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Hollywood and Hallandale Beach host several new oceanfront condos that are highly desirable and sought after.  Beach Club, Diplomat Residence, Ocean Palms, and the Villas of Positano

Of those condos, there are 57 units on the market that exceed $ 1million.  There have been 6 closed sales for units over $1million in the past 6 months.  There is a tremendous demand for this area and there are buyers at that price point, although not many in this market.   The average price per square foot of closed sales average under $400 per square foot except at the Villas of Positano where the closed sales are closer to $500 per sq. ft. or higher.

These new condos are about to be joined by the brand new Trump Hollywood, closings will begin next week. Timing for this project could not have been worse.  Prices start at $1.3 million.   The concerns about this Related Group project were identified in the  Sun-Sentinel.  Donald Trump Jr. was on property Friday.  They are stating that they have 140 buyers lined up.

I will be watching this property carefully in the comings weeks and months and certainly hope to see it succeed.

In the last 90 days there have been many oceanfront condo sales that have closed.  We wanted to be specific by showing our readers what has actually sold, and what prices buyers are paying.  As we move into the fall season, increased sales are expected for second home buyers looking for good buying opportunties.

Blogsouthflorida, focuses primarily on newer oceanfront condos so the condos listed are in buildings built after 2000 and with a minimum of 2 bedrooms.

In Miami-Dade there were 89 oceanfront condos that sold.  The Penthouse at Continuum sold for $9,900,000, asking price $14,500,000,  32% off asking.  There has been several sales at Turnberry Ocean Colony in Sunny Isles.  This is one of our favorite properties in South Florida and prices on a per square foot basis are quite attractive.  There have also been several sales at One Bal Harbour, another sought after luxury oceanfront property.  We are delighted to see several sales at Canyon Ranch as well.

Oceanfront Condos closed sales in Miami Dade, which includes; Miami Beach, Bal Harbour, Sunny Isles, etc. from May 4,2009 through August 2, 2009.  Criteria used includes only buildings built after 2000 and condos with a minimum of 2 bedrooms. The last column is showing the % of sale price to list price.

All information is from the regional MLS

The following data reflects oceanfront Condos closed sales in Broward County, which includes Hallandale Beach, Hollywood, Fort Lauderdale etc, from May 4,2009 through August 2, 2009.  Criteria used includes only buildings built after 2000 and condos with a minimum of 2 bedrooms.   The last column is showing the % of sale price to list price.

All information is from the regional MLS

n Broward County, The Ritz Carlton,  had a closed sale of a large 3073 sq. ft. oceanfront condo for $1,800,000, asking price $3 million, 40% off asking price.   Not surprising, there are the most sales at the Beach Club in Hallandale Beach.

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 economic situation and the housing market has brought the spotlight on to SHORT SALE AND BANK OWNED  properties as I have written in a previous post.  There are oceanfront condo opportunties in Miami, Fort Lauderdale, Boca Raton, Pam Beach, Sunny Isles, Bal Harbour…every where.   As many buyers have come to learn, the short sales process can often be a shot in the dark.  The offers are submitted to the bank and the banks response time is an unknown.  But…. short sales are getting closed.  

Some of the Bank Owned units coming on the market are priced well below market value, creating an auction type response.  Buyer’s submit their best and highest offers.  The banks look at all the offers that come in within a certain period of time and select the best offer with the best terms.   Those selected offers are most often cash purchases with a quick close and can be well above the listed asking price.  Timing is key because once these properties hit the market, the offers come in within hours and are submitted to the bank very quickly.  The last offer we submitted for a buyer had to be within 48 hours of when the property became listed for sale.  Our buyers offer was above the asking price but not high enough.

And then there are MOTIVATED SELLER.    We have had great success in finding motivated sellers for our buyers.  Finding these great opportunities are very building specific and unit specific  but they are out there.  These buying opportunities are very straight forward and can be sold and closed very quickly.  

The Beach Club in Hallandale is an oceanfront condo with 1200 units and in great demand. For illustration purposes let’s look at the data for The Beach Club for the past 6 months. 

As you can see, there have been a total of 56 closed sales.  Of the all the closed sales,  more than half have been sold directly by the owners not in any distressed situation forcing a short sale or foreclosure.   I think it would be safe to say that successful seller’s of oceanfront condos in South Florida are well aware of market conditions and are aggressively pricing their units to sell.  

Sales at the Beach Club not long ago were averaging $500 per square foot and up.  The lowest priced closed sale was a bank owned unit at $241 sq.ft. 

Short Sales, Bank Owned and Motivated sellers present buying opportunities.

We haven’t posted in a while, because we have been very busy with buyers looking for great opportunites as well as with institutional buyers looking for bulk sales. There is plenty of activity in the market.   Active buyers in luxury oceanfront buildings are picking the best line units in buildings, taking advantage of the “buyers market” that exists. 

