The information resource for Luxury Oceanfront Condominiums in Miami, Sunny Isles, Bal Harbour, Fort Lauderdale, Boca Raton and Palm Beach. (954) 632 3266

Turnberry Ocean Colony North, Turnberry Ocean Colony South,  Acqualina and One Bal Harbour are luxury oceanfront condomimiums in Sunny Isles and Bal Harbour.  All three properties are relatively new.  Following our previous post, we wanted to provide our readers with a market profile for select buildings in the Sunny Isles Bal Harbour area. 

Certain markers of interest, Acqualina has the lowest percentage of units on the market, only 12%. One Bal Harbour had the lowest priced sale at $1.2 million as well as the lowest price per square foot sale of $601 per square foot.  Turnberry Ocean Colony has had 11 closed reported closed sales in the last 6 months One Bal Harbour had 22 closed sales.  When One Bal Harbour units closed there were many investors that put it right back on the market.  

Closed sale data is based on information from the last 6 months.    

South Florida newer condominiums have been averaging around 20% of the building on the market for the past year.  That number hasn’t increased in fact, as I mentioned in a previous post, inventory numbers appear to be on the decline.  

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 other investment instruments it is real property !

 

 

 

Turnberry Ocean Colony

Through my research I come across “break out” properties. I call these South Florida Oceanfront properties “break out” properties because they stand out from the inventory.  Certain properties that I identify are very  unique and presents attractive buying opportunities.

Criteria that I analyze that makes these “break out” properties unique can include some or all of the following:

Building Quality & Amenities

• View
• Square footage
• Number of bedrooms
• Price per square foot
• Price
• Comparables
• Location
• Uniqueness

 

I have found that when I have identified these properties, they always sell rather quickly. So even though the Average Days on the Market for most waterfront condos is about 156 days, these opportunities sell considerably quicker than that.

Here is an example. Most recently, at the Diplomat Residences in Hollywood, there was a 3,000 square foot direct oceanfront unit that was being offered for $1,199,000 on a high floor.  We can pretty much assume that it sold for less than asking price. Comparable units were going for $1.9 million a year ago.  This particular unit has gone to contract.  The next somewhat comparable unit is being offered today for $1.5 million.

I have identified “break out” opportunities in several extraordinary buildings, including Ocean Palms, Turnberry Ocean Colony, One Bal Harbour and  the Continuum in South Beach just to name a few.  They are out there!

This is such an exciting time for the oceanfront condo market!

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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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!!!

We communicate with people from all over the country and all over the world. I am aware of what the media says about South Florida real estate and it is for the most part true. However, certain luxury oceanfront condos are hot with multiple offers coming in. We were working with a buyer ready to put an offer in on a $2.3 million oceanfront condo. Within 24 hours the seller had THREE OFFERS!!! In another instance, our buyer was coming to the end of the recission period in a new building and the developer called me to say they had two buyers interested in that unit in case my client was not interested.

These stories are all true. Select luxury oceanfront condos of South Florida are hot and are selling! The negative media coverage does not apply to this unique market sector. Even I am amazed!!

I have worked with several clients over the last few months that have been interested in One Bal Harbour. I have been kept up to date by the developer on units that they had for sale. Some units came back to them when original purchasers did not close. The number of developer units remaining consistently declined week after week. They are selling them all. Everytime I went to One Bal Harbour with a client, the property was busy with buyers everywhere. Last time I was there, the units we went to were also being seen by a very well known celebrity.

Luxury oceanfront condominiums in South Florida certainly do not appear to be adversly affected by the state of the economy or the current conditions of the national housing market. Here are some interesting facts to support this statement:

One Bal Harbour- Luxury Oceanfront Condo in Bal Harbour.

To view all listings currently on the market at One Bal Harbour Click Here.

