Miami luxury Q1: condos cool, single-family holds firm

Single-family homes priced above five million dollars closed at roughly the same pace as last year's first quarter, while the luxury condo segment softened by nine percent in dollar volume. The slowdown wasn't price — average sale prices were still up — but volume.

The likely driver: rapidly escalating association dues and insurance premiums on older oceanfront stock, particularly in buildings forty stories or taller built before 2010. Buyers are reading the math and walking away when carrying costs run above thirty cents per square foot per month.

Newer construction with reserves already funded continues to absorb. We're advising sellers in older buildings to lead with full amenity disclosures and recent reserve study summaries — buyers who feel informed up front move faster.