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 !

We receive a constant stream of phone calls from buyers from all over the world that are interested in purchasing oceanfront condos. There are buyers who are seizing the moment so to speak, and stepping in to take advantage of the great opportunities out there right now.

Are there opportunities? You bet there are and I have been in situations, where once we identified a great unit at a great price, other buyers were also putting offers in on the same units.

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There are varying degrees of motivation by sellers in all price ranges. There are some units in building less than 2 years old that the original developer still owns that now are very motivated to sell. There are units that are being sold by investors that are several hundred thousand dollars less than what they paid for it. Each situation is different but the opportunities are there. The units that are available under these circumstances include the most desirable oceanfront floor plans in premier buildings.

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All I can say is that if there is a desire to own an oceanfront condo in South Florida, at this point in time, you can get the best of the best at deeply discounted prices. When the media says…”We are now at the bottom and the market is going to turn around”… the best units in the A rated luxury buildings will be long gone!!!

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

We receive tremendous interest in the newly completed; Diplomat Oceanfront Residences and The Ocean Palms in Hollywood and The Beach Club in Hallandale. Understandably so. The are all new buildings with great amenities situated in great locations minutes from Ft. Lauderdale International Airport. From each of these great buildings, it is just a short drive south to Miami or north to Boca Raton, as well as minutes from the best shopping in South Florida.

Below you will see a chart that show you how many units are on the market in The Diplomat, The Ocean Palms and The Beach Club. Each building has a different amount of total units, so the information below provides a percentage of the total units in the building. You can see that all three of these buildings have approximately 20% of the units for sale.

We have seen price reductions on almost all units since they first actively listed. There is competition amongst sellers, although clearly some are more motivated than others.

In the Diplomat, on the market today prices start at $789,000 for a 2 bedroom unit with 2,267 square feet. ($348 sq.ft.). At the other end of the spectrum is a 4,800 sq.ft. unit with 4 bedrooms 5 and one half baths being offered for $2,950,000.

The two most desirable units are the 01 unit a southeast direct ocean end unit, and the 02 unit a northeast direct ocean end unit. The lowest price 02 unit was originally offered for $1,900,000 and is now on the market for $1,500,000. The floor plan has 3 bedroom 3 and one half baths and has 3,003 square feet under air. That works out to around $500 square foot. The 01 unit was originally listed for $1,688,000 and is now at $1,592,000. $501 a square foot. This unit also has 3 bedrooms 3 and one half baths.

The Ocean Palm’s top of the line unit is listed is a 3 bedroom unit for $2,495,000, ($795 sq. ft.) . The least expensive unit is a 2 bedroom unit for $699,000($403 sq.ft.)

The Beach Club’s most expensive unit is a 3 bedroom unit being offered at $2,495,000 ($795 sq.ft.) The least expensive unit is an 844 square foot studio for $35,000. ($414 sq.ft.)

The Beach Club in Hallandale is a fantastic complex of three luxury oceanfront condos.  The building were complete in 2005 and 2006.   This is a great place to take a seasonal oceanfront rental for many reasons.  

The Beach Club has a fantastic  offering of amenities including beach service, several pools, a full spa and fitness center and it is DIRECTLY ON THE BEACH!.  Also,  there is nothing like the feeling of new construction and everything at the Beach Club feels new. 

Hallandale is a great location!   It is located near Fort Lauderdale International Airport and world class shopping.  Miami and Fort Lauderdale are easily accessable. Diplomat Hotel is within walking distance.

As of today, October 25, 2007 there are 130 rentals available.  65 of the rentals will accept terms for less than 12 months. Some owners want six months or longer but three months is an option for some as well.

Most of the one bedroom units are in the $2100- $3000  monthly range.  2 bedrooms run from $3000-$4000 monthly.   However because there are so many on the market there are exceptions.

For more information on the Beach Club including specifics on the amenities, check out our previous blog on the Beach Club Condos.

Renting for the season at the Beach Club will feel as if you are staying at a fine beachfront resort!

Entering the grounds of The Beach Club in Hallandale , you can clearly see that the Related Group has done it again.  The three towers were completed in 2005 and 2006 and emulate the cutting edge style and quality that the Related Group has become known for.  

