Buyers in a certain price point looking for an oceanfront condo in Miami Beach as a second home in South Florida come with specific wants and needs. Generally speaking buyers I work with want a new building, great amenities, building that sits directly on the sand, good location and an upscale environment. There are choices. In South Beach such as the Continuum , prices will run well over $1000 square foot. The other fewer new wonderful buildings such as Caribbean, Mei, and Bath Club have very few units available to choose from. The Caribbean, a fantastic buildings also boasts sales over $1000 per square foot. Canyon Ranch is minutes north of South Beach and a great option.
Canyon Ranch on the other hand has a history of closed sales prices ranging from $500 square foot to around $900 square foot. In the past 6 months there have been more than 26 closed sales reported ranging from $2.6 million to $295,000. Inventories have diminished greatly, the developer has a handful of units left and the resale market has been incredibly strong. Canyon Ranch offers everything the second home buyer desires: new building, outstanding amenities, 6 acres on the ocean, location and the icing on the cake: relaxing healthy lifestyle.
Canyon Ranch offers the criteria that so appeals to second home buyers especially those that are commuting from the Tri State New York area, the midwest or even Canada. I have had several clients call me regretting that they did not buy last year when prices and inventories were more robust. However, they are buying now while there still are opportunities for them.