The BEST Miami Condo Investments. The highest appreciating Luxury Condos in Miami (2018-2023)

The best Miami Condo investments with highest appreciations

What the article is about

What are the best Miami Condo investments? We have detailed in this article the top-performing condos in Miami over the last five years. These are the luxury condos that have appreciated value the most. This has been made possible using our Condo Geeks tool which has tracked condo performance over the last 15 years. For this article, we focused on the average price per sqft changes in the buildings between 2018 and 2023.

Why we created this blog?

In short, this is to illustrate to buyers and sellers the value of our advanced analytics. We dive into each building and explain why we believe the performance has been so good, be it: Location, Outstanding architectural design, spacious floor plans, amenities, privacy, views, services, or something else to do with the lifestyle in the building.

Who benefits from reading this?

If you are weighing up what condos to focus on, this will be an absolutely essential article to read! This article provides the criteria that help identify patterns of appreciation for a condo. Please allow me to analyze the market for your needs and tell you what is the best fit, based on analytical study and my decade-plus of experience.

1. Four Seasons Surfside

175% increase in values

The Stats: Currently, the most expensive condo in South Florida with a sale in the last year at $5,300 per sqft. In 2019 the average sales price was at $2,000 per sqft, in 2020 this went to $2,400 per sqft, then $2,700 per sqft, $3,700 per sqft, and $4,600 per sqft in 2023.

Why this is a top-performing Condo? We previously studied hospitality branded condos vs normal condos. The hospitality brands outperformed the normal condos by 136%. In conclusion, we believe that the reason they performed so well over time was their consistent level of excellent service and amenities, which were truly unparalleled. We could call it “Hospitality 5-star service.” The closer you get to a legitimate resort experience the better the appreciation. Most certainly, all buildings profess to provide a resort-like experience, but unless you have a separate hotel experience to support the project (or enough critical mass to pay for it), it will be hard to deliver a true hospitality experience. Certainly, the initial proposition of buying such a unit may be more expensive, but the probability of successful appreciation is also much higher than with normal luxury condos.

Will it hold value? Several active listings are asking well over $6,000 per sqft, so if either of these sell then the average will rise again. There are no direct condos in competition with Four Seasons and none coming like it, which will most likely protect values due to irreplaceability. This condo cannot be missed as a top Miami Condo investments.

2. Continuum, South of Fifth

143% increase in values
The second screen below shows the performance of the two towers, the third shows the performance of North Tower and the last screen shows uniquely the South Tower

The Stats: Going from $1,900 per sqft to $3,227 per sqft, represents a 143% jump in five years.

Why this is a top-performing condo? Continuum South Beach has SEVERAL unique features that have meant it is not just a high-performing condo for the last 5 years but for the last 10. If this project had been built in the last five years, no doubt the values from initial pre-construction prices would have skyrocketed beyond any other building.

Yes, it is now an older building and yes it may be architecturally compromised with lower ceilings, but it is still one of the best. So why? Firstly the location is completely irreplicable. Views are protected in perpetuity – nothing can be built to the South as the building sits on the most southerly tip of South of Fifth. Secondly, the ‘footprint’ of the site is massive, allowing for one pool per building, plus a fitness center, which rivals many commercial gyms: classes and a rooftop lap pool for swimmers. Personal trainers are welcome to train their resident clients in the building. There are three tennis courts, a top-level restaurant, a pool, and beach service. In short, it feels and operates just like a resort! The location is also prime allowing owners to be within walking distance to the best South of Fifth restaurants. A critical mass of 318 units means the owners are not overly crippled by expensive HOA fees which could easily happen in a more boutique environment.

Will it hold value? As Continuum gets older no doubt the owners will need to be aware of the 25-year assessment, but with its irreplicable unique nature with both location, views, and scale, it is not going to go out of vogue anytime soon.

3. Oceana Bal Harbour

129% increase in values

The stats: Started at $1,439 per sqft and has risen to $2,672 per sqft. That’s an 85% increase in unit values on average. With that said there have been 4 sales in 2023 over $3,300 per sqft which would bring up the number to a 129% increase in values.

Why this is a top-performing condo? I have sold many units at Oceana over the years. Both as a selling agent and as a buyer’s agent. What I have observed with Oceana is that the building has a very generous geographical footprint. The developer did not squeeze the building into a small lot like many other projects. This footprint not only allowed for a better experience around the pool areas which gave a more resort feel to the project. Continuum offers a quality poolside restaurant, generous-sized spa and gym, and exterior tennis court (which was a rarity for a condo in the area) but allowed for more expansive views and separation from surrounding buildings.

