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Miami Beach Luxury Condo Market Report Q4 2020

by Sep Niakan, February 04, 2021

Miami Beach Luxury Condo Market Report Q4 2020
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The fourth quarter of 2020 for Miami's overall luxury condo market was the  busiest quarter since 2015.  As we do every quarter, CondoBlackbook analyzes the data for the luxury condo market  for Miami Overall and key Miami cities. In this report, we discuss the Annual plus Q4 2020 Miami Beach Luxury Condo Market data. With Miami Beach, Sunny Isles Beach, and Fisher Island reporting record-high quarterly sales like the rest of Miami, Q4 for the Miami beaches closed on an exceptionally positive note. Considering the slowdown caused by the global health crisis, most of the Miami Beach areas made a strong recovery, giving us reason to expect a better than usual Q1 2021.

Also, with inventory being down across the board (except South Beach) and the second quarter of the year being the most active time for the luxury condo market in Miami, we are further expecting Q2 2021 to ring in some great results as well.

There are plenty of other highlights to discover as you read on our exclusive analysis detailing how each Miami Beach sub-neighborhood fared in Q4 2020, as well as on an annual basis, with comparisons to the overall Miami luxury condo trends in terms of sales, prices, days on market and inventory.

For the purposes of this report, we've included the sub-neighborhoods of South Beach, Mid-Beach, North-Beach, Sunny Isles Beach, Surfside, Bal Harbour, and Fisher Island as part of our Miami Beach grouping. This luxury condo submarket report only features properties priced at $1 million and above.



2020 Annual Miami Beach + Sub-neighborhood Luxury Condo Market Highlights 

  • Annual Sales down 3.7% against 2019, but highest total sales since 2016-2018
  • Annual Price per Square Foot flat at $852 in 2020-over-2019 analysis
  • Annual Days on Market decline 16.2% in 2020-over-2019 analysis
  • Winners: Fisher Island (19.4%) and Sunny Isles Beach (18%) top popularity charts, lead annual sales growth in Miami Beach
  • Winner: Surfside and Bal Harbour (combined) leads price growth in Miami overall with highest percentage increase in Price per Square Foot – offering maximum value to sellers
  • Winner: Fisher Island is the most expensive neighborhood of 2020 with a median price of $1,054/sq. ft., closely followed by South Beach at $1,026/sq. Ft.
  • 2020 closed as buyer's market, but trends indicate a correction to a balanced position in 2021


Q4 2020 - Miami Beach Luxury Condo Market Highlights  

  • Sales up 40.6% year-over-year, set new record in over 6 years
  • 12-month sales trendline up from flat in Q3 to positive in Q4 2020
  • At $806, Price per Square Foot down to lowest in over 5 years
  • Days on Market down 23.4% year-over-year
  • Inventory down to all-time low of 32 months


Q4 2020 - Miami Beach Sub-neighborhood Highlights 

  • Winners: Fisher Island (142.9%) and Sunny Isles Beach (140.7%) top popularity charts again, lead quarterly sales growth in Miami overall
  • 12-month sales trendline positive across the board
  • Mid-North Beach is the only neighborhood to report a decline in year-over-year sales
  • Winner: Fisher Island posts highest percentage growth in year-over-year price per sq. ft. (8.2%) in Miami Beach
  • Winner: Fisher Island is the most expensive neighborhood of Q4 2020 with a median price of $1,128/sq. ft.
  • Surfside and Bal Harbour (combined) posts biggest percentage decrease (59.8%) in Days on Market in Miami Beach
  • Fisher Island reports the lowest year-end inventory (15 months) of all Miami neighborhoods
  • South Beach posts highest inventory (39 months) in Miami Beach


Miami Beach Luxury Condo Markets at a Glance - Q4 2020 YoY (Median Sale Price)

Miami Beach Luxury Condo Markets at a Glance - Q4 2020 YoY (Median Sale Price)


Miami Beach Luxury Condo Markets at a Glance - Q4 2020 YoY (Median Sales Price / SqFt)

Miami Beach Luxury Condo Markets at a Glance - Q4 2020 YoY (Median Sales Price / SqFt)


Miami Beach Luxury Condo Markets at a Glance - Q4 2020 YoY (Number of sales)

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Table of Contents

  1. Overall Q4 2020 Miami Beach Luxury Condo Market Trends
  2. Q4 2020 South Beach Luxury Condo Market Trends
  3. Q4 2020 Mid and North Beach Luxury Condo Market Trends
  4. Q4 2020 Surfside & Bal Harbour Luxury Condo Market Trends
  5. Q4 2020 Sunny Isles Beach Luxury Condo Market Trends
  6. Q4 2020 Fisher Island Luxury Condo Market Trends
  7. Conclusion - Q4 2020 Miami Beach Luxury Condo Market Report



4Q 2020 Miami Beach 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

Q4-2020

180

40.6%

$1,627,500

-6.6%

$806

-5.5%

118

Q4-2019

128

$1,742,500

$853

154

 


2020-over-2019 Miami Beach Luxury Condo Annual Market Summary - Fig. 1.1

Year

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

2020

488

-3.7%

$1,750,000

-5.4%

$852

0.1%

129

2019

507

$1,850,000

$852

154


Miami Beach Market Trends: Luxury Condo Sales Down Annually, Q4 2020 Sets New Record


Annual Sales down 3.7% compared to 2019, but highest since 2016 with positive trendline

Even with the pandemic plummeting sales mid-year (Q2 market report), the last two quarters of 2020 posted an extraordinary recovery to bring annual numbers back to historic values - much like the overall Miami market.


With yearly sales just 3.7% short those of 2019 (Fig. 1.1), Miami Beach still reported higher total sales in a year compared to 2016, 2017 and 2018 (Fig. 2.1). This shows that the market not only cashed in on pent-up demand from Q2, but also had new buyer interest give the last quarter an exceptional boost.



Fisher Island and Sunny Isles Beach were the biggest contributors to the bounce seen in annual numbers here. While Fisher Island reported a 19.4% year-over-year increase against 2019 (Fig. 21.1), Sunny Isles Beach posted an 18% increase (Fig. 26.1). With an unprecedented close to an unprecedented year, the 12-month sales trendline went from being flat-ish in Q3 2020 to a soaring positive in Q4 (Fig. 2.3), pointing to chances of a strong Q1 2021.


Q4 2020 posts record-breaking sales with 40.6% uptick year-over-year

As predicted in our Q3 report, Miami Beach closed 2020 on an exceptionally strong note. Contributing aggressively to the higher year-over-year sales trend of the overall market, Miami Beach reported a record-breaking 180 sales in Q4. These are the highest sales seen in a quarter since 2015 (see Fig. 2.1).

Further, reporting a 40.6% increase against Q4 last year, sales were also 2.5 times stronger than those in Q2 (the lowest point in over six years owing to the pandemic). What's also worth noting here is that the month of December not only contributed heavily to this quarterly boost, but also posted the highest sales in a month since 2015 (Fig. 2.2).


Miami Beach Luxury Condo Quarterly Sales 2015-2020 - Fig. 2.1

Miami Beach Luxury Condo Quarterly Sales 2015-2020 - Fig. 2.1


Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Dec. 2020 - Fig. 2.2

Miami Beach Luxury Condo Monthly Sales from Jan. 2016 to Dec. 2020 - Fig. 2.2


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

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


Miami Beach: Luxury Condo Sales Prices - Flat Annually + Down for Q4 2020


Annual Price Per Square Foot flat at $852, Median Sales Price down 5.4% against 2019

Partly deviating from the overall market trend of flat year-over-year prices, only the Sales Price in Miami Beach reports a decline in numbers (Fig. 1.1). The Median Sales Price dropped 5.4%, down from $1,850,000 in 2019 to $1,750,000 in 2020. The Price per Square Foot, however, stayed put at $852 in the 2020-over-2019 analysis.


Q4 2020 Price per Square Foot down 5.5% to $806, Median Sales Price down 6.6% year-over-year

Consistent with the overall market trend of lower year-over-year prices, both the Price per Square Foot and Sales Prices reported a decline in Miami Beach (Fig. 1). The Price per Square Foot declined 5.5%, down from $853 in Q4 2019 to $806 same quarter 2020. The Median Sales Price too dipped 6.6%, down from $1,742,500 in Q4 of the previous year to $1,627,500 in Q4 2020.

What's worth noting is that Q4 2020 closed with the lowest Price per Square Foot since 2016 - showing that buyers enjoyed deep discounts by year-end in Miami Beach (Fig. 3).


Miami Beach Luxury Condo Quarterly Sales Price per Sq. Ft. 2016-2020 - Fig. 3

Miami Beach Luxury Condo Quarterly Sales Price per Sq. Ft. 2016-2020 - Fig. 3


Miami Beach: Annual Days on Market Down YoY


Annual Days on Market decrease by 16.2%

In line with the overall Miami market trend of lower Days on Market, luxury condos spent 25 fewer days for sale compared to 2019 (Fig. 1.1). This indicates an improvement in buyer-seller dialogue over the course of the year and strong demand.


Q4 2020 Days on Market down 23.4% year-over-year

Consistent with the overall market trend of lower Days on Market, luxury condos in Miami Beach spent 36 fewer days compared to Q4 2019. On a quarter-over-quarter basis too, luxury condos spent 55 fewer days on market compared to Q3 2020 (Fig. 4) - showing that buyers and sellers found it easier to come to a consensus by year-end.


Miami Beach Luxury Condo Quarterly Days on Market 2018-2020 – Fig. 4

Miami Beach Luxury Condo Quarterly Days on Market 2018-2020 – Fig. 4


Miami Beach: Inventory Down QoQ + YoY


Q4 2020 closes with all-time low of 32 months of Inventory

As sales picked up towards the tail-end of the year, inventory levels settled down to an all-time low of 32 months in Miami Beach. This figure is also significantly lower than the pandemic-caused peak seen in June (55 months).

At 32 months, luxury condo inventory dropped 36% quarter-over-quarter (50 to 32 months) and 25.6% year-over-year (43 to 32 months), much in line with the overall Miami trend. This gives buyers a limited window of opportunity to drive negotiations before levels drop down to the 9-12-month benchmark of a balanced market, making buyers lose their edge. To look at what luxury condos are available for sale in Miami Beach, click here.


Miami Beach Luxury Condo Months of Inventory from Mar. 2019 to Dec. 2020 - Fig. 5

Miami Beach Luxury Condo Months of Inventory from Mar. 2019 to Dec. 2020 - Fig. 5


A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – number of active listings + number of pending listings, divided by the average number of deals in the last 6 months.

Miami Beach Neighborhoods: 4Q 2020 South Beach (ZIP 33139)

Q4 2020 South Beach 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

Q4-2020

38

8.6%

$1,575,000

-13.7%

$942

-17.9%

70

Q4-2019

35

$1,825,000

$1,147

137

 


2020-over-2019 South Beach Luxury Condo Annual Market Summary - Fig. 6.1

Year

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

2020

117

-21.5%

$1,700,000

-9.3%

$1,026

-10.9%

98

2019

149

$1,875,000

$1,151

137


South Beach: Annual Sales Down, Up YoY for Q4 2020


Annual Sales down, but trendline shifts to positive

Consistent with the overall Miami market trend of lower annual sales, South Beach reported a decline of 21.5% in total sales compared to 2019 (Fig. 6.1). With the first three quarters of 2020 posting lower-than-average numbers due to the pandemic, it was quite expected that the neighborhood would take a while to recover completely.

However, what's worth noting is that the 12-month sales trendline corrects from a negative in Q3 to a positive in Q4 2020 – pointing to chances of a good start to 2021 in South Beach (Fig. 7.2).


Q4 2020 sales up 8.6% year-over-year + highest sales in a Q4 since 2015

Posting a 72% increase from its record-low sales in the previous quarter, Q4 turns around to become the best-performing quarter of 2020 in South Beach (Fig. 7.1). With the highest number of sales in a fourth-quarter in over 6 years as well as an 8.6% increase in year-over-year volume, this popular beach destination closed 2020 on a positive note.


