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Susan Reiter

Starting around 2005, the South Florida Oceanfront coastline appreciated the completion of  many new luxury high-rise condominiums.  Today there is a new trend emerging.  We are seeing the launch of several low density oceanfront projects from Miami Beach up the coast with several in Hallandale/Hollywood Beach and into Sunny Isles as well as north into Gulfstream.  By low density, we are referring to no more than 100 residences in a building.  Considering that  an average tower on the ocean has about 300 condominium residences a smaller building is rather unique, although not new. In Boca Raton along the one mile stretch of premier oceanfront condominiums the average building hosts only 25 residences.

Many of these new smaller buildings are slated as luxury style buildings with the amenities one would expect from a new high end building, just pared down to accomodate fewer people.  The low density building takes on many forms from one floor per owner 39 story tower offered at the ultra luxury Regalia in Sunny Isles or a low rise 7 story building such as the One Ocean in South Beach.

Oceanfront condominium have appreciated extraordinary sales over the last 18 months and inventories are very  low for resales in the newer condominiums built 2005 or later. Developers, many who have waited on the sidelines until the market changed now see that timing is right for new construction for oceanfront condominiums.

Let’s take a look at some of the new low density oceanfront condominium projects also known as “The Boutique Building”:

Susan Reiter

As we have written over the years, when a buyer is looking for spectacular direct ocean views, spacious condominium in a newer building, the best value on a dollar per square foot basis is the Beach Club in Hallandale Beach.

We have  for sale the most sought after floor plan.  Unit 1701 at in Tower Two at the Beach Club.  It is over 2000 square feet 3 bedroom 3 baths.  The footprint of Tower Two is closest to the ocean and this unit is a corner unit with a wrap around balcony.  It is the type of floor plan that when you walk through the doors you say “WOW”.  The entire apartment is floor to ceiling windows.  You feel as if you are on a cruise ship.   The living area is an open floor plan and the bedrooms are spaciously appointed with ample closet space.  The balcony is over 600 square feet and wraps around the corner offering intracoastal as well as oceanfront views.  You can comfortable have several seating areas arranged on this large balcony.  The 17th floor is a desirable mid level floor, not too high up.

It is being offered for$1,099,000 which is $524 per square foot.  How does that compare to other buildings along the coast for a premier unit with direct ocean views?

When comparing oceanfront condominiums, not only does the footprint of the building have to be on the sand but the condominium itself must have a comparable view, and the building has to be approximately the same age. All buildings are not alike and there are differences in the quality of service and level of luxury.  For the sake of this exercise,  we are comparing just the real estate.

Here are some comparisons:

Trump Hollywood- Unit 2101- 2088 square feet asking $1,595,000: $763 per  square foot

Trump Palace in Sunny Isles Unit 4902- 2167 square feet asking $2,074,000: $957 per square foot

Jade Beach in Sunny Isles- Unit 805- 2105 sq.ft. asking $1,950,000: $926 per square foot

Canyon Ranch North Tower- Unit 3201 2436 sq.ft. asking $2,575,000: $1057 per square foot

So in the South Florida oceanfront real estate market today, Beach Club in Hallandale Beach 01 line is a spectacular oceanfront condominium at offered at an attractive price.

Susan Reiter

Along with the slight change in temperature in South Florida, we are seeing an increase in phone calls and emails as buyers prepare to come to Miami Beach, Fort Lauderdale and the South Florida coast.  Season is starting and buyers are coming ! Since 2005, South Florida oceanfront condos and homes in key locations experienced quite a ride.  As we all know, over the past couple of years we went from having a healthy inventory and decrease in prices, to a slow and at times, undistinguishable increase in sales.   But that all changed and became very noticeable in 2012.  In 2012, sales for oceanfront condos have been increasingly strong.  Today, prices are reflecting the natural laws of supply and demand.

The unique quality about South Florida is that the demand is on going and is expected to continue along this path.  This market continues to appeals to buyers from all over the world.  We have ideal weather, outstanding beaches, great dinning, cutting edge design influences, the yacht capital of the world, a multitude of public and private premier golf courses,  very accessible international airports and the list goes on and on.   As the frost appears in northern climates, the attraction to South Florida increases.  Buyers looking for oceanfront condos and or homes in key locations will find wonderful properties at today’s prices which based on the continual strong demand present the right factors for upside potential.

