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Along with the slight change in temperature in South Florida, we are seeing an increase in phone calls and emails as buyers prepare to come to Miami Beach, Fort Lauderdale and the South Florida coast. Season is starting and buyers are coming ! Since 2005, South Florida oceanfront condos and homes in key locations experienced quite a ride. As we all know, over the past couple of years we went from having a healthy inventory and decrease in prices, to a slow and at times, undistinguishable increase in sales. But that all changed and became very noticeable in 2012. In 2012, sales for oceanfront condos have been increasingly strong. Today, prices are reflecting the natural laws of supply and demand.
The unique quality about South Florida is that the demand is on going and is expected to continue along this path. This market continues to appeals to buyers from all over the world. We have ideal weather, outstanding beaches, great dinning, cutting edge design influences, the yacht capital of the world, a multitude of public and private premier golf courses, very accessible international airports and the list goes on and on. As the frost appears in northern climates, the attraction to South Florida increases. Buyers looking for oceanfront condos and or homes in key locations will find wonderful properties at today’s prices which based on the continual strong demand present the right factors for upside potential.
Let’s take a look at a few great oceanfront condominiums along the coast in South Florida, on the market in Miami Beach, Sunny Isles, Bal Harbour, Hollywood/Hallandale Beach, Fort Lauderdale and Boca Raton. These condos are no older than 2005 construction.
Along the coast prices per square foot range from the $500′s-to well over $3000 per square foot, with the exception of a listing at the Setai which is over $5000 per square foot.
Miami Beach-The Caribbean
37th and Collins unit N505
Desirable location Art Deco style building.
1620 Square Feet
2 bedroom 2 and 1/2 baths
Asking price: $1,150,000- $709 Sq. Ft.
Bal Harbour- One Bal Harbour-
102nd and Collins Unit 406
Exclusive community- Prime location
2009 Square Feet
2 bedroom 2 and 1/2 baths
Asking Price $1,749,500- $870 Sq.Ft.
Sunny Isles-Turnberry Ocean Colony
Exceptional luxury building and spacious condos
2235 Square Feet
2 bedroom 2 and 1/2 baths
Asking price $ 1,975,000- $883 Sq. Ft.
Hollywood Beach- Diplomat Oceanfront Residences
As I have written many times, Hollywood/Hallandale Beach is where you will find the best opportunities based on $ per square foot basis
S. Ocean Drive- Unit 1601
3178 Square Feet
3 bedrooms 3 and 1/2 baths
Asking Price $1,799,000-$566 Sq. Ft.
Fort Lauderdale- Las Olas Beach Club
Located in the heart of Fort Lauderdale Beach
Unit 1602
2378 Square Feet
3 bedrooms 3 and 1/2 baths
Asking $1,375,000- $578 Sq. Ft.
Boca Raton- Luxuria
Exclusive Boca Raton offers a very limited supply of newer luxury buildings.
Luxuria is a small ultra luxury building with only 26 residences.
Villa One is offered finished and furnished, turnkey.
6,594 Square Feet
4 bedrooms 5 1/2 baths
Asking $4,900,000-$743 Sq. Ft.
Each buyer that we work with has their own specific criteria. Whether it is location, size, number of bedrooms or view there are options all along the coast. The season has started and I expect that by March those units I have identified will be sold!
For the past several years, in the South Florida oceanfront condominium market there has been virtually no new construction under way. That has recently changed. New construction has emerged in the ultra luxury market. There are several eye opening projects underway that are very unique properties targeted to the very high end market.
Regalia in Sunny Isles. The location of this ultra luxury property is outstanding. It sits at the Southern most point of Golden Beach which is a small city composed of only homes. The views of any of the units in Regalia would be unobstructed looking north. It is the northern most point of Sunny Isles. This is a boutique building consisting of just 39 residences. Each residence has an entire floor with 360 degree views and wrap around balconies. Truly an exceptional property. Prices range from $6 million. Construction is well underway.
Porsche Design Tower in Sunny Isles- An exclusive offering of just 132 units in the heart of Sunny Isles. Each unit will have large living spaces, high ceilings, very large balconies and a very unique feature; a car elevator that will that offers security and privacy.
Mansions at Acqualina in Sunny Isles. The amenities of the luxury hotel are on property and offer large, over 4000 square feet oceanfront condominiums. The spaces are unique and the services available include fine dining, white glove hotel service and much more. Amongst the offering is a 15,000 square foot penthouse offered at $50 million. There are 74 Sky Mansions offered. Prices start at $5.9 million and over $270 million in sales has been reported to date.
REVISED 9-7-12
Chateau Beach Residences- A single tower rising 33 floors from an elevated podium. An exclusive 84 residences designed by the internationally renowned Uruguayan sculptor Pablo Archugarry. Residneces range from a 2 bedroom 2 bath 1557 square foot unit to a four bedroom 6 and one half direct ocean masterpiece.
The construction cranes are appearing along the coast once again but for now they are focused on the ultra luxury oceanfront condo market.
