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.

In the last 30 days 59 oceanfront condos went to contract in Miami.  In Fort Lauderdale (Broward County) 55 oceanfront condos sold.  Interestingly, they span the price spectrum. The most expensive unit to go to contract in the last 30 days was a 5 bedroom unit on Fisher Island that was listed for $12,900,000.  The lowest priced unit was in the hundred thousands.

Here are some specific examples of what oceanfront condos went to contract within the last 30 days.

MIAMI

Bellini- 10225 Collins Avenue-Bal Harour- A double unit over 7600 square feet.- 5 bedrooms 6 and one half baths

• Highest Asking price $7,695,000 $1007 per square foot (this is a very unique spectacular space in Bal Harbour)
• Asking Price Now:  $4,999,999   $654 per square foot
• Price Reduction: 35%
• Days on Market 197 

The Continuum South Tower- 100 S. Point Drive- Miami Beach- 1870 square feet 2 bedroom 2 bath

• Highest Asking price $2,500,000 $1336 per square foot
• Asking Price Now:  $1,800,000   $962 per square foot
• Price Reduction: 28%
• Days on Market 97

The Akoya- 6365 Collins Avenue- Miami Beach- 808 square feet 1 bedroom 1 bath

• Highest Asking price $564,900 $699 per square foot
• Asking Price Now:  $379,900   $470 per square foot
• Price Reduction: 32%
• Days on Market 41

• Highest Asking price $545,000 $347 per square foot
• Asking Price Now:  $530,000  $337 per square foot
• Price Reduction: 3% ( Priced Aggressively)
• Days on Market 94

The St. Regis Resort and Residences Bal Harbour is under construction and you can see the towers rise.  It will eventually be 27 stories high on nine acres of lushly landscaped gardens and 1,000 feet of white sand beaches.

Each tower will have its own private lobby entrances, security, valet, and covered parking, as well as access to all anticipatory services provided by the St. Regis Hotel.   The St. Regis Resort and Residences, Bal Harbour will feature 268 Residence, 36 condominium-hotel suites, 183 hotel roms, 24 fractional ownership Residences in three all-glass towers.

Exclusive to St. Regis Hotels and Resorts, Remède Spa offers a comprehensive menu of customized and results oriented facial, massage and body treatments.  To create the decadent spa experience that is unmistakably Remède, the luxurious treatments are combined with signature touches, including; chilled champagne, Jacques Torres truffles, and Kashwére throws.

St Regis Bal Harbour available units range from 2 bedroom 2 and one half baths to 3 bedrooms media room and 3 and 1/2 baths.  Square footage ranges from 1,777 square feet to over 3,884 square feet, and prices range from $1,944,900 to $7,126,900.   Per square footage prices range from $1094 per square foot to over $1835 per square foot.

It is exciting to see the construction underway and we look forward to watching its progress in the coming months.

To give our readership a look at the luxury oceanfront condo market we have selected a sampling of luxury oceanfront condominiums in Miami Beach.  Mosaic, The Bath Club and The Continuum South Tower, the Continuum North Tower.     The data we are providing will reflect the varying building sizes, the number of units for sale, the price ranges and recent sales data.  These three buildings were picked merely as a representation of new luxury oceanfront condos in Miami Beach.  

A few notes about the data, The Continuum in South Beach is the largest of the three properties with 517 units but only 15% of the building is offered for sale.   The desirable Continuum in South Beach offers the premier…location, location, location!   Continuum sales price per square foot have not been any lower than $717 !

On the other hand Mosaic is the smallest of the three condos with only 86 units.  30% of the building is for sale.  That is higher than the average of about 20% for most newer luxury oceanfront condos.  

Of the three buildings the best price per square foot that was sold was at the Bath Club for $315 square foot.  Somebody got a really good deal.  The lowest priced sale was also at the Bath Club for $650,000.

Across all markets we have seen the stabilization of inventories and are actually starting to show a decline in inventories.   Less condominiums on the market.  Furthermre, the National Association of Realtors reported an increase in pending home sales from July to August.

Several large scale investors such as Jorge Perez and others are stepping in to take advantage of current market conditions and attractive prices.  Real estate will have its ups and downs but unlike paper invesments…..real estate is real property !

