Buyers in a certain price point looking for an oceanfront condo in Miami Beach as a second home in South Florida come with specific wants and needs.  Generally speaking buyers I work with want a new building, great amenities, building that sits directly on the sand, good location and an upscale environment.  There are choices.  In South Beach such as the Continuum , prices will run well over $1000 square foot.  The other fewer new wonderful buildings such as Caribbean, Mei, and Bath Club have very few units available to choose from.  The Caribbean, a fantastic buildings also boasts sales over $1000 per square foot.  Canyon Ranch is minutes north of South Beach and a great option.

Canyon Ranch on the other hand has a history of closed sales prices ranging from $500 square foot to around $900 square foot.   In the past 6 months there have been more than 26 closed sales reported ranging from $2.6 million to $295,000. Inventories have diminished greatly, the developer has a handful of units left and the resale market has been incredibly strong.   Canyon Ranch offers everything the second home buyer desires: new building, outstanding amenities, 6 acres on the ocean, location and the icing on the cake: relaxing healthy lifestyle.

Canyon Ranch offers the criteria that so appeals to second home buyers especially those that are commuting from the Tri State New York area, the midwest or even Canada.  I have had several clients call me regretting that they did not buy last year when prices and inventories were more robust.  However, they are buying now while there still are opportunities for them.

Some of the buyers that I work with have the mindset to wait until after the peak season to move forward with buying an oceanfront condo. The thought process is that there may be more motivation from the sellers now that South Florida is in a “slow season”.  There has not been a slow down in sales along the coast for new oceanfront condos. In fact, there is an increase in activity.

Here are some statistics that reflect the Post Season Sales activity in Miami Beach and up the coast including Sunny, Isles, Bal Harbour, Hollywood -Hallandale, and  Fort Lauderdale.

The information provided below is based on information from the MLS and it reflects oceanfront condos built after the year 2000.

• The the past 30 days 101 condos were sold and are pending closings.
• 35 sales were for over $1 million dollar list price
• 40 condos were on the market for 60 days or less
• 22 condos were on the market for 30 days or less
• 15 condos were on the market for 10 days or less
• 20 of the 101 condos sold never had a price reduction
• 21 of the sold condos had price increases prior to being sold

I was just recently working with a buyer in search of an exceptionally large penthouse in Sunny Isles.   There are a few to choose from in Sunny Isles.   The fabulous spaces are triplex residences with interior elevators. These unique spaces to choose from are available in various stages of completion.

Today there are  7 unique oceanfront condominiums in Sunny Isles that  are over 5000 square foot of interior space. Four of those are in the Jade Beach or Jade Ocean.  There are two available in Jade Beach that are over 8200 square feet of interior space with interior glass and steel staircase and amazing views.  There is a 6518 square foot unit on the 46th floor of Jade Ocean that is in the process of being completely finished and furnished with the finest materials and furnishings.  This is truly a spectacular space finished to become someones true  ”Trophy Property”".

The Jade Beach and Jade Ocean are modern sleek buildings with state of the art technology offering smart homes.  If ones taste leans more traditional and old world, there are  options at Acqualina.  There are two finished units in excess of 5000 square feet.  These are finished out and ready for occupancy.

For those that need there own private pool as well Trump Palace has a duplex available on the 55th floor with a pool.  This is a slightly smaller condominium just over 4100 sq.ft.

Prices for these exceptional condominiums start at $6 million and exceed $10 million.

These exceptional properties are very unique and will be all be sold to very unique buyers.

I have been working with an out of town buyer looking for a vacation condo on the ocean.  He likes the Beach Club in Hallandale . He is looking for a 2 bedroom plus den, large square footage and the condo must have great views.  The building must be relatively new and have great amenities.All this for under $800,000.  There are not too many buildings that will satisfy this criteria along the coast of South Florida.  Several of the options that we selected went to contract before we even were able to view them.   It is amazing how fast the market is moving in this price range with this criteria.  Condos are going to contract quickly if they are priced well and inventories are shrinking fast. The Beach Club in Hallandale continues to offer great value for second home buyers.

