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

One Bal Harbour-Regents Hotel Out

posted by Susan Reiter on July 25, 2009

I was working with a buyer today at One Bal Harbour. The Regents Hotel sign has been replaced.    As reported by the Miami Herald, a private group, ElCom Hotel & Spa, bought the common areas of the hotel for $12 million and 51 unsold condo-hotel units.

The owners of ElCom, executives with hotel backgrounds, have renamed the property the One Bal Harbour Hotel. Regent left another condo-hotel, in South Beach, two years ago.

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Categories: Harbour House, Miami Oceanfront Condos, One Bal Harbour

Harbour House-Developer Closeout Presents Opportunities

posted by Susan Reiter on June 20, 2009

The New Harbour House in Bal Harbour is situated at the Northernmost tip of Bal Harbour.  Completed in 2007 by the Related Group,  Harbour House offers all the amenities expected from a new oceanfront condo, spa fitness center, pool, private theatre, clubroom and even a small grocery store.

Residences available are studios, one and two  bedroom units.  The Developer is down to the last of their inventory and they have priced these units to sell… and they are selling. Studio’s run around $300,000, one bedroom one and a half baths high $300’s, two bedroom two bath in the $400,000′-$500,000’s.   Prices when originally offered were almost triple these prices.

The Bal Harbour location draws a tremendous demand in the winter months from seasonal visitors from around the world.  This location is quite desirable for seasonal renters.

The Developer has established an on-site relationship with a Tui Pranich, an interior designer.  Modern interior packages are offered that complete the unit in its entirety including, linens, china, and plasma TVs.

As the oceanfront condo inventory gets eaten up by buyers from all over the world taking advantage of incredibly low prices,  Harbour House is an attractive option.  The Bal Harbour location and low purchase price make the Harbour House a very attractive option.

West View offers spectacular views of the intracoastal waterways.

Oceanfront Pool with Cabanas

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Categories: Buying Real Estate, Deals, Harbour House, Miami Oceanfront Condos
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