South Florida Oceanfront Condo Post Season Activity

April 29, 2012 By

Some of the buyers that I work with have the mindset to wait until after the peak season to move forward with buying an oceanfront condo. The thought process is that there may be more motivation from the sellers now that South Florida is in a “slow season”.  There has not been a slow down in sales along the coast for new oceanfront condos. In fact, there is an increase in activity.

Here are some statistics that reflect the Post Season Sales activity in Miami Beach and up the coast including Sunny, Isles, Bal Harbour, Hollywood -Hallandale, and  Fort Lauderdale.

The information provided below is based on information from the MLS and it reflects oceanfront condos built after the year 2000.

  • The the past 30 days 101 condos were sold and are pending closings.
  • 35 sales were for over $1 million dollar list price
  • 40 condos were on the market for 60 days or less
  • 22 condos were on the market for 30 days or less
  • 15 condos were on the market for 10 days or less
  • 20 of the 101 condos sold never had a price reduction
  • 21 of the sold condos had price increases prior to being sold
The oceanfront condo buildings with the most activity in the past 30 days are:
Those are the statistics as reported.  What I am seeing as I search for condominiums for my buyers are that the inventories are down considerably.  6 Months ago there were several options to choose from in a set price range in many of these key buildings.  The sales activity has absorbed so much inventory that now the choices are limited.
South Florida oceanfront condominium market has out performed every other market in the United States.

 

 

Filed Under: Beach Club Hallandale, Buying Real Estate, Canyon Ranch, Caribbean Miami Beach, Miami Oceanfront Condos, One Bal Harbour, Trump Towers-Sunny Isles Tagged With: , , , , , , , , , ,

2012 Oceanfront Condo Boom In South Florida- Yes, Boom !

February 6, 2012 By

We receive calls from all over the world inquiring about oceanfront condominiums in South Florida.  Buyers  contact us for premier oceanfront condominiums in Miami Beach, Bal Harbour, Sunny Isles, Hallandale/Hollywood, Fort Lauderdale and Boca Raton.  In those specific areas, the trend is consistent.

It is understandable that buyers are coming to town with a perspective on the housing market that they read in the press.  The information out there does not impress enough about the incredible “condo boom”.  Yes, I used the words that we haven’t heard since 2005.  Prices are up and inventories are way down.   There are articles written about how the market is “starting to improve” but you have to be in the market to really understand the anomaly of the oceanfront condo market.

When negotiating an offer for real estate of course we analyze the recent closed sales.  However, in this incredibly fast paced market that is not the whole picture.  Recently I was working with a buyer and there was a  recent closed sales reported in the same line a comparable unit for $100,000 less than current asking price.  That particular situation was a short sale that had an 18 month administrative nightmare to close. There were mitigating circumstances to that sale.   The other factor that has to be considered is that at this point in time, the inventories have changed.  If a specific condominium  is the only one on the market today, and the seller is turning away offers unless the offer is close to asking price,  it is what it is.  The condominiums that have great views, good spaces and in good buildings are selling.

Prices are still below the high’s of 2005 but they are no longer at the low’s of 2008.  Prices are moving up and there is plenty of data to support that.  This is the market today.  Buyers that we work with that are ultimately going to be end users  adjust and understand the market today.

South Florida oceanfront condominiums from South Beach to Palm Beach…. the boom of 2012 !

Filed Under: Buying Real Estate Tagged With: , , ,

Blogsouthflorida- Updated and Easier to Use

January 21, 2012 By

 

 

 

 

 

 

 

 

 

 

 

 

 

Blogsouthflorida has changed ! We have simplified the experience for our visitors. Buyers and Sellers looking for oceanfront condominiums and homes in South Florida can now simply and easily read the latest news on each building as well as look at the available condominiums for sale. We have also made it easier for visitors to contact Susan Reiter directly for any questions or inquiries regarding active listings, condo information, closed sales or the “inside track” on what’s happening.

We have other exciting great changes on the horizon!!!!!!

We welcome your feedback.

Filed Under: Buying Real Estate

Condo Sales on Miami Beach- What’s Happening?

August 17, 2011 By

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The big news about Miami Beach Oceanfront Condo Real Estate is that resale inventories are down over 25% from a year ago and sales are up.

From  May 2009 to July 2010 buyers had many magnificent oceanfront condos to choose from.  During that time period, the large inventory created competition on the selling side softening prices.  That has changed.

From May 2010 to July 2011, we have seen a significant drop in inventories.  The very low priced units have been absorbed and prices have firmed up.