Next door to the Beach Club, the Apogee Beach oceanfront condominium is under construction.  This is a luxury boutique building with only 49 total residences. They are also selling fast with remaining units starting above $1,3 million.  Trump Hollywood is just up the street, also a luxury building with prices well into the millions.  Both Apogee Beach and Trump Hollywood are different more upscale properties, but they also have reported very brisk sales with many lines already sold out. the luxury opportunities in Hallandale Hollywood are priced more attractively then Sunny Isles or Fort Lauderdale.

Hollywood and Hallandale Beach continue to offer great oceanfront condominiums with some of the most attractive pricing anywhere along the coast. There is product available in all price ranges. There is a new large hotel project underway on the Hollywood Broadwalk, Jimmy Buffet Margaretaville.

Hollywood Hallandale Beach continues to offer great options at good prices.

We receive calls from all over the world inquiring about oceanfront condominiums in South Florida.  Buyers  contact us for premier oceanfront condominiums in Miami Beach, Bal Harbour, Sunny Isles, Hallandale/Hollywood, Fort Lauderdale and Boca Raton.  In those specific areas, the trend is consistent.

It is understandable that buyers are coming to town with a perspective on the housing market that they read in the press.  The information out there does not impress enough about the incredible “condo boom”.  Yes, I used the words that we haven’t heard since 2005.  Prices are up and inventories are way down.   There are articles written about how the market is “starting to improve” but you have to be in the market to really understand the anomaly of the oceanfront condo market.

When negotiating an offer for real estate of course we analyze the recent closed sales.  However, in this incredibly fast paced market that is not the whole picture.  Recently I was working with a buyer and there was a  recent closed sales reported in the same line a comparable unit for $100,000 less than current asking price.  That particular situation was a short sale that had an 18 month administrative nightmare to close. There were mitigating circumstances to that sale.   The other factor that has to be considered is that at this point in time, the inventories have changed.  If a specific condominium  is the only one on the market today, and the seller is turning away offers unless the offer is close to asking price,  it is what it is.  The condominiums that have great views, good spaces and in good buildings are selling.

Prices are still below the high’s of 2005 but they are no longer at the low’s of 2008.  Prices are moving up and there is plenty of data to support that.  This is the market today.  Buyers that we work with that are ultimately going to be end users  adjust and understand the market today.

South Florida oceanfront condominiums from South Beach to Palm Beach…. the boom of 2012 !

There are opportunities to spend a $1 million dollars today on an oceanfront condo in some of the newest finest buildings along the coast. Some of the $1 million condos available include, the Continuum in South Beach, Mei Condominium in Miami Beach, Trump Towers in Sunny Isles, Beach Club in Hallandale, and Coconut Grove in Fort Lauderdale. Those examples take you from South Beach up the coast north to Fort Lauderdale.

What is the difference between a $1 million oceanfront condominium in South Beach at the Continuum and $ 1 million oceanfront condominium in Hallandale Beach? Location for starters. Real estate in South Beach, South of Fifth, is amongst the most expensive. The Continuum, consisting of the North and South Tower offers spectacular views of the tip of Miami Beach and Government Cut. The amenities are outstanding and its South Beach. Active Listings at the Continuum start at around $800,000 for a 638 square foot one bedroom pied-a-terre, and go up to a $35,000,000 11,000 square foot masterpiece. So what can you buy for $1million at the Continuum? On the 6th floor, 992 square feet one bedroom one and a half baths.

Different locations have different price points. When I work with buyers new to the market, we prioritize criteria in order of importance. If you are looking for large spaces and direct ocean views in and around $1 Million, South Beach is not going to work. Specific communities along the coast offer more favorable pricing. As one client said to me once,” its all the same ocean”.  The factors setting pricing for condominiums in South Florida on the ocean are:  location, building, size of unit, and view (direct ocean or other).