South Beach Luxury Condo Quarterly Sales 2015-2020 - Fig. 7.1

South Beach Luxury Condo Quarterly Sales 2015-2020 - Fig. 7.1


South Beach Luxury Condo 12-Month Sales with Trendline - Fig. 7.2

South Beach Luxury Condo 12-Month Sales with Trendline - Fig. 7.2


South Beach: Luxury Condo Prices Down – Annually + Q4 2020


Annual Price per Square Foot down to $1,026, Median Price also down 9.3% year-over-year

In contrast to the overall Miami market trend of flat annual prices, both the Price per Square Foot and Median Sales Price reported a decline in South Beach (Fig. 6.1). The Price per Square Foot dropped 10.9%, down from $1,151 in 2019 to $1,026 in 2020. The Median Price also declined 9.3%, down from $1,875,000 in 2019 to $1,700,000 in 2020.


Q4 2020 Price per Sq. Ft. down 17.9% to $942, Median Price down 13.7% year-over-year

Consistent with the overall Miami market trend of lower year-over-year prices, both the Price per Square Foot and Median Sales Price dropped in South Beach (Fig. 6). Year-over-year, the Price per Square Foot dipped 17.9%, down from $1,147 in Q4 2019 to $942 same quarter 2020. This points to a great opportunity for buyers, as the Price per Square Foot closed at below $1,000 in this sought-after beach neighborhood (Fig. 8).

The Median Sales Price too declined 13.7% to $1,575,000 in Q4 this year from $1,825,000 in Q4 2019.


South Beach Luxury Condo Quarterly Price per Square Foot 2016-2020 - Fig. 8

South Beach Luxury Condo Quarterly Price per Square Foot 2016-2020 - Fig. 8


South Beach: Annual Days on Market Down YoY


Annual Days on Market decline 28.5%

Consistent with the overall Miami market trend of lower Days on Market, luxury condos in South Beach spent 39 fewer days on the market compared to 2019 (Fig. 6.1). This shows how buyers and sellers found it easier to come to a consensus compared to the previous year.


Q4 2020 Days on Market drop 48.9% year-over-year

Moving with the overall market trend of lower Days on Market for Q4, luxury condos in South Beach spent 67 fewer days compared to the same quarter 2019. This same trend could be seen on a quarter-over-quarter basis as well, where luxury condos spent 97 fewer days on market compared to Q3 2020 (Fig. 9).


South Beach Luxury Condo Quarterly Days on Market 2018-2020 - Fig. 9

South Beach Luxury Condo Quarterly Days on Market 2018-2020 - Fig. 9


South Beach: Inventory Down QoQ, but Up YoY Favoring Buyers


Q4 2020 closes with 39 months of Inventory, highest in Miami Beach

With Q1 to Q3 losing sales momentum mostly due to the pandemic, South Beach posted the highest levels of inventory in Miami Beach. At 39 months, although luxury condo inventory dropped 11.4% quarter-over-quarter (44 to 39 months), it was 8.3% higher year-over-year (36 to 39 months). This is partly in line with the overall Miami market trend of significantly lower inventory in Q4 (see Fig. 10 below).

While prices are down and inventory is still a long way from reaching the 9-12-month mark of a balanced market, buyers should note that the trends are showing an aggressive correction fueled by demand. Interested buyers should take advantage of these data and markdowns in this popular beach destination. To look at the kind of luxury inventory available in South Beach condos, click here.


South Beach Luxury Condo Months of Inventory from Mar. 2019 to Dec. 2020 - Fig. 10

South Beach Luxury Condo Months of Inventory from Mar. 2019 to Dec. 2020 - Fig. 10

Miami Beach Neighborhoods: 4Q 2020 Mid and North Beach (ZIP 33140 & 33141)

Q4 2020 Mid-Beach and North-Beach 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

Q4-2020

32

-11.1%

$1,637,500

12.3%

$861

-0.3%

79

Q4-2019

36

$1,458,000

$864

101



2020-over-2019 Mid-Beach and North-Beach Luxury Condo Annual Market Summary - Fig. 11.1

Year

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

2020

84

-17.6%

$1,350,000

-6.2%

$845

-1.2%

120

2019

102

$1,439,000

$855

123


Mid-North Beach: Luxury Condo Sales Down – Annually + Q4 2020


Annual Sales down 17.6%, but trendline soars positive

Looking at the bigger picture in this combined neighborhood, the luxury condo market had a rollercoaster ride throughout the year. From posting the biggest drop in Q2 sales in Miami Beach to leading sales growth in Q3, and then again becoming the only neighborhood to post a decline in year-over-year sales in the beaches for Q4, the luxury condo market in Mid-North Beach has been erratic throughout 2020.

Closing 2020 with a total of 32 sales, Mid-North Beach posted a 17.6% decline in aggregate sales compared to 2019 (Fig. 11.1). However, the 12-month trendline finally improves from its negative curve in Q2 and Q3 to a positive in Q4, owing to an increase in momentum by the end of the year (Fig. 12.2).


Q4 2020 sales down 11.1% year-over-year, but outperform fourth-quarter results 2015-2018

With an 11.1% decline in year-over-year sales, Mid-North Beach posts the lowest sales volume in Miami Beach this Q4. However, a closer look at Fig. 12.1 reveals that the combined neighborhood does show progress, as Q4 2020 reports higher sales compared to the same quarter 2015-2018. A good November (12 sales) and December (14 sales) also make this last quarter the best out of the year.


Mid-Beach and North-Beach Quarterly Sales 2015-2020 - Fig. 12.1

Mid-Beach and North-Beach Quarterly Sales 2015-2020 - Fig. 12.1


Mid-Beach and North-Beach 12-Month Sales with Trendline - Fig. 12.2

Mid-Beach and North-Beach 12-Month Sales with Trendline - Fig. 12.2


Mid-North Beach: Luxury Condo Price Per Square Foot Flat YoY - Both Annually + Q4 2020


Annual Price per Square Foot flat at $845, Median Price down 6.2% year-over-year


Partly in line with the overall Miami market trend of flat annual prices, only the Median Sales Price reported a decline in Mid-North Beach (Fig. 11.1). The Price per Square Foot was mostly flat, shifting only slightly from $855 in 2019 to $845 in 2020. On the other hand, the Median Price declined 6.2%, down from $1,439,000 in 2019 to $1,350,000 in 2020.


Q4 2020 Price per Sq. Ft. flat at $861, Median Price up 12.3% year-over-year

Sharply in contrast to the overall Miami market trend of lower year-over-year prices, the Price per Square Foot stayed flat and Median Sales Price increased (Fig. 11). The Price per Square Foot shifted only marginally from $864 in Q4 2019 to $861 the same quarter 2020. However, the Median Sales Price happened to increase 12.3% to $1,637,500 in Q4 this year from $1,458,000 in Q4 2019.


Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2016-2020 - Fig. 13

Mid-Beach and North-Beach Quarterly Price per Sq. Ft. 2016-2020 - Fig. 13


Mid-North Beach: Annual Days on Market Flat YoY


Annual Days on Market flat

Deviating from the overall Miami market trend of lower Days on Market, luxury condos in Mid-North Beach spent almost the same number of days on the market compared to 2019, reporting a variation of only 3 days (Fig. 11.1). This indicates that buyer-seller interaction stayed the same over the course of the year.


Q4 2020 Days on Market down 21.8% year-over-year

Consistent with the overall Miami trend of lower Days on Market, luxury condos spent 22 fewer days on the market compared to Q4 a year-ago. The trend only intensifies in a quarter-over-quarter analysis, reducing the days on market to half (79) of those in Q3 (158). (See Fig. 14 below)


Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2020 – Fig. 14

Mid-Beach and North-Beach Luxury Condo Quarterly Days on Market 2018-2020 – Fig. 14


Mid-North Beach: Inventory Down QoQ + YoY


Q4 2020 closes with 27 months of Inventory

Dropping to below half the peak seen in June 2020 (60 months), inventory makes great progress over the last 6 months in Mid-North Beach. At 27 months, inventory declined 42.5% quarter-over-quarter (47 to 27 months), and 32.5% year-over-year (40 to 27 months). This is in sync with the overall Miami market trend of lower year-over-year inventory seen in Q4.

With inventory inching towards the ideal 9-12-month benchmark of a balanced market, buyers have a shrinking window of opportunity to get the best deals out of this quieter part of Miami Beach. To find what sort of luxury condos are available, search North Beach and Mid-Beach condos for sale here.


Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Dec. 2020 - Fig. 15

Mid-Beach and North-Beach Months of Inventory from Mar. 2019 to Dec. 2020 - 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.

Miami Beach Neighborhoods: 4Q 2020 Surfside & Bal Harbour 


Q4 2020 Surfside & Bal Harbour Luxury Condo Market Summary - Fig. 16

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

Q4-2020

27

35.0%

$1,650,000

-27.5%

$651

-11.3%

102

Q4-2019

20

$2,275,000

$734

254



2020-over-2019 Surfside & Bal Harbour Luxury Condo Annual Market Summary - Fig. 16.1

Year

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

2020

83

-1.2%

$2,441,000

7.3%

$842

14.8%

130

2019

84

$2,275,000

$734

183


Surfside & Bal Harbour: Annual Sales Flat + Up YoY for Q4 2020


Annual Sales volume matches 2019 with positive trendline

In contrast to the overall Miami market trend of lower annual sales, this combined grouping matches the total sales from 2019 (Fig. 16.1). Considering the mid-year hiatus caused by the pandemic, this is remarkable progress for the neighborhood. Posting a full recovery, the 12-month sales trendline corrects from a negative curve in Q2 and Q3 to a positive in Q4 (Fig. 17.2).


Q4 2020 sales up 35% year-over-year + peak to highest in 2015-2019

Q4 Sales trended 35% higher year-over-year in Surfside and Bal Harbour to report many achievements. Momentum was at an all-time high with sales matching the peak from Q2 2018. Volume doubled from Q3. And, this was the best fourth-quarter seen in over 6 years (Fig. 17.1). All of these trends combined lead us to expect a strong Q1 2021 for this combined neighborhood.


Surfside & Bal Harbour Quarterly Sales 2015-2020 - Fig. 17.1

Surfside & Bal Harbour Quarterly Sales 2015-2020 - Fig. 17.1


Surfside & Bal Harbour 12-Month Sales with Trendline - Fig. 17.2

Surfside & Bal Harbour 12-Month Sales with Trendline - Fig. 17.2


Surfside & Bal Harbour: Leads Annual Price Per Square Foot Growth in Miami Overall


Annual Price per Square Foot up at $842, Median Price up 7.3% year-over-year

Offering maximum value to sellers in Miami, the combined neighborhood of Surfside and Bal Harbour led annual Price per Square Foot growth for luxury condos in our overall market study. With an year-over-year increase of 14.8%, the Price per Square Foot went up from $734 in 2019 to $842 in 2020. The Median Price too increased 7.3% from $2,275,000 in 2019 to $2,441,000 in 2020. This went against the overall Miami trend of flat annual prices.


Q4 2020 Price per Sq. Ft. down to $651, Median Price down 27.5% year-over-year

In sync with the overall Miami market trend of lower year-over-year prices, both the Price per Square Foot and Median Sales Price decreased in Surfside and Bal Harbour (Fig. 16). The Price per Square Foot declined 11.3%, down from $734 in Q4 the previous year to $651 Q4 2020. The Median Sales Price too dropped 27.5% from $2,275,000 in Q4 2019 to $1,650,000 in the same quarter 2020.

What's worth noting is that Q4 2020 closed with the lowest Price per Square Foot seen in the past 5 years – showing deep discounts for buyers in this upscale Surfside and Bal Harbour grouping.


Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2016-2020 - Fig. 18

Surfside & Bal Harbour Quarterly Price per Sq. Ft. 2016-2020 - Fig. 18


Surfside & Bal Harbour: Annual Days on Market Down YoY


Annual Days on Market drop 29%

In sync with the overall Miami market trend of lower Days on Market, luxury condos in Surfside and Bal Harbour spent 53 fewer days on the market compared to 2019 (Fig. 16.1). This shows that buyers and sellers were much quicker to come to a consensus than a year ago.


