The information resource for Luxury Oceanfront Condominiums in Miami, Sunny Isles, Bal Harbour, Fort Lauderdale, Boca Raton and Palm Beach. (954) 632 3266

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In the last 30 days 59 oceanfront condos went to contract in Miami.  In Fort Lauderdale (Broward County) 55 oceanfront condos sold.  Interestingly, they span the price spectrum. The most expensive unit to go to contract in the last 30 days was a 5 bedroom unit on Fisher Island that was listed for $12,900,000.  The lowest priced unit was in the hundred thousands.

Here are some specific examples of what oceanfront condos went to contract within the last 30 days.

MIAMI

Bellini- 10225 Collins Avenue-Bal Harour- A double unit over 7600 square feet.- 5 bedrooms 6 and one half baths

• Highest Asking price $7,695,000 $1007 per square foot (this is a very unique spectacular space in Bal Harbour)
• Asking Price Now:  $4,999,999   $654 per square foot
• Price Reduction: 35%
• Days on Market 197 

The Continuum South Tower- 100 S. Point Drive- Miami Beach- 1870 square feet 2 bedroom 2 bath

• Highest Asking price $2,500,000 $1336 per square foot
• Asking Price Now:  $1,800,000   $962 per square foot
• Price Reduction: 28%
• Days on Market 97

The Akoya- 6365 Collins Avenue- Miami Beach- 808 square feet 1 bedroom 1 bath

• Highest Asking price $564,900 $699 per square foot
• Asking Price Now:  $379,900   $470 per square foot
• Price Reduction: 32%
• Days on Market 41

• Highest Asking price $545,000 $347 per square foot
• Asking Price Now:  $530,000  $337 per square foot
• Price Reduction: 3% ( Priced Aggressively)
• Days on Market 94

 

The St. Regis Resort and Residences Bal Harbour is under construction and you can see the towers rise.  It will eventually be 27 stories high on nine acres of lushly landscaped gardens and 1,000 feet of white sand beaches.

Each tower will have its own private lobby entrances, security, valet, and covered parking, as well as access to all anticipatory services provided by the St. Regis Hotel.   The St. Regis Resort and Residences, Bal Harbour will feature 268 Residence, 36 condominium-hotel suites, 183 hotel roms, 24 fractional ownership Residences in three all-glass towers.

Exclusive to St. Regis Hotels and Resorts, Remède Spa offers a comprehensive menu of customized and results oriented facial, massage and body treatments.  To create the decadent spa experience that is unmistakably Remède, the luxurious treatments are combined with signature touches, including; chilled champagne, Jacques Torres truffles, and Kashwére throws.

St Regis Bal Harbour available units range from 2 bedroom 2 and one half baths to 3 bedrooms media room and 3 and 1/2 baths.  Square footage ranges from 1,777 square feet to over 3,884 square feet, and prices range from $1,944,900 to $7,126,900.   Per square footage prices range from $1094 per square foot to over $1835 per square foot.

It is exciting to see the construction underway and we look forward to watching its progress in the coming months.

To give our readership a look at the luxury oceanfront condo market we have selected a sampling of luxury oceanfront condominiums in Miami Beach.  Mosaic, The Bath Club and The Continuum South Tower, the Continuum North Tower.     The data we are providing will reflect the varying building sizes, the number of units for sale, the price ranges and recent sales data.  These three buildings were picked merely as a representation of new luxury oceanfront condos in Miami Beach.  

A few notes about the data, The Continuum in South Beach is the largest of the three properties with 517 units but only 15% of the building is offered for sale.   The desirable Continuum in South Beach offers the premier…location, location, location!   Continuum sales price per square foot have not been any lower than $717 !

On the other hand Mosaic is the smallest of the three condos with only 86 units.  30% of the building is for sale.  That is higher than the average of about 20% for most newer luxury oceanfront condos.  

Of the three buildings the best price per square foot that was sold was at the Bath Club for $315 square foot.  Somebody got a really good deal.  The lowest priced sale was also at the Bath Club for $650,000.

Across all markets we have seen the stabilization of inventories and are actually starting to show a decline in inventories.   Less condominiums on the market.  Furthermre, the National Association of Realtors reported an increase in pending home sales from July to August.

Several large scale investors such as Jorge Perez and others are stepping in to take advantage of current market conditions and attractive prices.  Real estate will have its ups and downs but unlike paper invesments…..real estate is real property !

 

 

 

 

Turnberry Ocean Colony North, Turnberry Ocean Colony South,  Acqualina and One Bal Harbour are luxury oceanfront condomimiums in Sunny Isles and Bal Harbour.  All three properties are relatively new.  Following our previous post, we wanted to provide our readers with a market profile for select buildings in the Sunny Isles Bal Harbour area. 

Certain markers of interest, Acqualina has the lowest percentage of units on the market, only 12%. One Bal Harbour had the lowest priced sale at $1.2 million as well as the lowest price per square foot sale of $601 per square foot.  Turnberry Ocean Colony has had 11 closed reported closed sales in the last 6 months One Bal Harbour had 22 closed sales.  When One Bal Harbour units closed there were many investors that put it right back on the market.  

Closed sale data is based on information from the last 6 months.    

South Florida newer condominiums have been averaging around 20% of the building on the market for the past year.  That number hasn’t increased in fact, as I mentioned in a previous post, inventory numbers appear to be on the decline.  

Several large scale investors such as Jorge Perez and others are stepping in to take advantage of current market conditions and attractive prices.  Real estate will have its ups and downs but unlike other investment instruments it is real property !

