Watching the Market….Or Buying An Oceanfront Condo Now

posted by Susan Reiter on May 31, 2008

South Florida Oceanfront condo Great View

We receive a constant stream of phone calls from buyers from all over the world that are interested in purchasing oceanfront condos. There are buyers who are seizing the moment so to speak, and stepping in to take advantage of the great opportunities out there right now.

Are there opportunities? You bet there are and I have been in situations, where once we identified a great unit at a great price, other buyers were also putting offers in on the same units.

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There are varying degrees of motivation by sellers in all price ranges. There are some units in building less than 2 years old that the original developer still owns that now are very motivated to sell. There are units that are being sold by investors that are several hundred thousand dollars less than what they paid for it. Each situation is different but the opportunities are there. The units that are available under these circumstances include the most desirable oceanfront floor plans in premier buildings.

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All I can say is that if there is a desire to own an oceanfront condo in South Florida, at this point in time, you can get the best of the best at deeply discounted prices. When the media says…”We are now at the bottom and the market is going to turn around”… the best units in the A rated luxury buildings will be long gone!!!

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Categories: Acqualina, Aquazul, Beach Club Hallandale, Best of the Best Oceanfront Condos, Boca Raton Oceanfront Condos, Buying Real Estate, Canyon Ranch, Cipriani Ocean Resort and Club Residences, Continuum South Beach, Diplomat Oceanfront Residence, Europa By The Sea, Fort Lauderdale Oceanfront Condos, Icon-Las Olas, L'Ambiance, L'Hermitage, Las Olas Beach Club, Luxuria, Miami Oceanfront Condos, Ocean Palms Hollywood, One Bal Harbour, One Thousand Ocean, Palm Beach Oceanfront Condos, Porto Vita Aventura, Pre-Construction-Luxury Oceanfront Condos, Regalia, Ritz-Carlton South Beach, St. Regis Residences Ft. Lauderdale, St.Regis Bal Harbour, The Excelsior-, The Palms Tower I & II, Trump Hollywood, Turnberry Ocean Colony, Villas of Positano

Lower Penthouse at The Diplomat Residences For Sale

posted by Susan Reiter on May 25, 2008

We visit so many truly beautiful oceanfront condos all along the coast. There are some very unique ultra luxury properties on the market. We were in a really unique penthouse unit today with breathtaking views. The lower penthouse on the 27th floor at the Diplomat Residences and it is available for purchase. It has over 5000 square feet under air and over 7300 square feet in total. The views are spectacular. The balconies are spacious and wide and there is even room to install a lap pool. The entire residence is controlled by an electronic Smart System. This is a sensational residence. Asking price…$3,999,999.

If this is a bit out of your budget, there are many other units being offered at prices comparable or lower than pre-construction prices. Here are the Diplomat Residences Units For Sale

Lower Penthouse Diplomat Residence

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Lower Penthouse Diplomat Residence Entryway

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Lower Penthouse Diplomat Residence Entryway

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Lower Penthouse Diplomat Residence Kitchen

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Lower Penthouse Diplomat Residence balcony

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Diplomat Residences Penthouse Views

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Diplomat Residences Hollywood smart-system-

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Categories: Best of the Best Oceanfront Condos, Buying Real Estate, Diplomat Oceanfront Residence, Fort Lauderdale Oceanfront Condos, Uncategorized

Sales Trend for Miami & Fort Lauderdale Oceanfront Condos

posted by Susan Reiter on May 20, 2008

Following up the article in the Sun-Sentinel that we referenced in our last post, we wanted to look at the data on the actual number of closed sales for oceanfront condos in Miami(Dade County) and Fort Lauderdale (Broward County).

Below are charts that show the average number of closed sales for 6 months back to present. Although, the numbers are not radically increasing there is a positive trend. More people are buying. Furthermore, in Miami there are currently 202 contracts pending and in Fort Lauderdale there are 178, indicating a continuation of this trend.

The actual number of closed sales in Fort Lauderdale are slightly greater than Miami. That surprised me, however, prices in Fort Lauderdale are less than you would find in Miami.

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Categories: Buying Real Estate, Condo Statistics, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos

International and Out of State Condo Buyers Swoop In On South Florida

posted by Susan Reiter on May 18, 2008

As reported by the Sun-Sentinel, today, the real estate bust is a big boon for foreign buyers. They are buying in now because they believe the region remains a powerful long-term draw. Some condos are selling at 25-60% less than during the boom times. Flush with cash, buyers from Italy, Germany, England, Spain and other countries are scooping up condos here for at least 30 percent less than the cost of properties in their homelands.

