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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

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.

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

• Turnberry Ocean Colony, Sunny Isles - 4 closed sales from $1.1 million and up

• Continuum, South Beach- 6 closed sales all over $1.1 million

• Beach Club Hallandale Tower One- 13 closed sales- 5 direct ocean units starting at $550,000.

                           

The Mei, Miami Beach, is a  new oceanfront condo building in a great location.  Constructions was just recently completed and closings are underway.  Because of current market conditions,  some original buyers are unable to close and the developer is taking back some inventory.

I am always analyzing the market looking for opportunities for my clients.  As I have written before, in my opinion, developer units are where the real buying opportunities lie.  Especially in these economic times, in most cases developers are very motivated to sell their inventory.  I find the opportunities are greater than short sales, foreclosures or bank owned properties.  

The Mei presents some very attractive units with a good amount of square footage and very aggressive pricing.  The Mei is considered a “boutique” building with on 134 residences in 21 stories.  The Mei is situated at the north end on Millionaires’ Row, 10 minutes form South Beach, 10 minutes from Bal Harbour, 20 minutes to international airports.

(one of the lobby seating areas)

The units offer unobstructed views of the ocean and the intracoastal, the golf course La Gorce, Biscayne Bay and spectacular views of downtown Miami.  Designed by Hirsch Bedner, known for award wining projects around the world such as the Oriental Hotels. The building design hosts flowing water, crafted in limestone, teak and exotic fabrics from the east.

Mei will provide each resident Five Star Resort Services including:  

o Breathtaking lobby with 24 hour concierge and valet parking services 

o Tea Lounge

o  Zen library

o  Asian inspired spa, Yoga studio

o State of the art fitness facility with private massage rooms, steam room, lockers

o  An ocean view stunning pool deck where lagoon pools and tropical gardens create a hideaway on the ocean with an infinity         edge pool and a misting pool to delight all your senses. 

o  Mei will offer the most advanced cutting edge technology system included in each residence as standard:

o  21st century technology with Pre-wired and pre-installed fiber optic connections for: Satellite TV, Email boxes, Local and international telephone, voice mail service, wireless hi speed Internet, music and video library.

An outstanding feature of the units offered are the expansive wrap around balconies.  Even if you are situated on the west side of the building, the wrap around balcony offers you direct ocean views as well.

The units start at 1,148 square feet and  range up to 1,817 square feet.  I do receive many inquiries for spacious 2 bedroom oceanfront units in Miami Beach.  The developer is offering at the Mei today a 2 bedroom unit 1,374 square feet with another 664 square feet of balcony for around $580 square foot.  Prices not too long ago were around $1000 square foot.  How is that for an opportunity ! 

For those that are looking to buy an oceanfront condo in Miami Beach, the Mei is worth taking a look at.  

The expansive west views are spectacular…especially at night !

   

The library carries through the zen like design….

The pool has a gentle waterfall with with in pool seating overlooking the ocean….

The balconies wrap around the corner so direct oceanfront units will also appreciate the interesting west views.

 

The kitchen has wood paneling and top of the line appliances.

Baths have dual sinks and modern fixturing…..

 

Here are pictures of the finished model unit….

 

In today’s market there have been great buying opportunities in luxury oceanfront condos as they go through their completion phase. Buyer’s/investors that bought in several years ago, that do not want to close will offer their units at deeply discounted rates. Furthermore the developer will take back some units that they do not want to keep in inventory and they will price these units aggressively as well. This scenario is exactly what transpired recently at One Bal Harbour and at Canyon Ranch. Timing was exactly right for savvy buyers that took advantage of these opportunities and bought in to magnificent oceanfront condos at very attractive prices.

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I anticipate that at the Mei, there will be similiar buying opportunities as well.

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Prices at the Mei Start at the low $700’s. There will only be a total of 134 residences, 8 per floor. with a total of 22 floors.

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The Mei located at 58th and Collins in Miami Beach is in the premium area of “Millionaire’s Row” . Nearby oceanfront condos include Bath Club, Canyon Ranch, Aqua and the Fountainbleu. Mei is midway between South Beach and Bal Harbour and minutes from the airport expressway.

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Mei is a contemporary Asian influenced design. Created by the world renowned Hirsch/Bedner team of interior design, creators of the Mandarin Oriental Hotels around the world. Mei’s elegant entrance lobby is complemented by a unique Tea Lounge and Library, as well as the resident’s Spa and Fitness Center which leads to the oceanfront pool.

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Detailed Information on the Mei In Miami Beach at 5875 Collins Avenue, click here.

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