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

Luxury Oceanfront Condos along the coast in South Florida vary immensly.  Each building has its own character as does each neighborhood and each city, and those variances are reflected in the price.   Worldwide attention is focused on oceanfront condos in South Florida as the price swings have been reported around the world.   To summerize our market we like to provide our readership with statistics and data.

I have selected 7 very different luxury oceanfront condos along the coast to take a look at. These 7 condominiums are all relatively new and represent a cross section of oceanfront condos along the coast.   Continuum in South Beach, Canyon Ranch in Miami Beach, One Bal Harbour in Bal Harbour, Turnberry Ocean Colony in Sunny Isles, Ocean Palms in Hollywood, The Palms in Fort Lauderdale, and The Excelsior in Boca Raton.

The information provided addresses, number of closed sales, $ per square foot, average $ of asking price, number of units currently under contract (pending), and total number of units for sale in each building.

The economic situation and the housing market has brought the spotlight on to SHORT SALE AND BANK OWNED  properties as I have written in a previous post.  There are oceanfront condo opportunties in Miami, Fort Lauderdale, Boca Raton, Pam Beach, Sunny Isles, Bal Harbour…every where.   As many buyers have come to learn, the short sales process can often be a shot in the dark.  The offers are submitted to the bank and the banks response time is an unknown.  But…. short sales are getting closed.  

Some of the Bank Owned units coming on the market are priced well below market value, creating an auction type response.  Buyer’s submit their best and highest offers.  The banks look at all the offers that come in within a certain period of time and select the best offer with the best terms.   Those selected offers are most often cash purchases with a quick close and can be well above the listed asking price.  Timing is key because once these properties hit the market, the offers come in within hours and are submitted to the bank very quickly.  The last offer we submitted for a buyer had to be within 48 hours of when the property became listed for sale.  Our buyers offer was above the asking price but not high enough.

And then there are MOTIVATED SELLER.    We have had great success in finding motivated sellers for our buyers.  Finding these great opportunities are very building specific and unit specific  but they are out there.  These buying opportunities are very straight forward and can be sold and closed very quickly.  

The Beach Club in Hallandale is an oceanfront condo with 1200 units and in great demand. For illustration purposes let’s look at the data for The Beach Club for the past 6 months. 

As you can see, there have been a total of 56 closed sales.  Of the all the closed sales,  more than half have been sold directly by the owners not in any distressed situation forcing a short sale or foreclosure.   I think it would be safe to say that successful seller’s of oceanfront condos in South Florida are well aware of market conditions and are aggressively pricing their units to sell.  

Sales at the Beach Club not long ago were averaging $500 per square foot and up.  The lowest priced closed sale was a bank owned unit at $241 sq.ft. 

Short Sales, Bank Owned and Motivated sellers present buying opportunities.

There are numerous luxury oceanfront condos along the coast in South Florida ; in Miami Beach, Fort Lauderdale Boca Raton and Palm Beach.  Each building has its own personality, style and vintage.  The great majority of the luxury oceanfront condos rise 20, 30 or 40 stories high, with over 200 units per building.  

There is an option for those that prefer a smaller number of residences in a building.  These are known as “Boutique Buildings”  Some of the “boutique buildings” also are low rise buildings as well rising no higher than 12 floors.

In Hollywood, there is the newly built Villas of Positano. Built by Architect-Derek Vander Ploeg, known for projects such as Mizner Park and the spectacular Excelsior in Boca Raton.  The interiors were completed by the Perla Lichi Design group, known for exceptional high-end residential design.  

The Villas of Positano is situated between the ocean and the Intracoastal Waterway in Hollywood. The building consists of only 62 residences and is only 11 stories high.  Prices at the Villas of Positano start at $1,050,000 for 2771 square feet and go up to $2.6 million for a four bedroom villa.

Everyone today is looking for a great deal.  Here is an opportunity….. a magnificently unit finished by Steven G, renowned residential and commercial designer.  Over 3400 square feet 3 bedrooms 3 and one half baths. Asking $344 per square foot including all furnishings….. $1.2 million.  This is a west facing unit with limited ocean views.  Large living space, in a first class unique building, move in ready …turnkey…everything included !