The following statistics are based on oceanfront condo sales in Miami Beach priced above $700,000.  Most of this data is based on the resale market but some developer units are included in this data.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The South Florida peak season, November through May, is when most of the oceanfront condo sales occur.  In 2009-2010 there were 123 reported sales of oceanfront condos during this period.  A year later In 2010-2011 there was a 39% increase in sales with reported condos sold, 204 in total.

This trend is expected to continue as inventories continue to decline and South Florida continues to attract cash buyers from around the world.
Miami Beach oceanfront condos such as Bath Club, Canyon Ranch, Caribbean, Continuum South Beach and Trump Properties in Sunny Isles all have very strong reported sales and inventory reductions.

Filed Under: Buying Real Estate Tagged With: , , ,

St. Regis Residences Bal Harbour Nears Completion-Exceptional Luxury

June 19, 2011 By

If I was going to rate the oceanfront condos along the coast from South Beach, Miami Beach, Bal Harbour, Sunny Isles, Fort Lauderdale and Boca Raton there would be a definitive list of condos that in my opinion would deserve the “luxury” label.  That being said the St. Regis Bal Harbour is about to emerge at the top of the list.

The St. Regis lifestyle worldwide is recognized as providing outstanding courteous service, privilege and sophistication. A descriptive quote from St.Regis Bal Harbour says it all, “Experience the future of legendary luxury, St.Regis Resort & Residences, Bal Harbour, a peerless haven of oceanfront elegance, quiet unwavering taste, and anticipatory service.”  The hotel may easily become the first 5 star property in Southeast Florida.

That level of quality living situated in Bal Harbour will make this one of the most unique oceanfront condos available.  The residences offered include a 3884 square foot 3 bedroom plus media room corner flow through unit, with another 1132 square feet of balconies.  The balconies on all the units are exceptionally deep greatly extending the living space.

Sales have steadily moved along during the past few years and have picked up considerably in the last 6 months as prices have been adjusted, with many of the most desirable units sold.  My predication is that clearly once the models are completed, the lobby finished and a taste of the service experienced sales are going to go very rapidly.  That predication is supported by the fact that the completion of St Regis Bal Harbour will coincide with the timing of  peak season and the worldwide understanding that the South Florida Oceanfront Condo market is a great buy.

I am working with buyers that understand that moving forward now offers a great advantage.  Buying in pre-construction offers the buyer a greater selection of available oceanfront units as well as the best pricing.

Construction is nearing completion with occupancy expected by year end.  You can see the St. Regis Bal Harbour three towers progress from the outside. The interior is at the point where you can clearly visualize the finished property.

St. Regis Bal Harbour is going to be a majestic addition to the South Florida oceanfront condo market.

Filed Under: Best of the Best Oceanfront Condos, Buying Real Estate, Miami Oceanfront Condos, St.Regis Bal Harbour Tagged With: , , , , , ,

Golden Beach Homes-Oceanfront or Intracoastal Living

June 12, 2011 By

 

There are oceanfront condo buyers in the market that really want very large living spaces.  What I have found for some of these buyers are that although the lifestyle and ease of living in a condo is most desirable, the space cannot fully accommodate their need for a large living area. A home in  Golden Beach is a great option.  Homes are available either directly on the ocean or directly on the intracoastal waterways.

Golden Beach is an oceanfront town that is 1.3 miles long and is in the northernmost portion of Miami.  It is composed of only 370 single family homes most of which are either on the intracoastal waterways or the ocean.  The city has their own police force and its own government including an elected mayor.  As you drive along Ocean Blvd. you know immediately that you are driving through Golden Beach.  The city is in its final stages of renovation which included the installation of magnificent Royal Palms all along Ocean Blvd.  The renovation also included the burying all electrical wires underground, revamping the few parks, and renovating all the community bridges.

Real Estate opportunities in Golden Beach run the spectrum.  You can buy one of the most magnificent homes in South Florida situated directly on the ocean for anywhere from $9 million to $18 million. There are also two oceanfront lots on the market starting at $3.5 million.  These lots were at one time offered for double the price. Prices are comparable to specific communities in Miami Beach or Fort Lauderdale.

There are more moderately priced homes built in the 90′s and homes from the 1950′s that have been renovated keeping the period charm. There are projects to embrace as well.  A 1947 tear down is on the market for $565,000.

If ultra-modern is your taste there are a few homes that fit that style.  There is a brand new 5500 square foot home on the intracoastal waterway with white glass flooring and every modern minimalist design feature available.

The location of Golden Beach is ideal. Minutes from Miami Beach shopping and fine restaurants, minutes from the Fort Lauderdale Airport, and Aventura.  This is a very unique City with great real estate options in a great location !

