Oceanfront Condos: Inventories are down and sales are up!

posted by Susan Reiter on October 7, 2009

The oceanfront condo activity since August is quite incredible.  In every luxury oceanfront condo building, there have been buying opportunities and there are buyers buying.  Followers of blogsouthflorida know that when I reference buying opportunities, I am in most cases referring to “motivated sellers”, not short sales or bank owned properties.

There has been a significant increase in sales.   The opportunities we have identified and monitor are truly quite incredible.  Units that are direct oceanfront units and are considered the most desirable and sought after are selling and inventories are declining. Building after building these unique opportunities are being sold and those truly incredible deals are going fast.

In Miami, Fort Lauderdale and Palm Beach In the past 60 days there have been 89 closed oceanfront condo sales with the specification of at least 2 bedrooms priced over $800,000.

At One Bal Harbour, there was only one unit listed in one of the most desirable lines.  It sold and closed

Canyon Ranch, Miami Beach,  one of my direct oceanfront 2 bedroom listings had multiple bids on it!!!

At the Palms , in Fort Lauderdale, there were about 6 units listed under $1 million.  They have pretty much all sold.

The South Florida Oceanfront condo market is very unique.

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Categories: Buying Real Estate, Canyon Ranch, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, One Bal Harbour, Palm Beach Oceanfront Condos, The Palms Tower I & II

Sales are up. What does that mean for South Florida Oceanfront Condos?

posted by Susan Reiter on September 7, 2009

Luxury Oceanfront Condo

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.

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Categories: Bath Club, Best of the Best Oceanfront Condos, Buying Real Estate, Condo Statistics, Continuum South Beach, Deals, Fort Lauderdale Oceanfront Condos, Harbour House, Mei-Miami Beach, Miami Oceanfront Condos, Ocean Palms Hollywood, One Bal Harbour, The Palms Tower I & II, Turnberry Ocean Colony, Uncategorized

Statistical Look at 7 Luxury Oceanfront Condos

posted by Susan Reiter on June 14, 2009

Luxury Oceanfront Condos along the coast in South Florida vary immensly.  Each building has its own character as does each neighborhood and each city, and those variances are reflected in the price.   Worldwide attention is focused on oceanfront condos in South Florida as the price swings have been reported around the world.   To summerize our market we like to provide our readership with statistics and data.

I have selected 7 very different luxury oceanfront condos along the coast to take a look at. These 7 condominiums are all relatively new and represent a cross section of oceanfront condos along the coast.   Continuum in South Beach, Canyon Ranch in Miami Beach, One Bal Harbour in Bal Harbour, Turnberry Ocean Colony in Sunny Isles, Ocean Palms in Hollywood, The Palms in Fort Lauderdale, and The Excelsior in Boca Raton.

The information provided addresses, number of closed sales, $ per square foot, average $ of asking price, number of units currently under contract (pending), and total number of units for sale in each building.

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Categories: Boca Raton Oceanfront Condos, Buying Real Estate, Canyon Ranch, Condo Statistics, Continuum South Beach, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, Ocean Palms Hollywood, One Bal Harbour, Palm Beach Oceanfront Condos, The Excelsior-, The Palms Tower I & II, Turnberry Ocean Colony

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

Oceanfront: What Can You Buy For $2,000,000?

posted by Susan Reiter on January 8, 2008

What can you buy for $2 million if you were looking for an oceanfront condominium in Miami or Ft. Lauderdale?    We have selected two condominiums on the market being offered for around $2 million.    We have selected in, Ft. Lauderdale a penthouse residence at The Palms and in Sunny Isles we have selected The Turnberry Ocean Colony South Tower.  These are not the only properties in this price range on the market.  However, the two we selected stand out. The Palms unit is a top floor penthouse with spectacular views.  The Turnberry Ocean Colony has truly first class outstanding full service amenities that are a cut above.

The Penthouse at The Palms - Ft.Lauderdale

palms-towers.jpgpalms-view.jpg

 Asking Price: $2,100,000

Price per Square Foot: $511

4112 sq.ft. under air

4 bedrooms 5 bathrooms

Direct Ocean and City Views

Breathtaking panoramic views of the ocean city and intracoastal.  Marble floors, high ceilings with custom crown molding and detailed millwork highlights this premier beach house residence.  The Palms has world class amenities including a 2 story fitness center, 2 pools, racquetball, squash, clubroom, and full service valet.

 

Turnberry Ocean Colony-Sunny Isles

turnberry-view.jpgturnberry-lobby.jpg

Asking Price: $2,049,000

Price per Square Foot: $739

2772 sq.ft. under air

3 bedrooms 4.5 bathrooms

Direct Ocean Views

Unbelievable direct ocean views from every room.  Huge wraparound terrace, top of the line snaidero kitchen, whirlpool tub, steam shower. Private club bar, 2 restaurants and a 35,000 square foot fitness center as well as beach and pool service.  Limo service is offered as well.  Many buildings use the terminology “first class service and amenities”.  Turnberry Ocean Colony has certainly earned that classification.

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Categories: Buying Real Estate, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, The Palms Tower I & II, What Can You Buy For $2 million

The Palms Towers I and II -Fort Lauderdale Oceanfront Condo

posted by Susan Reiter on September 10, 2007


 

If you are looking for a great oceanfront condo now may be the time to jump in!  The Palms Tower I & and Tower II is situated directly on the ocean in Fort Lauderdale between Oakland Park and Sunrise Blvd.. Built in 1999 and 2001 this premier beach residence hosts world  class amenitites including a 2 story fitness center, 2 pool, racquetball and squash quarts, clubroom, billiard room and 24 hour valet. Prices range from $559,900 for a 2 bedroom on a low floor to over $3.2 million for a 25th floor unit with spectacular views with more than 4100 sq.ft. Recent sales in the building have run between$500-$535 sq.ft.

There are also seasonal rentals available.  Great Location and great amenities!

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Categories: Fort Lauderdale Oceanfront Condos, The Palms Tower I & II
Oceanfront Condos
Miami Beach Miami Beach Bal Harbour Sunny Isles - Aventura
Hollywood-Hallandale Fort Lauderdale Boca Raton Palm Beach