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Developer units are selling in Sunny Isles.  There are several new projects, Trump Royale, Trump Grande, Trump Towers, Jade Ocean and Jade Beach. In the case of the Trump Buildings, prices have been adjusted to reflect current market prices and the inventories are moving.  In the Trump Royale, I was working with a client last week that selected a unit and put down a deposit on it.  They flew down one week later interested in looking at the 3 or 4 other units in the line that were available at that time. When they arrived one week later, all the other units in that particular line were  sold out.  Prices are attractive, the buildings are new equipped with all the amenities one would expect from a new building, and they are oceanfront!  Inventories are moving !!!

As I have written many times, I see great opportunities in new buildings with units being offered by the developer.  These days most developers are very tuned into market value and understand where prices need to be in order to move their inventory.

Oceanfront Condo inventories are moving, developer units and resale units.  For the resale market in Sunny Isles, inventories have dropped dramatically… a whopping 37% from November 2008.  Again, oceanfront condos in South Florida are a very unique niche and have world wide appeal.  Sales performance of these unique properties are quite different than what is reflected in the overall housing market.

Buyers that I have recently  worked with that have purchased Developer Units are delighted to be the first owner, are pleased with the prices they have paid and view it as a great long term investment that will appreciate in time…they will enjoy using along the way  !!!

The Developer for Coconut Grove Residences just released a statement that the auction scheduled for this Sunday has been cancelled.  They are stating they had over 100 registered bidders primarily from out of state or international.  But due to the snow storms  the ability of buyers to get to South Florida became a problem.  The units listed for the auction are still available for sale.

The saga of unsold units at Coconut Grove continues……

Coconut Grove consists of a total of only 65 units and is situated on one of the best beaches in Fort Lauderdale. Although Coconut Grove is in a great location in Fort Lauderdale, 21 units remain unsold.  Beyond blaming the economy, for sluggish sales many of the floor plans are quite unusual not making sense for many buyers.   Well the developer is auctioning off the remaining unsold 21 units.  Prices range from $177 sq.ft. $ 327 sq. ft.  If you are interested contact me for registration details and floor plans.

In the peak of the housing market, buyers lined up with fist fulls of cash for the opportunity to secure an oceanfront condo in a new luxury building. We know what happened next, the market collapsed and many buyers walked away from their deposits.  What happened to these luxury oceanfront buildings?

Time has marched on and changes have happened.  Several of the brand new oceanfront condo buildings that were caught in the worst timing possible have been able to restructure their pricing models to reflect today’s market, either through bulk buyers coming in and taking over or through other strategic measures.

Take the Mei in Miami Beach for example.  Prices originally were over a $1000 sq.ft. Months ago they restructured their pricing radically and are now about 80 to 90% sold out.  Direct oceanfront units are priced in the $600-$700 sq.ft. range and north and south units with great views are in the $500 sq.ft. range.

Caribbean in Miami Beach is another perfect example. A bulk buyer came in and bought the project and totally restructured their pricing. Originally units were $1000 sq.ft. and higher.   The premier direct oceanfront corner units are around $690 sq.ft. North and south views are now $300-$400 per sq.ft.

Canyon Ranch is the most unique luxury oceanfront building offering a complete lifestyle supported by amenities unlike any other property. We have several listing at Canyon Ranch and have recently sold several units.  Completion also coincided with unfavorable economic times.  In spite of that, the South Tower has for the most part sold out completely.  The Carillon Tower, which is part condo part condo-hotel has had brisk sales with aggressive pricing opportunities.  The North Tower, offers spacious units priced in the $900-$1000 sq.ft. range.  We are watching the North Tower very carefully as well.

Another building I am watching very carefully and expect to see a major price reduction in is the new Trump Hollywood.  Hollywood and Hallandale as a location does not command prices as high as Miami Beach and direct oceanfront units can be had today in the $400-$500 sq.ft. price range. Trump Hollywood just completed, is a magnificent property which I will post on shortly.  Prices today are being offered from$620-$800 per square foot.  However, I anticipate seeing some price movement in 2010. That being said, this is an exceptional truly LUXURY building with great living spaces and may become the next great South Florida oceanfront condo buy.