Filed Under: Buying Real Estate, Golden Beach Homes Tagged With: , , , , ,

Trump Towers Sunny Isles Great Ocean or West Views at an Attractive Price

May 24, 2011 By

 

Where along the coast can you find an oceanfront condo with spectacular ocean views, large spacious rooms, newly built construction, full service amenities including restaurant on premises, minutes from the airports as well as minutes from the finest Miami Beach restaurants and shopping all for around $450-$500 per square foot?  Trump Towers Sunny Isles.

Sunny Isles is located just north of Bal Harbour. Moving south to a comparable building in Bal Harbour or Miami Beach prices will cost a minimum of $250- $300 per square foot higher. Moving to the south to South Beach, count on double the price.

Trump Towers Sunny Isles consists of three towers.  Tower One has been sold out for quite a while, Tower Two is about 90% sold out.  Sales for Tower Three opened in December and sales activity has been incredible. In 5 months 53% of the available units have sold.

Buyers are coming from all over the world to take advantage of today’s prices on the ocean.  The majority of transactions are cash and the inventories are moving.

There are 195 two bedroom units and 76 three bedroom layouts.  The premier direct oceanfront floor plan is a spectacular 2928 square feet of panoramic direct ocean views with an expansive balcony of 395 square feet.  As in many oceanfront buildings there is a premier line offering the largest square footage and the best views.  This floor plan in Trump Towers is highly sought after.

The west views on high floor are just about as good as it gets for west views. The floor plan offfers 1466 square feet of living space and another 225 square feet of balcony.  Trump Tower III is situated at the southern most end of Sunny Isles. Just south of Sunny Isles is Haulover State Park and the views are wide open to beach, intracoastal boating, mangroves and Florida at its natural state.   From a high floor in this floor plan your views include beautiful downtown Miami including the cruise ships docked at Government Cut.

The overall statistics are record breaking. Looking at just Sunny Isles data for all condominiums, inventories are down over 20% from 6 months ago.  Pending sales in the past two months are up almost 30%.

As all buyers today are looking for the right property at the right price, again, here is a brand new building priced right and selling fast.  The oceanfront condo market is very specific and supply is limited. Buyers who have been thinking about buying for years are coming forth.

Filed Under: Amazing Views, Buying Real Estate, Deals, Miami Oceanfront Condos, Trump Towers-Sunny Isles Tagged With: , , , , , ,

Canyon Ranch Miami Beach Condo Sales-12 Month Review

May 10, 2011 By

 

As we move into the summer months, this is a good time reflect on real estate activity at Canyon Ranch Miami Beach for the past 12 months.

All along the coast in South Florida, sales for direct oceanfront condominiums were dramatically up.  In some buildings, inventories reached unprecedented low levels, especially for condominiums with the most desirable direct oceanfront views and priced well.

In line with the rest of the market along the coast in Miami Beach, Bal Harbour, Sunny Isles, Hallandale/Hollywood, Fort Lauderdale and Boca Raton, Canyon Ranch appreciated tremendous sales activity.

Here is a recap of closed sales in each tower for the past 12 months( data is sourced from the IMAPP tax records):

South Tower- 31 closed sales.  Closed prices ranged from a low of $280,000( foreclosure) to a high of $2.5 million.

Carillon Tower- 39 closed sales.  17 condo hotel units and 22 condominiums on floors 11-14.  Prices ranged from a low of $250,000 to a high of $660,000.

North Tower- 19 closed sales- Prices ranged from a low of $488,000 to a high of $2,185,000.

We proudly participated in many of the successful transactions representing buyers, sellers or both.  We successful sold many of our listings this past season.

Although, we have entered our traditionally slow season, activity is still prevalent with over a dozen units under contract pending closings.

Our expectations for the upcoming winter season continue to be strongly optimistic as Canyon Ranch continues to receive world wide recognition and positive press.

Filed Under: Boca Raton Oceanfront Condos, Buying Real Estate, Canyon Ranch, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, Wellness and Healthy Living Tagged With: , , , , ,

Buying a direct oceanfront condo with "WOW Factor" views

May 4, 2011 By

There are thousands of oceanfront condos along the coast of South Florida from South Beach to Palm Beach.  Oceanfront condo means that the footprint of the building is situated directly on the sand.Within each building there are many different floor plans offering variety of views; ocean views, west views, north or south views, etc.

Many of my clients from all over the world have the following specifications:

Relatively new building

Direct Oceanfront

3 bedrooms

Minimum 2500 square feet

and it must have the “Wow Factor”.

The “Wow Factor” is pretty self explanatory. You walk out of your private elevator foyer, go through the doors and you see the magnificent gorgeous colors of our tropical turquois ocean framed by floor to ceiling windows in a wide open spacious room.  And then you say “Wow”.