Q4 2020 Days on Market down 59.8% year-over-year

Consistent with the overall market trend of lower Days on Market, luxury condos spent 152 fewer days compared to Q4 2019, marking great progress. On a quarter-over-quarter basis as well, luxury condos spent 21 fewer days compared to Q3 2020 (Fig. 19).


Surfside & Bal Harbour Quarterly Days on Market 2018-2020 – Fig. 19

Surfside & Bal Harbour Quarterly Days on Market 2018-2020 – Fig. 19


Surfside & Bal Harbour: Luxury Condo Inventory Down QoQ + YoY


Q4 2020 closes with 28 months of Inventory

With sales picking up significant pace over the last quarter of 2020, the months of inventory report good progress, declining in sync with the overall Miami market. At 28 months, inventory declined 34.9% quarter-over-quarter (from 43 to 28 months), and 15% year-over-year (from 33 to 27 months).

As inventory gets closer to reaching the ideal 9-12-month mark of a balanced market, buyers have a limited period to cherry-pick the best deals. Those interested in the area should make the most of this limited-time opportunity by searching for top deals in Surfside or Bal Harbour condos for sale here.


Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Dec. 2020 - Fig. 20

Surfside & Bal Harbour Months of Inventory from Mar. 2019 to Dec. 2020 - Fig. 20


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.



If you are interested in buying or selling a condo in any of these Miami Beach neighborhoods, or would like more information about the data in our reports, please email us anytime or call (786) 655 - 4576.



Miami Beach Neighborhoods: 4Q 2020 Sunny Isles Beach


Q4 2020 Sunny Isles Beach Luxury Condo Market Summary - Fig. 21

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

Q4-2020

65

140.7%

$1,400,000

-6.7%

$666

-2.8%

165

Q4-2019

27

$1,500,000

$685

154



2020-over-2019 Sunny Isles Beach Luxury Condo Annual Market Summary - Fig. 21.1

Year

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

2020

157

18.0%

$1,570,000

-7.2%

$707

3.3%

161

2019

133

$1,691,000

$685

163


Sunny Isles: Annual Sales Up YoY + Record-High Volume in Q4 2020


Annual Sales up 18% against 2019 with soaring positive trendline

Bucking the overall Miami market trend of lower annual sales, Sunny Isles Beach reports an 18% uptick in annual numbers compared to 2019 (Fig. 21.1). The last two quarters of 2020 not only made up for lost momentum mid-year (due to the pandemic), but also posted record sales to make Sunny Isles Beach one of only two neighborhoods in Miami Beach to report annual sales growth (behind Fisher Island).

This also keeps the 12-month trendline positive from Q3 to Q4 2020 (Fig. 22.2).


Q4 2020 sales record-high, up 140.7% year-over-year

With the highest quarterly sales in over 6 years, Sunny Isles Beach progresses from being the only neighborhood in Q3 2020 to report positive sales in Miami Beach to leading its sales growth in Q4 (just behind Fisher Island). This, coupled with a positive 12-month sales trendline, points to the likelihood of the neighborhood opening 2021 on a very strong note.


Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2020 - Fig. 22.1

Sunny Isles Beach Luxury Condo Quarterly Sales 2015-2020 - Fig. 22.1


Sunny Isles Beach Luxury Condo 12-Month Sales with Trendline - Fig. 22.2

Sunny Isles Beach Luxury Condo 12-Month Sales with Trendline - Fig. 22.2


Sunny Isles: Annual and Q4 2020 Luxury Condo Prices Report Mixed Trends


Annual Price per Square Foot up to $707, Median Price down 7.2% year-over-year

Sharply in contrast to the overall Miami market trend of flat annual prices, the Price per Square Foot reports an increase whereas the Median Sales Price posts a decline in 2020 (Fig. 21.1). The Price per Square Foot went up 3.3%, from $685 in 2019 to $707 in 2020. On the other hand, the Median Price declined 7.2% from $1,691,000 in 2019 to $1,570,000 in 2020. This difference in trends could be due to the increased sale of newer condos that pack in more amenities per square foot, and so end up commanding higher prices.


Q4 2020 Price per Sq. Ft. down 2.8% to $666, Median Price down 6.7% year-over-year

Consistent with the overall Miami market trend of lower year-over-year prices, both the Price per Square Foot and Median Sales Price decreased in Sunny Isles Beach (Fig. 21). The Price per Square Foot dropped 2.8% from $685 in Q4 of the previous year to $666 the same quarter 2020. The Median Sales Price too dipped 6.7%, down from $1,500,000 in Q4 2019 to $1,400,000 in Q4 this year.


Sunny Isles Beach Quarterly Price per Sq. Ft. 2016-2020 - Fig. 23

Sunny Isles Beach Quarterly Price per Sq. Ft. 2016-2020 - Fig. 23


Sunny Isles: Annual Days on Market Flat


Annual Days on Market flat

Deviating from the overall Miami market trend of lower Days on Market, luxury condos in Sunny Isles spent almost the same number of days on the market as in 2019 (Fig. 21). This indicates that buyers and sellers were more or less on the same page regarding dealings as a year ago.


Q4 2020 Days on Market up 7% year-over-year

Moving against the overall market trend of lower Days on Market, luxury condos spent 11 extra days on the market compared to Q4 2019. On a quarter-over-quarter basis, however, luxury condos spent 22 fewer days compared to Q3 2020 (Fig. 24).


Sunny Isles Beach Quarterly Days on Market 2018-2020 – Fig. 24

Sunny Isles Beach Quarterly Days on Market 2018-2020 – Fig. 24


Sunny Isles: Luxury Condo Inventory Down QoQ + YoY


Q4 2020 closes with 37 months of Inventory

With sales up to a record-high by year-end, it was exciting to see inventory nosedive in Sunny Isles Beach. At 37 months, inventory dropped 45.6% quarter-over-quarter (from 68 to 37 months), and 43% year-over-year (from 65 to 37 months). The metric was also down 2.5 times its peak of 90 months in June 2020 (Fig. 25).

Since inventory is some way off from reaching the ideal 9-12-month mark of a balanced market, buyers have some time in this luxury condo segment to hunt for the best deals possible, however, the trend is showing a very strong correction with drops for the last six months in a row. To look at all the options available in Sunny Isles Beach condos for sale, click here.


Sunny Isles Beach Months of Inventory from Mar. 2019 to Dec. 2020 - Fig. 25

Sunny Isles Beach Months of Inventory from Mar. 2019 to Dec. 2020 - Fig. 25


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.

Miami Beach Neighborhoods: 4Q 2020 Fisher Island


Q4 2020 Fisher Island Luxury Condo Market Summary - Fig. 26

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

Q4-2020

17

142.9%

$5,075,000

22.3%

$1,128

8.2%

94

Q4-2019

7

$4,150,000

$1,043

177



2020-over-2019 Fisher Island Luxury Condo Annual Market Summary - Fig. 26.1

Year

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

2020

43

19.4%

$4,550,000

9.0%

$1,054

-0.2%

108

2019

36

$4,175,000

$1,056

151


Fisher Island: Leads Sales Growth in Miami Beach - Annually + Q4 2020


Annual Sales up 19.4% against 2019 with soaring positive trendline

Bucking the overall Miami market trend of lower annual sales, Fisher Island reports a 19.4% increase in annual numbers compared to 2019 (Fig. 26.1). The extraordinary number of sales in the last two quarters of 2020 help make Fisher Island one of only two neighborhoods in Miami Beach to report annual sales growth (besides Sunny Isles Beach).

This sends the 12-month sales trendline soaring in Fig. 27.2, keeping it positive from Q3 to Q4 2020.


Q4 2020 up 142.9% year-over-year, leads sales growth in Miami Overall

With the highest quarterly sales since Q2 2016, Fisher Island became the highest performing Miami neighborhood of Q4 2020, leading sales growth in Miami Beach and our overall Miami market study. This is also the highest that sales have been in a fourth-quarter since 2015, pointing to a remarkable recovery from the pandemic-caused slowdown mid-year for the luxury condo segment in Fisher Island (Fig. 27.1).


Fisher Island Luxury Condo Quarterly Sales 2015-2020 - Fig. 27.1

Fisher Island Luxury Condo Quarterly Sales 2015-2020 - Fig. 27.1


Fisher Island Luxury Condo 12-Month Sales with Trendline - Fig. 27.2

Fisher Island Luxury Condo 12-Month Sales with Trendline - Fig. 27.2


Fisher Island: Luxury Condo Price per Square Foot Highest in Miami Overall - Annually + Q4 2020


Annual Price per Square Foot flat at $1,054, Median Price up 9% year-over-year

Partly in line with the overall Miami market trend of flat annual prices, only the Median Price deviated posting an increase for 2020 (Fig. 26.1). The Price per Square Foot moved only slightly from $1,056 in 2019 to $1,054 in 2020. On the other hand, the Median Price went up 9% from $4,175,000 in 2019 to $4,550,000 in 2020. This difference in trends could be due to the increased sale of larger units, where the price per square foot tends to spread thinly over the size of the condo.


Q4 2020 Price per Sq. Ft. up 8.2% to $1,128, Median Price up 22.3% year-over-year

Bucking the overall Miami market trend of lower year-over-year prices, both the Price per Square Foot and Median Sales Price registered an uptick in Fisher Island (Fig. 26). The Price per Square Foot went from $1,043 in Q4 2019 to $1,128 in the same quarter 2020 – an increase of 8.2%. The Median Sales Price too went up from $4,150,000 in Q4 2019 to $5,075,000 in Q4 2020 – an increase of 22.3%.


Fisher Island Quarterly Price per Sq. Ft. 2016-2020 - Fig. 28

Fisher Island Quarterly Price per Sq. Ft. 2016-2020 - Fig. 28


Fisher Island: Annual Days on Market Down YoY 


Annual Days on Market down 28.5%

In sync with the overall Miami market trend of lower Days on Market, luxury condos in Fisher Island spent 43 fewer days on the market compared to 2019 (Fig. 26.1). This indicates an improvement in buyer-seller communications over the course of the year, showing that they were on the same page regarding dealings.


Q4 2020 Days on Market down 47% year-over-year

In line with the overall market trend of lower Days on Market for Q4 2020, luxury condos spent 83 fewer days on the market compared to the same quarter 2019. Even on a quarter-over-quarter basis, luxury condos spent 115 fewer days compared to Q3 2020 (Fig. 29).


Fisher Island Quarterly Days on Market 2018-2020 – Fig. 29

Fisher Island Quarterly Days on Market 2018-2020 – Fig. 29


Fisher Island: Inventory Down to Lowest in Miami Overall


Q4 2020 closes with 15 months of Inventory

Dropping to one-fourth the peak seen in June 2020 (61 months), luxury condo inventory makes great strides over the last 6 months in Fisher Island. At 15 months, inventory levels declined 40% quarter-over-quarter (from 25 to 15 months), and 48% year-over-year (from 29 to 15 months). This is consistent with the overall Miami market trend of lower year-over-year inventory seen in Q4.

With inventory closest to reaching the ideal 9-12-month benchmark of a balanced market, buyers should take note that they have a limited time to make the most of these favorable conditions before it flips into a sellers' market. To find the sort of luxury condos available in this exclusive island, search Fisher Island condos for sale here.


Fisher Island Months of Inventory from Mar. 2019 to Dec. 2020 - Fig. 30

Fisher Island Months of Inventory from Mar. 2019 to Dec. 2020 - Fig. 30


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.

Conclusion: Q4 2020 Miami Beach Market

With the market having been poised for a rebound in Q3, the numbers in Q4 2020 confirm a full market recovery from the pandemic-related mid-year pause. Quarterly sales were up across the board, much like the overall market trend in Miami. While Fisher Island (142.9%) and Sunny Isles Beach (140.7%) reported the highest sales growth in Q4 2020, only Mid-North Beach posted a decline (-17.6%) in year-over-year numbers.

Sales: On an annual basis, total sales in Miami Beach, South Beach, and Mid-North Beach were down compared to 2019, just like the overall Miami trend, but must be viewed through the lens of the mid-year slow-down. However, Fisher Island and Sunny Isles Beach deviated from the trend to post the highest growth in annual sales as well – emerging as buyer favorites in 2020. 

The 12-month trendline at the end of Q4 was positive across the board, just like the overall Miami market trend.