Let’s take a look at a few great oceanfront condominiums along the coast in South Florida, on the market in Miami Beach, Sunny Isles, Bal Harbour, Hollywood/Hallandale Beach, Fort Lauderdale and Boca Raton. These condos are no older than 2005 construction.

Along the coast prices per square foot range from the $500′s-to well over $3000 per square foot, with the exception of a listing at the Setai which is over $5000 per square foot.

Miami Beach-The Caribbean 

37th and Collins unit N505 

Desirable location Art Deco style building.

1620 Square Feet

2 bedroom 2 and 1/2 baths

Asking price: $1,150,000- $709 Sq. Ft.

Bal Harbour- One Bal Harbour-

102nd and Collins Unit 406

Exclusive community- Prime location

2009 Square Feet

2 bedroom 2 and 1/2 baths

Asking Price $1,749,500- $870 Sq.Ft.

Sunny Isles-Turnberry Ocean Colony

160th and Collins Unit 3102

Exceptional luxury building and spacious condos

2235 Square Feet

2 bedroom 2 and 1/2 baths

Asking price $ 1,975,000- $883 Sq. Ft.

Hollywood Beach- Diplomat Oceanfront Residences

As I have written many times, Hollywood/Hallandale Beach is where you will  find the best opportunities based on $ per square foot basis

S. Ocean Drive- Unit 1601

3178 Square Feet

3 bedrooms 3 and 1/2 baths

Asking Price $1,799,000-$566 Sq. Ft.

Fort Lauderdale- Las Olas Beach Club

Located in the heart of Fort Lauderdale Beach

Unit 1602

2378 Square Feet

3 bedrooms 3 and 1/2 baths

Asking $1,375,000- $578 Sq. Ft.

Boca Raton- Luxuria

Exclusive Boca Raton offers a very limited supply of newer luxury buildings.

Luxuria is a small ultra luxury building with only 26 residences.

Villa One is offered finished and furnished, turnkey.

6,594 Square Feet

4 bedrooms 5 1/2 baths

Asking $4,900,000-$743 Sq. Ft.

Each buyer that we work with has their own specific criteria.  Whether it is location, size, number of bedrooms or view there are options all along the coast.  The season has started and I expect that by March those units I have identified will be sold!

Susan Reiter

For the past several years, in the South Florida oceanfront condominium market there has been virtually no new construction under way.  That has recently changed.  New construction has emerged in the ultra luxury market.  There are several eye opening projects underway that are very unique properties targeted to the very high end market.

Regalia in Sunny Isles.  The location of this ultra luxury property is outstanding.  It sits at the Southern most point of Golden Beach which is a small city composed of only homes. The views of any of the units in Regalia would be unobstructed looking north. It is the northern most point of Sunny Isles.  This is a boutique building consisting of just 39 residences. Each residence has an entire floor with 360 degree views and wrap around balconies.  Truly an exceptional property. Prices range from $6 million.  Construction is well underway.

Porsche Design Tower in Sunny Isles- An exclusive offering of just 132 units in the heart of Sunny Isles. Each unit will have large living spaces, high ceilings, very large balconies and a very unique feature; a car elevator that will  that offers security and privacy.

Mansions at Acqualina in Sunny Isles.  The amenities of the luxury hotel are on property and offer  large, over 4000 square feet oceanfront condominiums.  The spaces are unique and the services available include fine dining, white glove hotel service and much more.  Amongst the offering is a 15,000 square foot penthouse offered at $50 million.  There are 74 Sky Mansions offered. Prices start at $5.9 million and over $270 million in sales has been reported to date.

REVISED 9-7-12

Chateau Beach Residences- A single tower rising 33 floors from an elevated podium.  An exclusive 84 residences designed by the internationally renowned Uruguayan sculptor Pablo Archugarry.  Residneces range from a 2 bedroom 2 bath 1557 square foot unit to  a four bedroom 6 and one half direct ocean masterpiece.

The construction cranes are appearing along the coast once again but for now they are focused on the ultra luxury oceanfront condo market.

Susan Reiter

There are options for buyers needing at least 3 bedrooms on the ocean in Miami Beach in a relatively new building (post 2004). As is anywhere, the options vary in quality and level of luxury and location.  The prices start at just under $2.1million and go up from there.

South Beach south of Fifth Street offers the most expensive options available. The Continuum and the Apogee South Beach offer several very large condos exceeding 4000 square feet of living space in the most prime real estate in South Florida.The highest priced oceanfront condominium today is  a penthouse at the Continuum in South Beach.  It has plenty of space, over 11,000 square feet,   6 bedrooms 7 and one half baths, rooftop pool, private elevator and staff quarters. Asking price is $39,000,000.    If this masterpiece is more than you would like to spend there are other more modest options available at the Continuum offering 3, 4 and 5 bedrooms averaging around $1500 square foot.

