The information resource for Luxury Oceanfront Condominiums and Homes in Miami, Sunny Isles, Bal Harbour, Fort Lauderdale, Boca Raton and Palm Beach. (954) 632 3266

How is Turnberry Ocean Colony a Luxury Oceanfront Condo doing?

In 2008, when the realization of a financial crisis was still setting in, real estate prices were all over the place.  There were sellers not budging off all time high prices, there was an influx of short sales and there was an undercurrent of fear. Well a great deal has happened in the past two years.  The large inventory on the market has been reduced and sales have picked up.

There is a recurrent theme with the high end luxury buyers that I work with.  FIrst, they love South Florida want to own a second home here.  Secondly, there is a belief that prices are still attractive and will appreciate in time, and finally the banks are not providing good returns, real estate is a good investment.

I wanted to provide a snapshot of Turnberry Ocean Colony a great example of a luxury oceanfront condo.

Turnberry Ocean Colony in Sunny Isles is one of the truly exclusive high end luxury oceanfront condos along the coast. Turnberry Ocean Colony offers very large  direct oceanfront and flow through units with west views.  Condos are from 2200 square feet for a two bedroom unit to over 3700 sq. ft. for 4 bedrooms with maids quarters.  The service and amenities at Turnberry Ocean Colony are truly exceptional and deserve the “luxury” classification.

In March 2 008, I wrote a profile on Turnberry Ocean Colony .   Let’s take a look at Turnberry Ocean Colony in 2008 compared to sales figures today.

__________________March 2008 _____March 2010______________

Pending sales                    3                           10

Number of Closed Sale    10                          10              (prior 6 month period)

Number of Listings          58                           32

Lowest Sold Price           $492 (Dec.08)   $465 (Oct.09) (prior 6 month period)

What does this all mean?  Inventories are down 46% ! As inventories continue to decline, sellers tend to be firmer on their prices and buyers have less choices. Clearly with such a dramatic increase in pending contracts, sales are picking up. Are there still motivated sellers in the market?  Absolutely!  Is there that pending fear that the luxury market is collapsing? Not so much.

Overall, the performance of the luxury oceanfront condo market is very building specific, however, one fact is consistent…inventories are down.

View from Center Tower Condo Hotel unit C506

Canyon Ranch Miami Beach, remains to be one of my favorite projects in South Florida.  The amenities and zen like environment make this a very special place.

The condo activity of late has picked up.  Since Lehman Brothers has taken over the remaining inventory, prices have been reduced and this has sparked and increase in sales.  The pricing for the condo hotel units are as low as $325,000 for a 720 sq.ft. one bedroom one bath suite, non ocean view.  There are a few direct ocean condos and condo hotel units also available at very aggressive prices.  Prices have not been adjusted in the North Tower.

For resales, there have been 7 closed sales in the last 6 months.  I have been representing buyers and seller for three  of those sales.  Prices per square foot for resales are at a low of $405 sq.ft. to a high of $788 per sq.ft.  Variance in price is directly connected to view, floor plan, finished or unfinished, and whether the unit is eligible to be in the condo-hotel program.

I represent several units for sale at Canyon Ranch in varying price ranges.

In the South Tower Beach House, there is a spectacular unique space for sale Unit S304.   2200 sq. ft. 3 bedroom direct oceanfront unit. This unique space has high ceilings and a tremendous wrap around balcony.  Asking Price $1,790,000.  I also have for sale a great one bedroom finished suite with direct ocean views with the option to place the unit in the condo hotel program.

For those that appreciate the Canyon Ranch lifestyle, there are condo buying opportunities in every price range.

View from South Tower 304 Direct Oceanfront Unit

Oceanfront Yoga Studio

Canyon Ranch Restaurant

As reported by the Miami Herald, Dezer Properties has taken over the Related Groups stake in Trump Towers and is assuming the remaining debt on the property. Condominium prices are being cut by at least 30 percent at the newly built Trump Towers.  Prices now rank below competing new oceanfront properties.

Trump Towers offer several different spacious floor plans with ocean and intracoastal views.  The units are delivered “decorator ready”.  The direct ocean unit is approximately 3000 sq.ft. 3 bedroom 3 1/2 baths with direct spectacular ocean views. This is a great spacious floor plan with unobstructed views.  Prices are quite attractive for this type of space and location.

Tower One is pretty much sold out, Tower Two sales are underway and Tower Three, completed but sales have not begun as of yet.

