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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.

 

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!

What can you buy for $1 million if you were looking for an oceanfront condo in Miami or Fort Lauderdale? To give our readers an idea, we have selected two condos, one in each area currently being offered for around $1 million.

Mosaic in Miami Beach-3801 Collins Ave

Asking Price: $1,100,000

Price per square foot: $721

1525 square feet under air

3 bedroom 3 baths

Southeast Direct Oceanviews

This unit came on the market in November 2007 and was originally offered at $1,250,000. This is a new building with full service amenities including infinity pool, fitness center, media room valet, concierge and fitness center. There is a total of 86 units in this building. Currently there are over 30 units on the market with prices starting at around $900,000 and exceeding $5 million.

Oriana in Lauderdale By The Sea- 4318 El Mar Drive

Asking Price: $1,100,000

Price per square foot: $520

2114 square feet under air

3 bedroom 2 and one half baths

Oceanfront Views

Oriana in Lauderdale By The Sea is a new low rise development consisting of just 32 units. New Mediterranean construction sitting on 400 linear feet of prime Oceanfront property. Generous room sizes, elevator, high coiffured ceilings, Italian Marble floors, Snaidero cabinetry, Miele and Subzero appliances, whirlpool hydrotherapy tub. There are 7 unit on the market ranging in price from $1,099,000 to over $3,500,000 for a direct ocean front town home. Oriana is located south of Commercial Blvd.

Here is a new installment of “what can you buy for $1 Million?”.

I have selected one condo in Lauderdale by the Sea, one in Miami Beach and one condo in South Beach. The Aquazul in Lauderdale by the Sea is being offered for $425 square foot. The Blue Diamond in Miami Beach is being offered for $692 square foot. The Continuum in South Beach is being offered for $874 a square foot. South Beach is one of the most expensive beachfront locations in South Florida, with many listings offered at well over $1000 a square foot.

Aquazul- Lauderdale-by-the- Sea

1600 S. Ocean Blvd. Lauderdale-by-the-Sea, Florida

Asking Price: $1,095,000

Price per Square Foot: $426

2572 sq.ft. under air, 3152 sq.ft. with balconies

3 bedrooms 4.5 bathrooms

Direct ocean views as well as west views

Direct ocean views from this large 2 bedroom 2 bath plus den residence. Floor to ceiling hurricane glass, private foyer, east and west balconies. Gourmet kitchen.

This residence was introduced on the market in January 2007 at an asking price of $1,400,000. It has had several price reductions and was offered for rent as well.

This unique building consists of 24 stories with only 79 residences. The building design is such that there are only 4 units per floor each served by private elevators. Aquazul is a full service building which includes a fitness center, tennis courts, clubroom, oceanfront pool, cabanas and 24 hour concierge and valet service. The location of this property is between Commercial and Atlantic directly on the ocean.

Blue Diamond Miami Beach

4779 Collins Ave, Miami Beach, Florida

Asking Price: $1,060,000

2 bedrooms 2 baths plus a den

Price per Square Foot: $693

1530 sq.ft. under air

Direct Oceanviews

Direct ocean views from this large 2 bedroom 2 bath plus den residence. All rooms leading to a large terrace overlooking the Atlantic Ocean. Floor to ceiling windows and sliding doors. Split floor plan. Spacious master suite with ocean views. Marble floors through out.

This unit has been on the market for about a year and has not had any price reductions.

This beach front building offers 16,000 square feet of amenities, including his and her saunas and steam rooms, two whirlpools and the newest in exercise and fitness equipment

Continuum On South Beach

100 S. Pointe Drive, Miami Beach, Florida

Asking Price: $1,050,000

one bedroom one and a half baths

Price per Square Foot: $875

1201 sq.ft. under air

Views of Fisher Island, Cruise Ship Passageway called Government Cut and Downtown Miami

This unit was initially offered on the market in June 2007 at $1,250,000.

This is one of the most sought after buildings in South Beach. This is a one bedroom one and a half bath with a private elevator foyer. It has 10 foot ceilings and stunning views of Government Cut, Fisher Island and Downtown Miami. Open kitchen with granite counter tops, Subzero & Miele appliances. Italian Saturnia marble throughout.

Amenities include 24 hour security and valet, private beach club, lagoon and lap pool, concierge service, 3 tennis courts, and a 25,000 square foot gym and world class spa.

What can you buy for $ 1 million if you were looking for an oceanfront condominium  in Miami, Ft. Lauderdale or Palm Beach?  For $1 Million in South Florida, you would have many options for purchasing a spacious oceanfront condo.  To give you an idea of what is available in three very different locations. we have selected three condominiums on the market being offered for around $1 million.  We have selected one in the Addison in Boca Raton, one in the Diplomat in Hollywood, and one in the Akoya in Miami Beach.  Here are the details for each:

The Addison- Boca Raton

 Asking Price: $1,090,000

Price per Square Foot: $505

2156 sq.ft. under air, 2300 sq.ft. with balconies

2 bedrooms 2 bathrooms

Direct Oceanviews

Located in Boca Raton, this bulding was built in 1986.  It has a total of 16 floors and 85 units in this building.  Most of Boca Raton’s oceanfront property is well established and there is very little new oceanfront construction. This particular unit could use some updating. Amenities include gated security, doorman, valet served parking, concierge, pool staff, beach staff and owners breakfast and lunch cafe.  This a full service building with 5 star amenities.

The Diplomat-Hollywood Beach

Asking Price: $999,999

Price per square foot: $441

2267 sq.ft. under air, 2589 sq.ft. with balconies

2 bedrooms 2 and one half bathrooms

Ocean and intracoastal views

The Diplomat Hollywood Beach is a brand new boutique building.  It has a total of 28 floors and 135 residences.  This unit is finished with 24×24 marble flooring and designer carpeting.  Living at the Diplomat affords you 5 star amenities in this full service building adjacent to the Diplomat Hotel.  Purchasing here also comes with a 5 year membership to the Diplomat Gold ane Country Club.

The Akoya- Miami Beach

Asking Price: $1,025,000

Price per square foot: $582

1761 sq.ft. under air, 2000 sq.ft. with balconies

3 bedrooms 2 and one half bathrooms

Direct Oceanviews

The Akoya was built in 2005, has 48 floors and a total of 386 residences. It is the tallest building on Miami Beach. This unit has direct ocean views with a wrap around balcony. Finished with marble floors and crown molding.  This building offers, tennis, raquetball, fitness center with sauna and steam, and full concierge and valet services.