Turnberry Ocean Colony North, Turnberry Ocean Colony South,  Acqualina and One Bal Harbour are luxury oceanfront condomimiums in Sunny Isles and Bal Harbour.  All three properties are relatively new.  Following our previous post, we wanted to provide our readers with a market profile for select buildings in the Sunny Isles Bal Harbour area. 

Certain markers of interest, Acqualina has the lowest percentage of units on the market, only 12%. One Bal Harbour had the lowest priced sale at $1.2 million as well as the lowest price per square foot sale of $601 per square foot.  Turnberry Ocean Colony has had 11 closed reported closed sales in the last 6 months One Bal Harbour had 22 closed sales.  When One Bal Harbour units closed there were many investors that put it right back on the market.  

Closed sale data is based on information from the last 6 months.    

South Florida newer condominiums have been averaging around 20% of the building on the market for the past year.  That number hasn’t increased in fact, as I mentioned in a previous post, inventory numbers appear to be on the decline.  

Several large scale investors such as Jorge Perez and others are stepping in to take advantage of current market conditions and attractive prices.  Real estate will have its ups and downs but unlike other investment instruments it is real property !

We wanted to provide our readers with a concrete look at specific buildings in today’s the market. We have selected Ocean Palms, Diplomat Residences, Beach Club1,  Beach Club 2, Beach Club 3, and Villas of Positano in Hollywood.  

Each one of the buildings we selected have their own very specific characteristics.  Beach Club is of course the largest with a total of over 1,200 units whereas Villas of Positano only has a total of only 65 units.  

Ocean Palms has the lowest percentage of units on the market.   Diplomat Residences has the highest, 26% of the total building on the market.  

The closed sales data is based on the past 6 months.  The lowest closed price per square foot was at the Beach Club at $252 per square foot and surprisingly followed by the  Diplomat Residences at $253.   Not surprisingly the lowest sale price was at the Beach Club. 

South Florida newer condominiums have been averaging around 20% of the building on the market for the past year.  That number hasn’t increased in fact, as I mentioned in a previous post, inventory numbers appear to be on the decline.  

Several large scale investors such as Jorge Perez and others are stepping in to take advantage of current market conditions and attractive prices.  Real estate will have its ups and downs but unlike paper investments….it will not evaporate !

According to the Wall Street Journal Wealth Report,  a survey of high net worth individuals say they are cutting back for fear of what the future might bring.  Categories hardest hit will be SUV’s, jewelry, handbags, leather goods and private jet usage.

The Silver Lining: Real Estate.  The survey found that three quarters of the respondents cited real-state as  ”an opportunity”, compared with about a quarter who cited it as a “risk”.

30% are in the market to acquire real estate this year.

In another Wall Street Journal article, “Is Now A Good Time to Buy a Home?”

Their answer is, yes if you ……

• have access to credit
• have fat cash reserves
• aren’t already over-exposed to real estate
• expect to hold the proerty for at least two years…

Then now is an excellent time to buy!!!

With the economic news of late, I was wondering how the data looked in the Miami and Fort Lauderdale oceanfront condo market for the last 30 days.   There is plenty of activity out there.  Furthermore, overall inventory numbers are on the decline.   

In the past 30 days…..

Broward County (Fort Lauderdale, Hollywood, Hallandale, Pompano, etc.)

• 55 oceanfront condos went  to contract (pending) 
• 63 Closed Sales
• Closed sales are on average at 88% of asking price

Dade County (Sunny Isles, Bal Harbour, Miami Beach, etc..)

• 56 oceanfront condos went to contract (pending)
• 62 Closed Sales
• Closed sales on average are at 90% of asking price

Trump Towers, Sunny Isles, has three towers, each with 271 units.  Closings are underway.  Here are the views from a flow through D unit on the 37th floor.  

…and a place to relax at the end of a long day

This unit has 2 bedrooms 3 and one half baths plus a den.  It has 2,558 square feet under air, 2,950 total with balconies. Pricing starts at $1,250,000.

Amazing Views Trump Towers Sunny Isles Florida from susan reiter on Vimeo.

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.