Link Up With Lily - Feb ‘24

Hello Friends! For those wondering how the market is, I'd be happy to share data on the area you're considering. For today's example, I'll be sharing 33139 - Condo Market. The Miami Beach condo market has a few variables when it comes to evaluating the unit: product, location, and condition. 1) Product is related to the style of the building. Is it a two story building, or a high rise building? Does the building provide amenities? What is the rental policy for the building? These are some things to consider when you're looking for value in the condo building. The buildings with flexible rental policy, with excellent amenities tend to sell at a higher value. 2) Location is related to it's proximity to highly sought out attractions: Is it beachfront or bay front? Is it facing the ocean or the city? Depending on preference, this can fluctuate. However, units with water views tend to have a higher value. 3) Condition is related to the status of the unit. Does it need renovation? Has the unit been in great care and just needs some appliances upgraded? Or is it turn key and you only need to bring your toothbrush to enjoy this fabulous unit? As you can imagine, the stress of dealing with renovation can be overwhelming for some buyers. Therefore, there is a premium price for a unit that's turn key. I'd like to report the current inventory today vs pre-pandemic numbers. Jan 2019 vs Jan 2024 Available for sale: 1940 Units (2019) vs 916 Units (2024) Sold: 55 Units (2019) vs 66 Units (2024) Average Sold Price: $780,000 (2019) vs $984,000 (2024) Average Price Per Sqft: $811 (2019) vs $993 (2024) With the presented numbers, I'd like to keep my readers in mind that there are units that sell below the average sale price and the average price per sqft. Depending on supply and demand, this also distresses the numbers at a higher price point when inventory is low and demand is high. My question to you is: What kind of product, location and condition are you looking for? Let's get you started. All my best, Lily

🏡 FOR SALE 🏡

North Beach 6545 Indian Creek Drive, Unit 505 1 Bed | 1 Bath | 1 Powder | 680 SF | LP: $299,000

Introducing Unit 505, a spacious 680 SF unit featuring 1 bed, 1 bath, plus powder room. The eastern exposure provides partial ocean views from both the balcony and the bedroom window, creating a serene & relaxing atmosphere. Offering ample space for storage, bedroom has a walk-in closet and separate linen closet. Situated in a mid-rise building it offers an elevator, swimming pool, bike rack, assigned parking, and laundry on-site. The unit has newly installed AC and stove. Fantastic location in North Beach as it’s tucked in between the beach and Indian Creek. Minutes away from a variety of restaurants & bars, Publix, Miami Beach Bandshell, and Shane Center. Don't miss out on this incredible opportunity to customize and transform this unit into your ideal Miami Beach retreat.

See All My Listings

📰 Miami in the News 📰

Real estate trends: What's in Store for 2024? Read Here

🔦 Hospitality Highlight 🔦

Harry's Pizzeria: Pizza Making Class (Pictured Here with my welcome drink and masterpiece before going in the oven.) Pizza Making Class at Harry's Pizzeria of Miami Beach. Each class includes a welcome drink paired with appetizers, escarole salad. Soon after, you'll get to make your own pizza with the toppings they have available on your table side. After, they finish you off with a decadent Toasted Lemon Polenta Cake dessert. This was fun and outside of our normal date night routine. I would also recommend to get together with a group of friends! Hosted every last Wednesday of the month, February will be special as they will host an additional class on Valentine's Day. Classes are $69 per person or $130 for two people. Sign Up for Harry's Pizza Making Class

🎟 Local Happenings 🎟

February 14 - 18 Miami International Boat Show Depending on your shopping criteria, you'll be able to find different types of boats throughout the city. See tickets here. Miami Beach Convention Center

February 22 - 25 SOBE Food & Wine Festival This famous foodie festival offers the opportunity to mix and mingle with more than 500 chefs, culinary experts and famous personalities from around the world while indulging in creative dishes and premium wines and spirits.

This Month Home Inspiration Burgundy/Plum Colors Lily's Pinterest Inspo

🏗 New Development Spotlight 🏗

The Perigon Building Highlights - 70 Impeccably designed residences - Each unit offers ocean views with oversized terraces - 10ft height ceilings and 11ft height ceilings from floors 16 & above - Units delivered finished, with 3 floor options: stone, porcelain, wood - Developers: Mast Capital & Starwood Capital Group - Two to Four bedroom units ranging from 2,100 - 6,700 SF Amenities Include: - An expanse of 200 linear feet of pristine shoreline  -Exclusive to owners dining and catering from our Michelin Star restaurant. - Residential butler and dedicated lifestyle concierge - On-site general manager with 24-hour security and valet service. - House car. - Beachside swimming pool and outdoor spa with sunbeds and cabanas. - Pool and beachside food and beverage service. - Spa, Sauna and state of the art fitness room - Bespoke wine room and speakeasy lounge for owners I'd Like to Know More

Have a question on real estate? Reach out to chat!

Lily Choi Real Estate Advisor M: 213.284.5954 lily.choi@compass.com

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

marketingcenter--