What Can You Buy for $ 1 Million?

posted by Susan Reiter on September 24, 2008

What can you buy for $1 million if you were looking for an oceanfront condo in Miami or Fort Lauderdale?  You can get a lot more for your money than you could have a year ago!  Over the past year, with the current market situation, we have certainly seen price reductions.   

Here is what you can buy for $1 million if you were looking for an oceanfront condo in Miami and in Fort Lauderdale:

Miami

The Bath Club- 5959 Collins Avenue

Asking Price $1,017,000

Price Per Sq.Ft.  $534

1,904 Square Feet under air

2 bedrooms 2 baths

VIews of the ocean, bay and city

The Bath Club was built in 2005 and has a total of 107 units.  Currently there are 21 units on the market out of 107 units. In the current market, 19% of units for sale.  Prices range from $485 square foot to over $1300 square foot for the penthouse. This unit was originally listed for $1,675,000.

The Mosaic- 3801 Collins Ave

Asking Price $999,900

Price Per Sq. Ft: $663

1,507 Square Feet under air

3 bedrooms 3 baths

Views of the ocean, bay and city

The Mosaic was built in 2006 and has a total of just 91 units.  Currently there are 27 units on the market, 32% of the building.  Prices offered in this bulding range from $484 sq.ft. to over $1400 per sq. ft. Original list price $1,150,000

Canyon Ranch-6801 Collins Ave.

Asking Price $1,095,000

Price Per Sq.Ft. $901

1,215 Square Feet under air

2 bedrooms 2 baths

Direct ocean east views

Canyon Ranch Living has 3 towers North, South and the center, Carillon.  We have several listings in this building and it is one of my favorite projects in South Florida.  As we have writen before, Canyon Ranch offers a complete lifestyle, so much more than just an oceanfront condo with amenities.  The 70,000 sq ft. spa will be opening soon and closings are still under way.  Original list price $1,199,000

 

Fort Lauderdale

L’Ambiance-4240 Galt Ocean Drive 

Asking Price $1,049,000

Price Per Sq.Ft. $456

2,318 Square Feet under air

3 bedrooms 2 and one half baths

Direct ocean views

L’Ambiance was built in 2003 and is very well established building.  There are only 13 units on the market out of 124, 10%.   This unit was priced at one point at $1,449,000.  Prices int his building run from $462 sq.ft. to $842 sq. ft. Original list price $1,449,000.

Aquazul- 1600 S. Ocean Drive- Lauderdale by the Sea

Asking Price $999,000

Price Per Sq.Ft. $388

2,572 Square Feet under air

3 bedrooms 4 and one half baths

Flow through unit with east and west views

The Aquazul has total of 80 units and there are only 8 units on the market.  The floor plans are very spacious and flow through with wonderful views east and west.  Prices in this building range from$388 sq.ft. to $615 sq.ft.  Original list price $1,400,000.

 

Las Olas Beach Club- 101 S. Ft. Lauderdale Beach

 

Asking Price $1,079,000

Price Per Sq.Ft. $454

2,372 Square Feet under air

3 bedrooms 3 baths

Direct ocean views with a flow through floor plan offering west views as well

Las Olas Beach Club was built in 2007 and has a total of 148 units.  Currently there are 42 units on the market, 28%.  Prices range from $393 sq.ft. to $1134 sq.ft. Las Olas Beach club is located in Fort Lauderdale. The building sits across the street from the ocean.  Original list price $1,159,000.

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Categories: Aquazul, Bath Club, Canyon Ranch, Fort Lauderdale Oceanfront Condos, L'Ambiance, Las Olas Beach Club, Miami Oceanfront Condos, Mosaic, Oceanfront: What Can You Buy For...?, What Can You Buy For $1 million

Watching the Market….Or Buying An Oceanfront Condo Now

posted by Susan Reiter on May 31, 2008

South Florida Oceanfront condo Great View

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!!!