Prices: For Q4 2020, the Price per Square Foot was mostly down like the overall market, with Miami Beach, South Beach, Surfside and Bal Harbour plus Sunny Isles Beach reporting year-over-year declines. Fisher Island was the only neighborhood to report a year-over-year increase of 8.2% in its Price per Square Foot, making it the most expensive neighborhood in not just Miami Beach, but also Miami overall.

In Q4 2020, the Price per Square Foot in South Beach fell to below the $1,000-mark, giving buyers a great entry point into the neighborhood. Other than that, Surfside and Bal Harbour (combined) posted the lowest Price per Square Foot ($651) for luxury condos in Miami Beach, making it the best entry point for buyers into this coastal grouping.

On an annual basis, the Price per Square Foot posted varied trends, however, a majority of the neighborhoods reported flat prices in the 2020-over-2019 analysis.

Days on Market: In Q4 2020, the Days on Market were down across the board in Miami Beach, just like the overall Miami trend. Only Sunny Isles Beach deviated with an increase in its year-over-year Days on Market. On an annual basis too, the Days on Market were mostly down in Miami Beach, much like the overall market, with only Mid-North Beach and Sunny Isles Beach reporting no change from 2020 to 2019.

Inventory: As can be expected, with the Q4 2020 sales touching the roof in most neighborhoods, inventory was down across the board. Only South Beach posted an increase in year-over-year trends, also turning it into the sub-market with the heaviest level of inventory in Miami Beach. Fisher Island's dynamic market got closest to reaching the 9-12-month benchmark of a balanced market with 15 months of inventory - showing strong signs that this long-standing buyer-friendly market could finally see its end.

With all the pent-up demand from the pandemic months coming through, we still have reason to expect very strong sales momentum in early 2021 because of the following reasons:

  • An avalanche of buyers migrating from the high-tax states in the Northeast and West Coast, especially New York and California
  • As most big businesses and top executives move to enjoy Miami's zero personal income tax and other tax benefits, we expect more people following them down
  • As the uncertainty around the elections has ended, investor-buyers sitting on the bench now find the motivation to act
  • As the flexible work from home policies take precedence everywhere, those looking to build a life closer to the beach, have a better lifestyle or simply migrate to a warmer climate can do so

Also, with inventory levels dropping significantly in most neighborhoods and fewer new deliveries expected this year, as real estate experts, we expect 2021 to be the year to watch in terms of switching from this over-extended buyer's market cycle. Certain segments such as Fisher Island plus Coconut Grove and Coral Gables, are the first to show they are moving into a more balanced market position in 2021. This means buyers have a shrinking window of opportunity to control negotiations and exert the upper hand in dealings as they move into 2021.

Quarterly Metrics

Overall Miami

Miami Beach

South Beach

Mid-North Beach

Surfside & Bal Harbour

Sunny Isles Beach

Fisher Island

Sales

Up

Up

Up

Down

Up

Up

Up

Trendline

Up

Up

Up

Up

Up

Up

Up

Price per Sq. Ft

Down

Down

Down

Flat

Down

Down

Up

Days on Market

Down

Down

Down

Down

Down

Up

Down

Inventory

Down

Down

Up

Down

Down

Down

Down



Annual Trends

Overall Miami

Miami Beach

South Beach

Mid-North Beach

Surfside & Bal Harbour

Sunny Isles Beach

Fisher Island

Sales

Down

Down

Down

Down

Flat

Up

Up

Price per Sq. Ft

Flat

Flat

Down

Flat

Up

Up

Flat

Days on Market

Down

Down

Down

Flat

Down

Flat

Down


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Questions or comments about the stats? Interested in browsing the market? Contact Sep at [email protected] or call 305-725-0566.



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Miami Neighborhood Comparison: Key Biscayne vs Brickell

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Miami Neighborhood Comparison: Key Biscayne vs Brickell

One of the key advantages of living in Miami is its wide variety of neighborhoods to choose from. From luxury towers overlooking secluded beaches to modern skyscrapers in the heart of the urban jungle, there’s a place for every need and desire. Two Miami neighborhoods that best exemplify both ends of this spectrum are Key Biscayne and Brickell. Not only do they differ in the housing options and price points they have available, but their particular dynamics also offer vastly different lifestyles, perks, and sceneries. And yet they are very close to each other. In this blog, we'll compare both locales in several categories so you can make an informed decision when choosing to buy or rent a property if you’re considering Key Biscayne vs Brickell.

Coconut Grove vs Brickell: Which Miami Neighborhood is Better?

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Coconut Grove vs Brickell: Which Miami Neighborhood is Better?

Miami is a city of contrasts. On one hand, you have thriving urban centers bustling with life and energy 24/7, and on the other, you have village-like neighborhoods where time stretches and life rolls by without a care in the world. And often they are just mere miles away from each other. It’s one of the main reasons the area attracts such a wide variety of people! There is truly something for everyone here. Two of the areas that best embody this dichotomy are Brickell and Coconut Grove. Despite both being immensely popular and sitting right next to each other, their characters couldn’t be more different. Together, they represent one of Miami’s oldest neighborhoods and one of Miami’s newest and fastest-growing neighborhoods. And both are undergoing spectacular renaissances. So if you’re wondering which one of these two world-class destinations would be best to buy a property in or call home, you’re in luck because in this blog, we’ll compare both locales in several categories to help you make your best decision when choosing between Coconut Grove vs Brickell. ## The Lifestyle Established in 1825, Coconut Grove is one of Miami’s oldest and most beloved neighborhoods. Oozing with historic charm and lush tropical foliage, it's known for its quaint Caribbean flavor, bohemian vibe, verdant nature, and laid-back coastal lifestyle right on Biscayne Bay. Throughout history, Coconut Grove has attracted families, creative types, and sailing enthusiasts alike, looking for a relaxed daily rhythm, community and privacy in a more secluded setting but close to everything. Its small streets offer cool shade thanks to a canopy of tropical trees, including grand poincianas and banyans, while its unique inhabitants include exotic bird species such as peacocks – yes, peacocks! – and renegade parrots that have managed to escape the pet trade and found a home in the treetops. In contrast, Brickell is a growing and bustling metropolitan area, commonly dubbed the “Manhattan of the South.” It’s the largest financial center in the U.S. south of New York, and it’s characterized by high-rise luxury condos, luxury corporate offices, and vibrant dining, shopping, and nightlife. In all, Brickell’s fast-paced lifestyle is ideal for professionals, executives and world travelers who want to have walkable access to it all, including where they work. If you’d like to see for yourself how both of these neighborhoods compare to one another, check out our exclusive video on everything Coconut Grove vs. Brickell. ## Getting Around Both neighborhoods score high on walkability and transportation. Coconut Grove’s village feel makes it naturally walkable with many great parks, outdoor eateries and boutiques within a short distance. Bicycles are also a common form of transportation, and you can always take the free Coconut Grove Trolley to move within the neighborhood limits. ###### Miami Trolley To get to other areas of Miami, you would normally take your car, with the Grove connecting directly to main roads leading to Brickell (10-20 minutes), Coral Gables (15 minutes), US-1 and I-95\. Alternatively, there’s also the option to take the Metrorail, Metromover, and several bus lines. But as with most of Miami, you’ll want your car. ###### Miami Metromover Being a busier and denser area, Brickell takes walkability to another level with cafes, restaurants, convenience stores, banks, and offices on almost every block. It also has more transportation options, including the free Brickell trolley, the Metromover, which can take you to Wynwood, Coconut Grove, and Downtown Miami, bus lines, and the Metrorail. While you don’t need a car to live in Brickell, many residents do. And if you plan to drive, plan to expect heavy traffic during peak rush hours, plus congestion throughout most of the day – it comes with the territory of living in Miami's financial district. ## The Work-Life Flow While Coconut Grove is mostly a residential neighborhood, it includes a mix of professional services offices, important architecture firms, and other creative industry locales contributing to its vibrant, small and medium business environment. New boutique office buildings have been emerging alongside retail and dining, attracting tenants in tech, finance, real estate development and creative sectors. Also, thanks to its proximity to the University of Miami, the Grove attracts both students and faculty, giving the area a college-town feel, with a creative, intellectual vibe that mixes well with its charming eateries, wellness spots, and boutiques. Brickell, on the other hand, lives up to the image of a true modern metropolis. Gleaming high rises line the streets, while pedestrians wait to cross the streets to get to their next lunch meeting. It’s a buzzing international corporate mecca now evolving into Miami's tech hub, with startups, VC firms, and AI labs filling the office space available. While Coconut Grove is all about finding nirvana amid the natural splendor of the South Florida coast, when you compare Brickell vs Coconut Grove, you get a stark contrast. Brickell provides a tropical-chic urban setting where you can rub shoulders with some of the world’s most important players in the international corporate scene, all waterfront, while Coconut Grove offers you nature’s counterbalance. And this is why so many people who work in Brickell also choose to live in Coconut Grove. Brickell is winning you over? Discover top luxury Brickell condos for sale and rent. ## Outdoor Living & Waterfronts Coconut Grove cannot be beaten as far as access to nature goes, as the entire neighborhood is one lush tropical wonderland. Streets serve as walking trails, and there are expansive areas such as Kennedy Park and Peacock Park, where you can play volleyball or kickball, and your furry friends can run leash-free. With Biscayne Bay as its backdrop, the Grove is also a great place to play on the water and enjoy sailing, kayaking, or stand-up paddleboarding, with many marinas available, of which the most notable is the Dinner Key Marina – Miami’s largest! And the breathtaking and historic Vizcaya Museum and Gardens, with its spectacular gardens and natural mangrove forest and excellent cultural programming is a gem of Miami destinations that Coconut Grove gets to call home. Coconut Grove’s charm is working on you? Explore the Grove’s