Recent Sales Activity at One Bal Harbour and Other Luxury Oceanfront Condominiums

August 2, 2010 By

Summer is definitely off season for tourists in South Florida.  Tourists are gone, the hotels and beaches are quiet and traffic is flowing quite well.

However, Oceanfront Condo Sales Activity are not off season.  There has been some serious buying activity going on this summer.  One Bal Harbour, recently had 2 condos go to contract.  Unit 609 Listed at $2,995,000 and Unit 1809 Listed at $3,395,000. Other notable transactions this summer have been the Penthouse at the Jade Beach listed for $11,000.000, The Continuum unit 1804 listed for $8,395,000 and the Penthouse at the Acqualina listed for $5,200,000.

It is expected that this coming fall and winter season Miami Beach and Fort Lauderdale Luxury Oceanfront Condos are going to continue to experience an increase in sales activity.  I believe the summer activity is quite indicative of what is coming this season.  The profile of many of the buyers that I work with are second or third home acquisitions that they plan on using periodically and keeping long term.  There are many investors out in the market as well looking for long term appreciation.

Filed Under: Best of the Best Oceanfront Condos, Buying Real Estate, Continuum South Beach, Fort Lauderdale Oceanfront Condos, Jade Beach- Jade Ocean, Miami Oceanfront Condos, One Bal Harbour Tagged With: , , , , ,

Luxury Oceanfront Condo Activity- What Sold and What is Selling?

June 20, 2010 By

We receive calls from all over the world inquiring about the South Florida Oceanfront Condo Market. These calls come from people with perspectives on the economic conditions of the market and projections on what they believe.  Their information is coming from what they read in newspapers and on-line.  All types of opinions are formulated in this challenging market.  Statistics, and facts tell the real story.

Interesting facts….

The following charts, show actual closed sales for oceanfront condos within the last 60 day and recently sold condos pending closing. This data has been extracted from the MLS and may not include developer condo sales on new units.

In the over $5 million category there were 4 closed sales.  The penthouse at One Bal Harbour sold for $8,700.000($1643 sq.ft)  . It was magnificently finished out and offered turnkey.  It was listed for $12,000,000.  That is a 28% reduction, that can be viewed as being sold by a “motivated seller”. PH2108 had an interesting lineage.  In 2008 it was offered for sale  for $6,300,000. At that time it was unfinished (decorator ready) and closed at $4,950,000. ($940 sq.ft.). One Bal Harbour sits on one of the most unique locations along the coast with views of continual waterway activity on Haulover Inlet.

Other oceanfront condo sales reported over $5 million were at the Setai, Fontainbleu, and Ocean Tower on Key Biscayne.

In the over $1 million dollar range there were 70 closed sales,  4 sales at the Continuum in South Beach 4 sales at Turnberry Ocean Colony and 2 sales at Ocean Palms in Hollywood Beach.  The other sales were scattered along the coast in various condos.

Over $500,000 range, 150 closed sales were reported. Numerous sales were reported at the Beach Club in Hallandale Beach, Coconut Grove in Fort Lauderdale, Caribbean in Miami Beach

In the pending close category there a few notable transactions. 3 penthouse units sold, 2 on Key Biscayne and one spectacular unit at the Jade Beach in Sunny Isles. Turnberry Ocean Colony had the most pending sales in the over $2 million range.

There are 195 pending sales in the price range over $500,000.  What I have noticed consistently is that in all the buildings that we carefully monitor there is a growing list of pending sales. Oceanfront Condo sales activity is increasing.  When I analyze the data clearly the best buildings with great amenities in desirable locations are attracting buyers.  Great buying opportunities are everywhere across all price ranges…even in the ultra luxury market.

One Bal Harbour

Diplomat Residences Hollywood Beach

Filed Under: Beach Club Hallandale, Best of the Best Oceanfront Condos, Buying Real Estate, Caribbean Miami Beach, Condo Statistics, Continuum South Beach, Deals, Fort Lauderdale Oceanfront Condos, Jade Beach- Jade Ocean, Miami Oceanfront Condos, Ocean Palms Hollywood, One Bal Harbour, Turnberry Ocean Colony, What Can You Buy For $1 million, What Can You Buy For $2 million Tagged With:

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

September 7, 2009 By

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.

