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

We are periodically contacted by the media for our opinion’s on the South Florida Oceanfront Real Estate market.

Modern Luxury-Miami July/August 2008, published a very interesting article on celebrities attracted to “Mid-Beach”. The mid beach area will be host to the W South Beach, Ritz-Carlton, Cipriani and Gansevoort.

Modern Luxury contacted blogsouthflorida for our comments and opinions. Below is the excerpt.

Recently, our data, statistics and analysis has been helpful to other media sources as well including The Real Deal, and Wall Street Journal.

In the last 6 months there were 10 reported closed sales in the ultra luxury condo market, over $5 million. The most expensive reported sale was at Fisher Island. A 5 bedroom 8900 square foot trophy property sold for $12,360,000. The asking price was $15,500,000. That is a 21% price reduction! As we have written before, there are buying opportunities in this market in all price ranges.

In the ultra luxury market, prices are well over $1000 a square foot and can easily step into the $2000 per square foot range.

There are a few ultra luxury oceanfront condos in pre-construction stages that are also selling in this market. The St. Regis in Bal Harbour, for example, offers a magnificent direct oceanfront 3 bedroom plus media room totaling 3,884 square feet. The St. Regis Bal Harbour Residences, offers the unique Bal Harbour location, all the outstanding amenities and services the St. Regis has to offer, and direct magnificent South Florida Oceanfront views. Asking prices offered for these premier units run around $1,800 square foot. Developers are also somewhat negotiable as well. The St. Regis Bal Harour will be a total of 268 Residences and 36 condominium hotel suites, as well as 183 hotel rooms. The condo-hotel units are sold out. The St. Regis Bal Harbour Information.

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The Ritz Carlton Residences in South Beach, another luxury property offers several floor plans ranging from under 1000 square feet to over 2000 square feet. The penthouse recently sold for $17 million. This is a much smaller project with only 86 private residences. Prices are well over $1000 a square foot. At the Ritz Carlton Residences buyers will enjoy the unprecedented services the Ritz Carlton is known for worldwide as well as the direct ocean South Beach location. Ritz Carlton South Beach Information.

There are other ultra luxury pre-construction projects underway in Miami and South Florida and they are selling to buyers from all over the world.

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!!!

Ultra luxury Oceanfront Condo’s are selling. Case in point…. The Ritz Carlton South Beach $17 million penthouse just sold! This was the crown jewel of the 86 exclusive residents being offered. The project is in its preconstruction stages with completion expected in 2010.

South Florida oceanfront condo market is very active right now, attracting international buyers. However this incredible property was bought by an American!!!

The Ritz-Carlton Club is an oceanfront property located between 29th and 30th streets on Miami Beach. It will consist of three buildings, the historically renovated Seville Beach Hotel, an all new 17 story north tower and an all-new 21 story south tower.

Continuum II pictured below.

In South Florida, the word “pre-construction” can be a taboo word. But not in the high end luxury market. As previously blogged, the high end luxury market is alive and kicking. There are several luxury and ultra luxury projects underway in South Florida and we are told sales are brisk.

We are often contacted by Canadians, Europeans and Northerners inquiring about specific luxury oceanfront pre-construction projects. Each project has its own unique characteristics that afford it a luxury status. To help our out-of towners- we are offering a concise look at 5 of the most sought after projects.

Canyon Ranch: Healthy Living is is more than diet and exercise. The visionary concept is known as “healthy living”. There is an extensive offering of education, nutritional, exercise and relaxation options integrated into your everyday life.

Ritz Carlton: Uncompromising service that distinguishes the Ritz-Carlton hotels has been adapted to their Private and Fractionally owned Residences. Only 86 private residences available in a magnificently designed structure.

St.Regis: Located in exclusive Bal Harbour, the St.Regis offers a 5 star resort hotel and condominium. The signature St. Regis Butlers will offer white-glove service. Of course the finest shopping must be easily accessable…across the street from the Bal Harbour shoppes.

Cipriani: Following in the world renowned Cipriani’s tradition, the 66 unique residences will be finished with the finest imported Italian marble and finishings. All residents will be catered to by the Cipriani hallmark of service and discretion.