There are options for buyers needing at least 3 bedrooms on the ocean in Miami Beach in a relatively new building (post 2004). As is anywhere, the options vary in quality and level of luxury and location. The prices start at just under $2.1million and go up from there.
South Beach south of Fifth Street offers the most expensive options available. The Continuum and the Apogee South Beach offer several very large condos exceeding 4000 square feet of living space in the most prime real estate in South Florida.The highest priced oceanfront condominium today is a penthouse at the Continuum in South Beach. It has plenty of space, over 11,000 square feet, 6 bedrooms 7 and one half baths, rooftop pool, private elevator and staff quarters. Asking price is $39,000,000. If this masterpiece is more than you would like to spend there are other more modest options available at the Continuum offering 3, 4 and 5 bedrooms averaging around $1500 square foot.
The Caribbean on 38th and Collins is a wonderful building in a great location. It consists of two towers, North and South. The South Tower is a new ground up structure and the North Tower is a renovated gem capturing the Art Deco essence of old Miami Beach. Very few units come on the market but there a few opportunities at around $1100 square foot for a premier direct oceanfront condo.
Canyon Ranch Miami Beach has just one 3 bedroom 3100 square foot penthouse in the South Tower offered at $1033 per square foot. This is a large unit for Canyon Ranch. Canyon Ranch is of course all about the lifestyle and outdoor spaces.
As we move into season, we are expecting the world wide demand to continue and sales for these premier properties to continue at the very brisk pace that we have seen throughout the summer.
The Ocean House, at 125 Ocean Drive, previously marketed under a different name, South of Fifth, was completed in 2006 and fell victim to financial troubles. New influx of capital, retrofitted floor plans and a new launch and Ocean House is now actively selling some of the most unique oceanfront condos along the beach. It is a small luxury boutique building offering just 18 flow through and oceanfront residences. The location is as prime as it gets.
There are a select few residences offered for sale. There is an expansive two story townhouse over 6000 square feet offered at $8,330,000, just under $1500 square foot. A private elevator opens directly into this grand home with wet bar and direct pool access. There are a few select units available. 3 have sold recently and another is under contract. A listing offered at $6,225,000 sold for $5,500,000, $1567 per square foot. This sale sold at 12% below asking price. Which tells us that there is some negotiating room off the asking price of the units offered.
South of Fifth in Miami Beach is home to some of the most sought after condominiums such as the Apogee, Continuum, the Murano and Icon. Recorded sales prices at the Continuum exceed $1000 a square foot and a recent sale of the penthouse in the North Tower of the Continuum was sold at over $2500 square foot. The Apogee South Beach has several recorded sales exceeding $2000 square foot.
The Ocean House South of Fifth is a very exclusive property ideal for those preferring a smaller residential feel. In the Miami Beach very hot real estate market, these exclusive 18 condominiums are selling and will no doubt soon be all sold. The ultra luxury market continues to perform breaking all previous sales records.
In every building along the South Florida oceanfront coast there is a line that is the most preferred. Oftentimes it is the Southeast corner, ocean facing, whereas the northeast corner would be the second in demand. In the newer buildings, the original developers designed those lines to be the premier lines and were priced accordingly.
Those preferred lines are oftentimes the largest and most expensive. Some buildings such as the Trump Towers, the Oceans in Sunny Isles and Ocean Palms in Hollywood, have been constructed with only one east facing unit in the building. There is no doubt that these are clearly the premier lines. At the Ocean Palms, for example, the 08 line is over 3000 square feet or direct ocean front living wrapping around the entire east end of the building. Clearly and exceptional living space with exceptional views. Prices today average $476 to $517 per square foot for this premier line. Hollywood prices consistently run less per square foot than Sunny Isles, Miami Beach or Fort Lauderdale. 
The Trump Towers offers the exceptional 01 line. Approximately 3000 square feet of direct oceanfront, 3 bedroom bliss. These units absolutely offer the WOW factor as I have previously written about. At Trump Towers, the most desirable line is available for approximately $680 per square foot.
Moving Further South into Miami Beach, the fabulous Caribbean at 37th and Collins offers a 2300 square foot Southeast direct oceanfront line, the 02. This premier line will run around $1230 per square foot.
These examples that I have provided, will give you an idea of the variance in pricing. As stated, location has a huge influence on price but that is not the only factor. There is quite a difference in the level of luxury from building to building as well. Sunny Isles is a great example. One of the finest luxury buildings, Turnberry Ocean Colony, will run just under $1000 per square foot for a premier unit, whereas other buildings in Sunny Isles will be closer to $500 per square foot.
Although, the developer offered inventory for new construction is running very low due to outstanding sales, there are a few still left. Trump Towers Hollywood there is an 05 unit available, southeast corner offered at just under $500 per square foot.
There are two new ultra luxury construction projects on the horizon that will offer exceptional views The Porsche Tower in Sunny Isles is in presoncsturciotn stages and will offer units ranging from 3500 to 9000 square feet along. This unique project will offer an elevator for your car that whisks it up to your floor.
