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

The Plaza at Oceanside in Pompano Beach is an outstanding luxury building that was built by WCI and hit by the worst possible economic conditions in 2007-2008.  WCI had its share of troubles, and the building sat unsold for about a year post completion.  In South Florida, several of these wonderful buildings, that remained unsold and unoccupied have been bought up by “Bulk Buyers” stepping in and buying either the entire building or a large number of units.  This has happened at the Caribbean in Miami Beach, Harbour House in Bal Harbour and other buildings as well.   As reported, WCI Communities has sold The Plaza at Oceanside in Pompano Beach to Hollywood developer Ari Pearl and his partner, New York-based The Chetrit Group , for $38.5 million.  While WCI was under Chapter 11, potential buyer’s were of course concerned about the future of the project and so the building sat primarily empty.  With new owners, great location, attractive pricing and outstanding amenities, this project presents a very attractive buying opportunity.

I have been watching and keeping tabs on this building, and I am delighted to hear that it now has the stability it deserves.

The Plaza at Oceanside is across the street from the ocean directly on the intracoastal.  There are units available with intracoastal views and units available with ocean views as well.  All units are either 2 bedroom, 2 bedrooms plus a den or 3 bedrooms and they run from 1441 square feet to over 4900 for the penthouse.  I have the original price list when sales were first offered. At that time prices per square foot were around $800.   Today, opportunities are at a fraction of the original asking prices.

The building has a total of 186 units and they are already about 27% sold.  Maintenance fees have been reduced to $0.45 per square foot as well.

The lobby and common areas are adorned with modern art everywhere.  The interiors were designed by Steven G.

An outstanding feature about this building is the incredible amenities offered.  They have many rooms for the residents to appeal to a variety of past times.    There is a wine room with wine lockers for the owners, news room with a  stock market ticker, theatre room, golf simulator,  fully equipped gym, internet room set up with lap top tables and private rooms, teen room, infant room and much more.

Floor plans are spacious and kitchens and baths are nicely appointed. Contact me for floor plans, prices and further details.

Susan Reiter (954) 632 3266

susan@blogsouthflorida.com

Intracoastal and Pool

Full appointed kitchens with fine appliances

News Room-The Plaza at Oceanside Pompano Beach

Theatre-The Plaza at Oceanside Pompano Beach

Fully Equipped Gym-The Plaza at Oceanside Pompano Beach

Expansive Pool-The Plaza at Oceanside Pompano Beach

Game Room and Residents Lounge-The Plaza at Oceanside Pompano Beach

Wine Lockers-The Plaza at Oceanside Pompano Beach

Indoor Golf Simulator -The Plaza at Oceanside Pompano Beach

Teen Room-The Plaza at Oceanside Pompano Beach

On-Line Internet Room-The Plaza at Oceanside Pompano Beach

 

Those that follow my posts know that I identify buying opportunities for oceanfront condos.  The oceanfront condos that have proven to be the best buying scenerios have been offered by either motivated sellers or by developers looking to close out their inventory.  In today’s market there are a select number of truly fine buildings that have been finished and offered for sale at the worst possible time.   These new buildings can remain unsold for only a limited time.   Eventually, prices have to reflect today’s market. 

Enter Sonata Beach Club in Pompano Beach.  This is a “boutique building” with only 64 residences.  The largest unit (not counting the penthouse) is 2809 sq.ft. 2 bedrooms plus a den with 3 baths.  The smallest unit is  2497 sq.ft.   These are spacious oceanfront units.  Prices when originally offered were above $1million, averaging $435 per square foot.  Today, these units have been discounted 40%.  A great unit with direct ocean views on a mid to high floor can be had for $800,000, $285 sq.ft.  These are “decorator ready” units that have to be finished out.

For those desiring a large 2 bedroom plus den oceanfront condo in a small building, Sonata Beach is worth a look.

Finished kitchen in a model unit

Model Living Room

Master Bath

 

Living Room Space

Floor Plan of the Mozart

Building Exterior

Sales are defintely up !  Housing figures are showing an increase in sales. What does this mean for oceanfront condos in South Florida?  Luxury buildings that we follow are showing an increased number of sales all along the coast.  A year ago the numbers were quite different.  South Florida oceanfront condos have a world wide appeal and continue to be a desirable location for a second, third or forth home acquisitions Sales figures in this unique market has shown some incredible activity.

How does that translate to the luxury oceanfront condos that we follow?  The most obvious trend is that the least expensive condos in the luxury buildings are selling.  When prices went down there were some new lows presenting buying opportunites that were previously unheard of.  For example,  the Palms in Fort Lauderale, prices for condos in this luxury building average a $1 million and up.  There were about a half a dozen units priced below $1million and almost all of them have sold.  There are buyers in the marketplace identifying great buildings and picking up great inexpensive buys.

Bargain priced units are not the only condos selling.  Desirable units with  large square footage and/or exceptional views are also selling. Turnberry Ocean Colony has a reported 4 units under contract.  This is one of the finest buildings along the coast.  Prices are well over $1million.