Entry Foyer

Grand Living Area

Kitchen-

Dining Room- Can be converted into a 4th bedroom

Master Bedroom

Other buildings in South Florida similar to the Villas of Positano’s Mediterranean style are the Bellaria in Palm Beach and the newly build Luxuria in Boca Raton.

Another “Boutique Building” with a modern South Beach feel is Coconut Grove in Fort Lauderdale.  This building has Smart Building Technology and is situated right next door to the Marriott Harbor Beach Club.   I have recently written a post on their price reductions. 

There is an oceanfront unit at Coconut Grove on the second floor in the best line in the building. (happens to be my listing).  Unobstructed ocean views.  The unit feels like you are living at a  beach house on the sand.  You can hear, smell and see the ocean.  2 bedrooms 2 and one half baths with a separate laundry room.  2001 square feet asking price $1,299,000.

View from Unit 202 Coconut Grove-  MLS Number F1002876

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 New York Times, published an article on December 5,  It May Be Time to Think About Buying a House   which offers an interesting perspective on the financial crisis and the housing market.  Following are a few quotes from the article that certainly make you think when you see some of the prices on oceanfront condos in South Florida.

“Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers.  Then, everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage.”

“Unfortunately, we do not know when this golden age will begin, because we will be able to identify a bottom to the housing market only with the benefit of hindsight. But as it does with the stock market, the moment will probably arrive when everyone is feeling the most pessimistic.”

I was invited to a private party at One Thousand Ocean in Boca Raton .  Construction is moving along on schedule and the Boca Raton Resort Beach Club is expected to open in January.

The Boca Raton Resort has some outstanding restaurants including Morimotos.  Famous Chef Morimoto was at the party and I certainly enjoyed the sushi ! 

It is so exciting to see the progess on this luxury oceanfront condo. There are very few oceanfront condos in South Florida that have a footprint right at the inlet.  This location is exceptionally appealing because it offers continual viewing interest as all the boats coming in and going out to sea ride past your window.  

One Thousand Ocean is exceptional in many ways.  In addition to its outstanding location,  this oceanfront condo offers ultra luxury quality coupled with access to all the amenities of the Boca Raton Resort and Beach Club. All these assets makes this an outstanding luxury oceanfront condo.

There are only 52 one and two story Residences.  The smallest unit starts at 3,072 square feet and the largest unit exceeds 5,800 square feet.  There have been buyers that have bought several units. One buyer purchased 3 units and will have a residence exceeding 10,000 square feet. 

Construction is progressing on schedule as the Penthouse floor has just been completed at One Thousand Ocean in Boca Raton.  It is expected that work will begin on the interiors as well as the exterior facade in the upcoming week.

One Thousand Ocean is built on the most coveted inlet in Boca Raton on South Ocean Boulevard.  It is situated across the bay from the Boca Resort & Beach Club which in January will join the Waldorf-Astoria Collection.  The Beach Club is undergoing a $120 million renovation which will offer a completely renovated facility including the three oceanfront pools, guest residences, oceanfront dining, children’s play area and stuning oceanfront bar.

The Boca Raton Resort is truly an all inclusive destination offering all the amenities you could think of.  Residents at One Thousand Ocean will be a stones throw away from it all.  The Boca Resort & Beach Club has recently added some great dining options including The Old Homestead, Morimoto, Lucca and one of my old New York favorites Serendipity for frozen hot chocolates.    

This is one of the truly unique ultra luxury properties available in South Florida. There will be only 52 one and two story Residences.   Residences start at 2,835 square feet.  The Beach Penthouse is 5837 square feet with an outdoor living area of 3,665 square feet.

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.

..

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.

..

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!!!

As our readership knows, we specialize in luxury oceanfront condos in South Florida. In our opinion very few properties qualify for an ultra luxury classification. One Thousand Ocean in Boca Raton is a new oceanfront ultra luxury condo that has earned that distinction.