luxury condos for sale and rent. Despite its urban density, Brickell provides plenty of smaller outdoor options with green spaces as well, such as Brickell Park, Brickell Key Park, Alice C. Wainwright Park, and Miami Circle Park, where you can enjoy walking along shady trails, and pups can enjoy off-leash areas. And while the neighborhood is waterfront, it lacks beaches, marinas, or public boating facilities. For this, you’d have to drive 10 minutes to Coconut Grove. ## Arts & Culture Thirty years ago, Coconut Grove was Miami’s first art district before any other existed, and the area still celebrates the arts with a host of fairs and quirky cultural festivals such as: * the King Mango Strut * Goombay Festival * the Coconut Grove Arts Festival. The neighborhood is also home to many small art galleries and artists’ studios, as well as hosting Pinta Miami, a key Art Week highlight. Moreover, it has unique sites where culture, history, and nature converge, such as: * the aforementioned Vizcaya Museum and Gardens * The Kampong National Tropical Botanical Garden * Barnacle Historic State Park. While Brickell is best known for its lively happy hours, Michelin-rated Miami dining, and nightlife venues more than for cultural events, public art installations along the Baywalk and pop-ups during Miami Art Week contribute to its cultural flair. Also, you can easily get to the nearby Downtown Arts District and enjoy the many cultural offerings there, such as: * the Kaseya Center * the Adrienne Arsht Center * Ziff Opera House * the Pérez Art Museum Miami (PAMM). Both neighborhoods also have very good movie theaters. ## The Shopping Edit Coconut Grove offers a charming mix of indie boutiques and lifestyle shops along the streets of the neighborhood’s center, anchored by the CocoWalk, an open-air shopping hub with food and entertainment options that include clothing brands, restaurants, gift shops, bars, and a movie theater. For a luxury shopping experience, you can drive 10 minutes to the Shops at Merrick Park in neighboring Coral Gables, or head to Brickell. For groceries and daily essentials, residents rely on nearby premium markets like The Fresh Market, Milams, Aldi, or specialty spots on Grand Avenue (organic produce, artisanal goods), as well as the Coconut Grove Farmer’s Market. A 10-minute drive will also take you to the Trader Joe's in Coral Gables. In Brickell, you’ll have a huge array of shopping options along Brickell Avenue, with the crown jewel being the multi-storied, luxury shopping destination at Brickell City Centre. Here, you’ll find a Saks Fifth Avenue, as well as other noteworthy brands like Zara, Apple, Anthropologie, and contemporary favorites for fashion, beauty, jewelry, and home goods, plus entertainment like a cinema and a mini golf. For the day-to-day, there’s a Publix near Brickell City Centre, a Whole Foods just over the bridge in Downtown Miami, as well as multiple pharmacies and specialty spots for organic produce and artisanal goods. Plus you’re 10-minutes from Coconut Grove’s Fresh Market. See what we are getting at here? ## Signature Flavors Coconut Grove is home to some of Miami’s most delightful outdoor cafés, world-class restaurants, as well as sports bars and even old-school dives where you can get your bohemian groove on. The Grove’s dining options range from vegan to burgers and seafood options, street food, and international fare from all corners of the world. Some of the most notable options include: * Ariete is the Michelin-starred option experimenting with new American cuisine. * Bombay Darbar thrills with the flavors of India. * Sapore di Mare, a classic offering Italian fare with a nautical twist. * Chug’s Diner takes the diner concept to another level with Cuban flavors and its chic aesthetic. * Midorie is a simple-looking Japanese restaurant that lets the flavors speak for themselves. * Los Félix, another Michelin-starred restaurant that elevates the Mexican experience. * Lokal is a casual joint offering the good old American burger, but with locally sourced ingredients. * Bellini is perched atop the Mr. C hotel, offering great views and even better Italian food from the Cipriani family. * Le Bouchon du Grove is your French corner in Coconut Grove. Brickell's dining scene reflects its cosmopolitan energy. From Michelin-starred experiences to power lunch spots and late-night lounges, the neighborhood caters to professionals, foodies, and those seeking Miami's most elevated culinary moments. Some of the area’s best restaurants include: * Elcielo is a Michelin-starred restaurant where chef Juan Manuel Barrientos reimagines Colombian tradition through dramatic, sensory tasting menus. * Cipriani, credited with inventing both the carpaccio and the Bellini, brings the iconic Italian brand to Brickell with refined dishes, nautical elegance, and panoramic views of Biscayne Bay. * The River Oyster Bar is a beloved seafood bistro where locals have both their romantic and business rendezvous over some of the freshest oysters in town. * The Henry offers a wide range of foods, from avocado toasts to braised ribs, ideal for a large group or if you’re undecided on what to eat. * Claudie channels the sun-drenched charm of the Côte d'Azur with elevated Mediterranean dishes. * Dirty French brings bold prime-aged steaks, extravagant seafood towers, and a decadent martini lounge to a neon-glam, Paris-meets-Miami setting in Brickell. * Casa Tua Cucina is a high-end Italian eatery and market with ten individual food stations offering gourmet ingredients, a hundred labels of wine, and a soulful approach to gastronomy. * B Bistro + Bakery is where locals head to satiate their sweet tooth and comfort food cravings, serving croque madames, creative pastries, tuna avo toast, and pastelito pancakes. ## Schools: Coconut Grove vs Brickell ###### Ransom Everglades School Being a well-established residential neighborhood, Coconut Grove wins in terms of the best schools, and not just over Brickell. Coconut Grove is home to some of Miami’s finest private schools and public ones, too. These include the highly-ranked private Ransom Everglades School, as well as the parochial Carrollton School of the Sacred Heart with its beautiful Mediterranean-style campus. Other private schools in the area include Saint Hugh, Saint Stephen’s Episcopal, Coconut Grove Montessori, the Vanguard School, and LaSalle High School. Public schools include Coconut Grove Elementary, Frances S. Tucker Elementary, and George W. Carver Elementary and Middle Schools. Of course, Brickell also has several notable schools. Public schools that serve the Brickell area include Coral Way K–8 Center, Southside Elementary School, Ponce de Leon Middle School, and Miami Senior High School, as well as the Robert Morgan Vocational Tech Institute and the highly ranked MAST Academy, located in nearby Key Biscayne. Nearby private schools include Open Hearts Language Academy (OHLA), Key Point Academy, and Brickell International Academy. Our clients often reach out to us for the overview of the best private schools in Miami during their search for the new condo home, and you’ll find some excellent Coconut Grove and Brickell recommendations on our list. ## Architecture & Design The architecture in Coconut Grove is an eclectic blend of new high-rise condos, older boutique condos, Bahamian cottages and Old Florida bungalows, mid-century single-family homes, as well as opulent Bayside mansions nestled in gated communities, and even some historic structures. This variety is part of the Grove's appeal! For those who seek modern condo living, some of the most luxurious building options in Coconut Grove include: * The newly completed Vita at Grove Isle * Grove at Grand Bay * Grovenor House * Mr. C Bayshore & Tigertail Residences * Two Park Grove * One Park Grove And the up-and-coming Four Seasons Private Residences Coconut Grove, which is currently under construction with a 2028 completion date. We are extremely excited to see this boutique luxury Coconut Grove condo come to life, and detail its progress in our exclusive video. For new boutique offerings, Ziggurat is a rare find: an exclusive collection of only 19 luxury homes conceived to provide a private oasis within the Grove. Brickell on the other hand offers a completely different landscape. While South Brickell contains older low and mid-rise buildings plus a handful of mansions and Spanish-style homes from the Mary Brickell era, the bulk of the neighborhood consists of soaring skyscrapers—particularly new, modern high-rises packed with resort-like amenities. Watch our Guide to Living in Brickell video for a true local expert’s view. Some of the most luxurious existing buildings you’ll find in Brickell include: * Santa Maria * Jade Brickell * Brickell Flatiron * Echo Brickell * The Four Seasons Residences Brickell However, Brickell is quickly becoming the world’s destination for ultra-luxury condo living with more than two dozen new construction developments on the way, from supertalls to boutique offerings. In our expert opinion, some of the best Brickell pre construction include: * 888 Brickell by Dolce & Gabbana * The Residences at the Mandarin Oriental, Miami on Brickell Key * St. Regis Residences Miami (in South Brickell) * The Residences at 1428 Brickell * Cipriani Residences * Baccarat Residences * Mercedes-Benz Places * Nobu Residences Miami Watch our exclusive 888 Brickell video interview revealing all the amazing details. ## Prices & Perspective Coconut Grove has a wider range of single-family and duplex housing options, ranging from affordable to extremely affluent, with an emphasis on the higher end of the spectrum. Average listings range around $1,959,878 or about $938 per square foot, but listings can run as high as $22,500,000 or $4,080 per square foot. Brickell’s options lean more heavily toward condo units, which appeal to international investors, young urbanites, young families and C-suite executives seeking stunning Brickell penthouses. Average listings hover at about $484,915, or $357 per square foot, but can run as high as $33,000,000 or $7,119 per square foot. ## Which Neighborhood is Better? Coconut Grove or Brickell? This really depends on what type of person you are and the lifestyle that you seek, since these two neighborhoods are very different from one another, and each offers unique pros and cons. Whether you're debating living in Coconut Grove or Brickell, understanding what each neighborhood offers is key to making the right choice. If you’re more of a nature lover, seeking spacious, family-friendly housing in an exclusive tropical village setting with plenty of access to nature, and close to everything including top schools, Coconut Grove is sure to steal your heart. But if you thrive in an urban core, love being walking distance from work, or are an executive who can’t resist the fast-paced energy of the city, you’ll probably feel more at home at Brickell. If you’re interested in seeing how other neighborhoods compare to one another, for example, Coconut Grove vs Coral Gables or other locations, explore the rest of our Miami Neighborhood Comparisons. Whatever your decision, we’ll be happy to share our 20+ years of experience in Miami’s luxury condo market, as well as our homegrown insights into the advantages of each location. Just give us a call or email, and let us help you sort through the many available listings in Coconut Grove vs Brickell, to help you pick the perfect location for you.

