South Florida Oceanfront Condo Post Season Activity

April 29, 2012 By

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
The oceanfront condo buildings with the most activity in the past 30 days are:
Those are the statistics as reported.  What I am seeing as I search for condominiums for my buyers are that the inventories are down considerably.  6 Months ago there were several options to choose from in a set price range in many of these key buildings.  The sales activity has absorbed so much inventory that now the choices are limited.
South Florida oceanfront condominium market has out performed every other market in the United States.

 

 

Filed Under: Beach Club Hallandale, Buying Real Estate, Canyon Ranch, Caribbean Miami Beach, Miami Oceanfront Condos, One Bal Harbour, Trump Towers-Sunny Isles Tagged With: , , , , , , , , , ,

Pre-Season Sales-What is Selling and for How Much: Part 2

September 21, 2011 By

 

 

 

 

 

 

 

 

 

 

 

 

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.

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Pre-Season Sales-What is Selling and for How Much? Part 1

September 20, 2011 By

 

 

 

 

 

 

 

 

 

 

 

 

We watch the market very carefully and I can feel and see trends as they occur.  Two years ago the big news was short sales and bank owned properties every where. That has certainly changed. Analyzing the statistics of what South Florida oceanfront condos have sold in the past 90 days is very interesting.  It is common knowledge that there are very few distressed properties on the market.

In fact, sellers are pricing there oceanfront condos close to what they are willing to sell it for.  The data revealed that within the past 90 days 75% of the sold oceanfront condominiums were sold within 90% of asking price.

Large spaces are in demand as well as unique properties such as the oceanfront villa at the Bath Club that sold for $5,700,000. In fact the Bath Club had a reported 5 closed sales. The building only hosts 200 residences and 5 sales in 90 days is remarkable.  Most all of the premier buildings such as Turnberry Ocean Colony in Sunny Isles, One Bal Harbour, Canyon Ranch, Diplomat in Hollywood, and the W on South Beach all had numerous sales reported.
In the past 90 days there has been 109 oceanfront condos sold and closed (priced above $500,00 and in building no older than 2004).

This data is reported from the regional MLS.  This data does not include all sales from new construction.

Here is a profile on what has sold in the past 90 days and other interesting statistics:

46 -# of condos sold  over $1million
50-# of condos sold over 2000 square feet
22 -# of condos closed at full asking price or above
82- # of condos that sold within 90% of the asking price
8 -# of condos sold that were Short Sales
3 -# of condos sold that were Bank Owned
17-# of oceanfront condos that were sold that were on the market for less than 30 days
74-# of condos sold in Dade County (includes, South Beach, Miami Beach, Bal Harbour, Sunny Isles)
35-# of condos sold in Broward County (includes Hallandale Beach, Hollywood Beach, Fort Lauderdale, Lauderdale by the Sea and Pompano Beach)
$7,500,000- The highest priced condo sold at the Apogee in South Beach
$2602- The highest price per square foot. Sold at the W South Beach
$255- The lowest price per square foot. Sold at the Sonata Beach Club

All this activity and season hasn’t even started.  Should be a very interesting winter !

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What Oceanfront Condo Can You Buy For $1 Million

August 31, 2011 By

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Many buyers from all over the world contact me  asking the same question…. “What Oceanfront Condo Can I Buy for $1million?” National and International buyers are seeking beachfront condos. There are specific actual neighborhoods all along the southeast Florida coast and prices vary according to location, location location.  Of course price is a driving factor but beyond that  all neighborhoods have their own personality, I always ask what type of lifestyle are you comfortable with.  As a buyer, do you want to be in the middle of activity walking distance to restaurants and night life?  Do you prefer a peaceful environment a comfortable driving distance from your activities? Do you prefer a large or small building? Is a full service building with many amenities important? Is direct ocean view critical? The following will provide information on various oceanfront condo options along the South Florida Coast offered for around $1million today.  Each property detailed below is very different in size, location, view and cost.