• Currently there are 13 condominiums pending closing sale
• Price Range of the 13 units pending are from a low of $1,150,000 to a high of $13,500,000
• 8 of the units pending are offered at a price that exceeds $2,000,000
• There have been 27 closed sales in the last 6 months
• There are approximately 68 units on the market out of 185. About 37%. (revised)

In Miami-Oceanfront condos

• In the last 60 days, there has been 47 closed sales of oceanfront condos exceeding $1 million
• There are 54 sales pending to close that had a listing price over $1million

In Fort Lauderdale-Oceanfront Condos

• In the last 60 days, there has been 11 closed sales of oceanfront condos exceeding $1 million
• There are 40 pending sales over $1 million
• 19 of the pending sales are over $2 million
• An Oceanfront Condo over 6000 square feet listed for $7,550,000 has gone to pending. When it closes it will be the highest recorded oceanfront condo sale in Broward county this year.

We have written about the brisk luxury oceanfront condo market before. There are active buyers out there looking for the really good properties! The data speaks for itself!!

Here is the update as of today…

• There are 93 units on the market out of the 185 in total
• There are 15 pending sales
• The MLS is reporting 14 closed sales
• Out of the 93 units on the market some are being offered by investors looking to assign the contract and avoid closing
• The WCI still has some developer units available

Speaking to the developer and to various unit owners, they believe that only a small percentage will go back to the developer and the rest will close and be sold. One owner that I was speaking with actually raised the price $100,000 that day on their 2,650 square foot unit.  I will say this, the footprint of the building, the location, the view, and the amenities have so much going for it. Bal Harbour appeals to an international crowd and One Bal Harbour has unique characteristics that make it quite special.

The 09 line faces north east offering spectacular ocean, intracoastal, channel and coastline views. The units are 2,650 square feet, 3 bedroom 3 baths. The least expensive (09) unit offered is at $2,250,000.

Here is a look at One Bal Harbour:

It has been reported that only about 35% of the units have closed at this time at One Bal Harbour and that there is some negative speculation about the remaining units pending closings. 

Be that as it is you have to say that when all the dust settles being the owner of one of the few units that are over 5000  square feet would be quite amazing.  There is a residence available that has 5,444 square feet under air and 6,983 square feet with balconies. It has 4 bedrooms and 4 1/2 baths, and it is on a high floor.  Asking price is $6,300,000.($1157 a square foot). This floor plan has a study, butler pantry, exercise & sauna, formal dining, grand salon and family room,  private elevator, upgraded kitchen and 180′ panoramic unobstructed views of ocean, beach and intracoastal.

One Bal Harbour is in such a premier location.  To be the owner of a residence like this in this building is a unique opportunity for the very lucky few.  Click Here For More Information.

After several delays, newly constructed One Harbour is scheduled to begin closing units this Friday and it is anticipated that closings for all units will be completed by months end.  This 26 story luxury building in the most desirable location hosts a total of 185 units.  There are currently 85 units for sale.   That is 46% of the building on the market.  Investors are scurrying to get out.  This is a phenomenal building with spectacular views and first class amenities.   Units range from 2 bedrooms units to expansive penthouses.   Prices range from $700 to over $1500 a squre foot.  With so many units on the market, there are buying opportunities to be had in this building.   It is anticipated that in time, One Bal Harbour will become one of the most sought after Bal Harbour residences.

Completion is expected last quarter of 2007.  There are currently over 60 units on the market in this building.  Some of these units are being sold near the prices that were offered for preconstruction  5 years ago. There are some great buys in this first class building with great amenities.  This building is situated at the north end of Bal Harbour right next to the inlet.  Depending on the unit you can have direct ocean, intracoastal or all three.  Owners are privileged to access the world class five star services.  The appointments in each unit include fully equipped kitchens with Poggenpohl, sub-zero and wolf.  The beach access also offers cabanas with service to the beach and pool.

Prices range from $700 Sq. Ft to over $1500 sq. Ft.

An example of one of the three bedroom units is on the 12th floor.  It has 3 bedrooms and 3 baths and has over 2200 sq.ft. It is being offered for $1,560,300, reduced from the original offering price of $2,250,000.  That is $700 sq. ft. a relatively good price.

 Click here for property brochure on One Barbour Unit 1205.