Here are some of my favorite new oceanfront condo buildings along the coast that offer spectacular ”Wow”views:

Trump Towers- Sunny Isles

Caribbean- Miami Beach

Bath Club Town homes- Miami Beach

One Bal Harbour- Bal Harbour

Turnberry Ocean Colony- Sunny Isles

One Thousand Ocean- Boca Raton

Luxuria- Boca Raton

Trump Hollywood

Each building has its own location, personality and price point.

We have seen incredible sales activity this past winter season and strong sales activity has continued into spring.  The well priced most desirable units are actively and rapidly selling.

As I have written many times, great buying opportunities continue to be evident on developer offered units.  Every buyer today is looking for a buying opportunity, I have introduced many of my buyers to developer units with great satisfaction.  In today’s market there are only a select few developer opportunities out there.  Trump Towers, Sunny Isles for example offers an amazing 3 bedroom 2928 square foot direct ocean unit.  Trump Towers has seen incredible sales, as their pricing is very attractive.

This is a very unique market with a very select number of outstanding properties that fit this criteria.

Filed Under: Amazing Views, Bath Club, Best of the Best Oceanfront Condos, Buying Real Estate, Caribbean Miami Beach, Luxuria, Miami Oceanfront Condos, One Bal Harbour, One Thousand Ocean, Trump Towers-Sunny Isles, Turnberry Ocean Colony Tagged With: , , , , , , , , , ,

Pompano Beach- The New Hollywood Beach for Oceanfront Condo Deals

March 12, 2011 By

New oceanfront condo construction in Hollywood Beach offers several wonderful buildings.  There is the Diplomat Residences, Ocean Palms, Villas of Positano, the Beach Club in Hallandale and now Trump Hollywood. I have written numerous articles about finding the best oceanfront buys along the coast in these few buildings.  On a dollar per square foot basis for direct oceanfront views, spacious floor plans, great amenities and a nice new building these buildings are the buy.

Hollywood and Hallandale attracts buyers from all over the world looking for an oceanfront vacation home in South Florida priced well.  It is an area that has old Florida charm mixed with luxury oceanfront condos. There are many neighborhood restaurants and there is the Hollywood Broadwalk.  Second homes purchases in this area have remained strong throughout the economic down turn.

There is a new area that has similar characteristics to Hollywood.  Pompano Beach is beach town mixed with old Florida charm, older condominiums and new Luxury buildings.  Many buyers are now moving north to Pompano Beach to take advantage of several opportunities in new very well priced condominiums.  These opportunities are a little different because they are across the street from the ocean, but they each offer spacious floor plans in new buildings with nice amenities, at todays prices.

Oceanside Pompano Beach consists of 186 condos, half facing the intracoastal and half facing east towards the ocean.  Preciously owned and developed by WCI, the current owners set competitive pricing and they are selling fast.  For example,  there is an unobstructed beautiful west views on the 12th floor that is  1462 square feet with an asking price of $512,000.  That works out to $350 per square foot.  This building has outstanding amenities and the units have nice quality finishes and top of the line appliances.

Sonata Beach Club is another option of interest.  These are large 2 bedroom plus den condos with ocean views. For example there is a mode that is 2529 square feet, asking price $855,000, $338 per square foot.  It offers a fantastic open floor plan, huge balcony and expansive ocean views.

Another option down the street in Fort Lauderdale is the Sapphire Condominium.  Again, it is across the street from the ocean but you can buy a 1630 square foot 2 bedroom plus study on the 8th floor with great ocean views for $619,00, $379 per sq. ft.

This season is probably one of the busiest oceanfront condo buying seasons ever in South Florida.  At Oceanside Plaza, at this point in time there were only 6 intracoastal facing units left. Every other unit is sold.  I was there last weekend with a client and the sales office was non stop with buyers.

Ocean Palms is a great building to analyze that represents the intense buying activity along the coast. 54 units have either sold or are pending sale in the past 6 months.  Currently there are only 11 units for sale on the market.   6 months ago if I remember correctly there were probably about 50 condos for sale.

There isn’t a buyer today in whatever price point they are in that isn’t looking for a buying opportunity.   Many of the buyers I speak with clearly feel this is the time to buy and are concerned about missing these great opportunities.  Some buyers are even sorry they didn’t buy 6 months ago.

Filed Under: Beach Club Hallandale, Buying Real Estate, Deals, Diplomat Oceanfront Residence, Fort Lauderdale Oceanfront Condos, Ocean Palms Hollywood, Oceanside Pompano Beach, Sapphire Fort Lauderdale, Sonata Beach Club Pompano, Trump Hollywood, Villas of Positano Tagged With: , , , , , , , , , ,
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