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South Florida Luxury Housing Market weakening

Major Price Reductions hidden from Headlines. 1001 Hillsboro Mile on market for 10 months and sells for 30% less than list price!

We always find this interesting. The huge home sales garner the attention, and most people focus on the enormous sales price. Even more people believe this is the evidence that the South Florida Market is on fire and will remain that way. Even the Facebook post announcing the $20,000,000 sale of 1001 Hillsboro Mile is incorrect and misleading.

This home is a great illustration of not believing the headlines. Do your own research we have always been taught in school. While the headline reads $20,000,000 the home was actually sold for $18,500,000 according to public records. And, the final sales price was nearly 35% lower than the actual listing price. The home was originally listed for sale in June 2023 for $27,999,999.

Also, the current sales price is a loss for the seller as they bought the home in 2020 for a little over $20 million. This of course was during Covid Quarantine and the great exodus from locked down Northern States to the free country of Florida, The severely reduced recent sales price is a canary in the coal mine. Real Estate always ebbs and flows, and timing at times is more important than location. Many professional Realtors will argue that the market numbers and data still show the SE Florida housing market is as strong as ever. But these reports are skewed by major sales including recent purchases by Jeff Bezos for over $90 million and Barry Diller for $45 million. The reports that drill down into the data and show the median and mean sales prices paint a different picture.

The home at 1001 Hillsboro is not an isolated example. All across Miami Beach, Aventura, Pinecrest and Coral Gables (Miami-Dade's most affluent communities) we see example after example hidden in the data showing major price declines. This is hidden from public perception while the headlines are trumpeted showing Coral Gables Estates taking over Beverly Hills as America's highest priced/wealthiest town. The Realtor lobby and ties to the media possess Superman type strength. If you are a potential homeowner shopping for your home, use your brain and google to research the data independently when making a bid on a home to buy. This research will prove to the the Kryptonite to counter over bidding on your offer and buying a home over market value.

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