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.