Developer units are selling in Sunny Isles.  There are several new projects, Trump Royale, Trump Grande, Trump Towers, Jade Ocean and Jade Beach. In the case of the Trump Buildings, prices have been adjusted to reflect current market prices and the inventories are moving.  In the Trump Royale, I was working with a client last week that selected a unit and put down a deposit on it.  They flew down one week later interested in looking at the 3 or 4 other units in the line that were available at that time. When they arrived one week later, all the other units in that particular line were  sold out.  Prices are attractive, the buildings are new equipped with all the amenities one would expect from a new building, and they are oceanfront!  Inventories are moving !!!

As I have written many times, I see great opportunities in new buildings with units being offered by the developer.  These days most developers are very tuned into market value and understand where prices need to be in order to move their inventory.

Oceanfront Condo inventories are moving, developer units and resale units.  For the resale market in Sunny Isles, inventories have dropped dramatically… a whopping 37% from November 2008.  Again, oceanfront condos in South Florida are a very unique niche and have world wide appeal.  Sales performance of these unique properties are quite different than what is reflected in the overall housing market.

Buyers that I have recently  worked with that have purchased Developer Units are delighted to be the first owner, are pleased with the prices they have paid and view it as a great long term investment that will appreciate in time…they will enjoy using along the way  !!!

Driving down Collins Avenue in Miami Beach the other day, was quite a spectacle.  Across the street from the oceanfront condos on Collins avenue  Mega Yachts were lined up 5 deep for the 22nd Annual Yacht and Brokerage Show. Quite jaw dropping to see mega yacht after mega yacht some valued at over $40 million.

One of the thousands of reasons South Florida is such a great place to be.  Besides the fact that the weather is spectacular there is always something going on.  As a former New Yorker, we really appreciate the culture, art, sport and pop culture South Florida has to offer.

The Plaza at Oceanside in Pompano Beach is an outstanding luxury building that was built by WCI and hit by the worst possible economic conditions in 2007-2008.  WCI had its share of troubles, and the building sat unsold for about a year post completion.  In South Florida, several of these wonderful buildings, that remained unsold and unoccupied have been bought up by “Bulk Buyers” stepping in and buying either the entire building or a large number of units.  This has happened at the Caribbean in Miami Beach, Harbour House in Bal Harbour and other buildings as well.   As reported, WCI Communities has sold The Plaza at Oceanside in Pompano Beach to Hollywood developer Ari Pearl and his partner, New York-based The Chetrit Group , for $38.5 million.  While WCI was under Chapter 11, potential buyer’s were of course concerned about the future of the project and so the building sat primarily empty.  With new owners, great location, attractive pricing and outstanding amenities, this project presents a very attractive buying opportunity.

I have been watching and keeping tabs on this building, and I am delighted to hear that it now has the stability it deserves.

The Plaza at Oceanside is across the street from the ocean directly on the intracoastal.  There are units available with intracoastal views and units available with ocean views as well.  All units are either 2 bedroom, 2 bedrooms plus a den or 3 bedrooms and they run from 1441 square feet to over 4900 for the penthouse.  I have the original price list when sales were first offered. At that time prices per square foot were around $800.   Today, opportunities are at a fraction of the original asking prices.

The building has a total of 186 units and they are already about 27% sold.  Maintenance fees have been reduced to $0.45 per square foot as well.

The lobby and common areas are adorned with modern art everywhere.  The interiors were designed by Steven G.

An outstanding feature about this building is the incredible amenities offered.  They have many rooms for the residents to appeal to a variety of past times.    There is a wine room with wine lockers for the owners, news room with a  stock market ticker, theatre room, golf simulator,  fully equipped gym, internet room set up with lap top tables and private rooms, teen room, infant room and much more.

Floor plans are spacious and kitchens and baths are nicely appointed. Contact me for floor plans, prices and further details.

Susan Reiter (954) 632 3266

susan@blogsouthflorida.com

Intracoastal and Pool

Full appointed kitchens with fine appliances

News Room-The Plaza at Oceanside Pompano Beach

Theatre-The Plaza at Oceanside Pompano Beach

Fully Equipped Gym-The Plaza at Oceanside Pompano Beach

Expansive Pool-The Plaza at Oceanside Pompano Beach

Game Room and Residents Lounge-The Plaza at Oceanside Pompano Beach

Wine Lockers-The Plaza at Oceanside Pompano Beach

Indoor Golf Simulator -The Plaza at Oceanside Pompano Beach

Teen Room-The Plaza at Oceanside Pompano Beach

On-Line Internet Room-The Plaza at Oceanside Pompano Beach

As reported int the Wall Street Journal, a survey was published this week that showed wealthy investors have a renewed appetite for real estate. This has been seen in the increased sales data for luxury oceanfront condos in South Florida from Miami to Fort Lauderdale.  In the past 12 months there have been 434 oceanfront condos sold priced over $800,000.  250 luxury oceanfront condos close over $1 million this year.

