Buying a direct oceanfront condo with "WOW Factor" views

May 4, 2011 By

There are thousands of oceanfront condos along the coast of South Florida from South Beach to Palm Beach.  Oceanfront condo means that the footprint of the building is situated directly on the sand.Within each building there are many different floor plans offering variety of views; ocean views, west views, north or south views, etc.

Many of my clients from all over the world have the following specifications:

Relatively new building

Direct Oceanfront

3 bedrooms

Minimum 2500 square feet

and it must have the “Wow Factor”.

The “Wow Factor” is pretty self explanatory. You walk out of your private elevator foyer, go through the doors and you see the magnificent gorgeous colors of our tropical turquois ocean framed by floor to ceiling windows in a wide open spacious room.  And then you say “Wow”.

Here are some of my favorite new oceanfront condo buildings along the coast that offer spectacular ”Wow”views:

Trump Towers- Sunny Isles

Caribbean- Miami Beach

Bath Club Town homes- Miami Beach

One Bal Harbour- Bal Harbour

Turnberry Ocean Colony- Sunny Isles

One Thousand Ocean- Boca Raton

Luxuria- Boca Raton

Trump Hollywood

Each building has its own location, personality and price point.

We have seen incredible sales activity this past winter season and strong sales activity has continued into spring.  The well priced most desirable units are actively and rapidly selling.

As I have written many times, great buying opportunities continue to be evident on developer offered units.  Every buyer today is looking for a buying opportunity, I have introduced many of my buyers to developer units with great satisfaction.  In today’s market there are only a select few developer opportunities out there.  Trump Towers, Sunny Isles for example offers an amazing 3 bedroom 2928 square foot direct ocean unit.  Trump Towers has seen incredible sales, as their pricing is very attractive.

This is a very unique market with a very select number of outstanding properties that fit this criteria.

Filed Under: Amazing Views, Bath Club, Best of the Best Oceanfront Condos, Buying Real Estate, Caribbean Miami Beach, Luxuria, Miami Oceanfront Condos, One Bal Harbour, One Thousand Ocean, Trump Towers-Sunny Isles, Turnberry Ocean Colony Tagged With: , , , , , , , , , ,

Recent Sales Activity at One Bal Harbour and Other Luxury Oceanfront Condominiums

August 2, 2010 By

Summer is definitely off season for tourists in South Florida.  Tourists are gone, the hotels and beaches are quiet and traffic is flowing quite well.

However, Oceanfront Condo Sales Activity are not off season.  There has been some serious buying activity going on this summer.  One Bal Harbour, recently had 2 condos go to contract.  Unit 609 Listed at $2,995,000 and Unit 1809 Listed at $3,395,000. Other notable transactions this summer have been the Penthouse at the Jade Beach listed for $11,000.000, The Continuum unit 1804 listed for $8,395,000 and the Penthouse at the Acqualina listed for $5,200,000.

It is expected that this coming fall and winter season Miami Beach and Fort Lauderdale Luxury Oceanfront Condos are going to continue to experience an increase in sales activity.  I believe the summer activity is quite indicative of what is coming this season.  The profile of many of the buyers that I work with are second or third home acquisitions that they plan on using periodically and keeping long term.  There are many investors out in the market as well looking for long term appreciation.

Filed Under: Best of the Best Oceanfront Condos, Buying Real Estate, Continuum South Beach, Fort Lauderdale Oceanfront Condos, Jade Beach- Jade Ocean, Miami Oceanfront Condos, One Bal Harbour Tagged With: , , , , ,

"Today Show" reports on Miami Condo Sales Activity

March 24, 2010 By

The video below was broadcast on the Today Show. Most of the video is highlighting downtown Miami Condos on Brickell Avenue where the bulk of the excessive inventory is.  Select Oceanfront Condos have experienced similar outcomes. As I wrote in my last post, inventories are down across the board and sales are up.

Visit msnbc.com for breaking news, world news, and news about the economy

Filed Under: Buying Real Estate, Deals, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, Palm Beach Oceanfront Condos, Pre-Construction-Luxury Oceanfront Condos Tagged With: , , ,

Oceanfront Condos: Inventories are down and sales are up!

October 7, 2009 By

The oceanfront condo activity since August is quite incredible.  In every luxury oceanfront condo building, there have been buying opportunities and there are buyers buying.  Followers of blogsouthflorida know that when I reference buying opportunities, I am in most cases referring to “motivated sellers”, not short sales or bank owned properties.