Moving up the coast to Miami Beach the Mei Condominium on 58th and Collins is an Asian inspired 2007 oceanfront condominium. For $1 million you can acquire a 1322 square foot unit with ocean and bay views.

Sunny Isles, north of Miami Beach, at Trump Towers, there are $1 million opportunties. 1979 square foot 3 bedroom 3 bath flow through unit with ocean and city views. Spacious and wonderful South Florida Views.

Beach Club in Hallandale Beach offers the best prices for a direct oceanfront large condominium in a new building. For under $ 1million you can have over 2000 square feet 2 bedroom plus a den with 3 full baths. That is great living space in a building chock full of amenities.

Coconut Grove is in one of the best locations in Fort Lauderdale on one of the most beautiful strips of sand.  Coconut Grove is a small boutique building with just 64 units.  This is a prime location and so on a dollars per square foot basis it prices will be higher than say Hallandale Beach but still less than South Beach. On a low floor there is a 1600 square foot unit one bedroom 2 and one half baths with ocean views. South east views could be converted to a two bedroom unit.

Each buyer that we work with has their own set of wants and needs.  In South Florida, our inventory of oceanfront condominiums offers a spectrum of options. There is condominium fit for everyone !

Canyon Ranch Miami Beach is a great building to look at as a case study of the sales activity that has occurred along the coast in South Florida over the past several months. As we have written and as it is published nationwide, South Florida sales performance and prices have outperformed every other real estate market.

Canyon Ranch condominium sales performance is a great reflection of activity all along the coast especially in relatively new luxury oceanfront condominiums.The property consists of three towers with more than 400 units. Condominium prices range from a low end of $300,000 to the high end of over $5 million.  Although Canyon Ranch offers exceptional amenities and offers an enhanced lifestyle, the real estate performance is indicative of other properties along the cost.  The performance of all spectrums of the inventory at Canyon Ranch are indicative of just abut every new building from South Beach to Palm Beach.

Every direct oceanfront condominium at Canyon Ranch priced below $1 million has sold. A year ago there were several opportunities even for one bedroom units well under $ 1 million. Today the lowest asking price for any condominium at Canyon Ranch with a direct ocean view is $1,199,000. At the low end there were several units with less than desirable views but were priced incredibly low for Miami Beach real estate. Those have all sold. The inventory in the North Tower which hosts the larger more expensive units has dramatically decreased. In the past 12 months, more than 65 condominiums have been sold in the North Tower. The majority of those sales were well over $1 million with a large number of sales over $ 2 million.

This kind of sales activity has occurred all along Miami Beach in all price ranges as well as in Sunny Isles, Bal Harbour, Hollywood, Hallandale, Fort Lauderdale and all the way up the coast.

The bottom line to this is that oceanfront condominiums in South Florida are a very hot commodity in all price ranges. Many buyers that have stayed on the side lines waiting and watching are seeing the market activity, increase in prices and are jumping in.

Blogsouthflorida has changed ! We have simplified the experience for our visitors. Buyers and Sellers looking for oceanfront condominiums and homes in South Florida can now simply and easily read the latest news on each building as well as look at the available condominiums for sale. We have also made it easier for visitors to contact Susan Reiter directly for any questions or inquiries regarding active listings, condo information, closed sales or the “inside track” on what’s happening.

We have other exciting great changes on the horizon!!!!!!

We welcome your feedback.

There are a handful of  relatively newer luxury oceanfront condominium in Boca Raton. They are Addison on the Ocean, Aragon, Excelsior, Luxuria, One Thousand Ocean, and Presidential Place. On the west side of A1A is Mizner Grand worthy of inclusion.  The readers of my blog know that I value the word luxury and use it sparingly.

Due to strict building codes in Boca Raton, all the oceanfront condominiums are mid rise buildings averaging 7-10 stories high.  These wonderful properties are mostly boutique style buildings. One Thousand Ocean hosts only 52 residences, Luxuria has 26 residences, Presidential Place has 42, Aragon has 41 and Addison the largest  has 169 residences.  These small intimate buildings offer very large living spaces providing residents spacious homes in a condominium setting.

