Bay Harbor Development & Market Update
Did you know that Bay Harbor Islands is one of the hottest markets right now? New development prices rising, and property value holding strong. We’re seeing more buyers from NY and NJ seeking a pied-à-terre, plus steady international investment demand.
Both land and condos are going fast in Bay Harbor Islands. While some speculate about an oversupply of new projects, the reality is that these developments are boutique in scale—comparable to just one to three high-rises in other areas. The primary challenge in this market is competition among similar offerings, making differentiation key to success. Waterfront properties continue to lead in demand, with strong sales volume and high price-per-square-foot (PPSF). Recent notable sales include La Mare’s 8,000-square-foot penthouse, which sold for $17 million at over $2,000 per square foot. Indian Creek #3E closed at $5.5 million, selling for $1,660 per square foot, while Pool Haus #6A is currently in contract for $3.325 million at $1,075 per square foot. Similarly, Solina #3B is in contract for $2.275 million, pricing at $1,100 per square foot.
Bay Harbor Development & Market Update
New development sales remain strong, with a total of 453 units on the market, 65% of which are already under contract. Waterfront and canal-facing units lead with 70% under contract, while inland units are at 60%. Looking at sales by completion year, projects set to be delivered in 2024 are nearly sold out, with 85% of units under contract. Developments slated for 2025 follow closely behind at 75%, while 2026 projects are seeing a steady pace, with 50% of units under contract. Pricing trends show that inland new developments start at $1,000 per square foot, with high-end projects like The Well reaching $1,400 per square foot. Waterfront properties command higher prices, ranging from $1,300 per square foot up to an average of $2,000 per square foot at Indian Creek Residences.
Land sales remain active, with a recent sale at 9950 E Bay Harbor Drive, where a single dry lot closed at $323 per square foot. Meanwhile, commercial real estate developments are reshaping the area, particularly along Kane Concourse, where a significant redevelopment is expected. Developer activity remains strong, with ongoing acquisitions and new projects in the works. Landau has launched his second project at 1 Kane Concourse, and Horizon Group is currently securing permits for their second development. Bay Harbor Villas is also expected to debut soon.
Luxury brands and dining continue to seek space in the neighborhood. There are rumors that an Aston Martin dealership is securing space in front of Pura Vida, while Bond St has locked in the ground floor and rooftop at 1 Kane Concourse. Grand Beach Bay Harbor has received six proposals for a kosher restaurant, indicating growing demand for high-end dining options.
Off-Market Listings
We have several off-market opportunities available in Bay Harbor Islands. A 11,250-square-foot lot south of Kane Concourse is asking $3.3 million, with the potential to build up to nine units. This property currently has four rental units generating income. Another inland lot north of Kane Concourse, also 11,250 square feet, is listed at $4.25 million, featuring six rental units and the same nine-unit development potential. A 22,500-square-foot parcel south of Kane Concourse is for sale with approved plans. An $8 million cash offer has been made, pricing at $355 per square foot, though the seller is seeking closer to $9 million. Additionally, a 33,750-square-foot site inland, south of Kane Concourse, has plans for 39 units, though they are not yet approved. For those looking for waterfront opportunities, a 11,250-square-foot canal-front property is also available, with pricing available upon request.
If you’re interested in learning more about Bay Harbor Islands’ new developments or off-market opportunities, message me here.