BY SEAN STEWART-MUNIZ, originally published in The Real Deal magazine
There’s no doubting the numbers: Miami’s luxury residential market is seeing fewer sales this year than last. But according to researcher Anthony Graziano, co-author of the Trends report from brokerage ONE Sotheby’s International Realty, that doesn’t mean another market bust is coming anytime soon. Graziano, senior managing director of Integra Realty Resources, broke down the Trends report during a Thursday morning event at the Ritz-Carlton Residences, Miami Beach sales center, where about 100 real estate players gathered to listen in. He began by calling out a recent and fairly controversial Wall Street Journal article that asserted a Miami condo bust was looming. He said the article, in which he was quoted, mixed up sales figures for existing condos with those in the preconstruction pipeline — a delineation he emphasized in his Trends report, which he co-wrote with One Sotheby’s President Daniel de la Vega.
In the report, Graziano and de la Vega analyzed sales and pricing data for existing properties in the top 50 percent of South Florida’s submarkets.
For Miami-Dade, the most popular luxury price point — $1 million to $5 million — suffered a slight dip in sales during 2015. A total of 890 single-family homes in that sector were sold in the county last year, down from 918 in 2014. Inventory, on the other hand, grew from an average of 848 properties per month to 1,031 properties per month between the two years.