The survey from Barclay’s Wealth revealed that wealthy investors expect to increase their asset allocation to real estate. Over the next two years, 35 percent of respondents plan to increase the proportion of real estate in their portfolios (not including their primary residence), while 48 percent plan to maintain their current allocations. The main reason that investors give for the increase is that they believe real estate offers better long-term prospects than other asset classes.

Outside their own countries of residence, most investors consider the U.S. to be the most attractive real estate market.

A survey of 2,000 investors world-wide with investible assests of more than $800,000 showed that 75% of respondents felt residential real estate is an attractive investment.

About half of those surveyed expect an increase in the value of their real estate investments over the next two years. Almost 40% of those with assets over $50 million have over 50% of their portfolio in real estate.

The survey also revealed that half the women found investing in real estate less risky than men and enjoyed real estate investing more than men.

In the peak of the housing market, buyers lined up with fist fulls of cash for the opportunity to secure an oceanfront condo in a new luxury building. We know what happened next, the market collapsed and many buyers walked away from their deposits.  What happened to these luxury oceanfront buildings?

Time has marched on and changes have happened.  Several of the brand new oceanfront condo buildings that were caught in the worst timing possible have been able to restructure their pricing models to reflect today’s market, either through bulk buyers coming in and taking over or through other strategic measures.

Take the Mei in Miami Beach for example.  Prices originally were over a $1000 sq.ft. Months ago they restructured their pricing radically and are now about 80 to 90% sold out.  Direct oceanfront units are priced in the $600-$700 sq.ft. range and north and south units with great views are in the $500 sq.ft. range.

Caribbean in Miami Beach is another perfect example. A bulk buyer came in and bought the project and totally restructured their pricing. Originally units were $1000 sq.ft. and higher.   The premier direct oceanfront corner units are around $690 sq.ft. North and south views are now $300-$400 per sq.ft.

Canyon Ranch is the most unique luxury oceanfront building offering a complete lifestyle supported by amenities unlike any other property. We have several listing at Canyon Ranch and have recently sold several units.  Completion also coincided with unfavorable economic times.  In spite of that, the South Tower has for the most part sold out completely.  The Carillon Tower, which is part condo part condo-hotel has had brisk sales with aggressive pricing opportunities.  The North Tower, offers spacious units priced in the $900-$1000 sq.ft. range.  We are watching the North Tower very carefully as well.

Another building I am watching very carefully and expect to see a major price reduction in is the new Trump Hollywood.  Hollywood and Hallandale as a location does not command prices as high as Miami Beach and direct oceanfront units can be had today in the $400-$500 sq.ft. price range. Trump Hollywood just completed, is a magnificent property which I will post on shortly.  Prices today are being offered from$620-$800 per square foot.  However, I anticipate seeing some price movement in 2010. That being said, this is an exceptional truly LUXURY building with great living spaces and may become the next great South Florida oceanfront condo buy.

Trump Hollywood Luxury Oceanfront

As has been reported, a New York City investor has purchased the Caribbean Miami Beach.  Originally prices for units in this oceanfront building were averaging $848 per square foot.   This is a boutique building with only 103 units, composed of one, two and three bedroom units.  Prices today are starting at $400 per square foot.  Furthermore, maintenance is only about $.62 per square foot.  The building offers a pool, fitness center with a sauna and locker rooms, private wine cellar, private cigar humidor and it is wired offering “Smart Building” technology.

Located on 37th and Collins, it is a super location walking distance to the newly renovated  Fontainebleau, under construction Cipriani’s, Morton’s Steak House and other great restaurants.  Minutes from South Beach, Bal Harbour and Miami International Airport.

The Caribbean consists of two towers, the newly constructed South Tower and the renovated North Tower.  The South Tower has only 4 units per floor. 

The direct ocean units are spacious with spectacular views.  Wide wrap around balconies extends the living space on one of the most beautiful beaches along the coast.  The kitchens have dark wood cabinetry and top of the line appliances.  The master bath is open and extends into the master bedroom with seamless glass walls. 

This is a very interesting project in a great location priced well for today’s market.

I have several clients, oceanfront condo buyers and sellers,  coming into town this week for the Fort Lauderdale International Boat Show which runs October 29, to November 2nd.  The show will feature more than 3 billion dollars worth of boats, yachts, super yachts, electronics, engines and thousands of boating accessories from every major marine manufacturer and boat builder worldwide. The Boat Show encompasses more than 3 million square feet of space, both on land and in water.  This is the world’s largest boat show and attracts people from all over the world. 

Other great reasons to be in South Florida…..

Our South Florida climate is ideal for convertibles.   

 …and those that come to South Florida enjoy great dining. South Florida speciality…stone crabs.

and of course great oceanfront condos in Miami, Fort Lauderdale and Palm Beach