We receive calls from all over the world inquiring about the South Florida Oceanfront Condo Market. These calls come from people with perspectives on the economic conditions of the market and projections on what they believe. Â Their information is coming from what they read in newspapers and on-line. Â All types of opinions are formulated in this challenging market. Â Statistics, and facts tell the real story.
The following charts, show actual closed sales for oceanfront condosÂ within the last 60 dayÂ and recently sold condos pending closing. This data has been extracted from the MLS and may not include developer condo sales on new units.
In the over $5 million category there were 4 closed sales. Â The penthouse at One Bal Harbour sold for $8,700.000($1643 sq.ft) Â . It was magnificently finished out and offered turnkey. Â It was listed for $12,000,000. Â That is a 28% reduction, that can be viewed as being sold by a “motivated seller”. PH2108 had an interesting lineage. Â In 2008 it was offered for sale Â for $6,300,000. At that time it was unfinished (decorator ready) and closed at $4,950,000. ($940 sq.ft.). One Bal Harbour sits on one of the most unique locations along the coast with views of continual waterway activity on Haulover Inlet.
In the over $1 million dollar range there were 70 closed sales, Â 4 sales at the Continuum in South Beach 4 sales at Turnberry Ocean Colony and 2 sales at Ocean Palms in Hollywood Beach. Â The other sales were scattered along the coast in various condos.
In the pending close category there a few notable transactions. 3 penthouse units sold, 2 on Key Biscayne and one spectacular unit at the Jade Beach in Sunny Isles. Turnberry Ocean Colony had the most pending sales in the over $2 million range.
There are 195 pending sales in the price range over $500,000. Â What I have noticed consistently is that in all the buildings that we carefully monitor there is a growing list of pending sales. Oceanfront Condo sales activity is increasing. Â When I analyze the data clearly the best buildings with great amenities in desirable locations are attracting buyers.Â Â Great buying opportunities are everywhere across all price ranges…even in the ultra luxury market.
One Bal Harbour
Diplomat Residences Hollywood Beach