This seven story building is a mixture of 52 one and two story Residences with Beach Villa and Penthouse choices. Built on the most coveted inlet on South Ocean Boulevard, residences feature spectacular views of the ocean, the shoreline, and westerly city and lake views. One Thousand Ocean is under construction with occupancy expected spring 2009. According to the developer it is already 50% sold out. Prices for this ultra-luxury property begin at over $4 million.

The team behind One Thousand Ocean is LXR Luxury Resort, owned by an affiliate of the Blackstone Real Estate Advisors, Garcia Stromberg, RTKL, and EDSA .

The residences are all spacious starting at around 4000 square feet with 10 foot ceilings. Villas feature 20 foot double height spaces. Penthouse units exceed 12,000 square feet. All the units have floor to ceiling window and are finished out with tasteful color choices and the finest materials. Everything about this property has been given the utmost attention to detail.

The images below will provide you with a preview of One Thousand Ocean.

The residences are pre wired to accommodate the state of the art technology. Kitchens are finished with custom designed cabinetry and the finest appliances including Wolf 36 inch five burner gas stove.

Close up of stone and glass materials used in the kitchen.

Stone fireplaces are in the master Bedroom and main living area.

Master baths have stone vanity countertops with glass mosaic accents, frameless glass shower enclosures, Roman Therapy Whirlpool tubs and custom designed Italian Cabinetry.

His and her dressing rooms are custom designed with built ins and a free standing vanity dresser. A Sub-zero midnight snack refrigerator drawer is included.

Terraces are oversized and include a private plunge pool with massaging jets, and outdoor kitchen, and exposed wood ceilings.

One Thousand Ocean is a mere water taxi to the Boca Raton Resort and Club. The Boca Raton Resort and Club has outstanding first class amenities including two championship golf courses, 30 award-winning clay tennis courts, Spa Palazzo, 32-slip marina, Half-mile private beach, beach club, three state-of-the-art fitness centers, and an extensive schedule of social activities available for all ages. Boca Raton Resort has world-class restaurants including Old Homestead from New York. Gordon Ramsey is opening a restaurant as well as Serendipity, one of New Yorkers favorite dessert destinations.

One Thousand Ocean in Boca Raton is a most unique modern designed ultra luxury residence.

What can you buy for $750,000 if you were looking for an oceanfront condominium  in Miami, Ft. Lauderdale or Palm Beach?  For $750,000 in South Florida,  there are direct oceanfront condos available.   We have selected three condominiums on the market being offered for around $750,000.   In Boca Raton there is an older established building.  In Ft. Lauderdale there is a brand new building with complete amenities and services and in Miami Beach,  you could get into the newly constructed sought after Canyon Ranch.

3000 South Ocean Blvd- Boca Raton

 Asking Price: $755,000

Price per Square Foot: $423

1782 sq.ft. under air

3 bedrooms 2 bathrooms

Direct Ocean and City Views

Located in Boca Raton this established building was built in 1970.  It is ideally located.  This building has very little turnover as many owners have owned for decades.  This particular unit has been completely renovated and has a desirable view.

Ocean Palms- Hollywood

Asking Price: $750,000

Price per Square Foot: $354

2115 sq.ft. under air

3 bedrooms 3 and one half bathrooms

Direct Ocean and City Views

This unit is being offered by a very motivated seller below buyer’s costs.  It is decorator ready.  The Ocean Palms is a brand new 40 story building.  There are 240 residences in total.  The amenities include pool and beach attendant, fitness center media room tennis and baskteball, billiard room, clubroom,  and full service valet and conceirge services. Currently there are 57 units on the market ranging from $749,000-$2.3 million.  There have been numerous resales in this building ranging from $580,000 to $1.500,000.

Canyon Ranch-Miami Beach

Asking Price: $750,000

Price per Square Foot: $685

1095 sq.ft. under air

2 bedrooms 2 bathrooms

Bay and Miami City Views

Canyon Ranch offers living a completely healthy lifestyle beyond ownership of a magnificent oceanfront condo.  There are resales available in the 21 story The South Tower just completed.  This unit is priced competively.