Trump Hollywood Luxury Oceanfront

As has been reported, a New York City investor has purchased the Caribbean Miami Beach.  Originally prices for units in this oceanfront building were averaging $848 per square foot.   This is a boutique building with only 103 units, composed of one, two and three bedroom units.  Prices today are starting at $400 per square foot.  Furthermore, maintenance is only about $.62 per square foot.  The building offers a pool, fitness center with a sauna and locker rooms, private wine cellar, private cigar humidor and it is wired offering “Smart Building” technology.

Located on 37th and Collins, it is a super location walking distance to the newly renovated  Fontainebleau, under construction Cipriani’s, Morton’s Steak House and other great restaurants.  Minutes from South Beach, Bal Harbour and Miami International Airport.

The Caribbean consists of two towers, the newly constructed South Tower and the renovated North Tower.  The South Tower has only 4 units per floor. 

The direct ocean units are spacious with spectacular views.  Wide wrap around balconies extends the living space on one of the most beautiful beaches along the coast.  The kitchens have dark wood cabinetry and top of the line appliances.  The master bath is open and extends into the master bedroom with seamless glass walls. 

This is a very interesting project in a great location priced well for today’s market.

Those that follow my posts know that I identify buying opportunities for oceanfront condos.  The oceanfront condos that have proven to be the best buying scenerios have been offered by either motivated sellers or by developers looking to close out their inventory.  In today’s market there are a select number of truly fine buildings that have been finished and offered for sale at the worst possible time.   These new buildings can remain unsold for only a limited time.   Eventually, prices have to reflect today’s market. 

Enter Sonata Beach Club in Pompano Beach.  This is a “boutique building” with only 64 residences.  The largest unit (not counting the penthouse) is 2809 sq.ft. 2 bedrooms plus a den with 3 baths.  The smallest unit is  2497 sq.ft.   These are spacious oceanfront units.  Prices when originally offered were above $1million, averaging $435 per square foot.  Today, these units have been discounted 40%.  A great unit with direct ocean views on a mid to high floor can be had for $800,000, $285 sq.ft.  These are “decorator ready” units that have to be finished out.

For those desiring a large 2 bedroom plus den oceanfront condo in a small building, Sonata Beach is worth a look.

Finished kitchen in a model unit

Model Living Room

Master Bath

Living Room Space

Floor Plan of the Mozart

Building Exterior

Sales are defintely up !  Housing figures are showing an increase in sales. What does this mean for oceanfront condos in South Florida?  Luxury buildings that we follow are showing an increased number of sales all along the coast.  A year ago the numbers were quite different.  South Florida oceanfront condos have a world wide appeal and continue to be a desirable location for a second, third or forth home acquisitions Sales figures in this unique market has shown some incredible activity.

How does that translate to the luxury oceanfront condos that we follow?  The most obvious trend is that the least expensive condos in the luxury buildings are selling.  When prices went down there were some new lows presenting buying opportunites that were previously unheard of.  For example,  the Palms in Fort Lauderale, prices for condos in this luxury building average a $1 million and up.  There were about a half a dozen units priced below $1million and almost all of them have sold.  There are buyers in the marketplace identifying great buildings and picking up great inexpensive buys.

Bargain priced units are not the only condos selling.  Desirable units with  large square footage and/or exceptional views are also selling. Turnberry Ocean Colony has a reported 4 units under contract.  This is one of the finest buildings along the coast.  Prices are well over $1million.

The Beach Club, with 1200 units in total, not surprisingly,  has the most activity of any oceanfront building.  29 units have gone to contract !!!

Here is a sampling of what has been reported as pending sales in several buildings:

There are buyers in the market place identifying great buildings and picking up great inexpensive buys.  There are also buyers that are taking advantage of having several desirable units to choose from.  As we move into the winter season, I anticipate that this activity will increase as buyers jump into the market.   We will continue to see inventories decline as well.

The market today is not a “typical” market where the standard procedures of negotiating applies to every scenario.  Many buyers come into the market expecting to follow the procedures of buyer submitting and offer, seller countering offer,  terms negotiated back and forth.   The scenarios that exist today that I experience firsthand through the numerous offers I present on behalf of my clients run the gamut.  In certain situations, offer-counter-offer, playing it along,  is the way to go.  In other situations….it is what it is.