There has been a significant increase in sales.   The opportunities we have identified and monitor are truly quite incredible.  Units that are direct oceanfront units and are considered the most desirable and sought after are selling and inventories are declining. Building after building these unique opportunities are being sold and those truly incredible deals are going fast.

In Miami, Fort Lauderdale and Palm Beach In the past 60 days there have been 89 closed oceanfront condo sales with the specification of at least 2 bedrooms priced over $800,000.

At One Bal Harbour, there was only one unit listed in one of the most desirable lines.  It sold and closed

Canyon Ranch, Miami Beach,  one of my direct oceanfront 2 bedroom listings had multiple bids on it!!!

At the Palms , in Fort Lauderdale, there were about 6 units listed under $1 million.  They have pretty much all sold.

The South Florida Oceanfront condo market is very unique.

Filed Under: Buying Real Estate, Canyon Ranch, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, One Bal Harbour, Palm Beach Oceanfront Condos, The Palms Tower I & II Tagged With: , , , , , ,

Sales are up. What does that mean for South Florida Oceanfront Condos?

September 7, 2009 By

Luxury Oceanfront Condo

Sales are defintely up !  Housing figures are showing an increase in sales. What does this mean for oceanfront condos in South Florida?  Luxury buildings that we follow are showing an increased number of sales all along the coast.  A year ago the numbers were quite different.  South Florida oceanfront condos have a world wide appeal and continue to be a desirable location for a second, third or forth home acquisitions Sales figures in this unique market has shown some incredible activity.

How does that translate to the luxury oceanfront condos that we follow?  The most obvious trend is that the least expensive condos in the luxury buildings are selling.  When prices went down there were some new lows presenting buying opportunites that were previously unheard of.  For example,  the Palms in Fort Lauderale, prices for condos in this luxury building average a $1 million and up.  There were about a half a dozen units priced below $1million and almost all of them have sold.  There are buyers in the marketplace identifying great buildings and picking up great inexpensive buys.

Bargain priced units are not the only condos selling.  Desirable units with  large square footage and/or exceptional views are also selling. Turnberry Ocean Colony has a reported 4 units under contract.  This is one of the finest buildings along the coast.  Prices are well over $1million.

The Beach Club, with 1200 units in total, not surprisingly,  has the most activity of any oceanfront building.  29 units have gone to contract !!!

Here is a sampling of what has been reported as pending sales in several buildings:

There are buyers in the market place identifying great buildings and picking up great inexpensive buys.  There are also buyers that are taking advantage of having several desirable units to choose from.  As we move into the winter season, I anticipate that this activity will increase as buyers jump into the market.   We will continue to see inventories decline as well.

Filed Under: Bath Club, Best of the Best Oceanfront Condos, Buying Real Estate, Condo Statistics, Continuum South Beach, Deals, Fort Lauderdale Oceanfront Condos, Harbour House, Mei-Miami Beach, Miami Oceanfront Condos, Ocean Palms Hollywood, One Bal Harbour, The Palms Tower I & II, Turnberry Ocean Colony, Uncategorized Tagged With: , , , , , ,

One Bal Harbour-Regents Hotel Out

July 25, 2009 By

I was working with a buyer today at One Bal Harbour. The Regents Hotel sign has been replaced.    As reported by the Miami Herald, a private group, ElCom Hotel & Spa, bought the common areas of the hotel for $12 million and 51 unsold condo-hotel units.

The owners of ElCom, executives with hotel backgrounds, have renamed the property the One Bal Harbour Hotel. Regent left another condo-hotel, in South Beach, two years ago.

Filed Under: Harbour House, Miami Oceanfront Condos, One Bal Harbour Tagged With: , ,

Statistical Look at 7 Luxury Oceanfront Condos

June 14, 2009 By

Luxury Oceanfront Condos along the coast in South Florida vary immensly.  Each building has its own character as does each neighborhood and each city, and those variances are reflected in the price.   Worldwide attention is focused on oceanfront condos in South Florida as the price swings have been reported around the world.   To summerize our market we like to provide our readership with statistics and data.

I have selected 7 very different luxury oceanfront condos along the coast to take a look at. These 7 condominiums are all relatively new and represent a cross section of oceanfront condos along the coast.   Continuum in South Beach, Canyon Ranch in Miami Beach, One Bal Harbour in Bal Harbour, Turnberry Ocean Colony in Sunny Isles, Ocean Palms in Hollywood, The Palms in Fort Lauderdale, and The Excelsior in Boca Raton.