December 2025: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update

Preconstruction

December 2025: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update

South Florida’s pre-construction market finished the year strong, with developers advancing luxury condo developments across the pipeline—from announcing new projects to nailing construction milestones. Palm Beach’s new construction market is definitely heating up as well. This December, Lionbright Development launched sales for the highly exclusive 123 Ocean in Palm Beach Shores. Related Ross’ Shorecrest secured approval for its scaled-back waterfront vision. Olara in West Palm Beach began rising vertically. And, new proposals came to light, carrying momentum into the new year. Read on to find out which Fort Lauderdale project resubmitted plans to add a hotel component, along with other updates in our December 2025 pre-construction condo market news round-up for Fort Lauderdale and Palm Beach. --- ## — December 2025 – Fort Lauderdale & Palm Beach Condo Pre-Construction Market at a Glance ### Sales Launched * 123 Ocean – Palm Beach Shores ### Approved * Shorecrest – West Palm Beach ### Planned/Proposed * Sereno Fort Lauderdale – Fort Lauderdale * Condos at Pomp by Lennar-Affiliate – Pompano Beach * One on One Harbor Beach (also Harbor Drive Residences) – Fort Lauderdale ### Construction Updates * Olara – West Palm Beach ### Other Updates * Sage Intracoastal Residences – Fort Lauderdale ### Watchlist * One Boca by Terra & Frisbie Group – Boca Raton * Kadima Developers Acquires Casino-Adjacent Lot – Hallandale Beach --- ## — Fort Lauderdale & Palm Beach Condo Pre-Construction Market: Sales Launched ### 123 Ocean – Palm Beach Shores **Groundbreaking: 2026 | Completion: Late 2027** Lionbright Development launched sales for the boutique 123 Ocean in December. Designed by Arquitectonica, the six-story building will rise with only 27 luxury residences. Perched at 123 Ocean Avenue, you will be next door to the Palm Beach Shores Community Center and enjoy direct beach access via private walkways. Each home will feature refined interiors by Asthetique, layered with vintage-inspired textures that reflect Palm Beach’s unique character. Expect direct elevator entry, a choice of two distinctive chef’s kitchen designs, Bosch appliances, white oak and soft brass accents, expansive balconies, and cinematic ocean views at every turn. Units will range from 1,581 to 3,100 square feet. Highlight amenities include a pool and sun deck, a wellness suite with ice bath and infrared sauna, a fitness studio, a residents’ lounge, a media room, a children’s play space, and landscape architecture by Naturalficial. _Prices start at $1.7 million, with a choice of one- to three-bedroom residences. Reach out to secure your residence early in this intimate building, offering a villa-in-the-sky sensibility in one of Palm Beach Shores’ premier beachfront neighborhoods._ ## — Fort Lauderdale & Palm Beach Condo Pre-Construction Market: Approved ### Shorecrest – West Palm Beach **Groundbreaking: Early 2026 | Completion: Summer 2028** With approval from the West Palm Beach Planning Board, Related Ross can now move forward with plans for its 306-foot waterfront condo at 1901 North Flagler Drive. The project has been approved with a lower density than its previously proposed 199 units. The 2-acre site is currently home to Temple Israel, which will be relocated and its structure demolished to make way for the new development. Designed by Connecticut-based Roger Ferris + Partners, the 27-story Shorecrest will rise with a distinct curvilinear form, accentuated by a reflective glass facade. Units will feature larger-than-average layouts, with most showcasing stunning views of the Intracoastal Waterway. All 100 residences will feature interiors by New York’s Rottet Studio, complete with custom White Oak European millwork, freestanding soaking tubs in the primary baths, white oak wood-plank flooring, and a home automation system. Highlight amenities at the Shorecrest West Palm Beach will include a rooftop deck featuring a 75-foot pool and lounge areas, spa facilities, a fitness center, a cocktail lounge, a private dining room, a game lounge, a golf simulator, and a coworking lounge. The LEED Gold-compliant tower will also feature a five-story podium with 204 parking spaces, offering more than two spots per unit. _Prices started at $1 million, with a choice of two- and three-bedroom residences._ ## — Fort Lauderdale & Palm Beach Condo Pre-Construction Market: Planned/Proposed ### Sereno Fort Lauderdale – Fort Lauderdale **Groundbreaking: N/A | Completion: 2028** Developer partners Integra Investments and Flying Point submitted revised plans to the city’s Development Review Committee for Sereno Fort Lauderdale in December. Under the updated proposal, the duo seeks to increase the number of condo units from 76 to 88, along with the addition of 113 hotel rooms. The project will also feature 1,800 square feet of commercial space and 200 parking spaces. Designed by FSMY Architects + Planners, the condo-hotel will rise 14 stories with a separate four-story parking structure. Interiors will be led by UK-based 1508 London. Each home will feature Italian kitchens outfitted with branded appliances and glass balconies affording panoramic views of the ocean, intracoastal, Hugh Taylor Birch State Park, and the Bonnet House Museum & Gardens. Two rooftop amenity decks anchor the project, providing separate spaces for residents and hotel guests to unwind. Units will range from 372 to 1,252 square feet, with dedicated entrances for the condo and hotel portions. Launch prices started at $1.4 million, with a choice of studios to three-bedroom residences. Call, chat, or email us for updated prices and floor plans and secure your spot early in this exceptional condo-hotel. ### Condos at Pomp by Lennar-Affiliate – Pompano Beach Acting via an affiliate land bank, Lennar Corp. acquired 20 acres around 777 Isle of Capri Circle for $50 million this December. The development site is part of The Pomp mixed-use project, where Harrah’s Pompano Beach Casino is already open. As per plans filed back in 2024, Lennar proposed building 344 condos and 82 townhomes on the site. The complex will be home to buildings no taller than seven stories and feature a clubhouse with a fitness center and at least one pool. ### One on One Harbor Beach (also Harbor Drive Residences) – Fort Lauderdale In late December, Camaco Development submitted plans for a 240-foot, 21-story residential tower to the city’s Planning and Zoning Board in December. The project requires special city approval to exceed the 120-foot limit. The building name is not clear yet, with both Harbor Drive Residences and One on One Harbor Beach found in project documentation. It is slated for a January 21 review before the planning and zoning board. Designed by Adache Group Architects and Kora, the waterfront tower is expected to rise with only 36 luxury residences, including two 9,000 square feet penthouses, a five-story parking podium, and a sprawling amenity deck on the seventh floor. Units will feature larger-than-average layouts and start from the fifth floor. Amenities will likely include a pool, a private pool bar, a gym, a game room, and a wellness center. Located at 3049 and 3043 Harbor Drive, the 0.8-acre site sits south of the upcoming St. Regis Bahia Mar & Yachting Center and north of the Harbourage Place condominium. It is also a 5-minute drive from Las Olas Beach, a 10-minute drive from the popular Las Olas Boulevard, and a 15-minute drive from the Fort Lauderdale-Hollywood International Airport. ## — Fort Lauderdale & Palm Beach Condo Pre-Construction Market: Construction Updates ### Olara – West Palm Beach **Groundbreaking: August 2024 | Completion: 2028** New York-based developer Savanna has started vertical construction on its transformative project in West Palm Beach. Work is underway on its 100,000-square-foot podium. Olara is poised to revitalize the North Flagler waterfront with standalone home-like units and 80,000 square feet of exceptional amenities. Its centerpiece private dock is unlike any other in the area, featuring three for-purchase boat slips, a pair of house yachts, and a dedicated seafaring concierge. Designed by Miami-based Arquitectonica, Olara will rise 26 stories with 287 luxury residences. The timeless tower will be part of a 4-acre residential oasis, flaunting aerodynamic curves with glass terraces reflecting the water below. Interiors will be handled by the world-renowned Gabellini Sheppard Associates. The oversized floor plans range from 1,500 square feet to 4,200 square feet. Fronting the Intracoastal Waterway in West Palm Beach, the high-rise will also carry about 1,570 square feet of commercial space and 30,000 square feet of epicurean marketplace space, including an 8,500-square-foot restaurant space helmed by the Michelin-starred Chef José Andrés. You will also benefit from an exclusive partnership with Sollis Health, affording access to the best healthcare concierge professionals. More wellness-focused amenities include an Olympic-size lap pool, a leisure pool with full-service cabanas, a spa with a five-star recovery zone and Japanese-style Onsen, plus 13,000 square feet of indoor and outdoor workout spaces designed by The Wright Fit, inclusive of a yoga and Pilates studio. There will also be a game room, a multimedia lounge, a co-working lounge, a library, and lush landscaping by EDSA. _Prices start at $1.7 million, with a choice of two- to four-bedroom-plus-den residences._ ## — Fort Lauderdale & Palm Beach Condo Pre-Construction Market: Other Updates ### Sage Intracoastal Residences – Fort Lauderdale **Groundbreaking: November 2025 | Completion: Q3 2027** A month after breaking ground, Property Markets Group (PMG) secured a $115 million construction loan for their 25% pre-sold development located next door to the Galleria Mall at 900 Intracoastal Drive. All east-facing condos in this boutique building will offer unobstructed water and ocean views that are permanently protected by the Bonnet House Museum & Gardens and beach situated across the Intracoastal. Designed by Fort Lauderdale-based FSMY Architects, the boutique Sage Intracoastal will rise 28 stories with only 44 residences. No more than two units per floor, interiors by San Francisco-based BAMO, and 270-degree views combine to create a standout boutique living experience. Units will range from 2,767 to 3,400 square feet. With approximately 19,000 square feet of indoor and outdoor amenities, you can look forward to a resort-style pool and lounge, a cafe, a water-view bar and lounge room, a fitness center, a dedicated yoga lawn, a golf simulator, and a Sage Wellness Spa with steam, sauna, cold plunge pool and treatment rooms. Pet lovers will appreciate the dog run and dog walking services. PMG is also in talks to add four boat slips to the property. _Prices start in the high $2 millions, with a choice of two- to four-bedroom residences. Contact us to schedule a private presentation and explore remaining opportunities at this boutique waterfront residence featuring expansive floor plans._ ## — Fort Lauderdale & Palm Beach Condo Pre-Construction Market: Watchlist ### One Boca by Terra & Frisbie Group – Boca Raton Approved by the Boca Raton Planning and Zoning Board, Terra and Frisbie Group can now proceed for a first reading on their proposed 99-year lease of city-owned land, which would enable the development of One Boca. Board members supported the lease, citing the need to encourage development around the Brightline station and noting that downtown redevelopment is long overdue. The large-scale project would feature 765 apartments (77 of which will be workforce), 180 hotel rooms, a 30,000-square-foot grocery store, 120,000 square feet of office space, and 2,100 parking spots across 7.8 acres of city land, including at 101 Northwest Boca Raton Boulevard. If approved, the transit-oriented One Boca would also be home to another mixed-use project featuring 182 condo units at 141 Northwest Fourth Street, a privately owned parcel. The developers are currently under contract to acquire the site. If council members approve the first reading, the lease agreement will be presented to voters for final ratification in March. As per earlier reports, the developers have also proposed a community benefits package, including a reimagined version of Memorial Park, a new city hall and community center, a World War II memorial, a new tennis center with up to 10 clay courts, a playground with banyan trees, and a new children’s museum. ### Kadima Developers Acquires Casino-Adjacent Lot – Hallandale Beach Hot on the heels of breaking ground on Seven Park in Hallandale Beach, Miami-based Kadima Developers made headlines again with the purchase of a 12.2-acre vacant lot next door to the Big Easy Casino. The parcel sits just 10 minutes from the beach, five minutes from the under development, and within walking distance of the neighborhood’s top restaurants. Billionaire Jeffrey Soffer sold the site at 831 North Federal Highway, not including the casino, for $31.1 million. Kadima plans on developing the parcel into a master-planned community, featuring a mix of condos, apartments, retail, entertainment, and warehouse space. For now, the developer flipped about 3 acres of the site for $12 million to an affiliate of Persea Ventures, a Fintech investment firm, while retaining the role of project manager for the sold portion. --- If you love staying on top of pre-construction news and trends in Fort Lauderdale and Palm Beach, subscribe to this blog or our YouTube channel for monthly updates! If you are interested in pursuing a Fort Lauderdale or Palm Beach preconstruction condo, please reach out to us directly to be connected with one of our South Florida preconstruction expert agents.

