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!!!

There is no question, the really good oceanfront condos are selling. International and even national buyers see the great opportunities out there and are taking advantage of them. According to the MLS, in the last 60 days, there have been 46 reported closed sales for oceanfront condos that were listed over $1 million in Dade and Broward counties.

Barbara Corcoran, the real estate contributor for NBC’s Today Show and CNBC, was on today and said that “waiting for the market to go down is silly business ….. international buyer’s are gobbling up knowing that the prospects for Miami are so positive that they know they are going to make money long term.”

Reuters published an article on February 20, 2008, Miami condos are “for sale” for foreign buyers.

It is understandable why International buyers find South Florida Oceanfront Condos to be attractive. Here is an example of an oceanfront condo that was originally listed at $1,155,000 in 2006 and is now listed at $849,000. That is approximately a 30% price decrease.

• Over 2300 square feet under air
• Spacious floor plan
• 3 bedrooms 3 baths
• A rated building
• Full service amenities
• Building directly on the beach
• Built in 2006
• Ocean and Intracoastal views
• Wrap around balconies
• Finished out with marble floors and other upgrades
• Listing Price $849,000 or $368 square foot
• Same model being offered on floors lower and higher range from$930,000-$1,350,000 ($402-$588 sq.ft.)

The Ocean Palms is an elegant 40 story building with a full array of amenities. It is located two buldings north of the Diplomat Oceanfront Residences, 10 minutes from Fort Lauderdale International Airport and accessible to everywhere you might want to go in South Florida.

The building has an interesting layout because the units on the west side of the building, The Coral Floor Plan, jut away from the body of the building. This allows for direct ocean front as well as intracoastal views from this floor plans. The pricing is drastically lower than direct ocean front units because the units are on the west side of the building, even though you are getting an oceanfront view. There is a unit on a mid level floor that has been completely finished out that is being offered for $885,000. This unit is a 3 bedroom 3 and one half bath layout and has over 2300 square feet. That is $383 a square foot for ocean and intracoastal views. A fantastic opportunity and the seller’s are motivated.

Prices in this building start at $699,000 for a 2 bedroom unit on a mid level floor. On the high end, there is a 3 bedroom unit with over 3000 square feet being offered for $2,225,000. As detailed in my previous blog, 25% of the building is on the market.

The building has a movie theater, billiards room, club room, state of the art gym overlooking the ocean, tennis courts, basketball courts and pool and beach service. This is a nice sized very elegant building offering a great deal for the money.

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.)

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.

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.

There is a 2 bedroom 2.5 bath completely finished unit on the 18th floor being offered as a short sale.  It is 1733 sq. feet making that $331 a square foot.  That is around 20% below market value and if the bank accepted the offer, that would certainly break new ground in the new luxury Fort Lauderdale oceanfront condo arena.  Click here for more information.

If you are looking for direct oceanfront and like the Hollywood area you might want to take a look at the newly completed Ocean Palms. 

 It is a full service building with plenty of amenities; Basketball court, business center, cabanas, exercise room, heated pool, sauna, tennis courts and more. 

The building has a total of 41 floors.  Currently there are 64 units on the market out of the 240 in total.  The building has three basic sections; direct oceanfront, west view to intracoastal, and center line units.  The 08 unit is the eastend line of the building that offers panoramic ocean views.

There have been several closed sales this year ranging from a low of $398 sq.ft. to a high of $485 sq.ft. Maintenance runs about $.39 per sq.ft.

There are several 08 units on available. Click here to see (4) different direct oceanfront units