Are Oceanfront Condos in South Florida Selling?

posted by Susan Reiter on November 6, 2008

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)
L’Hermitage- 3200 N. Ocean Blvd. 2,845 square feet- 3 bedrooms 3 baths.
  • 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 !!)
Las Olas Beach Club- 101 S. Ft. Lauderdale Beach, Fort Lauderdale- 2,372 Square Feet 3 bedroom 3 baths.
  • 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.
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Categories: 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

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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