The Caribbean on 38th and Collins is a wonderful building in a great location.  It consists of two towers, North and South. The South Tower is a new ground up structure and the North Tower is a renovated gem capturing the Art Deco essence of old Miami Beach.  Very few units come on the market but there a few opportunities at around $1100 square foot for a premier direct oceanfront condo.

Canyon Ranch Miami Beach has just one 3 bedroom 3100 square foot  penthouse in the South Tower offered at $1033 per square foot. This is a large unit for Canyon Ranch. Canyon Ranch is of course all about the lifestyle and outdoor spaces.

As we move into season, we are  expecting the world wide demand to continue and sales for these premier properties to continue at the very brisk pace that we have seen throughout the summer.

Susan Reiter

Hollywood and Hallandale Beach for a long time have offered the best oceanfront condominium deals anywhere along the coast in a newer building.  The prices per square foot have been and are less than Fort Lauderdale, Sunny Isles or Miami Beach.  Activity has been consistently very strong and inventories are considerably reduced all along the coast.  As we move into the last quarter of 2012, as I usually do, I am providing a snapshot of each of the most sought after new condominiums in Hollywood and Hallandale Beach.  See chart below. The buildings included in this overview are Beach Club, Ocean Palms, Diplomat Residences, Apogee Beach, Trump Hollywood and Villas of Positano.

Prices per square foot in Hollywood and Hallandale in a newer oceanfront building range from $321 per square foot to just under $600 square foot.  In a comparable building in Miami Beach (15 minutes further south) prices are well over $1000 square foot. Purchasing a condo with direct ocean views, 2-3 bedroom finished out is available in this area at under $500 per square foot .  Each building has a very specific character, luxury level,  size and amenity offering; from the very large Beach Club with 1200 units to the smaller Apogee Beach (brand new) with less than 50 condos.

An outstanding statistic is the extremely low levels of inventory.  It wasn’t too long ago when each building had over 20% or more for sale.  You can see on the chart below that just about every key building is at inventory levels below 10%.  The number of closed sales are also close to the number of active listings. You can see a steady flow of activity in each building.  This trend is consistent for all the newer buildings from Miami Beach up to Fort Lauderdale and Boca Raton.

Prices today, although certainly not as low as they were in 2009 and 2010 still present to be attractive to buyers from all over the world as sales continue to be strong and have been right through this past summer.   Our outstanding weather and beaches will attract an influx of visitors in just 2 months from now as our season gets underway.  The trends indicate continued strong sales.  As inventories continue to shrink prices will inevitably increase. That being said, buyers are here and are continuing to arrive.

Susan Reiter

In South Florida whether looking in Miami Beach or up the coast to Sunny Isles, Fort Lauderdale or  Boca Raton, there are a few options for large square footage in a luxury building for under $650 per square foot.  There is one oceanfront condo under construction with only a handful of units left in that price range.  That building is the Apogee Beach in Hollywood.  This is a small building with only 49 residences and at the time of this blog post there are only 5 units remaining.  The units are all decorator ready and need to be finished out.  The price to finish it out will of course depend on style, taste and budget.

All the condos remaining offer direct ocean views and have over 3100 square feet of interior living space.  The floor plans are 4 bedrooms 4 and one half baths plus a den. Modifications can be made to convert it to a 3 bedroom if desired.  Construction is well underway with an estimated completion of Summer of 2013.

Apogee Beach is located minutes from the Fort Lauderdale airport and is centrally located to many desirable locations such as Boca Raton, Aventura or Miami Beach.

How do other oceanfront condominiums compare to Apogee Beach?  Here are sample pricing of other condominiums along the coast that offer living spaces above 3000 square feet in a relatively new building with direct ocean views:

Miami Beach-

Canyon Ranch South Tower PH2- $1033 square foot

Sunny Isles

Turnberry Ocean Colony Unit 2303 $1106 square foot

Trump Towers Unit 3201- $849 square foot

Hollywood

Diplomat Residences  Unit 2002- $582 square foot

Trump Hollywood Unit 1204- $547 square foot

Fort Lauderdale

Las Olas Beach Club unit 2203- $576 per square foot

Boca Raton

One Thousand Ocean- $972 square foot

There are many choices along the coast for oceanfront living. If you are looking for new construction that you can finish out to your specifications and taste, are looking for a well priced large unit, you should consider Apogee Beach. I have floor plans and pricing for the available limited inventory so contact me if interested.

