.7% decline in year-over-year Days on Market. Moving with the overall Miami luxury condo market trend of declining Days on Market, Brickell too posted a drop in Q1 2022 – showing great buyer-seller dealings.

In Q1 2022, luxury condos spent 114 fewer days on the market compared to Q1 2021 in Brickell and 8 less days compared to Q4 2021 (Fig. 14).


Brickell Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 14

Brickell Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 14

Brickell Inventory Down to All-time Low

Q1 2022 closed with 8 months of Inventory. Consistent with the inventory drop seen in the overall market, Brickell reported its lowest inventory in over 6 years. 

At 8 months, inventory closed within the 9-12-month range of a balanced market, giving sellers complete control over pricing decisions, with the added bonus of multiple, highly lucrative offers to choose from.

  • On a quarter-over-quarter basis, inventory dropped 11.1% from 9 months in December 2021.
  • On a year-over-year basis, inventory shrunk an impressive 78.4% from 37 months in March 2021.


Brickell Luxury Condo Months of Inventory from Mar. 2019 to Mar 2021 - Fig. 15

Brickell Luxury Condo Months of Inventory from Mar. 2019 to Mar 2021 - Fig. 15


A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.


Greater Downtown Miami Neighborhoods: Downtown Miami Market Trends (33128, 33132 and 33136)

Q1 2022 Downtown Miami Luxury Condo Market Summary - Fig. 15

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q1-2022

30

66.7%

$1,330,000

-19.1%

$716

12.9%

92

Q1-2021

18

$1,644,500

$634

95


Downtown Miami Luxury Condo Sales Up to All-time High

Q1 Sales up 66.7% year-over-year - highest sales in over 7 years - positive trendline. Consistent with the overall Miami market trend of higher year-over-year sales, Downtown Miami too posted an increase:

  • Q1 2022 vs Q1 2021. Sales increased 66.7%, up from 18 sales in Q1 last year to 30 for the same quarter 2022. (Fig. 15)
  • Highest first-quarter sales since 2015 (and before, noted anecdotally). (Fig. 16.1)

Owing to the dramatic pace of the luxury condo market in Downtown Miami, the 12-month Sales Trendline of Fig. 16.2 recovered from a negative curve in Q4 2021 to take on a positive trajectory this first quarter.


Downtown Miami Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 16.1

Downtown Miami Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 16.1


Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 16.2

Downtown Miami Luxury Condo 12-Month Sales with Trendline - Fig. 16.2


Downtown Miami Posts Mixed Price Trends

Q1 Price/Square Foot up 12.9% to $716, but Median Price down -19.1% year-over-year. Deviating from the overall market trend of increasing prices, Downtown posted a higher year-over Price per Square Foot, but a decline in its Median Price (Fig. 15):

  • Price per Square Foot increased by 12.9% year-over-year, up from $634 in Q1 2021 to $716 for the same quarter 2022.
  • Looking at the five-year snapshot of quarterly prices per square foot below (Fig. 17), we found that prices closed in the mid ranges for the period under review – still offering sellers good quarter-over-quarter and year-over-year value.
  • Median Sales Price decreased by -19.1%, down from $1,644,500 in Q1 2021 to $1,330,000 in Q1 2022.
  • The inconsistency between Price per Square Foot and Sales Price trends could possibly be due to higher volume sales of smaller (in size) condos with better amenity packages that tend to command a higher price per square foot.


Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 17

Downtown Miami Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 17


Downtown Miami Days on Market Down QoQ & YoY

3.2% decline in year-over-year Days on Market. Like the overall market trend of decreasing Days on Market, Downtown Miami too posted a decline in year-over-year and quarter-over-quarter numbers.

In Q1 2022, luxury condos spent 3 less days on the market compared to Q1 2021 in Downtown Miami and 13 fewer days compared to Q4 2021 (Fig. 18).


Downtown Miami Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 18

Downtown Miami Luxury Condo Quarterly Median Days on Market 2018 – 2022 - Fig. 18


Downtown Miami Inventory Down YoY – But Highest in Miami Overall

Q1 2022 closed with 15 months of Inventory. Deviating slightly from the overall market trend of consistently declining inventory, Downtown Miami posted flat quarter-over-quarter values.

  • On a quarter-over-quarter basis, inventory stayed flat at 15 months between December 2021 and March 2022.
  • On a year-over-year basis, inventory decreased 42.3% from 26 months in March 2021.

At 15 months, inventory closed above the ideal 9-12-month range of a balanced market, giving buyers a window of opportunity in terms of more choices in this largely seller's market.


Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Mar 2022 - Fig. 19

Downtown Miami Luxury Condo Months of Inventory from Mar. 2019 to Mar 2022 - Fig. 19

A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.

Q1 2022 Greater Downtown Miami Market Conclusion

As predicted in our Q4 2021 luxury condo market report for Greater Downtown Miami, this urban core got off to a great start in 2022. As businesses and high net worth individuals continued migrating to Miami, Brickell and Edgewater again topped popularity charts in Q1 2022 – leading sales growth not only in Greater Downtown, but also Miami overall (read the full report here). While Brickell topped the leaderboard with a 259% year-over-year increase in sales, Edgewater followed tight with a 194% increase.

Expectedly, this feverish pitch of the market kept the 12-Month Sales Trendline positive across the board in Greater Downtown Miami – unlike the overall market that reported a negative curve.