Filed Under: 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 Tagged With: , , , , , ,

Miami-Fort Lauderdale Sold Oceanfront Condos- Last 90 Days

August 2, 2009 By

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.

Filed Under: Beach Club Hallandale, Buying Real Estate, Canyon Ranch, Condo Statistics, Continuum South Beach, Diplomat Oceanfront Residence, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, One Bal Harbour, Turnberry Ocean Colony Tagged With:

Statistical Look at 7 Luxury Oceanfront Condos

June 14, 2009 By

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.

Filed Under: 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 Tagged With: , , , , , ,

Oceanfront Condo Sales- Buyer Activity

May 9, 2009 By

We haven’t posted in a while, because we have been very busy with buyers looking for great opportunites as well as with institutional buyers looking for bulk sales. There is plenty of activity in the market.   Active buyers in luxury oceanfront buildings are picking the best line units in buildings, taking advantage of the “buyers market” that exists. 

To provide you with an idea of the sales activity of oceanfront condos, here is a sampling of  closed sales for the past 6 months in South Florida. 

 

  • One Bal Harbour. Bal Harbour- 6 closed sales all over $1.3 million-NOTE:  Unit 208 Originally listed at $3.1 million closed for $2.2 million, one of the most desirable units
Furthermore, in new condo sales, most of the new construction developments have slashed their prices significantly.  The Mei, Miami Beach, for example, is reporting 20 closed sales in the month of April ! 
Oceanfront condos in Miami Beach, Fort Lauderdale and Palm Beach are selling ! 

                           

Filed Under: Beach Club Hallandale, Boca Raton Oceanfront Condos, Buying Real Estate, Condo Statistics, Continuum South Beach, Deals, Fort Lauderdale Oceanfront Condos, Mei-Miami Beach, Miami Oceanfront Condos, Palm Beach Oceanfront Condos Tagged With: , , , , , ,

Are Oceanfront Condos in South Florida Selling?

November 6, 2008 By

You betcha !

In the last 30 days 59 oceanfront condos went to contract in Miami.  In Fort Lauderdale (Broward County) 55 oceanfront condos sold.  Interestingly, they span the price spectrum. The most expensive unit to go to contract in the last 30 days was a 5 bedroom unit on Fisher Island that was listed for $12,900,000.  The lowest priced unit was in the hundred thousands.

Here are some specific examples of what oceanfront condos went to contract within the last 30 days.

MIAMI

Bellini- 10225 Collins Avenue-Bal Harour- A double unit over 7600 square feet.- 5 bedrooms 6 and one half baths

  • Highest Asking price $7,695,000 $1007 per square foot (this is a very unique spectacular space in Bal Harbour)
  • Asking Price Now:  $4,999,999   $654 per square foot
  • Price Reduction: 35%
  • Days on Market 197 

The Continuum South Tower- 100 S. Point Drive- Miami Beach- 1870 square feet 2 bedroom 2 bath

  • Highest Asking price $2,500,000 $1336 per square foot
  • Asking Price Now:  $1,800,000   $962 per square foot
  • Price Reduction: 28%
  • Days on Market 97
The Mosaic- 3801 Collins Avenue- Miami Beach 1507 square feet, 3 bedrooms 3 baths
  • Highest Asking price $1,300,000 $862 per square foot
  • Asking Price Now:  $900,000   $597 per square foot
  • Price Reduction: 31%
  • Days on Market 283

The Akoya- 6365 Collins Avenue- Miami Beach- 808 square feet 1 bedroom 1 bath

  • Highest Asking price $564,900 $699 per square foot
  • Asking Price Now:  $379,900   $470 per square foot
  • Price Reduction: 32%
  • Days on Market 41

FORT LAUDERDALE (Broward  County)
  • Highest Asking price $2,199,000 $773 per square foot
  • Asking Price Now:  $1,799,999   $632 per square foot
  • Price Reduction: 18%
  • Days on Market 2 ( Sold in 2 days !!)
  • Highest Asking price $1,199,000$505 per square foot
  • Asking Price Now:  $906,000  $382 per square foot
  • Price Reduction: 24%
  • Days on Market 11 (sold quickly !)
The Beach Club- 1800 S. Ocean Dr.- Hallandale Beach 1,571 Square Feet- 3 bedrooms 3 baths.
  • Highest Asking price $545,000 $347 per square foot
  • Asking Price Now:  $530,000  $337 per square foot
  • Price Reduction: 3% ( Priced Aggressively)
  • Days on Market 94
So who is buying?  I think it is pretty safe to say that the buyers are strong financially.  Second home buyers are taking advantage of the opportunities out there as well as investors.   What price did they actual sell at?  It will be interesting to see.
Filed Under: Akoya, Beach Club Hallandale, Bellini, Buying Real Estate, Continuum South Beach, Deals, Fort Lauderdale Oceanfront Condos, L'Hermitage, Miami Oceanfront Condos, Mosaic, Ocean Palms Hollywood Tagged With: , , , , , , , , ,

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

October 9, 2008 By

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 !