Susan Reiter

The Ocean House, at 125 Ocean Drive, previously marketed under a different name, South of Fifth, was completed in 2006 and fell victim to financial troubles. New influx of capital, retrofitted floor plans and a new launch and Ocean House is now actively selling some of the most unique oceanfront condos along the beach. It is a small luxury boutique building offering just 18 flow through and oceanfront residences. The location is as prime as it gets.

There are a select few residences offered for sale.  There is an expansive two story townhouse over 6000 square feet offered at $8,330,000, just under $1500 square foot. A private elevator opens directly into this grand home with wet bar and direct pool access. There are a few select units available.  3 have sold recently and another is under contract.  A listing offered at $6,225,000 sold for $5,500,000, $1567 per square foot. This sale sold at 12% below asking price. Which tells us that there is some negotiating room off the asking price of the units offered.

South of Fifth in Miami Beach is home to some of the most sought after condominiums such as the Apogee, Continuum, the Murano and Icon.  Recorded sales prices at the Continuum  exceed $1000 a square foot and a recent sale of the penthouse in the North Tower of the Continuum was sold at over $2500 square foot.  The Apogee South Beach has several recorded sales exceeding $2000 square foot.

The Ocean House South of Fifth is a very exclusive property ideal for those preferring a smaller residential feel.  In  the Miami Beach very hot real estate market, these exclusive 18 condominiums are selling and will no doubt soon be all sold.  The ultra luxury market continues to perform breaking all previous sales records.

Susan Reiter

In every building along the South Florida oceanfront coast there is a line that is the most preferred.  Oftentimes it is the Southeast corner, ocean facing, whereas the northeast corner would be the second in demand.  In the newer buildings, the original developers designed those lines to be the premier lines and were priced accordingly.

Those preferred lines are oftentimes the largest and most expensive. Some buildings such as the Trump Towers, the Oceans in Sunny Isles  and Ocean Palms in Hollywood, have been constructed with only one east facing unit in the building. There is no doubt that these are clearly the premier lines. At the Ocean Palms, for example, the 08 line is over 3000 square feet or direct ocean front living wrapping around the entire east end of the building. Clearly and exceptional living space with exceptional views. Prices today average $476 to $517 per square foot for this premier line.  Hollywood prices consistently run less per square foot than Sunny Isles, Miami Beach or Fort Lauderdale.

The Trump Towers offers the exceptional 01 line. Approximately 3000 square feet of direct oceanfront, 3 bedroom bliss.  These units absolutely offer the WOW factor as I have previously written about. At Trump Towers, the most desirable line is available for approximately $680 per square foot.

Moving Further South into Miami Beach, the fabulous Caribbean at 37th and Collins offers a 2300 square foot Southeast direct oceanfront line, the 02.  This premier line will run around $1230 per square foot.

These examples that I have provided, will give you an idea of the variance in pricing. As stated, location has a huge influence on price but that is not the only factor.  There is quite a difference in the level of luxury from building to building as well.  Sunny Isles is a great example. One of the finest luxury buildings, Turnberry Ocean Colony, will run just under $1000 per square foot for a premier unit, whereas other buildings in Sunny Isles will be closer to $500 per square foot.

Although, the developer offered inventory for new construction is running very low due to outstanding sales, there are a few still left.  Trump Towers Hollywood there is an 05 unit available, southeast corner offered at just under $500 per square foot.

There are two new ultra luxury construction projects on the horizon that will offer exceptional views  The Porsche Tower in Sunny Isles is in presoncsturciotn stages and will offer units ranging from 3500 to 9000 square feet along. This unique project will offer an elevator for your car that whisks it up to your floor.

The long awaited Regalia situated at the northernmost point of Sunny Isles.  The location is so fantastic because it is at the beginning of the exclusive Golden Beach strip.  There will be an exclusive offering of only 39 full floor direct oceanfront residences.  Residences will have more than 7,600 square foot  of livable space. 5515 square foot interior and 2100 exterior. Prices start at just below $7 million.  This is a very unique very exclusive project that will now doubt attract buyers from all around the world.

South Florida’s coast from Miami Beach to Palm Beach has many premier newer buildings offering spectacular condominiums with direct ocean views.

Susan Reiter