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Categories: Acqualina, Aquazul, Beach Club Hallandale, Best of the Best Oceanfront Condos, Boca Raton Oceanfront Condos, Buying Real Estate, Canyon Ranch, Cipriani Ocean Resort and Club Residences, Continuum South Beach, Diplomat Oceanfront Residence, Europa By The Sea, Fort Lauderdale Oceanfront Condos, Icon-Las Olas, L'Ambiance, L'Hermitage, Las Olas Beach Club, Luxuria, Miami Oceanfront Condos, Ocean Palms Hollywood, One Bal Harbour, One Thousand Ocean, Palm Beach Oceanfront Condos, Porto Vita Aventura, Pre-Construction-Luxury Oceanfront Condos, Regalia, Ritz-Carlton South Beach, St. Regis Residences Ft. Lauderdale, St.Regis Bal Harbour, The Excelsior-, The Palms Tower I & II, Trump Hollywood, Turnberry Ocean Colony, Villas of Positano

Fort Lauderdale and Hollywood Luxury Oceanfront Condos-Sell For $1 Million Less Than Asking Price

posted by Susan Reiter on April 19, 2008

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.

Las Olas Beach Club Fort Lauderdale-Luxury Oceanfront Condo

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.

Villas Of Positano Oceanfront condo

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.

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Categories: Buying Real Estate, Deals, Fort Lauderdale Oceanfront Condos, Las Olas Beach Club, Villas of Positano

Fort Lauderdale Oceanfront Condo Statistics- Profiles on 6 New Buildings

posted by Susan Reiter on October 4, 2007

To give our readership a better insight into newly constructed Fort Lauderdale oceanfront condos, we are providing you below with statistical data on 6 new oceanfront buildings in Fort Lauderdale; The Aquazul, Beach Club, Diplomat, Europa, Las Olas Beach Club and Ocean Palms. When we reference Fort Lauderdale we are including cities that fall within Fort Lauderdale, including Lauderdale by the Sea, Hallandale, Hollywood and Fort Lauderdale Beach.

 

Fort Lauderdale Oceanfront Condo Index

Each one of the buildings highlighted has been completed within the last 2 years. This data will show you the average list price and average closed sales per square foot. Each oceanfront condo has its own unique qualities and characteristics. One of the most apparent factors is the building size. Below is a chart comparing the total number of units in each of the buildings we have selected.

We selected these 6 buildings as good indicators of the new higher end oceanfront condos. We will be providing additional data on these and other properties in the coming weeks.

The data was based on information from the Southeast Florida Regional (SEFR) MLS. Best effort was made for accuracy however; when certain data required was incomplete estimations were made.

 

Oceanfront Condo Total Units in Building

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Categories: Aquazul, Buying Real Estate, Condo Statistics, Fort Lauderdale Oceanfront Condos, Las Olas Beach Club, Ocean Palms Hollywood

Las Olas Beach Club-Oceanfront Condo-Great Buying Opportunities

posted by Susan Reiter on September 10, 2007

Las Olas Beach Club pool 

Las Olas Beach Club is ready for occupancy.  There are approximately 50 units on the market right now out of the total 148 exclusive residences in this 29 story building.  Prices start at $849,000 for a 2 bed intracoastal view to $5.9 million for the spacious 5700 sq.ft. penthouse.  Similiar to other new construction properties there were investors that bought in looking to flip their investment right after closing.  With the change of market conditions, there are good buying opportunities in this A rated first class luxury building.

This unique building has an extensive list of amenities some of which are:

  • 250 Feet of Beach
  • 24-hour valet service
  • 24 hour concierge
  • Oceanfront terrace with heated swimming pool, spa, fountans, poolside bar and pool attendants
  • State of the art fitness center
  • Health Spa with 2 steam rooms & 2 saunas
  • Multi-purpose clubroom
  • Theatre style screening room wtih 52″ Plasma TV
  • Billiards/Game Room
  • 5 Star European Restaurant
  • Beachfront coffee shop

Click here to see a penthouse unit over 5600 sq.ft. on the 29th floor. Add on another 1950sq.ft  in balconies. Asking price is $4,899,000. 

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Categories: Best of the Best Oceanfront Condos, Deals, Fort Lauderdale Oceanfront Condos, Las Olas Beach Club
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