Top Things to Do in Miami in January 2026

Lifestyle

Top Things to Do in Miami in January 2026

January is all about fresh starts, renewed energy, and pressing the reset button on your mood. And our selection of top Miami events in January 2026 does just that. We’ve got feel-good philanthropic galas, soul-stirring orchestral moments honoring Miami’s Art Deco history, spiritually rich pieces at PAMM, marathon milestones to knock out, and laugh-out-loud nights at the Hard Rock. There’s something for every taste to help you move into the year at your own pace. --- ### Begin the Year by Giving Back: Charity Events and Galas **January 10th, 22nd, and 24th | Multiple Venues** Ring in the New Year with purpose and the simple joy of sharing by supporting one, or more, of these meaningful Miami events in January: #### Be A Voice Gala 2026, January 10 Join the “Voices” championing youth in the foster care system at this elegant black-tie evening and help them open doors to a brighter tomorrow. You get to wine, dine, dance, and bid on exclusive auction items with fellow changemakers at The Ritz-Carlton Key Biscayne, as this year’s theme “Bloom Where You Are Planted” celebrates resilience, hope, and growth. #### YoungArts Miami Gala 2026, January 10 Sponsored by Oscar de la Renta, this evening affair makes a fitting conclusion to National YoungArts Week while supporting rising talents in their pursuit of creative freedom. This year, the five days of multidisciplinary live performances wrap up at the Rubell Museum with a fundraiser and an inspiring awards night. #### Annual Splendor in the Garden, January 22 Get your front-row tickets to an outdoor runway show by Neiman Marcus Coral Gables, and help nurture the next generation of conservationists. Set against the lush backdrop of the Fairchild Botanic Garden, proceeds from this stylish afternoon fund vital school science and education programs, while keeping you on top of trends. #### The Underline Sneaker Ball 2026, January 24 It’s the launch of a signature sneaker, culinary fest, and fundraiser rolled into one! You’ll arrive for the silent auction and a chance to support Friends of The Underline, but end up staying for the eye-popping entertainment and palpable energy. #### The Royal Ball of Prince Orlovsky, January 24 This roaring 20s masquerade offers the rare opportunity to step into an immersive world crafted by the Florida Grand Opera (FGO). Marking the opening night of “Die Fledermaus” at the Adrienne Arsht Center, this one-of-a-kind evening will have you enjoying a champagne tower, a royal ball, dinner on stage, Prince Orlofsky’s legendary hospitality, and the Elevare award ceremony, followed by after-hours entertainment, all while you help fund FGO’s vision for the future of opera. ### Woody De Othello: coming forth by day at PAMM #### **January 1st - June 28th |** 1103 Biscayne Boulevard, Perez Art Museum Miami, Downtown Miami ###### Woody De Othello. Installation: Untitled Works, 2025\. Courtesy the artist, Jessica Silverman and Karma. Photo: Phillip Maisel You have to experience it to fully absorb the nuanced spirituality and ritualistic gravity of Woody De Othello’s immersive installation, widely appreciated during Art Basel 2025. His first museum solo in Miami, “coming forth by day” is heavily inspired by the “Egyptian Book of the Dead: The Book of Coming Forth by Day” (2000) and Othello’s interpretation of written works by Afrocentric scholars. This deeply personal and materially rich exhibit features a series of ceramic and wood sculptures, a large-scale bronze, tiled wall works, clay-painted walls, and subtle use of herbal scents. It will stay on display through to June 28th. ### South Beach Jazz Festival #### **January 8th-11th |** Multiple Venues Across Miami Beach With the theme “From Disability to Serendipity,” this Miami Beach tradition brings together jazz musicians of all abilities and statures to fill your weekend with smooth vocals and timeless melodies. It’s easily one of the top Miami events in January 2026, so come and experience the rich legacy of jazz in Miami, as this annual celebration unfolds across free outdoor concerts and club shows. This year’s lineup includes Federico Britos Jazz Quintet, John Pizzarelli, The Harden Project, Spam AllStars, the Spanish Harlem Orchestra with special guest Etienne Charles, Ricky Ricardi, and Lemon City Trio, among other classic to contemporary artists. ### Art Deco Weekend #### **January 9th-11th |** Along Ocean Drive & Lummus Park, South Beach In its 49th year, Art Deco Weekend goes far beyond postcard views, bringing you themed architecture walking tours around South Beach’s most iconic buildings, including the fan-favorite “Crimes and Scandals” tour that gives you all the secrets you’ve always wanted to know about the city’s infamous past. Set along Ocean Drive, this magical weekend feels like a leaf right out of history and gives you an insider’s view of Miami Beach’s timeless glamour and design heritage, while spotlighting the Miami Design Preservation League’s efforts to protect it for future generations. They also have live jazz performances and dance lessons to round out the festivities Miami style. ### Short FILM FESTIVAL: Best of Fest 2025 + Here We Gather: All We Need, We Already Have Exhibit #### **January 11th + January 25th - March 22nd |** 16701 SW 72nd Avenue, Deering Estate, Palmetto Bay Rounding up and scoring all the cinematic gems released over the past year, the MIAMI short FILM FESTIVAL (MIAMIsFF) will be hosting a special evening show on the 11th. After a brief cocktail reception, you’ll be treated to a screening of the winners in the categories of Best Comedy, Best Animation, Best Documentary, and the prestigious Jury Award. Later, on the 25th, “Here We Gather…All We Need, We Already Have” will debut with a free opening reception. True to its name, the exhibit will showcase works made of materials found at the Deering Estate and curated by Dainy Tapia. Featuring works by Rebecca White, David Valiente, Karla Kantorovich, Jessica (Yessica) Gispert, and Maria Theresa Barbist, among other artists, this two-month-long display will highlight the ephemerality of natural materials, allowing them to shift and weather over time, lending the exhibit great repeat value. ### Outdoor Science Lab for Families at the Vizcaya #### **January 15th | 3251 South Miami Avenue, Vizcaya Museum & Gardens, Coconut Grove** The Vizcaya turns into your personal outdoor lab for the night with this after-hours family experience. Guided by local scientists and educators, kids aged 6-12 are invited to explore the fascinating wildlife that crawls out after sunset at these historic grounds. Each child will receive a flashlight at check-in to assist their study, followed by a story circle hosted by the Miami-Dade Public Library plus science-based art and craft activities to round out this immersive learning program. ### Life Time Miami Marathon & Half Marathon #### **January 24th-25th | Course Spans Downtown Miami, South Beach, and Coconut Grove** Miami’s favorite year-opening race is back to challenge 18,500 athletes from more than 80 countries. Choose between a marathon, half marathon, and 5K to test your limits and catch the best of the city en route, from the shimmering bay views of Downtown to the Art Deco landmarks of South Beach, and palm-lined avenues of Coconut Grove. There’s also a Kids Run that will have elementary to middle-school runners competing for top honors and a medal for each at the finish line, if they can conquer the 26.2-mile route. ### Jerry Seinfeld, Stavros Halkias, Penn & Teller, and More Comedy Gold at the Hard Rock #### **January 16th, 17th, 23rd, 24th & 31st |** 1 Seminole Way, Seminole Hard Rock Hotel & Casino, Hollywood Kickstart your year with hearty laughs courtesy of Hard Rock Hotel’s label-defying lineup: #### Stavros Halkias, Jan. 16: If you’ve seen this “Fat Rascal” star on Netflix or tuned into one of his podcasts, then you know you’re in for an evening of belly laughs. He’s bringing “The Dreamboat Tour” to town, and you’re invited to experience his unfiltered self, up close and personal. #### Miami Comedy Festival, Jan. 17 Catch the likes of Earthquake, Special K, and Sommore for a night of nonstop laughs that will echo well beyond the curtain call. #### Jerry Seinfeld, Jan. 23-24 With one of the most successful comedy series of all time to his name, this Emmy and Golden Globe winner needs no introduction. Reserve your seat to dive into the kind of shenanigans he’s been up to lately. #### Penn & Teller 50th Anniversary Tour, Jan. 31 From busking to sold-out Broadway shows, this chaotic duo has come a long way. You won’t want to miss these acclaimed comedic magicians in action, as they bring the antics that made them one of Las Vegas’s most beloved resident headliners to town. ### Ailey II, Rhapsody in Blue, Bronfman Plays Beethoven, and More Performances at the Arsht Center #### **January 8th-31st (check specific event dates) |** 1300 Biscayne Boulevard, Adrienne Arsht Center, Arts and Entertainment District Here are our top picks for performances at the Adrienne Arsht Center this January: #### The Inheritance (Part 1), Jan. 8th-25th Watch the Florida premiere of this two-part contemporary epic that explores the meaning of love, loss, and legacy within the LGBTQ community. It has been praised for being deeply emotional and unexpectedly humorous, intimate and strong. #### Ailey II, Jan. 9th This dance production by Alvin Ailey American Dance Theater’s second company shines a spotlight on its next generation of performers. South Florida native Jordyn White, known for her powerful stage presence, leads the contemporary program with a full ensemble under the direction of Francesca Harper. #### Rhapsody in Blue, Jan. 10th Marcus Roberts’ Trio delivers a fresh take on George Gershwin's masterpiece, in collaboration with the New World Symphony, at this evening program. A fusion of jazz and classical elements, Roberts’ skillful improvisation meets its harmonious match under the technical clarity of conductor Andrew Grams for an electrifying performance. #### Verdi's Requiem, Jan. 23rd-24th If emotionally charged classical works speak to you, then you won’t want to miss this musical production by The Cleveland Orchestra. Led by the acclaimed baton of Franz Welser-Möst, this dramatic presentation moves from grief to hope, backed by powerful percussion and an exceptional quartet including tenor Joshua Guerrero and soprano Asmik Grigorian. **The Royal Philharmonic Orchestra, Jan. 26th** Another powerful piece of Arsht’s 2025–26 Classical Music Series, this program features Vasily Petrenko leading the Royal Philharmonic Orchestra in two meaningful symphonies on its 80th-anniversary tour. We recommend arriving early to catch the pre-show discussion, scheduled an hour before the show. #### Itzhak Perlman’s Cinema Serenade, Jan. 28th Legendary violinist Itzhak Perlman partners with The Cleveland Orchestra to serenade you with the silver screen’s most stirring melodies. Gear up for an intense evening as the lineup includes “Schindler's List’s” hauntingly beautiful score and the evocative love theme from “Cinema Paradiso.” #### Mikailo Kasha, Jan. 30th Ranked among the top 1% of bassists worldwide, Miami’s own Mikailo Kasha will be taking center stage at the Arsht Center’s outdoor plaza. Expect to tune into the award-winning composer’s original works, as he leads his modern jazz quartet for an unforgettable concert experience under the stars. #### Bronfman Plays Beethoven, Jan. 30th-31st Another can’t-miss concert for classical music fans, this program pairs Beethoven's Piano Concerto No. 5 with Mozart's Symphony No. 41 to deliver a rare masterpiece. With Grammy Award-winning pianist Yefim Bronfman at the keyboard, you’re in for a spectacle worth remembering. --- Take this guide as an invitation to start the year connecting with others and enjoying cultural expressions that will remind you why Miami is the place to be in 2026\. From supporting meaningful causes and exploring cultural depth to riding an emotional wave of music or laughing the night away, there’s a wide range of Miami events in January to keep you energized. And as always, we’d love to hear what made it onto your calendar, so be sure to drop us a comment on our socials. Follow @blackbookproperties on Instagram to join the fun as we bring you highlights from Miami’s hottest annual events. Alternatively, call, text, or email us to become a part of our vibrant community and experience these events with a Miami address of your own.

Video: Tour this $5M, 4-Bedroom + Den, Bayfront Duplex in Edgewater’s Missoni Baia

Lifestyle

Real Estate News

Video: Tour this $5M, 4-Bedroom + Den, Bayfront Duplex in Edgewater’s Missoni Baia

Love the privacy and space of a standalone home but desire the conveniences and security of a luxury waterfront Miami condo? Then this 4,400-square-foot, 4-bedroom, 6.5-bathroom duplex with staff quarters delivers the best of both worlds, complete with uninterrupted water views, in one of Miami’s newest fashion-branded condo towers, Missoni Baia. In our latest Missoni Baia video, Sep Niakan, Miami’s leading luxury real estate expert and founding broker of Blackbook Properties and condoblackbook.com, joins Katia Bon, our go-to expert for hidden gems in Miami’s urban core and in-house master baker and cookie master, for a closer look at life inside this ultra-rare, two-story, Missoni Baia townhouse offering more than 4,000 square feet of pure luxury. ### A Bayfront, Entertainer’s Paradise One of only two duplexes in the 57-story Missoni Baia tower, this limited-edition southeast corner home offers grand proportions and expansive water views—a combination rarely found in Edgewater neighborhood. Built to adapt to your lifestyle, this 4,400-square-foot residence features four bedrooms, an open den or study, 6.5 bathrooms as well as staff quarters (behind the kitchen) that can easily be converted into a walk-in pantry, game room, or additional room. ### The Chef’s Kitchen Love cooking or prefer having someone else prepare meals in this Missoni Baia condo? Your chef-ready kitchen comes pre-loaded with Wolf and Sub-Zero appliances, cabinetry from Italkraft, and a built-in wine cooler—all handpicked to afford both everyday convenience and entertainment-ready functionality. Plus a bonus room off the kitchen with a full ensuite bathroom doubles as a massive walk-in pantry or ample staff quarters. Add direct water views from the kitchen and an expansive stone island to the mix, and even your routine coffee becomes a ritual worth sharing. ### Impressive Living Room Area The double-height living room is the absolute centerpiece of this Missoni Baia condo for sale. With floor-to-glass windows spanning the entirety of the 4th and 5th floors, overlooking your balcony that runs the entire width of the residence, you have access to uninterrupted bay views and extended hours of natural light. True to its “entertainer’s paradise” reputation, this space further lends itself as easily to sunlit afternoon get-togethers as it does to elaborate evenings set against the romantic glimmer of the bay. ### Primary Bedroom with Master View Just up the stairs, your open den is perfectly positioned to inspire, complete with sweeping water and sky views. Tucked further inside, the primary bedroom in this Missoni Baia duplex offers its own share of views, a spacious walk-in closet, and a spa-like bathroom complete with freestanding soaking tub, his dual toilet closets, dual sinks, and a double, walk-in shower with dual rain showerheads, creating a sanctuary of calm you’ll love returning home to. ### The Missoni Baia Miami Experience Set against 200 feet of bay frontage, this minimalist glass tower comes alive with Paris Forino Design’s interpretation of Missoni’s iconic color palette for the interiors. Amongst the tower’s two floors of resort amenities, the Olympic-length lap pool, tennis courts, 1,700 square-foot gym with 180-degree views, full-service residents-only spa, and children’s splash pad stand out as favorites for those who value a wellness-focused lifestyle. You further enjoy access to a separate infinity-edge pool overlooking the bay, multiple lounges, a resident’s game room, a kids’ club, a hair and nail salon, a pet spa, and a bayfront boardwalk that takes you all the way to Downtown Miami. ### Missoni’s Edgewater Location: Central to Everything in Miami Within the neighborhood, you have the 8-acre, family-friendly Margaret Pace Park for everything—from fitness training to dog runs and family picnics. Further, Edgewater’s collection of restaurants is second to none; you have everything from waterfront fine dining to cafes and healthy bites close home. As mentioned above, a leisurely walk takes you right into the heart of Miami’s urban core to experience the best of art, culture, sporting events, and fine dining in Downtown. Miami’s Design District—known for its selection of couture shops, flagship stores, top-rated restaurants, and public art installations—is just a 10-minute drive from home. South Beach and its iconic nightlife sit right across the scenic Venetian Causeway, about 20 minutes by car. You are also just 20 minutes from the international airport. This Missoni Baia condo for sale is listed at just under $5 million—contact us directly if this waterfront lifestyle in one of Miami’s most desirable family-friendly neighborhoods speaks to you. We’ll gladly schedule a private viewing, so you can experience the views, scale, and finishes firsthand.