Continiuum II: Location, location, location. The Continuum II is situated south of fifth street adjacent to one of the most desirable buildings in South Beach, The Continuum South Tower. Directly on the sand, the facilities and location continue to be favored by a very international crowd.

The Continuum II and Canyon Ranch are nearing completion and are expecting occupancy to begin in January 2008. The other projects mentioned have a way to go.

Below is a chart that provides information on building size, price range, apartment size and expected completion. If you would like to see floor plans or need additional information, let us know.

The Ritz-Carlton Club is an oceanfront property located between 29th and 30th streets on Miami Beach. It will consist of three buildings, the historically renovated Seville Beach Hotel, an all new 17 story north tower and an all-new 21 story south tower. There are 86 private residences priced from $1million to $17 million. Fully Deeded Fractional Ownership opportunities are available as well. Fractional ownership opportunities are priced from $100,000 to $550,000. This luxury project has been available for purchase since 2006. Of the 86 units available, approximately 70 have been sold.

The Ritz-Carlton Club and Residences, South Beach is the first purely residential Ritz-Carlton development in Miami, and is recognizing one of Miami Beach’s most important contributions to the world of design and architecture by incorporating the restoration of the historic Seville Beach Hotel into the new development. Dating back to 1955, the historic landmark was originally designed by iconic MiMi (Miami Modern) designer Melvin Grossman.

With uninterrupted ocean views and in true South Beach style, the double height, large oval shaped lobby set the stage for the perfect entrance to the building. The large open area will have strategically placed 20 foot high round columns covered in the original 14-karat gold mosaic tiles. The elegant columns will be surrounded at the base by wood banquets upholstered in plush red Bergamo fabrics.

An extension of the curvilinear lobby, the legendary Matador Supper Club, becomes a private lounge exclusive to residents. The Lounge formerly visited by the likes of Dean Martin and Frank Sinatra will be designed in a retro modern fashion.

The luxurious interior spaces will be matched by an equally stunning pool area. Outdoors, residents will be welcomed by the Seville Hotel’s original over-sized pink-toned diving board. The four outdoor pools are lined by 16 cabanas which were part of Grossman’s original design for the Seville Hotel.

The first floor of residences in the South Tower is actually located on the 5th floor, as is the case with all of the towers. The 1st ten floors have 2 residences per floor, S1 and S2. The next 4 floors are single story penthouses. The top floors and roof top is a duplex penthouse. The South Tower is 21 stories in total, with only 25 residences. This property is very, very exclusive…. it will be one of the sexiest buildings in SoBe…cylindrical glass and steel… possibly closer to the water than any other development on the beach.

The S1 unit has direct southeast ocean views. Here is the floor plan of the S1 unit in the South Tower.

All Residences will have the following features:

Kitchen

• Italian cabinetry from Idea Group
• Sub-Zero refrigerator
• Miele kitchen appliances
• Miele coffee system
• Wine cooler

Bathrooms

• Fixures from Johler, Dornbracht and Duravit
• Bidets and toilets by Philippe Stark

Smart Living

• Touch-panel control of recessed lights and kitchen sound system
• Access to Ritz-Carlton services
• Wireless, high-speed internet access
• Multimedia network access to latest technologies
• Cable and satellite television

This is a truly unique ultra luxury residence offering the finest world class service in the most sought after oceanfront location.  Occupancy is expected in 2009.

Welcome  to South Florida!   Singer Julian Lennon, son of Beatles guitarist John Lennon, is moving to Miami Beach.  Word has it that he will be splitting his time between Miami and England.  The 44 year old troubadour whose mom is John’s first wife Cynthia, got himself an 1,800 square foot, two bedroom condo at the new Ritz-Carlton Club, which should be finished in late 2009.  His purchase price wasn’t available, but prices in the 17 story building go from $900,000 to $17.5 million. Lennon is know for songs like Too Late For Goodbyes.

Miami’s edgy style, rich culture and unbelievable weather continues to  appeal to international celebrities.