 

 

 

 

 

 

 

 

 

 

Condos in South Beach,  will be amongst the most expensive.  A buyer that wants to spend $1million and wants to be in South Beach can purchase at the  Continuum, residing at the southern most point of Miami Beach.  Prices in this amenity rich property would run around $1100 sq.ft. Today there is a one bedroom one and a half bath condominium at the Continuum North Tower consisting of 992 square feet on a low floor, listed for $1,100,000.

Moving north up the coast to 68th Street and Collins,  Canyon Ranch in Miami  is an option to consider.  Canyon Ranch Living is dedicated to living a healthy lifestyle.  No other property along the coast offers the extent of amenities and classes that Canyon Ranch offers.  Yoga, stretching, meditation and much more.

 

 

 

 

 

 

 

 

 

 

 

 

There is a 2 bedroom unit available in the Canyon RanchNorth Tower, 1290 square feet asking $1,090,000.  This is a unit that needs to be finished out as it is delivered “decorator ready” without floors, window treatments and paint.   Kitchens and bathrooms are complete.

Moving further north there are excellent options in Sunny Isles that will run under $600 per sq.ft.  Trump Towers in Sunny Isles has spacious 3 bedroom 3 bath units with 1935 square feet with an asking price of  $1,020,000.   This is also a “decorator ready”.

Hollywood and Hallandale Beach are north of Miami.  The Beach Club in Hallandale Beach offer spacious units with great ocean views at attractive prices.  On the 30th floor you can purchase a direct ocean view property 3 bedroom 3 baths with 2070 square feet, asking price $995,900. That is $480 square foot.  This condominium offers the best views for the money.

Up the street in Hollywood there is the magnificent Trump Tower Hollywood Florida.  This is a very elegant building with only 200 residences.  The finishings and amenities are top of the line.  There is a true concierge on premises to attend to any and all of your needs.  You can purchase a 3 bedroom 3 bath unit with 2088 square feet for $975,000.  The condos at Trump Hollywood are “decorator ready” as well, although there are a select few finished models for sale.

In Hollywood at the Diplomat Residences, you can purchase a 3 bedroom 3 and one half bath 2088 square foot condo for $975,000.

Beach Club Hallandale,beachfront condos in Florida, Canyon Ranch in Miami,Continuum South Beach,Diplomat Miami,Oceanfront Condos, Trump Miami,Trump Tower Hollywood Florida

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Oceanfront Condos Sales Activity-Inventories are Shrinking

March 14, 2011 By

This season, oceanfront condos in new buildings have been selling with incredible speed.  Building such as Ocean Palms and Diplomat in Hollywood that had 20 to 30 units lurking around for the past year have had so many sales that  inventories have been reduced to just few units.  Ocean Palms has a mere 10 units left for sale.  The chart below will show you what has sold and closed in the last 90 days in Broward county and then in Dade.

Some interesting sales to note, one of the penthouse at the Diplomat Residences sold for $2,600,000 and a Penthouse Villas of Positano sold for $1,750,00.

In Miami Dade there were 2 sales over $5 million, several transactions at Turnberry Ocean Colony, and numerous sales at the Bath Club Miami Beach, a relatively small building.

Oceanfront Condominiums (built after 2000) Broward County- Including Hollywood Hallandale and Fort Lauderdale

Closed Sales past 90 Days:

Oceanfront Condominiums (built after 2000) Miami Dade County- Including Sunny Isles, Miami Beach and Bal Harbour

Closed Sales Past 90 Days

The Pending Sales information is even more staggering. In the past 60 days 45 oceanfront condos went to contract in Fort Lauderdale.  In Miami Dade, 85 oceanfront condos went to contract.
We are seeing so many buyers from all over taking advantage of great prices and advantageous international exchange rates, especially for our Canadian friends. The Oceanfront Condo market is very much alive and kicking !
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Negotiating A Deal for a South Florida Oceanfront Condo

August 30, 2009 By

The market today is not a “typical” market where the standard procedures of negotiating applies to every scenario.  Many buyers come into the market expecting to follow the procedures of buyer submitting and offer, seller countering offer,  terms negotiated back and forth.   The scenarios that exist today that I experience firsthand through the numerous offers I present on behalf of my clients run the gamut.  In certain situations, offer-counter-offer, playing it along,  is the way to go.  In other situations….it is what it is.