We study the statistics and data on oceanfront condo sales in Miami, Fort Lauderdale and Palm Beach, and the trend is indicating an increase in sales in all three areas. Watch for trend data on our next post.

Sunny Isles Oceanfront Condo Skyline

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Categories: Buying Real Estate, Condo Statistics, Deals, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, Palm Beach Oceanfront Condos

Trump Sells Palm Beach Home for Record $100 Million

posted by Susan Reiter on May 17, 2008

80,000 square feet on 6 acres of unobstructed ocean views…sold.  As reported by the Palm Beach Post.

Mr. Trump first listed the home at $125 million. But he recently dropped the price to $100 million, he declined a $90 million offer last year. The deal would set a record for Palm Beach, but not for the U.S.

Even at the ultra ultra high end…there are deals to be had :)

trump palm beach home

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Categories: Buying Real Estate, Palm Beach Oceanfront Condos

Beach Club Hallandale- What Has Sold and Are There Deals?

posted by Susan Reiter on May 10, 2008

For readers that are not familiar with The Beach Club in Hallandale Beach, it consists of three towers Beach Club 1,2 and 3 with a total of 1200 units between the three towers. The Beach Club is an extremely sought after condo for investors and second home buyers for many reasons. The three most outstanding reasons for its popularity are:

  • Location: Minutes from Fort Lauderdale Airport
  • Fantastic Amenities with three pools and full service gym and spa
  • Attraction and ease for seasonal rentals
  • Units with Incredible Views
  • Directly on the Beach

We continually receive inquiries by investors and second home buyers as well as renters interested in this development. All buyers are looking for purchasing opportunities. We wanted to offer some statistical data that will provide an insight to the actual activity at the Beach Club.

Below is a chart providing data on the activity at the Beach Club for the past 6 months.

beach club closed sales and active sales data chart

There are approximately 20% of the units on the market and that seems to be pretty consistent for the Beach Club. For many buildings in today’s market that is not out of the ordinary. Some of the newest buildings are averaging 30% or more.

In the past 6 months there have been 18 units sold. Of the 18 units only one sale was from a bank owned property. The other sales were from sellers with varying degrees of motivation. Sale prices averaged 12% of the asking price. Not surprising, none of the closed sales resulted from short sales.

As we have previously written in our blog, the opportunities are out there NOW. There are savvy buyers out there taking advantage of this buyers market. Although there have only been 18 closed sales in the last 6 months, right now there are 25 pending sales under contract! Activity most definitely is picking up.

Available units for sale at the Beach Club 1

Available units for sale at the Beach Club 2

Available units for sale at the Beach Club 3

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Categories: Beach Club Hallandale, Buying Real Estate, Condo Statistics, Deals, Fort Lauderdale Oceanfront Condos

Diplomat Residences-Hollywood-Oceanfront Condo Sales Update

posted by Susan Reiter on May 1, 2008

diplomat-residences condo hollywood

We receive numerous inquiries for the Diplomat Residences in Hollywood. It has been a while since we provided an update on this Oceanfront Condo so here is a look at the current activity as well as a look at the activity for the past 6 months.

  • There are currently 33 units on the market/ 24% of the building is for sale
  • There are a total of 135 units in the building
  • Prices being offered range from $759,900 to $2,299,000
  • In the Past 6 months there has been 7 closed sales
  • 6 of the 7 units that sold were sold at a price within 5%-10% of the asking price
  • Closed sales have ranged from $317 per square foot to a high of $652 per square foot
  • Closed sales were for units that ranged in size from 2458 sq.ft. to 3178 sq.ft.
  • As of today there are 3 units that are under contract but have not closed as of yet

Although there are many units on the market, sellers are getting pretty close to the asking price. Many of these units have had numerous price decreases.

As you can see by the number of units that closed and the number of units that have gone to contract… there are buyers out there taking advantage of luxury oceanfront condo opportunities.! Diplomat Condos for Sale.

Diplomat Residences Hollywood Oceanfront Condo

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Categories: Condo Statistics, Diplomat Oceanfront Residence, Fort Lauderdale Oceanfront Condos
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