MIAMI—Over the past six months, all eyes have been on South Florida's single family home market, which jumped by 25% in Q2 compared to condo sales. However, single-family home inventory is now at an all-time low, pushing buyers back towards condos and spurring a leap in condo sales.
RelatedISG International Realty recently reported condo sales in Miami, Broward and Palm Beach County were up by 31% in new transactions this October compared to October of 2019.
South Florida just ranked No. 4 on the national list top relocation destinations during the pandemic and the numbers back it up, according to a prepared release. The tri county area saw a total of 1,503 condo sales between October 1st and 21st of this year, signaling high activity in the condo market and the beginnings of a rapid recovery.
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Several South Florida developments, including Natiivo Miami and ALINA Residences Boca Raton, have seen a surge in sales this month and president of RelatedISG, Craig Studnicky, predicts a strong recovery for the condo market in 2021. He cites new developments and high condo sales traction over the past month to support his reasoning.
For example, Natiivo Miami, developed by Sixth Street Miami Partners LLC, will stand 51 stories high with 448 for-sale residences and 240 hotel licensed homes as has received 16 contracts in October 2020. The project features luxury amenities with a South Florida flair including a pool with pool-side cabanas, working space, private meetings rooms with a terrace, state-of-the-art fitness center, Peloton studio, yoga lounge and a street-front restaurant with an outdoor dining terrace. The building is slated to open in 2022.
ALINA Residences Boca Raton is another example, with $25 million in sales this past season alone. "All the units sold this past month are considered 'expansive' units, offering more square footage and outdoor/green space than the standard unit," Douglas Elliman, the sales team for ALINA.
Slated for a Q1 2021 completion, ALINA Residences, a luxury condominium development featuring 121 thoughtfully designed residences in the heart of downtown Boca Raton, FL, also has experience a recent surge in interest from Latin America, California and the Northeast in the past two months.
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