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

You betcha !

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

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!!!

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:

In today’s market there have been great buying opportunities in luxury oceanfront condos as they go through their completion phase. Buyer’s/investors that bought in several years ago, that do not want to close will offer their units at deeply discounted rates. Furthermore the developer will take back some units that they do not want to keep in inventory and they will price these units aggressively as well. This scenario is exactly what transpired recently at One Bal Harbour and at Canyon Ranch. Timing was exactly right for savvy buyers that took advantage of these opportunities and bought in to magnificent oceanfront condos at very attractive prices.

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I anticipate that at the Mei, there will be similiar buying opportunities as well.

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Prices at the Mei Start at the low $700’s. There will only be a total of 134 residences, 8 per floor. with a total of 22 floors.

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The Mei located at 58th and Collins in Miami Beach is in the premium area of “Millionaire’s Row” . Nearby oceanfront condos include Bath Club, Canyon Ranch, Aqua and the Fountainbleu. Mei is midway between South Beach and Bal Harbour and minutes from the airport expressway.

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Mei is a contemporary Asian influenced design. Created by the world renowned Hirsch/Bedner team of interior design, creators of the Mandarin Oriental Hotels around the world. Mei’s elegant entrance lobby is complemented by a unique Tea Lounge and Library, as well as the resident’s Spa and Fitness Center which leads to the oceanfront pool.

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Detailed Information on the Mei In Miami Beach at 5875 Collins Avenue, click here.

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Trader Monthly, a magazine and online information resource, ranked the world’s best trading cities. In today’s world of connectivity, “where you trade matters less than what you trade.” The editors set out to rank 50 of the top cities constructing a matrix that combined a mix of business and lifestyle criteria. The factors included; entertainment, nightlife, recreation, weather, taxes and other factors. Miami ranked 5th in a list of very impressive cities. Here is the ranking of the top twenty:

1. 1. Chicago

   2. London

   3. New York

   4. Hong Kong

   5. Miami

   6. Sao Paulo

   7. Los Angeles

   8. Paris

   9. Toronto

   10. Dubai

   11. Boston

   12. Houston

   13. Dublin

   14 .Monaco

   15. Tokyo

   16. Sydney

   17. Las Vegas

   18. San Francisco

   19. Denver

   20. Dallas

   It is always interesting to read other views on what a great place South Florida is!!!

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.

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.

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

Within the last 30 days, there were two reported closed sales in Broward County for luxury oceanfront condos that each sold for almost $1 Million less than the asking price. There are buying opportunities now in all price points.

As I have written before, great buying opportunities exist when a building is being completed and the developer offers the last of their units for sale. Quite often the developer holds back the most desirable units until the other units are sold. A huge reduction off the asking price was recorded for a sale at the Las Olas Beach Club. It was a developer unit that had an asking price of $3,500,000. The unit has 4,466 square feet under air and 6,403 with balconies, 4 bedrooms 3 and one half baths. It was sold for $2,500,00. Units available for resale at Las Olas Beach Club. That calculates to $559 sq.ft. Sales in Las Olas Beach Club have ranged from $411 sq.f.t to $562 sq.ft.

The other $1 Million reduction was at the Villas of Positano. This unit was being offered for $4,600,000 and sold for $3,550,000. It was 5,040 square feet under air and over 6,000 square feet with balconies. It has 3 bedrooms 3 baths and 2 half baths. This is a corner unit directly on the ocean. Units for sale at Villas of Positano. Square foot prices for closed sales have ranged from $345 to this sale which calculates to$704 sq.ft.

Canyon Ranch offers luxury oceanfront condos, a complete healthy lifestyle and right now incredible buying opportunities.

The South Tower has begun closings. The North Tower will begin closings in a couple of months and the hotel and incredible spa facilities will be completed this summer as well. This multi-use project is like non other. The lifestyle and amenities offer an immersion into healthy living on all levels. The options are so extensive but your level of participation will be total personal.

Buying into a luxury oceanfront condo in South Florida has tremendous appeal. Add in the complete lifestyle immersions available to you everyday and night and this project is truly something special. Now here comes the icing on the cake; there are buying opportunities right now. A few select units are being offered by the developer at 2003 price levels and they are selling fast.

The pictures in this post were taken from a corner flow through unit in the South Tower with direct ocean, intracoastal and downtown Miami views.

If you are thinking of buying a luxury oceanfront condo in Miami or South Florida….Canyon Ranch is something really special. RUN DON’T WALK!

Here are Canyon Ranch Condos For Sale These listings are not developer units but resales from previous purchasers. If you would like information on some particularly interesting opportunities…let us know.