I want to address properties being sold by owners not in distress.  There are properties listed today, by very motivated sellers.  In some cases, they have priced their property at the rock bottom price that they are willing to sell it at.  No negotiating.  This is a marketing technique.   I have come across this situation several times, from both sides of the fence, representing both a buyer as well as for a seller in which I represent.

One of my listings at Canyon Ranch, unit 301, is priced very aggressively the seller is not negotiating, and that is clearly explained.    I have received offers below the asking price, and I certainly understand why a buyer would try.  However, the issue that I  have come across is that buyers are getting “insulted” that they have not received a counter offer back below the asking price.    The owner has set their bottom price and it is what it is. It is not a distress sale.  There is no negotiating at all …..  The process is not the issue.  The property is the issue. Each property has to be evaluated.   Recently, I was working with a buyer that came in with a very low offer.  The seller responded back with their bottom selling price.  The buyer was insulted.  The process is not the issue the property is the issue.  Evaluating value.

Sales are up in South Florida and there are many many buyers out there scooping up  unique buying opportunities.  Statistics prove it.   We are going into our season and this is going to continue and increase. Building after building that I investigate for my clients are reflecting growing lists of units that have gone to contract and are “pending sales”. Especially, in luxury buildings, the lower priced units are selling.  In Miami Beach, Bal Harbour and Sunny Isles,  there are over 311 oceanfront condos that have gone to contract and are pending closings.  37 of those are priced at over $1 million.  In November 2008 there were only 58 pending oceanfront condos.  In Broward county, which includes Hallendale, Hollywood, and Fort Lauderdale, there are 250 oceanfront condos that have gone to contract and are pending closing.

There are great opportunities in the market, however, whether it is a pre-foreclosure, bank owned,  or motivated seller, expect the unexpected !

Filed Under: Best of the Best Oceanfront Condos, Buying Real Estate, Canyon Ranch, Condo Statistics, Deals, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, Palm Beach Oceanfront Condos Tagged With: , , , , , , , ,

Harbour House-Developer Closeout Presents Opportunities

June 20, 2009 By

The New Harbour House in Bal Harbour is situated at the Northernmost tip of Bal Harbour.  Completed in 2007 by the Related Group,  Harbour House offers all the amenities expected from a new oceanfront condo, spa fitness center, pool, private theatre, clubroom and even a small grocery store.

Residences available are studios, one and two  bedroom units.  The Developer is down to the last of their inventory and they have priced these units to sell… and they are selling. Studio’s run around $300,000, one bedroom one and a half baths high $300′s, two bedroom two bath in the $400,000′-$500,000′s.   Prices when originally offered were almost triple these prices.

The Bal Harbour location draws a tremendous demand in the winter months from seasonal visitors from around the world.  This location is quite desirable for seasonal renters.

The Developer has established an on-site relationship with a Tui Pranich, an interior designer.  Modern interior packages are offered that complete the unit in its entirety including, linens, china, and plasma TVs.

As the oceanfront condo inventory gets eaten up by buyers from all over the world taking advantage of incredibly low prices,  Harbour House is an attractive option.  The Bal Harbour location and low purchase price make the Harbour House a very attractive option.

West View offers spectacular views of the intracoastal waterways.

Oceanfront Pool with Cabanas

Filed Under: Buying Real Estate, Deals, Harbour House, Miami Oceanfront Condos Tagged With: , , ,

Prices for oceanfront condos in Fort Lauderdale-Miami Beach-Sunny Isles-Bal Harbour-Hallandale-Hollywood

December 3, 2008 By

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.

Filed Under: Buying Real Estate, Condo Statistics, Deals, Fort Lauderdale Oceanfront Condos, L'Hermitage, Miami Oceanfront Condos, One Bal Harbour, Turnberry Ocean Colony, Uncategorized Tagged With: , , , , ,