2018 Luxury Condo Market Update - Dermot OBrien Group - Sotheby's International Realty Singer Island

2018 Luxury Condo Market Update

According to the multiple listing service (MLS) 280 condominiums sold on Singer Island in 2018 – 75 of these sold for $1 Million or more. The highest priced sale in 2018 was the penthouse at Vista Blue which sold for $7,556,000. In the $1 Million+ price range a total of 47 new construction condos closed at Vista Blue in 2018, followed by 9 resales at the Ritz Carlton Residences Singer Island, 7 private residences at the Resort at Singer Island, 4 at Dolce Vita Palm Beach Shores, 4 at Via Delfino, 3 at Oasis Singer Island, 1 at Ocean’s Edge and 1 at One Singer Island. According to the MLS 2 $1 Million+ condos have already closed in 2019 on Singer Island (Ocean’s Edge #1501 sold for $3,050,000 and Ritz Carlton #2104 sold for $1,300,00) and I estimate that there are about 25+ condos in contract at the new 5000 North Ocean building, approximately 20 at the new Amrit Ocean Singer Island and 4 at the new and almost completed Addison Singer Island building in Palm Beach Shores. There are also 25 resale condos on Singer Island currently listed as contingent or pending.

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Dermot OBrien Group

With close to $300 Million in sales on Singer Island since 2004 (close to 250 different properties) Dermot OBrien Group of Sotheby’s International Realty Singer Island is the recipient of the 2012 Ritz Carlton Residences Power Broker Award, 2013-2014 International Property Magazine Best Real Estate Agent Florida Award and the 2017 - 2018 International Property Magazine Best Real Estate Brokerage Florida Award. Dermot was selected as the 2010 & 2011 Unique Homes Magazine Singer Island market specialist, in addition to being a 2008, 2009 and 2010 Platinum Producer for Illustrated Properties Real Estate.

Dermot has an MBA from the Kellogg Graduate School of Management at Northwestern University, a Diploma from the British Chartered Institute of Marketing and a BA from University College Dublin in Ireland. A life long learner he recently completed a Diploma in Digital Marketing from the Digital Marketing Institute. With over 35 years of experience in real estate sales, marketing, new product development and management consulting he continues to enjoy the entrepreneurial career path.