 

 

 

 

Filed Under: Bath Club, Buying Real Estate, Condo Statistics, Continuum South Beach, Miami Oceanfront Condos, Mosaic Tagged With: , , , , , ,

Watching the Market….Or Buying An Oceanfront Condo Now

May 31, 2008 By

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.

..

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!!!

Filed Under: 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 Tagged With: , , , ,

What Can You Buy For $ 1 Million?- South Florida Oceanfront Condo

February 29, 2008 By

Here is a new installment of “what can you buy for $1 Million?”.

I have selected one condo in Lauderdale by the Sea, one in Miami Beach and one condo in South Beach. The Aquazul in Lauderdale by the Sea is being offered for $425 square foot. The Blue Diamond in Miami Beach is being offered for $692 square foot. The Continuum in South Beach is being offered for $874 a square foot. South Beach is one of the most expensive beachfront locations in South Florida, with many listings offered at well over $1000 a square foot.

Aquazul- Lauderdale-by-the- Sea

1600 S. Ocean Blvd. Lauderdale-by-the-Sea, Florida

Aquazul View Aquazul Building

Asking Price: $1,095,000

Price per Square Foot: $426

2572 sq.ft. under air, 3152 sq.ft. with balconies

3 bedrooms 4.5 bathrooms

Direct ocean views as well as west views

Direct ocean views from this large 2 bedroom 2 bath plus den residence. Floor to ceiling hurricane glass, private foyer, east and west balconies. Gourmet kitchen.

This residence was introduced on the market in January 2007 at an asking price of $1,400,000. It has had several price reductions and was offered for rent as well.

This unique building consists of 24 stories with only 79 residences. The building design is such that there are only 4 units per floor each served by private elevators. Aquazul is a full service building which includes a fitness center, tennis courts, clubroom, oceanfront pool, cabanas and 24 hour concierge and valet service. The location of this property is between Commercial and Atlantic directly on the ocean.

Blue Diamond Miami Beach

4779 Collins Ave, Miami Beach, Florida

Blue Diamond

Asking Price: $1,060,000

2 bedrooms 2 baths plus a den

Price per Square Foot: $693

1530 sq.ft. under air

Direct Oceanviews

Direct ocean views from this large 2 bedroom 2 bath plus den residence. All rooms leading to a large terrace overlooking the Atlantic Ocean. Floor to ceiling windows and sliding doors. Split floor plan. Spacious master suite with ocean views. Marble floors through out.

This unit has been on the market for about a year and has not had any price reductions.

This beach front building offers 16,000 square feet of amenities, including his and her saunas and steam rooms, two whirlpools and the newest in exercise and fitness equipment

Continuum On South Beach

100 S. Pointe Drive, Miami Beach, Florida

continuum one bed

Asking Price: $1,050,000

one bedroom one and a half baths

Price per Square Foot: $875

1201 sq.ft. under air

Views of Fisher Island, Cruise Ship Passageway called Government Cut and Downtown Miami

This unit was initially offered on the market in June 2007 at $1,250,000.

This is one of the most sought after buildings in South Beach. This is a one bedroom one and a half bath with a private elevator foyer. It has 10 foot ceilings and stunning views of Government Cut, Fisher Island and Downtown Miami. Open kitchen with granite counter tops, Subzero & Miele appliances. Italian Saturnia marble throughout.

Amenities include 24 hour security and valet, private beach club, lagoon and lap pool, concierge service, 3 tennis courts, and a 25,000 square foot gym and world class spa.

Oceanfront Condo Map South Florida

Filed Under: Aquazul, Continuum South Beach, Deals, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, Oceanfront: What Can You Buy For...?, What Can You Buy For $1 million Tagged With: , , ,
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