The Best Miami Neighborhoods: South of Fifth vs Fisher Island

Neighborhood Comparisons

South of Fifth

Fisher Island

The Best Miami Neighborhoods: South of Fifth vs Fisher Island

If you’re considering moving to Miami, and you’re looking for an exclusive, beachfront, luxury neighborhood, two options you’ll likely hear suggested are South of Fifth (SoFi) in South Beach, or the ultra-exclusive Fisher Island. These two areas share some geographic and lifestyle similarities—both are incredibly beautiful neighborhoods that are home to affluent and high net worth (HNW) residents seeking a relaxed but sophisticated waterfront lifestyle with large condo home options—but they also have essential differences that make for very different living experiences. In this blog, we’ll dive deeper into both neighborhoods and their buildings, comparing what makes them stand out in several categories, and why residents choose them. This way, you’ll be well-informed to make a confident decision as to where to start your property search or tell your luxury agent when choosing between South of Fifth vs Fisher Island. ## The Lifestyle South of Fifth or “SoFi,” as it is known locally, is the area of South Beach located south of Fifth Street. It’s the southernmost tip of the island of Miami Beach and offers a lovely, upscale lifestyle and more luxurious properties than the rest of South Beach or Miami Beach for that matter. Most of its desirability comes from being a highly walkable neighborhood surrounded by water while keeping a more serene vibe than the more tourist-friendly lifestyle that the rest of South Beach is known for. ###### SoFi or South of Fifth - Miami Beach, FL Now, although SoFi is an exclusive area by virtue of home prices, Fisher Island is far more exclusive than SoFi because it is its own island accessible only by boat, helicopter, or ferry. In fact, Fisher Island is the most affluent zip code in the entire United States, with median household incomes in the millions. It is also characterized by being a small community. The island is under one square mile in size, and has a population of about 600 people, many of whom use their homes only part of the year as vacation or second homes—a key differentiator when comparing South of Fifth vs Fisher Island lifestyles. ###### Fisher Island. This dynamic results in great privacy for its residents, making Fisher Island a popular choice among VIPs, with celebrities like Oprah, Julia Roberts, Karolina Kurkova, Boris Becker and Caroline Wozniacki having called it home at some point. ## Getting Around SoFi is a highly walkable neighborhood, with everything you need within a short distance from every residence, making car-free living a reality. Also, since it’s part of South Beach, it benefits from having multiple transportation options available, including Miami Beach’s free trolley service, Miami Dade buses—including the Miami Beach Airport Express—, and Citi Bike. If you’re a car owner, moving around is also a breeze, with the MacArthur Causeway being your main way in and out of Miami Beach. To move around the neighborhood, you might take Alton Road on the west side, or the iconic Collins Ave, which runs northbound all the way up through the island. ###### Fisher Island Ferry. Photo courtesy of Fisher Island Club. Fisher Island, on the other hand, is so small that the most popular methods of transportation within the island are golf carts, bicycles, or your plain old feet. The island is completely private—only residents and their guests are allowed in—and accessible only by ferry, helicopter, or boat. To get to and from Fisher Island, most residents drive their cars to Terminal Island and board the ferry, which departs every 10 minutes on weekdays during morning rush hour and every 15 minutes all other times, 24 hours a day. Others access the island via private yachts. ## The Work-Life Flow Because they are primarily residential neighborhoods, neither SoFi nor Fisher Island is an area where you’ll find a lot of commercial business activity, making each retain a distinctly residential feel. However, SoFi has some boutique hotels, a few small private offices, fitness centers and spas, and exclusive establishments, including some of the finest restaurants in Miami and Miami Beach—a perk that often comes up when people consider living in South of Fifth vs living on Fisher Island. Fisher Island has a far less commercial life with only a small bank, post office, and grocery store on the island. The Fisher Island Club and Resort is the only real business in the area, with its small golf course, several restaurants, a market, a marina, a tennis club, and a spa. There is also a fire rescue station and a medical center on the island. ## Outdoor Living & Waterfronts Both have incredible park areas, open access to the water, a marina and beaches. They are truly exceptional neighborhoods to enjoy the unbeatable outdoor lifestyle and weather that South Florida has to offer. The heart of the SoFi community is the beautiful South Pointe Park, where the Atlantic Ocean meets the waters of Biscayne Bay and Government Cut, where the cruise ships head out to port. The park offers direct beach access for swimming and snorkeling, as well as fishing from the South Pointe Pier, and you can kayak, paddle board, and jet ski from the marina on the west side of the neighborhood. It also features beautifully landscaped paths, a large children’s playground with water features, a cafe and juice bars, and a Smith & Wollensky restaurant, where you can sit outside and watch the boats come in and out. The park is also a favorite of dog lovers, yoga practitioners, and those just seeking to spend some time outdoors. On Fisher Island, waterfront residences surround a small, but competitive 9-hole golf course designed by P.B. Dye, and the Fisher Island Spa Club and Resort provides 17 tennis courts featuring all four Grand Slam surfaces, plus 4 pickleball courts. There is a small natural area for bird-watching and one mile of private beach graced with imported, powdery white sand. There are also two deep-water marinas. ## Arts & Culture If you live in SoFi, you’ll have easy access to all of the cultural offerings in South Beach (and Downtown Miami for that matter), including: * The yearly Art Basel fair at the Miami Beach Convention Center in South Beach and all of Art Week Miami * The South Beach Wine and Food Festival * Fashion Week Miami * Several other music, art, and street festivals Beyond the events, South Beach is also home to iconic venues like the Fillmore Miami Beach at the Jackie Gleason Theater, which hosts a diverse lineup of concerts, comedy shows, and live performances, as well as other entertainment places of smaller scale and art galleries. And the Frank Gehry-designed New World Center, home to the New World Symphony. All of Downtown Miami’s cultural and sporting venues, like the Perez Art Museum Miami, the Arsht Center for the Performing Arts, the Frost Science Museum and the Kaseya Center are all a 10-minute drive over the causeway from SoFi. Fisher Island on its own has no public festivals or venues because it is so private and its residents prefer it this way. It has the Vanderbilt Theater at the Fisher Island Club, and its residents may occasionally hold private parties that include live entertainment by well-known celebrities. If you want to venture out to mainland events, you will have to take the ferry to the causeway, or travel by boat or helicopter. For both neighborhoods, cultural life is tied to their proximity to South Beach and Downtown Miami, where residents can enjoy the same festivals and events. The only difference is that SoFi residents can return home more quickly and easily after a night out, while Fisher Island residents have a slightly longer commute, relying on the ferry service or their private yacht as transportation. ## The Shopping Edit Being mostly residential, neither SoFi nor Fisher Island is particularly renowned for its shopping options. However, this doesn’t mean there isn’t any retail offering. South of Fifth provides a charming and curated shopping experience with several boutiques selling unique fashion, artisanal goods, and accessories. For everyday essentials, there’s a Publix a block away from Fifth Street, as well as a Target, a Best Buy, and a Walgreens. Whole Foods is also about 5 blocks away on 10th Street. And then you are only about another mile away to a Trader Joe’s and Fresh Market. The Lincoln Road pedestrian shopping mall will be your closest shopping, whether you are living on Fisher Island or in SoFi. So there is little difference there. On the island, Fisher Island’s shopping is much more exclusive and limited due to its private island status. Retail options here are mainly the boutiques within the Fisher Island Hotel and the island’s private club, selling luxury resort wear, fine jewelry, and exclusive designer items. For everyday items, residents rely on the in-island grocery store or private delivery services. For a wider range of shopping options, residents of both neighborhoods would have to venture out to mainland Miami or into Bal Harbour, which would require a 20-30 minute drive. ## Signature Flavors Although South of Fifth is a low-key neighborhood where you can bypass the hustle and bustle that characterizes South Beach, the area is home to some of the finest restaurants in all of in all of Greater Miami, and in some cases, the world: * The famous Joe's Stone Crab Restaurant has been a Miami Beach icon for decades * The South Pointe Tavern serves up food and drink fit for celebrities * Stubborn Seed, one of Miami’s Michelin-starred restaurants, allows you to taste the creativity of one of Miami’s top chefs * Azabu Miami, located inside the Stanton Hotel, serves exquisite Japanese cuisine * Call Me Gaby is where locals stop by for comforting pizza, pies, and pasta * Nikki Beach is best known for its amazing brunch menu, followed by a haute club scene * Carbone Miami serves Italian fare along with cocktails and wine in an opulent environment Fisher Island, on the other hand, doesn’t have any restaurants open to the general public, but the club’s seven restaurants all have excellent reputations. Among the most popular eateries on the island are: * Fisher Island Beach Club Restaurant * Porto Cervo * Garwood Lounge * Theapolis & Library * Snooker Club * Greenside * La Trattoria ## Top Schools SoFi residents are served by South Pointe Elementary School, Nautilus Middle School, and Miami Beach Sr. High, all of which are highly ranked public schools. Still, many residents may prefer to send their children to local private schools such as St. Patrick’s and the Hebrew Academy, located in Miami Beach, or to private schools located on mainland Miami. ###### Hebrew Academy. Photo courtesy of the Hebrew Academy. Fisher Island is also served by Miami Beach public and private schools, but the Fisher Island Day School is a small private elementary school exclusively for island residents, serving about 150 students in kindergarten through 8th grade (K-8 students). Contact us for specific school recommendations if you are considering either of these neighborhoods. ## Architecture & Design South of Fifth, similarly to the rest of South Beach, is characterized by a blend of beautifully restored Art Deco buildings from the 30s, 40s, and 50s, and a selection of modern luxury condo towers ranging in architectural styles from sleek minimalism to Mediterranean-inspired design. One common thread across all condos is that they feature top-tier amenities such as multiple pools, state-of-the-art fitness centers, concierge services, and on-site spas, with some offering panoramic ocean views with direct beach access. Some of the most luxurious condos on South of Fifth include: * 321 Ocean Drive, a modernist-designed boutique enclave, featuring only 21 exclusive residences. * Apogee South Beach, renowned for its artistic interiors by Yabu Pushelberg and top-of-the-line amenities. * Ocean House, Art Deco restored building with 28 residences and beachfront access. * Continuum South Beach North and South Towers, iconic beachfront towers with expansive units and resort-style amenities. If you’re looking to buy a pre-construction instead, the upcoming Villa Sofia Residences is the only development in the area, offering 27 modern residences, allowing short-term rentals. Fisher Island, on the other hand, is known for its single-family-sized condo residences, almost like condo mansions, private villas, and super-exclusive multi-family condo towers designed for privacy. The residences often feature oversized terraces, multiple balconies, and ample interior spaces. Some of the projects on the island include: * Palazzo del Mare, * Palazzo del Sol, and * Palazzo della Luna, which are the most recent constructions. The island’s only new development is The Residences at Six Fisher Island, an ultra-luxury, 10-story boutique tower offering just 50 units with expansive floor plans and ultra-exclusive amenities. View all currently available properties for South of Fifth to find your perfect condo. ## Prices & Perspective The average listing price for South Beach residences is about $788,389, or $512 per square foot; however, listings in South of Fifth tend to run higher than that, with some of the highest-priced properties reaching around $33,990,000, or $45,320 per square foot. Meanwhile, Fisher Island residences list for an average of about $5,567,078, or $1,489 per square foot, while the most luxurious properties can reach $50,000,000 or about $5,338 per square foot. Another factor to consider when making the South of Fifth vs Fisher Island cost consideration is HOA fees. In Fisher Island, these can go anywhere from $3,500 to $7,000 per month, while South of Fifth’s HOA fees are significantly lower. And you will want to be a member of the Fisher Island Club to enjoy living there, which has membership fees and dues. Additionally, part of your HOA fees living on the island pay for your ferry service. Discover all available Fisher Island properties and find your perfect condo. ## Which is the Better Choice? South of Fifth or Fisher Island? While both SoFi and Fisher Island provide an upscale lifestyle with exclusive privileges and perks, the two neighborhoods attract different residents, mainly based on how much privacy and exclusivity you may desire. If you dream of or need a very private resort living with golf and yachting as the center of your world, you may fall in love with Fisher Island. But if you prefer more accessibility and a laid-back lifestyle with easy access to urban offerings, we definitely recommend South of Fifth. So, whether you’re considering South Beach’s South of Fifth or Fisher Island, or evaluating Miami’s many other neighborhoods, our team has over 20 years of expertise in Miami’s luxury condo market, which makes us the ideal choice to help you find the right Miami property for you. --- _Let us get to know your preferences, desires, and budget and direct you to the most suitable neighborhoods and listings while sharing with you our knowledge and expertise of Miami and the South Florida area._ **LET'S GET SOCIAL!** Connect with us on Instagram and Youtube.

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