The information provided addresses, number of closed sales, $ per square foot, average $ of asking price, number of units currently under contract (pending), and total number of units for sale in each building.

Filed Under: Boca Raton Oceanfront Condos, Buying Real Estate, Canyon Ranch, Condo Statistics, Continuum South Beach, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, Ocean Palms Hollywood, One Bal Harbour, Palm Beach Oceanfront Condos, The Excelsior-, The Palms Tower I & II, Turnberry Ocean Colony Tagged With: , , , , , ,

Turnberry Ocean Colony, Acqualina and One Bal Harbour Market Profile

October 8, 2008 By

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 !

 

 

Filed Under: Acqualina, Buying Real Estate, Condo Statistics, One Bal Harbour, Turnberry Ocean Colony Tagged With: , , , , ,

Buying Opportunities For an Oceanfront Condo in South Florida

September 6, 2008 By
Turnberry Ocean Colony Views 

Turnberry Ocean Colony

Through my research I come across “break out” properties. I call these South Florida Oceanfront properties “break out” properties because they stand out from the inventory.  Certain properties that I identify are very  unique and presents attractive buying opportunities.

Criteria that I analyze that makes these “break out” properties unique can include some or all of the following:

Building Quality & Amenities

  • View
  • Square footage
  • Number of bedrooms
  • Price per square foot
  • Price
  • Comparables
  • Location
  • Uniqueness

 

I have found that when I have identified these properties, they always sell rather quickly. So even though the Average Days on the Market for most waterfront condos is about 156 days, these opportunities sell considerably quicker than that.

Here is an example. Most recently, at the Diplomat Residences in Hollywood, there was a 3,000 square foot direct oceanfront unit that was being offered for $1,199,000 on a high floor.  We can pretty much assume that it sold for less than asking price. Comparable units were going for $1.9 million a year ago.  This particular unit has gone to contract.  The next somewhat comparable unit is being offered today for $1.5 million.

I have identified “break out” opportunities in several extraordinary buildings, including Ocean Palms, Turnberry Ocean Colony, One Bal Harbour and  the Continuum in South Beach just to name a few.  They are out there!

This is such an exciting time for the oceanfront condo market!

Filed Under: Buying Real Estate, Diplomat Oceanfront Residence, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, One Bal Harbour, Turnberry Ocean Colony, What Can You Buy For $1 million Tagged With: , , ,

Luxury Oceanfront Condos…One Bal Harbour and Other Condos Selling Briskly

March 15, 2008 By

One Bal Harbour North View

I have worked with several clients over the last few months that have been interested in One Bal Harbour. I have been kept up to date by the developer on units that they had for sale. Some units came back to them when original purchasers did not close. The number of developer units remaining consistently declined week after week. They are selling them all. Everytime I went to One Bal Harbour with a client, the property was busy with buyers everywhere. Last time I was there, the units we went to were also being seen by a very well known celebrity.

Luxury oceanfront condominiums in South Florida certainly do not appear to be adversly affected by the state of the economy or the current conditions of the national housing market. Here are some interesting facts to support this statement:

One Bal Harbour- Luxury Oceanfront Condo in Bal Harbour.

To view all listings currently on the market at One Bal Harbour Click Here.

  • Currently there are 13 condominiums pending closing sale
  • Price Range of the 13 units pending are from a low of $1,150,000 to a high of $13,500,000
  • 8 of the units pending are offered at a price that exceeds $2,000,000
  • There have been 27 closed sales in the last 6 months
  • There are approximately 68 units on the market out of 185. About 37%. (revised)

In Miami-Oceanfront condos

  • In the last 60 days, there has been 47 closed sales of oceanfront condos exceeding $1 million
  • There are 54 sales pending to close that had a listing price over $1million

In Fort Lauderdale-Oceanfront Condos

  • In the last 60 days, there has been 11 closed sales of oceanfront condos exceeding $1 million
  • There are 40 pending sales over $1 million
  • 19 of the pending sales are over $2 million
  • An Oceanfront Condo over 6000 square feet listed for $7,550,000 has gone to pending. When it closes it will be the highest recorded oceanfront condo sale in Broward county this year.

We have written about the brisk luxury oceanfront condo market before. There are active buyers out there looking for the really good properties! The data speaks for itself!!

Turnberry Ocean Colony

Filed Under: Buying Real Estate, Condo Statistics, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, One Bal Harbour Tagged With: , , ,