 

 

We wanted to provide our readers with a concrete look at specific buildings in today’s the market. We have selected Ocean Palms, Diplomat Residences, Beach Club1,  Beach Club 2, Beach Club 3, and Villas of Positano in Hollywood.  

Each one of the buildings we selected have their own very specific characteristics.  Beach Club is of course the largest with a total of over 1,200 units whereas Villas of Positano only has a total of only 65 units.  

Ocean Palms has the lowest percentage of units on the market.   Diplomat Residences has the highest, 26% of the total building on the market.  

The closed sales data is based on the past 6 months.  The lowest closed price per square foot was at the Beach Club at $252 per square foot and surprisingly followed by the  Diplomat Residences at $253.   Not surprisingly the lowest sale price was at the Beach Club. 

South Florida newer condominiums have been averaging around 20% of the building on the market for the past year.  That number hasn’t increased in fact, as I mentioned in a previous post, inventory numbers appear to be on the decline.  

Several large scale investors such as Jorge Perez and others are stepping in to take advantage of current market conditions and attractive prices.  Real estate will have its ups and downs but unlike paper investments….it will not evaporate !

 

 

 

 

 

 

According to the Wall Street Journal Wealth Report,  a survey of high net worth individuals say they are cutting back for fear of what the future might bring.  Categories hardest hit will be SUV’s, jewelry, handbags, leather goods and private jet usage.

The Silver Lining: Real Estate.  The survey found that three quarters of the respondents cited real-state as  ”an opportunity”, compared with about a quarter who cited it as a “risk”.

30% are in the market to acquire real estate this year.

In another Wall Street Journal article, “Is Now A Good Time to Buy a Home?”

Their answer is, yes if you ……

• have access to credit
• have fat cash reserves
• aren’t already over-exposed to real estate
• expect to hold the proerty for at least two years…

Then now is an excellent time to buy!!!

 

Turnberry Ocean Colony

Through my research I come across “break out” properties. I call these South Florida Oceanfront properties “break out” properties because they stand out from the inventory.  Certain properties that I identify are very  unique and presents attractive buying opportunities.

Criteria that I analyze that makes these “break out” properties unique can include some or all of the following:

Building Quality & Amenities

• View
• Square footage
• Number of bedrooms
• Price per square foot
• Price
• Comparables
• Location
• Uniqueness

 

I have found that when I have identified these properties, they always sell rather quickly. So even though the Average Days on the Market for most waterfront condos is about 156 days, these opportunities sell considerably quicker than that.

Here is an example. Most recently, at the Diplomat Residences in Hollywood, there was a 3,000 square foot direct oceanfront unit that was being offered for $1,199,000 on a high floor.  We can pretty much assume that it sold for less than asking price. Comparable units were going for $1.9 million a year ago.  This particular unit has gone to contract.  The next somewhat comparable unit is being offered today for $1.5 million.

I have identified “break out” opportunities in several extraordinary buildings, including Ocean Palms, Turnberry Ocean Colony, One Bal Harbour and  the Continuum in South Beach just to name a few.  They are out there!

This is such an exciting time for the oceanfront condo market!

The economy and housing situation has been very well documented in all forms of the media. However, Many people see this as a time of opportunity, especially in the luxury oceanfront condo market.

In the luxury oceanfront condo market in a first class building, there have been some incredible opportunities. We recently worked with a buyer at the Diplomat in Hollywood and were able to negotiate an oceanfront condo at an incredible price. This was a high floor direct ocean views. Regardless of what the market does over the next few months, this was a great deal.

There are some very shrewd buyers out there taking advantage of spectacular opportunities.

At this point in time, I wanted to take a look at pending contracts in south Florida in Miami, Bal Harbour, Sunny Isles, Hollywood, Hallandale, and Fort Lauderdale. There are 55 luxury oceanfront condos listed above $1million under contract. There are buyer’s out there seizing the moment…….

Here is a list of oceanfront condo’s over $1million under contract as of today, July 30, 2008:

As, reported by the Wall Street Journal, a growing number of rich Russians are house-shopping and buying in costly U.S. enclaves. The WSJ states, the “Miami area in particular is drawing Russians with its upscale shopping, hip nightlife and an escape from Moscow’s harsh winters.”

Donald Trump;s $100 million mansion in Palm Beach was recently purchased by fertilizer mogul Dmitry Rybolovlev.

South Florida attracts second, third and fourth home buyers from around the world.  Visitors to blogsouthflorida.com come from every country imaginable.

As we come to the end of June, a 6 month marker for the year, we thought it would be a good time to take a look at the data. We pulled statistical data for Miami Beach, Bal Harbour, Sunny Isles, Hollywood-Hallandale, and Fort Lauderdale (which includes Lauderdale by the Sea and Pompano Beach). Each city has its own statistical identity which you will see in the charts.

We used the following criteria for the data:

• Oceanfront Condo
• Built after 2002
• Units with over 1500 square feet under air
• Minimum of 2 bedrooms

We are looking at average asking price, average closed sale price, average percentage sold to asking price and the number of condo sales with this criteria. This information was sourced from the MLS of South Florida.

On average, Miami Beach commands the highest price per square foot.

Bal Harbour, a much smaller geographic area has the highest percentage of selling to asking price. Sellers are less negotiable.

Sunny Isles had the highest number of closed sales. Sunny Isles also has a dense concentration of relatively new oceanfront condos built after 2002.

You can see that Hollywood and Hallandale offer the best prices per square foot.

Fort Lauderdale does not have that many newer oceanfront condos.

A footnote to add, there is always a delay of reporting on closed sales so additional closed sales data for June is expected.