The Beach Club features luxury style condominiums in a prime location, top of the line amenities and modern cutting edge ambiance.  Beach Club is less than one mile from the Diplomat Resort, minutes from Fort Lauderdale International Airport, as well as the world famous Bal Harbour Shops, Aventura Mall, Las Olas, and downtown Ft. Lauderdale.

The Beach Club consists of three luxury condos situated on nine acres of oceanfront property in Hallandale Beach.  Tower One has 44 floors, consisting of ten spacious units per floor.  Residents can choose from a one bedroom unit overlooking the intracoastal to a two bedroom, thee and one half bath with den model overlooking the Atlantic Ocean.
Beach Club Tower Two features 51 floors, consisting of 212 spacious units per floor.  Choose from a studio or one bedroom unit overlooking the Atlantic Ocean to a two bedroom 3 bath unit with your choice of the intracoastal and ocean views.

Beach Club Tower Three which has 33 floors, consisting of ten spacious units per floor. Beach Club Tower Three has the same layout plan as Beach Club Tower One.

Each Residence Features the Following Amenities:

• Solid wooden entry door
• Ocean and/or intracoastal views
• Large dining area
• Spacious living room
• Oversize terraces with glass railings accessible from bedrooms and living rooms
• Elegant smooth ceilings rising to 8′7.5″
• Floor to ceiling laminated windows with energy efficient tinted glass
• top of the line stackable washer and dryer
• High efficiency central air conditioning and heating unit
• Sprinkler fire protection system
• State of the art telecommunications wiring including high speed cabling
• European style kitchen cabinetry
• Granite counter-tops
• High end appliances
• Whirlpool tub
• Walk in marble showers
• Marble flooring in wet areas

The Beach Club Amenities

• 50,000 sq. ft. club space
• Full service restaurant
• Juice bar with pool and beach service
• Fine free weight equipment
• state of the art cardio equipment
• Aerobic studio
• His and hers lounges
• Treatment rooms
• Jacuzzi
• Cold plunge pool
• Eucalyptus steam room
• Redwood Saunas
• Relaxation area
• Sun Deck
• Numerous Pools with walkways easily  accessible for all buildings.
• Full service spa which offers treatments for massages, facials and relaxation

In each tower there are two lines of units that are direct oceanfront corner units:

Tower 1

• The 01 line is the northeast oceanfront corner
• The 04 line is the southeast oceanfrontcorner 

Tower 2

• The 01 line is the oceanfront northeast corner
• The 02 line is the southeast oceanfront corner 

Tower 3

• The 01 line is the northeast oceanfront corner
• The 04 line is the southeast oceanfront corner 

There are currently as of today (October 25, 2007)

The total complex consists of over 1200 units and there are , as of today (October 25, 2007) 278 units available for sale. That is about 23% of the total building.  In this current market for new construction, that number is not bad.

Prices range as follows:

Studios

• 4 available
• 811 sq. ft.-844 sq.ft.
• Ranging in price from $399,900-$599,000

1 bedroom units

• 30 units available
• Ranging in size from 844 sq.ft.-1087 sq.ft.
• Ranging in price from $375,000-$750,000

2 bedroom units

• 90 units available
• Ranging in size from 1086 sq. ft. to 2122 sq.ft.
• Ranging in price from$359,900-$1,100,000

3 bedroom units

• 133 units available
• Ranging in size from 1570 sq.ft.-3139 sq.ft.
• Ranging in price from $$570,000-$2,595,000

There have been a reported  51 closed sales in 2007

• The lowest priced closed sale was$370,000 for a one bedroom. Approximately $424 sq.ft.
• The highest priced closed sale was $1,950,000 for a 3 bedroom penthouse.  Approximately $759 sq.ft.

Maintenance runs approx.  $.54 per sq.ft. unit.

 The Beach Club presents a great opportunity for buyers due to current market conditions and the number of units on the market.  There are some preforeclosure opportunities available as well. 

In conclusion, The Beach Club in Hallandale is a fantastic new luxury oceanfront condominium.  The Beach Club provides magnificent South Florida beaches, all the amenities you could possibly want,  and a great location.