The Beach Club, with 1200 units in total, not surprisingly,  has the most activity of any oceanfront building.  29 units have gone to contract !!!

Here is a sampling of what has been reported as pending sales in several buildings:

There are buyers in the market place identifying great buildings and picking up great inexpensive buys.  There are also buyers that are taking advantage of having several desirable units to choose from.  As we move into the winter season, I anticipate that this activity will increase as buyers jump into the market.   We will continue to see inventories decline as well.

All new luxury oceanfront condominiums in South Florida offer an array of amenities.  For some buildings the amenities are very basic and for others quite extensive.  There is one new oceanfront condo building in Miami Beach, Canyon Ranch that really takes the entire oceanfront condo living to a new level.

Many of the purchasers of condos in the new Canyon Ranch Miami Beach, have had the good fortune of experiencing one of the other Canyon Ranch locations.  The “Ranchers” as they have been called,  have enjoyed the all encompassing lifestyle that Canyon Ranch delivers. Now, to be able to own a condo in Miami Beach and immerse oneself in a comprehensive healthy lifestyle … well, that combination is a real winner.

Canyon Ranch hotel and spa opened very recently.  Here is a sampling of what residents can experience every single day:

Here are condo units for sale at Canyon Ranch,.  In addition to the condominiums for residents, Canyon Ranch Miami Beach also has a full service luxury hotel.  Condominium owners benefit by having full access to all the amenities of the hotel including concierge service, restaurants, room service and maid service.

Condominiums and condo hotel units are for sale in all price ranges starting in the $400,000 to well over $3.7 million.  There are also 6 month and one year rentals available at Canyon Ranch.     

We put together a short video to offer an overview of Canyon Ranch Miami Beach South Tower, Carillon Tower, North Tower and overview of the Canyon Ranch Miami Beach facility. 

The Mei, Miami Beach, is a  new oceanfront condo building in a great location.  Constructions was just recently completed and closings are underway.  Because of current market conditions,  some original buyers are unable to close and the developer is taking back some inventory.

I am always analyzing the market looking for opportunities for my clients.  As I have written before, in my opinion, developer units are where the real buying opportunities lie.  Especially in these economic times, in most cases developers are very motivated to sell their inventory.  I find the opportunities are greater than short sales, foreclosures or bank owned properties.  

The Mei presents some very attractive units with a good amount of square footage and very aggressive pricing.  The Mei is considered a “boutique” building with on 134 residences in 21 stories.  The Mei is situated at the north end on Millionaires’ Row, 10 minutes form South Beach, 10 minutes from Bal Harbour, 20 minutes to international airports.

(one of the lobby seating areas)

The units offer unobstructed views of the ocean and the intracoastal, the golf course La Gorce, Biscayne Bay and spectacular views of downtown Miami.  Designed by Hirsch Bedner, known for award wining projects around the world such as the Oriental Hotels. The building design hosts flowing water, crafted in limestone, teak and exotic fabrics from the east.

Mei will provide each resident Five Star Resort Services including:  

o Breathtaking lobby with 24 hour concierge and valet parking services 

o Tea Lounge

o  Zen library

o  Asian inspired spa, Yoga studio

o State of the art fitness facility with private massage rooms, steam room, lockers

o  An ocean view stunning pool deck where lagoon pools and tropical gardens create a hideaway on the ocean with an infinity         edge pool and a misting pool to delight all your senses. 

o  Mei will offer the most advanced cutting edge technology system included in each residence as standard:

o  21st century technology with Pre-wired and pre-installed fiber optic connections for: Satellite TV, Email boxes, Local and international telephone, voice mail service, wireless hi speed Internet, music and video library.

An outstanding feature of the units offered are the expansive wrap around balconies.  Even if you are situated on the west side of the building, the wrap around balcony offers you direct ocean views as well.

The units start at 1,148 square feet and  range up to 1,817 square feet.  I do receive many inquiries for spacious 2 bedroom oceanfront units in Miami Beach.  The developer is offering at the Mei today a 2 bedroom unit 1,374 square feet with another 664 square feet of balcony for around $580 square foot.  Prices not too long ago were around $1000 square foot.  How is that for an opportunity ! 

For those that are looking to buy an oceanfront condo in Miami Beach, the Mei is worth taking a look at.  

The expansive west views are spectacular…especially at night !

   

The library carries through the zen like design….

The pool has a gentle waterfall with with in pool seating overlooking the ocean….

The balconies wrap around the corner so direct oceanfront units will also appreciate the interesting west views.

 

The kitchen has wood paneling and top of the line appliances.

Baths have dual sinks and modern fixturing…..

 

Here are pictures of the finished model unit….

 

I thought it would be helpful to offer a perspective on how much oceanfront condos are actually selling for in different areas, as compared to the asking price.  The sales data below is provided for Miami Beach oceanfront condos, Bal Harbour-Sunny Isles oceanfront condos, Hollywood-Hallandale Oceanfront condos, and Fort Lauderdale Oceanfront condos.

