A trust associated with Solly Azar, known for creating the wholesale insurance brokerage model, has found a buyer for a Bal Harbour condominium listed at nearly $36 million. The transaction is part of a steady trend in Miami-Dade County’s luxury real estate market, where nine contracts were signed between August 18 and August 24, as reported by Eklund-Gomes. This report tracks homes and condos priced at $4 million or more that are listed on the Multiple Listing Service.
The average time properties spent on the market was 114 days. During this period, 38 new luxury listings were added, bringing the total to 1,141 active listings in the area.
The previous week also saw nine contracts signed in Miami-Dade County, totaling $62.7 million in asking prices. For the most recent week, seven single-family homes and two condos went under contract with a combined asking price of $92.3 million.
Condos that secured buyers last week had an average asking price of $20.7 million and were on the market for an average of 168 days. Their total asking dollar volume reached $41.4 million, averaging $3,119 per square foot.
Azar’s trust is selling unit 2601 at Oceana Bal Harbour, located at 10201 Collins Avenue. The condo spans 7,442 square feet with four bedrooms and four-and-a-half bathrooms. It is listed by Ruthie and Ethan Assouline and Eytan Namiech of Douglas Elliman’s Assouline Team for $35.9 million ($4,824 per square foot). Joelle Oiknine’s team at One Sotheby’s International Realty represents the buyer. Records indicate Azar purchased the two units comprising unit 2601 for $16.3 million when the building was completed in 2017.
Single-family homes entering into contract last week had an average asking price of $7.3 million and averaged 98 days on the market, totaling $50.9 million in asking volume.
The highest-priced single-family home under contract is a six-bedroom, six-bathroom property at 3976 Little Avenue in Coconut Grove. Listed by Judy and Nathan Zeder of Coldwell Banker’s Jills Zeder Group for nearly $13 million, this restored Spanish colonial home sits on a 0.4-acre lot and measures 6,144 square feet. The property last sold for $5.1 million in 2021 and is owned by a trust; it has been featured in Architectural Digest according to its listing.
In comparison, New York saw buyers sign contracts for 22 homes last week with a combined asking price of $150.9 million; these properties spent an average of 993 days on the market.