The long awaited Regalia situated at the northernmost point of Sunny Isles. The location is so fantastic because it is at the beginning of the exclusive Golden Beach strip. There will be an exclusive offering of only 39 full floor direct oceanfront residences. Residences will have more than 7,600 square foot of livable space. 5515 square foot interior and 2100 exterior. Prices start at just below $7 million. This is a very unique very exclusive project that will now doubt attract buyers from all around the world.
South Florida’s coast from Miami Beach to Palm Beach has many premier newer buildings offering spectacular condominiums with direct ocean views.
We just listed a 2 bedroom 2 bath direct oceanfront condominium in the South Tower on the 17th Floor, unit 1704. This unit was bought in 2008 and remains in “Decorator Ready” condition. The prospective buyer will be able to customize the finishings to their own personal taste. Flooring, window treatments, lighting and paint are required. This unit is approximately 1200 square feet under air and offers another 250 square feet of fabulous usable balcony overlooking the beautiful Miami Beach ocean. The price is $989,000.
Recent notable sales at Canyon Ranch in the South Tower are; 4th floor combination unit over 6302 square feet of direct ocean views sold for $4,122,500, LPH 05 sold for $1,250,000 and 1905 Sold for $1,301,000, we represented the buyers.
Unit 1704 offers an opportunity to own at Canyon Ranch at a good price point for todays market and with the opportunity to finish it out to ones own taste. Canyon Ranch offers unprecedented amenities and services dedicated to living a health lifestyle. Situated on over 6 1/2 acres the property has a relaxing zen like feel, an excellent environment for those looking to getting away.
Buyers in a certain price point looking for an oceanfront condo in Miami Beach as a second home in South Florida come with specific wants and needs. Generally speaking buyers I work with want a new building, great amenities, building that sits directly on the sand, good location and an upscale environment. There are choices. In South Beach such as the Continuum , prices will run well over $1000 square foot. The other fewer new wonderful buildings such as Caribbean, Mei, and Bath Club have very few units available to choose from. The Caribbean, a fantastic buildings also boasts sales over $1000 per square foot. Canyon Ranch is minutes north of South Beach and a great option.
Canyon Ranch on the other hand has a history of closed sales prices ranging from $500 square foot to around $900 square foot. In the past 6 months there have been more than 26 closed sales reported ranging from $2.6 million to $295,000. Inventories have diminished greatly, the developer has a handful of units left and the resale market has been incredibly strong. Canyon Ranch offers everything the second home buyer desires: new building, outstanding amenities, 6 acres on the ocean, location and the icing on the cake: relaxing healthy lifestyle.
Canyon Ranch offers the criteria that so appeals to second home buyers especially those that are commuting from the Tri State New York area, the midwest or even Canada. I have had several clients call me regretting that they did not buy last year when prices and inventories were more robust. However, they are buying now while there still are opportunities for them.
Some of the buyers that I work with have the mindset to wait until after the peak season to move forward with buying an oceanfront condo. The thought process is that there may be more motivation from the sellers now that South Florida is in a “slow season”. There has not been a slow down in sales along the coast for new oceanfront condos. In fact, there is an increase in activity.
Here are some statistics that reflect the Post Season Sales activity in Miami Beach and up the coast including Sunny, Isles, Bal Harbour, Hollywood -Hallandale, and Fort Lauderdale.
The information provided below is based on information from the MLS and it reflects oceanfront condos built after the year 2000.
Canyon Ranch Miami Beach is a great building to look at as a case study of the sales activity that has occurred along the coast in South Florida over the past several months. As we have written and as it is published nationwide, South Florida sales performance and prices have outperformed every other real estate market.
Canyon Ranch condominium sales performance is a great reflection of activity all along the coast especially in relatively new luxury oceanfront condominiums.The property consists of three towers with more than 400 units. Condominium prices range from a low end of $300,000 to the high end of over $5 million. Although Canyon Ranch offers exceptional amenities and offers an enhanced lifestyle, the real estate performance is indicative of other properties along the cost. The performance of all spectrums of the inventory at Canyon Ranch are indicative of just abut every new building from South Beach to Palm Beach.
Every direct oceanfront condominium at Canyon Ranch priced below $1 million has sold. A year ago there were several opportunities even for one bedroom units well under $ 1 million. Today the lowest asking price for any condominium at Canyon Ranch with a direct ocean view is $1,199,000. At the low end there were several units with less than desirable views but were priced incredibly low for Miami Beach real estate. Those have all sold. The inventory in the North Tower which hosts the larger more expensive units has dramatically decreased. In the past 12 months, more than 65 condominiums have been sold in the North Tower. The majority of those sales were well over $1 million with a large number of sales over $ 2 million.
This kind of sales activity has occurred all along Miami Beach in all price ranges as well as in Sunny Isles, Bal Harbour, Hollywood, Hallandale, Fort Lauderdale and all the way up the coast.
The bottom line to this is that oceanfront condominiums in South Florida are a very hot commodity in all price ranges. Many buyers that have stayed on the side lines waiting and watching are seeing the market activity, increase in prices and are jumping in.
Copyright © 2013 Susan Reiter · 
