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Murano Grande – Market Study – 2nd Half 2021

Murano Grande

400 Alton Road

South of Fifth Neighborhood

Closed Sales – 2nd Half 2021 – July 1st – Today

UnitBedsBathsSquare FeetSold PricePrice per SqftSold Date
150422.51,425$1,985,000$1,393July 6
1705221,400$1,325,000$946July 22
80922 1,437 $937,500 $652 July 30
31122 1,649 $650,000 $394 August 25
280433.5 2,974 $3,700,000 $1,244 October 7
60522 1,400 $1,100,000 $786 October 21
230922 1,437 $1,175,000 $818 October 29
PH250922 1,437$1,400,000 $974 November 9
100333.5 3,058 $3,275,000 $1,071 November 10
200333.53,058 $3,725,000 $1,218 November 12

Let’s talk about Closed Sales…

I love reviewing data and diving deep into the numbers. This allows me to not only keep my finger on the pulse of the market but gives me the knowledge I need to be able to share with my clients and anyone who needs it.

In today’s post I want to highlight Murano Grande, 400 Alton Road, which is a building in the South of Fifth neighborhood of Miami Beach where I have been working for over 11 years helping clients buy, sell and rent in the building. In the 1st half of this year there were a total of 28 Closed Sales in Murano Grande, which is more sales than we have ever seen in an Entire Year! This was truly unprecedented.

As of December 1st, and yes I know there is still 1 month left in the year, so far there are 10 Closed Sales in the 2nd Half of the year, July 1 – December 1. While it seems low relative to the 1st Half this is much more in-line with the average sales per year in Murano Grande.

You might be thinking…

Oh my the market is terrible or now what do we do if we own there and didn’t sell our apartment?

I am here to tell you, all will be well. First off, 28 Sales in 6 months is basically 1 Closed Sale per Week. Considering we have never seen that type of velocity of sales in the building we had to believe it wouldn’t last. Not only in Murano Grande but all other buildings we follow we very rarely see this type of sales activity.

That being said, if we dive a bit deeper into the numbers we can see that the Average Price Per Square Foot actually increased:

West Facing (Direct Water/Downtown Views)

1st half vs. 2nd half = $1,162 vs $1,232 = 6% Increase

East Facing (City Views)

1st half vs. 2nd half = $643 vs $762 = 18% Increase

Even though the pace of sales has reverted back to the mean, the fact this important metric has increased (Price/Sqft) is great for all Unit Owners and the market.

This decrease in the velocity of sales is what we have seen pretty much across Miami and the surrounding areas. That 1st Half of the year, sales were out of control and unsustainable so this is a normal adjustment.

Let’s see what happens in the month of December, and how we close out the year.

In the meantime, if you need any assistance or have any questions you can always reach me via the contact box below.

Talk soon!

Jose.

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