Both One Thousand Ocean and Excelsior have a handful of developer units left.  Price performance along the South Florida coast, even through the downturn of the market, have consistently been beneficial to buyers of developer units.  I have written about this on many occasions.  Opportunities to buy directly from the developer are limited. Prices today are attractive and inventories are truly dwindling.  The Reiter Group maintains floor plans and current pricing on developer units and they are selling ! Although one of the penthouses at One Thousand Ocean has sold for over $10 million, there is another one still available, asking price $15,250,000. It is over 8700 square feet and truly one of a kind.

The following information will provide some interesting statistics on luxury oceanfront condos that are selling in Boca Raton. The following data is limited to oceanfront condominiums priced over $1 million.

This information is based on the last 6 months.

$47 million in sales of oceanfront condos in Boca Raton
19  Number of closed sales
$10,400,00- The most expensive condo sold was a penthouse unit at One Thousand Ocean unit
6909- The Square footage of the largest condo sold-the above mentioned penthouse at One Thousand Ocean
$1505- The most expensive price per square foot.  Again, the honor goes to One Thousand Ocean
$320- The least expensive price per square foot. The was sold at the Addison. Asking price $1,249,000 over 3000 square feet. Sold for $1,000,000.
27%- The biggest discount off of asking price. The Addison unit 1601. Asking Price $2,199,000 Sold $1,600,000
14- The number of condos that sold at a discount off of asking price of more than 10%
10-The number of condos that sold at a discount off of asking price of more than 15%
38- Number of condos actively listed today with the same criteria

Sales along the coast of South Florida have seen unprecedented sales in the last 12 months.  This is fueled by enormous interest coming from international buyers from around the world. South Florida is the healthiest real estate market in the country.  That being said prices are still, in many situations,  greatly discounted off of pricing highs of 2005-2006. As you can see many of the oceanfront condominiums that sold in Boca Raton sold at very nice discounts off the asking prices.  In the luxury market there are buying opportunities still to be had.

My post yesterday discussed oceanfront condos and provided some very revealing statistics about the market.  I wanted to follow up yesterdays article with information on waterfront homes.  The data below refers to homes either on the ocean or the intracoastal.

In the past 90 days 17 waterfront homes over $1million have closed in either Broward or Dade counties.  Those counties include Miami Beach, Bal Harbour, Golden Beach, Sunny Isles, Hallandale/Hollywood, Fort Lauderdale, Lauderdale by the Sea, Lauderhill, Lighthouse Point and Pompano Beach.

The housing market is quite different than the condo market.  An oceanfront home in Golden Beach closed today.  It was listed for $8,800,000 and closed for $6,300,000. That sold at a 29% reduction! That home is 8718 square feet under air 6 bedrooms 8 and one half baths situated directly on the beach.
The Golden Beach home is a very unique property as there are not many homes in South Florida that are directly on the beach.  However, we are seeing greater discounts on homes then there are for condominiums.  It is all very location specific and home specific.

The data below provides some interesting details on the sales activity of waterfront homes in South Florida.

So here are some statistics on the 17 waterfront homes over $1 million that sold in the last 90 days.

2- Number of closed sales on the Ocean ( both over $6 million)
3- The number of homes sold that were on the market for less than 30 days
10, 242- The square footage of the largest home sold ( Lighthouse Point sold for $5,650,000)
1929- The age of the oldest house sold
2006- The age of the newest house sold
$1507- The most expensive per square foot price (Key Biscayne 4311 square foot home)
$205- The least expensive per square foot price ( A 2796 square foot fixer upper and a short sale in Deerfield Beach)
10- The number of homes that sold for more than 10% less than asking price
7- The number of homes that sold for less than 10% of asking price
17 out 17- All the homes sold had pools
2- The number of homes sold that were short sales
2- The number of homes sold that were bank owned
7- The number of homes sold in Miami Dade County
10- The number of homes sold in Broward County
213- The number of actively listed waterfront homes with this criteria
9- The number of homes currently under contract.