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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

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.

The market today is not a “typical” market where the standard procedures of negotiating applies to every scenario.  Many buyers come into the market expecting to follow the procedures of buyer submitting and offer, seller countering offer,  terms negotiated back and forth.   The scenarios that exist today that I experience firsthand through the numerous offers I present on behalf of my clients run the gamut.  In certain situations, offer-counter-offer, playing it along,  is the way to go.  In other situations….it is what it is.

I want to address properties being sold by owners not in distress.  There are properties listed today, by very motivated sellers.  In some cases, they have priced their property at the rock bottom price that they are willing to sell it at.  No negotiating.  This is a marketing technique.   I have come across this situation several times, from both sides of the fence, representing both a buyer as well as for a seller in which I represent.

One of my listings at Canyon Ranch, unit 301, is priced very aggressively the seller is not negotiating, and that is clearly explained.    I have received offers below the asking price, and I certainly understand why a buyer would try.  However, the issue that I  have come across is that buyers are getting “insulted” that they have not received a counter offer back below the asking price.    The owner has set their bottom price and it is what it is. It is not a distress sale.  There is no negotiating at all …..  The process is not the issue.  The property is the issue. Each property has to be evaluated.   Recently, I was working with a buyer that came in with a very low offer.  The seller responded back with their bottom selling price.  The buyer was insulted.  The process is not the issue the property is the issue.  Evaluating value.

Sales are up in South Florida and there are many many buyers out there scooping up  unique buying opportunities.  Statistics prove it.   We are going into our season and this is going to continue and increase. Building after building that I investigate for my clients are reflecting growing lists of units that have gone to contract and are “pending sales”. Especially, in luxury buildings, the lower priced units are selling.  In Miami Beach, Bal Harbour and Sunny Isles,  there are over 311 oceanfront condos that have gone to contract and are pending closings.  37 of those are priced at over $1 million.  In November 2008 there were only 58 pending oceanfront condos.  In Broward county, which includes Hallendale, Hollywood, and Fort Lauderdale, there are 250 oceanfront condos that have gone to contract and are pending closing.

There are great opportunities in the market, however, whether it is a pre-foreclosure, bank owned,  or motivated seller, expect the unexpected !

In the last 90 days there have been many oceanfront condo sales that have closed.  We wanted to be specific by showing our readers what has actually sold, and what prices buyers are paying.  As we move into the fall season, increased sales are expected for second home buyers looking for good buying opportunties.

Blogsouthflorida, focuses primarily on newer oceanfront condos so the condos listed are in buildings built after 2000 and with a minimum of 2 bedrooms.

In Miami-Dade there were 89 oceanfront condos that sold.  The Penthouse at Continuum sold for $9,900,000, asking price $14,500,000,  32% off asking.  There has been several sales at Turnberry Ocean Colony in Sunny Isles.  This is one of our favorite properties in South Florida and prices on a per square foot basis are quite attractive.  There have also been several sales at One Bal Harbour, another sought after luxury oceanfront property.  We are delighted to see several sales at Canyon Ranch as well.

Oceanfront Condos closed sales in Miami Dade, which includes; Miami Beach, Bal Harbour, Sunny Isles, etc. from May 4,2009 through August 2, 2009.  Criteria used includes only buildings built after 2000 and condos with a minimum of 2 bedrooms. The last column is showing the % of sale price to list price.

All information is from the regional MLS

The following data reflects oceanfront Condos closed sales in Broward County, which includes Hallandale Beach, Hollywood, Fort Lauderdale etc, from May 4,2009 through August 2, 2009.  Criteria used includes only buildings built after 2000 and condos with a minimum of 2 bedrooms.   The last column is showing the % of sale price to list price.

All information is from the regional MLS

n Broward County, The Ritz Carlton,  had a closed sale of a large 3073 sq. ft. oceanfront condo for $1,800,000, asking price $3 million, 40% off asking price.   Not surprising, there are the most sales at the Beach Club in Hallandale Beach.

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.

All new luxury oceanfront condominiums in South Florida offer an array of amenities.  For some buildings the amenities are very basic and for others quite extensive.  There is one new oceanfront condo building in Miami Beach, Canyon Ranch that really takes the entire oceanfront condo living to a new level.

Many of the purchasers of condos in the new Canyon Ranch Miami Beach, have had the good fortune of experiencing one of the other Canyon Ranch locations.  The “Ranchers” as they have been called,  have enjoyed the all encompassing lifestyle that Canyon Ranch delivers. Now, to be able to own a condo in Miami Beach and immerse oneself in a comprehensive healthy lifestyle … well, that combination is a real winner.

Canyon Ranch hotel and spa opened very recently.  Here is a sampling of what residents can experience every single day:

Here are condo units for sale at Canyon Ranch,.  In addition to the condominiums for residents, Canyon Ranch Miami Beach also has a full service luxury hotel.  Condominium owners benefit by having full access to all the amenities of the hotel including concierge service, restaurants, room service and maid service.

Condominiums and condo hotel units are for sale in all price ranges starting in the $400,000 to well over $3.7 million.  There are also 6 month and one year rentals available at Canyon Ranch.     

We put together a short video to offer an overview of Canyon Ranch Miami Beach South Tower, Carillon Tower, North Tower and overview of the Canyon Ranch Miami Beach facility. 

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.

Construction at Canyon Ranch in Miami Beach is in the final stages. Residents are occupying the South Tower and the North Tower and Carillon will begin closings shortly. The hotel is taking reservations for October.

There is a great deal of excitement in the air about the opening of the amazing spa facility. Here is a little blurb that appeared in this month’s INSTYLE magazine ……

Canyon Ranch Spa

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!!!

Canyon Ranch offers luxury oceanfront condos, a complete healthy lifestyle and right now incredible buying opportunities.

The South Tower has begun closings. The North Tower will begin closings in a couple of months and the hotel and incredible spa facilities will be completed this summer as well. This multi-use project is like non other. The lifestyle and amenities offer an immersion into healthy living on all levels. The options are so extensive but your level of participation will be total personal.

Buying into a luxury oceanfront condo in South Florida has tremendous appeal. Add in the complete lifestyle immersions available to you everyday and night and this project is truly something special. Now here comes the icing on the cake; there are buying opportunities right now. A few select units are being offered by the developer at 2003 price levels and they are selling fast.

The pictures in this post were taken from a corner flow through unit in the South Tower with direct ocean, intracoastal and downtown Miami views.

If you are thinking of buying a luxury oceanfront condo in Miami or South Florida….Canyon Ranch is something really special. RUN DON’T WALK!

Here are Canyon Ranch Condos For Sale These listings are not developer units but resales from previous purchasers. If you would like information on some particularly interesting opportunities…let us know.