I want to address properties being sold by owners not in distress.  There are properties listed today, by very motivated sellers.  In some cases, they have priced their property at the rock bottom price that they are willing to sell it at.  No negotiating.  This is a marketing technique.   I have come across this situation several times, from both sides of the fence, representing both a buyer as well as for a seller in which I represent.

One of my listings at Canyon Ranch, unit 301, is priced very aggressively the seller is not negotiating, and that is clearly explained.    I have received offers below the asking price, and I certainly understand why a buyer would try.  However, the issue that I  have come across is that buyers are getting “insulted” that they have not received a counter offer back below the asking price.    The owner has set their bottom price and it is what it is. It is not a distress sale.  There is no negotiating at all …..  The process is not the issue.  The property is the issue. Each property has to be evaluated.   Recently, I was working with a buyer that came in with a very low offer.  The seller responded back with their bottom selling price.  The buyer was insulted.  The process is not the issue the property is the issue.  Evaluating value.

Sales are up in South Florida and there are many many buyers out there scooping up  unique buying opportunities.  Statistics prove it.   We are going into our season and this is going to continue and increase. Building after building that I investigate for my clients are reflecting growing lists of units that have gone to contract and are “pending sales”. Especially, in luxury buildings, the lower priced units are selling.  In Miami Beach, Bal Harbour and Sunny Isles,  there are over 311 oceanfront condos that have gone to contract and are pending closings.  37 of those are priced at over $1 million.  In November 2008 there were only 58 pending oceanfront condos.  In Broward county, which includes Hallendale, Hollywood, and Fort Lauderdale, there are 250 oceanfront condos that have gone to contract and are pending closing.

There are great opportunities in the market, however, whether it is a pre-foreclosure, bank owned,  or motivated seller, expect the unexpected !

Nobody likes short sales.   The process is long and drawn out with questionable results.  However, for buyers, the opportunities are there.  In Miami Beach in the last 60 days,  23 oceanfront condominiums closed that were short sales.  2 closed sales were at the Bath Club. These were large units with selling price for both units were over $1million.  The per square foot price was in the $300’s per sq.ft ! That would have been unheard of a few months ago.  A new oceanfront condominium in Miami Beach selling in the $300’s per square foot !

These opportunities are in all price ranges and touch the most expensive luxury buildings.  At the Grand Bay Tower in Key Biscayne,   a 9000 square foot oceanfront condo is listed for $7.8 million and is a short sale. There are short sales at the Continuum in South Beach, at Turnberry Ocean Colony, at the Jade in Sunny Isles and even at Oceanside in Fisher Island.

In the Fort Lauderdale area, there were 22 oceanfront condominiums short sales  that sold and closed in the last 60 days.  Several of those sales were condos at the Beach Club in Hallandale.

There are varying stages of the short sale process. If the short sale has already been approved by the bank the process could feasibly close relatively quickly.   Unfortunately, this is the state of the market today, but for a buyer… it could be quite an opportunity !

The New Harbour House in Bal Harbour is situated at the Northernmost tip of Bal Harbour.  Completed in 2007 by the Related Group,  Harbour House offers all the amenities expected from a new oceanfront condo, spa fitness center, pool, private theatre, clubroom and even a small grocery store.

Residences available are studios, one and two  bedroom units.  The Developer is down to the last of their inventory and they have priced these units to sell… and they are selling. Studio’s run around $300,000, one bedroom one and a half baths high $300’s, two bedroom two bath in the $400,000′-$500,000’s.   Prices when originally offered were almost triple these prices.

The Bal Harbour location draws a tremendous demand in the winter months from seasonal visitors from around the world.  This location is quite desirable for seasonal renters.

The Developer has established an on-site relationship with a Tui Pranich, an interior designer.  Modern interior packages are offered that complete the unit in its entirety including, linens, china, and plasma TVs.

As the oceanfront condo inventory gets eaten up by buyers from all over the world taking advantage of incredibly low prices,  Harbour House is an attractive option.  The Bal Harbour location and low purchase price make the Harbour House a very attractive option.

West View offers spectacular views of the intracoastal waterways.

Oceanfront Pool with Cabanas