To provide you with an idea of the sales activity of oceanfront condos, here is a sampling of  closed sales for the past 6 months in South Florida. 

• One Bal Harbour. Bal Harbour- 6 closed sales all over $1.3 million-NOTE:  Unit 208 Originally listed at $3.1 million closed for $2.2 million, one of the most desirable units

• Turnberry Ocean Colony, Sunny Isles - 4 closed sales from $1.1 million and up

• Continuum, South Beach- 6 closed sales all over $1.1 million

• Beach Club Hallandale Tower One- 13 closed sales- 5 direct ocean units starting at $550,000.

 Where can you buy over 4000 square feet of luxury living space, inches from the beach, finished with the same fine finishings as the Apogee, for less than $600 square foot?  In  a place you would never think to look…. at the Beach Club.  The Beach Club consists of 3 oceanfront towers in Hallandale Beach.  The Beach Club has long been sold out by the developer except for 3 incredible townhomes that were released after the building was sold out and have recently been reduced.   The Beach Club Townhomes are an extremely unique large living space.   

Townhome A    and   Townhome B    are each  4020 square feet and are situated directly on the ocean.  You can’t get any closer the ocean than these townhomes.  You are literally ” on the sand !”   The two Beach Club townhomes are two stories high offering about 2000 square feet per floor.  They have 4 bedrooms 4 and one half baths.  Townhome B has been finished out, decorated and is being sold furnished. Townhome C is a one story 2 bedroom plus den with a huge patio, 2926 square feet.

The townhomes have their own private entrance with valet parking.  The three townhomes share a private beautifully decorated lobby that is probably over 4000 square feet as well.  There is also an elevator that takes you directly to the gym and pool deck.

This is a very unique living opportunity for someone that is looking for very large living space directly on the ocean.   TheBeach Club  townhomes feel like a private home on the ocean.    

Townhome A is being offered for $2,000,000.  Townhome B is being offered for $2,250,000 and Townhome C is being offered for $1,500,000.  

Do you need over 10,000 square feet of living space?   There is the option of breaking through the walls and connecting the townhomes. So imagine if you needed a very large space, you could break through and have over 10,000 square feet on the ocean with your own private lobby !

Every real estate buyer today regardless of price range,  comes to South Florida in search of a great deal.  Inventories are at an all time high and prices are at breaking lows.  But where are the real deals? Where are the buying opportunities?

Opportunities are appearing in Bank Owned properties, also known as REO’s.  Currently, there are 78 bank owned properties along the coast of South Florida and a staggering 61 bank owned condos under contract.  Once a property becomes Bank Owned, the process for purchasing is very straight forward.  Although the process varies slightly depending on the bank, a standard Florida Real Estate contract is submitted and the turnaround time for a response is usually 24-48 hours. 

Bank Owned properties are appearing in the finest South Florida Condos, such as  The Bellini in Bal Harbour,  The Setai,  Jade Residences Sunny Isles,  The Beach Club in Hallandale Beach, and in the Las Olas Beach Club in Fort Lauderdale,  I have seen the offering prices on Bank Owned properties to be up to 25% below comparable closed prices.  I have also seen Bank Owned units sell within days, with an auction like frenzy.  The Beach Club condo that I referenced in a previous post sold in 5 days.  The bank priced this property so low, there were multiple offers and I am going to guess that it sold above asking price.

I am currently working with many buyers looking for opportunities such as this and I watch this market very carefully.  I will recommend that anyone that is interested in jumping into this market and taking advantage of these incredible opportunities, must be ready to move forward with their documentation.  The bank will require verification of funds if it is a cash transaction.  If there is financing involved, prequalification is recommended, although the bank may require their own process as well. 

Here are some examples of recent Bank Owned Oceanfront condos in Miami and Fort Lauderdale:

Closed Sales

Las Olas Beach Club:  

2372 Sq.Ft.

Asking Price: $906,000

Closing Price: $900,000

Days on the Market: 11

Jade Residences Sunny Isles

1529 Sq. Ft.

Asking Price $675,000

Closing Price $500,000

Days on the Market 9

Trump Palace Sunny Isles

1329 Sq. Ft.

Asking Price: $649,900

Closing Price: $649,900

Days on the market: 8

Pending Sales

Bellini Bal Harbour

3820 Sq.Ft.

Asking Price: $2,499,900

Prior Offered Prior To Bank Ownership: $3,500,000

Days on the Market: 75

Ocean Palms Hollywood

2800 Sq.Ft.

Asking Price: $659,900

Price Paid in 2007: $1,100,000

Days on the Market: 3

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!!!