Echoing the positive price mood of the overall market in Q1 2022, the Price per Square Foot in Greater Downtown Miami and its sub-neighborhoods was higher across the board. Sellers in Edgewater received maximum value for their investments, as luxury condos in the area fetched top-dollar, closing Q1 with a peak price of $824/square foot. However, Brickell took the lead when it came to posting the highest year-over-year price gains by reporting a 17% increase.

Just like the overall market, the Days on Market declined for luxury condos across Greater Downtown. Edgewater emerged as the quickest market to sell, with properties spending only 23 days on the market (on median) before being sold.

Considering the dramatic pace of the market, inventory dropped (year-over-year) across the board in this urban core grouping. While Brickell reported the lowest levels of inventory in Greater Downtown (8 months), the Downtown Miami area reported the highest levels (15 months) in this review as well as our overall Miami study. This gives buyers a bit of an edge in the Downtown Miami area, affording them a broader range of choices.

With the second quarter of the year usually being the strongest, we as luxury real estate experts expect Q2 2022 to echo the momentum and strength seen in the first quarter. We also expect the following to influence the direction of the luxury condos market in Miami through the rest of the year:

  • With the Bitcoin 2022 Conference putting Wynwood on the tech world map, we expect a new wave of buyers to land on Miami's crypto-friendly shores.
  • Our pro-business and no-income-tax policies will continue to draw out more high net worth buyers looking for tax savings.
  • With more people choosing to continue working from home, we expect to see more individuals setting up a home office next to the water or a lush tropical expanse in Miami.
  • With brands like NoMadThe Standard, and Diesel building luxury condos with more rental freedom in the urban core, we expect Greater Downtown to stay in the spotlight for buyers and investors alike.
  • With fewer travel restrictions, we expect more South American and other foreign buyers to explore housing and investment options in Miami.
  • Even with a plethora of new condo projects in the pipeline, we expect the market to stay seller-friendly, maintaining lower levels of inventory considering there are fewer deliveries scheduled in the immediate future.

Metric

Overall Miami

GDM

Edgewater

Brickell

Downtown

Sales

Up

Up

Up

Up

Up

Sales Trendline

Negative

Positive

Positive

Positive

Positive

Price/Sq. Ft.

Up

Up

Up

Up

Up

Days on Market

Down

Down

Down

Down

Down

Inventory

Down

Down

Down

Down

Down

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Questions or comments about the stats? Interested in browsing the market? Contact Sep at sniakan (at) blackbookproperties.com or call 305-725-0566.

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Brickell. No one really needs to say more. It is known around the world as the place where Miami’s business gets done. Its where international stars live amongst executives from the tech and VC worlds, and at the crossroads of the United States, Europe, and Latin America. So, it doesn’t come as a huge surprise that the neighborhood is home to some of the finest residences catering to a wide array of residents, spanning from globetrotting professionals to star entertainers, to business moguls plus their families.  If you’re curious about the kind of luxury residences available for such global citizens, we’ve ranked the 5 most luxurious condo buildings in Brickell for 2022 below. This article was last updated on Sep 25, 2022. Why Choose to Live in Brickell? First, you may be wondering what does the Brickell neighborhood of Miami have to offer? Not only is Brickell the second-largest banking hub in the United States, but it’s also home to several international consulates, banks,...
Video: Agent Faves - Take a Tour of Key Biscayne, Miami
Video Blog Video: Agent Faves - Take a Tour of Key Biscayne, Miami
Do you love city life but also like a serene island community to call home? Take a peek into one of Miami’s hidden gems – Key Biscayne. With only one road leading in and out of this paradise island, Key Biscayne is a short, scenic drive from Brickell – a neighborhood best known for its Manhattan-like lifestyle and great public transit system. Indeed, this tranquil island community features a warm, family-friendly vibe with most conveniences just a golf-cart-ride away, and all set between the 808-acre Crandon Park and the nature preserve of Bill Baggs Cape Florida State Park.  Watch the video to follow our Key Biscayne specialist, Vera Berezhnaya for a short tour of this scenic island’s highlights:   Accessible by the Rickenbacker Causeway, Key Biscayne is known for its unspoiled beaches, tropical greenery, and mesmerizing wildlife spanning butterflies to exotic birds, loggerhead turtles, reefs, and colorful aquatic creatures. The island is pretty comprehensive in itself, as it...
Ultra-luxury, Waterfront EDITION Residences Coming to Edgewater, Miami
Edgewater Ultra-luxury, Waterfront EDITION Residences Coming to Edgewater, Miami
From the developers of Elysee, Two Roads Development is ready to give Edgewater yet another sublime residential masterpiece. Launching the EDITION brand’s first stand-alone residences, EDITION Residences will be located at 2121 N Bayshore Drive, replacing the older waterfront Biscayne 21 condominium. This branded, ultra sophisticated tower will be the first of three luxury high-rises planned for the bayfront site. Edgewater’s EDITION Residences is planned to feature a mix of one-bedroom-plus-den, 1,952-square-foot condos to four-bedroom, 3,864-square-foot condos, along with 6 rentable guest suites, and 3 tri-level penthouses with rooftop pools and gardens. Early pricing just announced for this 55-story, 185-unit tower will start at $1.7 million.  Looking to break ground by mid-2023, construction is estimated at 36 months, with completion expected in mid-to-late 2026. The sales gallery is expected to be open by late 2022 at 2060 North Bayshore Drive. Two Roads Development is also...