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

Short Sales…Nobody Likes them…but there are opportunities

posted by Susan Reiter on July 12, 2009

Nobody likes short sales.   The process is long and drawn out with questionable results.  However, for buyers, the opportunities are there.  In Miami Beach in the last 60 days,  23 oceanfront condominiums closed that were short sales.  2 closed sales were at the Bath Club. These were large units with selling price for both units were over $1million.  The per square foot price was in the $300’s per sq.ft ! That would have been unheard of a few months ago.  A new oceanfront condominium in Miami Beach selling in the $300’s per square foot !

These opportunities are in all price ranges and touch the most expensive luxury buildings.  At the Grand Bay Tower in Key Biscayne,   a 9000 square foot oceanfront condo is listed for $7.8 million and is a short sale. There are short sales at the Continuum in South Beach, at Turnberry Ocean Colony, at the Jade in Sunny Isles and even at Oceanside in Fisher Island.

In the Fort Lauderdale area, there were 22 oceanfront condominiums short sales  that sold and closed in the last 60 days.  Several of those sales were condos at the Beach Club in Hallandale.

There are varying stages of the short sale process. If the short sale has already been approved by the bank the process could feasibly close relatively quickly.   Unfortunately, this is the state of the market today, but for a buyer… it could be quite an opportunity !

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Categories: Bath Club, Beach Club Hallandale, Buying Real Estate, Deals, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos

Mosaic, The Bath Club and the Continuum Miami Beach-Sales and Market Profile

posted by Susan Reiter on October 9, 2008

To give our readership a look at the luxury oceanfront condo market we have selected a sampling of luxury oceanfront condominiums in Miami Beach.  Mosaic, The Bath Club and The Continuum South Tower, the Continuum North Tower.     The data we are providing will reflect the varying building sizes, the number of units for sale, the price ranges and recent sales data.  These three buildings were picked merely as a representation of new luxury oceanfront condos in Miami Beach.  

A few notes about the data, The Continuum in South Beach is the largest of the three properties with 517 units but only 15% of the building is offered for sale.   The desirable Continuum in South Beach offers the premier…location, location, location!   Continuum sales price per square foot have not been any lower than $717 !

On the other hand Mosaic is the smallest of the three condos with only 86 units.  30% of the building is for sale.  That is higher than the average of about 20% for most newer luxury oceanfront condos.  

Of the three buildings the best price per square foot that was sold was at the Bath Club for $315 square foot.  Somebody got a really good deal.  The lowest priced sale was also at the Bath Club for $650,000.

Across all markets we have seen the stabilization of inventories and are actually starting to show a decline in inventories.   Less condominiums on the market.  Furthermre, the National Association of Realtors reported an increase in pending home sales from July to August.

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 invesments…..real estate is real property !

 

 

 

 

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Categories: Bath Club, Buying Real Estate, Condo Statistics, Continuum South Beach, Miami Oceanfront Condos, Mosaic

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
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