This building also provided excellent flowthrough units which provided excellent light to the units. The majority of units in the condo were larger 3-4 bed units. Smaller 2 beds are mostly facing West. These units do appreciate, but not as much as the 3-4 bedroom units.

Will it hold value? The bigger units at Oceana we believe will hold value. Smaller units receive significant competition from surrounding projects. Overall the location is excellent for Bal Harbour and the expansion of the mall and neighborhood retail means the desire to live in this area will continue. The only new competition for the neighborhood comes in the form of Rivage. We are tracking these new construction prices closely against Oceana and the main competition comes from Rivage’s largest units, although these currently are much more expensive.

4. Park Grove

74% increase in values

The stats: Went from $951 per sqft to $1,641 per sqft on average. Several off-market trades have happened in Tower 1 at $2,600 per sqft and I have a client who has received offers over $3,000 per sqft. This is staggering considering the owner paid $1,500 per sqft.

74% increase in values

Why this is a top-performing condo? Tower 1 is the best-performing building by far. Most certainly tower 2 performed well but tower 1 with its direct water views makes it uncompromised. The relevance of the ‘A’ line as units with unique and massive draw makes these units quite irreplicable in the current market. A first choice for empty nesters who need space but want the feel of a home.

Once again a resort-level experience. With Sadelles restaurant attached to the building, and a smaller restaurant by the pool. A large condo footprint like Continuum with typical resort service: pool service, gym, spa, and restaurants. All in a very private setting walking distance to the now buzzing ‘village in the city’ of Coconut Grove. This building continues to draw buyers.

Will it hold its value? It also helps that only 10% of the Grove land space allows for condos. This building will remain popular with those who want to work in Brickell but do not want to live there. The building will also stay popular with empty nesters. It will receive however some solid competition from Mr. C (December 2023) and Vita (2025).

5. Ritz Carlton Sunny Isles

50% increase in values

The stats: $1375 per sqft increased to $1962 per sqft. Although statistically higher in 2022 at $2047, ultimately an excellent performing Condo. What is most interesting is the 05 line which now commands a staggering $2400 per sqft which is a 75% increase.

Why is this a top-performing condo? Another hospitality brand that delivers a sense of service that emulates the Ritz experience. Services and amenities are excellent, but to its detriment, it sits on a smaller footprint than typical ‘resort condos’

Will it hold its value? Against the new Acqualina Estates, it will lose. Expectations are that it may hold stable but could well see softening prices. Apart from the 05 line, which offers unique views to the South. This is such a unique floor plan with unique views, it makes it irreplaceable.

Conclusions and observational commonality regarding the best Miami Condo investment

No matter what condo, neighborhood, or price point you are interested in, buyers will benefit from our state-of-the-art software that gives analysis at both a micro and much wider city macro level.

Lot Size: It seems that condos that sit on large land footprints perform better than those on smaller lots. Much like my observation of single-family homes, price per sqft calculation on interior needs to factor in exterior space as well. Developers often get hung up on the interior but as we all know not only do the amenities of the project matter greatly but the separation from surrounding buildings that allows the eye to travel also matters greatly. Four of our top 5 performing condos have MASSIVE FOOTPRINTS. If this is a relevant trend, new projects that we anticipate will do well will include the Mansions at Acqualina.

Not being overly boutique: Boutique condos sound attractive but they often tend to be so quiet that they feel soulless. Larger-scale projects that have mastered the sense of privacy with large units do best.

Unit format. By observing the best-selling units within these projects we can conclude that market preference is for flow-through units, wide unit frontage (having the widest possible living room view of the water), and fewer internal disruptions to architectural flow. These disruptions include elevator banks in the middle of the unit, big columns within units, and wall blockages of light that disrupt light flow within a unit either from the entrance or within the unit. These aspects all hinder a condo’s progress in value appreciation as buyers do NOT prefer this kind of format.

Views: Of course water views are preferred but variety is also essential. The top choice of unit is one where you see BOTH water and city. This is particularly important in oceanfront units where night views over the ocean are completely dark. This is why flowthrough units that allow owners to enjoy the city lights are a priority.

Why call me now? As always please call me for an up to date granular opinion of the market and to learn more about the best Miami condo investment. I have been selling luxury condos in Miami for 15 years and have seen and analyzed them all! Many top agents know the buildings, but few (if any) analyze them at this level! I also have access to and awareness of ‘off-market’ units. Remembering, knowing, and selling the best product allows me to approach those ‘one in a thousand’ types of properties for you, so they can become your next trophy purchase!

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