As you will see, Miami Beach and Bal Harbour are prices are holding strongly, whereby Hallandale Hollywod is showing much greater flexibility.  In Miami Beach oceanfront condos that sold in the last three months averaged a selling price of 90% of the asking price.  In the Bal Harbour- Sunny Isles area sold prices averaged around 91% for the last three months.  The real discounts are in Hollywood and Hallandale Beach. Buyers  purchased condos for 80% of the asking price.   As I have written in a previous posts detailing per square foot price, the per square foot prices in South Florida are also the lowest in Hollywood Hallandale.   Finally, Fort Lauderdale purchase prices averaged 84% off the asking price.

 

Miami Beach oceanfront condos on average are selling for around 90% of the asking price.  

 

The chart below will has the same criteria for Sunny Isles- Bal Harbour Oceanfront Condos.   

 

 

The information below is for Hollywood-Hallandale Beach oceanfront condos.

 

And finally, here is the data for Fort Lauderdale oceanfront condos.

 

Of course, depending on the individual situation opportunities will vary.  After analyzing the averages, I wanted to find the “outliers” and I know they are out there.  There are those break out sales that defy the averages….

Fisher Island is a private island only accessible by private ferry and helicopter.  According to Forbes.com, Fisher Island FL tied for first place in their list of 500 most expensive zip codes in the U.S.  Well, in November there was a 5900 square foot penthouse offered for $12,000,000.  It sold for $8,000,000.  That is 38% off asking price !

In Bal Harbour, there were two.  Majestic Tower, 2160 square feet, asking price $1,700,000.  This 16 th floor unit sold for $1,400,000. 17% discount.  One Bal Harbour, a 2114 square foot flow through unit had an asking price of $1,465,000.  It sold at $1,125,000. A 23% discount !

In Sunny Isles, Turnberry Ocean Colony, a 2235 square foot unit on the 17th floor had an asking price of $1,525,000.  It sold for $1,200,000. 79% of asking price.

In Hollywood Hallandale at the Diplomat Residences,  an 04 unit was offered at $1,250,000 and sold for $850,000. 68% of asking price.  

In Fort lauderdale, at L’Hermitage, a 2845 square foot unit had an asking price of $1,799,999.  It sold for $1,200,000. That is a 67% of asking price.

Just a foot note, this information is to provide  readers with a perspective on the market.  Each buying opportunity and each building has its own unique situation.

The economy and housing situation has been very well documented in all forms of the media. However, Many people see this as a time of opportunity, especially in the luxury oceanfront condo market.

In the luxury oceanfront condo market in a first class building, there have been some incredible opportunities. We recently worked with a buyer at the Diplomat in Hollywood and were able to negotiate an oceanfront condo at an incredible price. This was a high floor direct ocean views. Regardless of what the market does over the next few months, this was a great deal.

There are some very shrewd buyers out there taking advantage of spectacular opportunities.

At this point in time, I wanted to take a look at pending contracts in south Florida in Miami, Bal Harbour, Sunny Isles, Hollywood, Hallandale, and Fort Lauderdale. There are 55 luxury oceanfront condos listed above $1million under contract. There are buyer’s out there seizing the moment…….

Here is a list of oceanfront condo’s over $1million under contract as of today, July 30, 2008:

As, reported by the Wall Street Journal, a growing number of rich Russians are house-shopping and buying in costly U.S. enclaves. The WSJ states, the “Miami area in particular is drawing Russians with its upscale shopping, hip nightlife and an escape from Moscow’s harsh winters.”

Donald Trump;s $100 million mansion in Palm Beach was recently purchased by fertilizer mogul Dmitry Rybolovlev.

South Florida attracts second, third and fourth home buyers from around the world.  Visitors to blogsouthflorida.com come from every country imaginable.

As we come to the end of June, a 6 month marker for the year, we thought it would be a good time to take a look at the data. We pulled statistical data for Miami Beach, Bal Harbour, Sunny Isles, Hollywood-Hallandale, and Fort Lauderdale (which includes Lauderdale by the Sea and Pompano Beach). Each city has its own statistical identity which you will see in the charts.

We used the following criteria for the data:

• Oceanfront Condo
• Built after 2002
• Units with over 1500 square feet under air
• Minimum of 2 bedrooms

We are looking at average asking price, average closed sale price, average percentage sold to asking price and the number of condo sales with this criteria. This information was sourced from the MLS of South Florida.

On average, Miami Beach commands the highest price per square foot.

Bal Harbour, a much smaller geographic area has the highest percentage of selling to asking price. Sellers are less negotiable.

Sunny Isles had the highest number of closed sales. Sunny Isles also has a dense concentration of relatively new oceanfront condos built after 2002.

You can see that Hollywood and Hallandale offer the best prices per square foot.

Fort Lauderdale does not have that many newer oceanfront condos.

A footnote to add, there is always a delay of reporting on closed sales so additional closed sales data for June is expected.

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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