I’m often asked by both buyers and sellers interested in purchasing or selling a waterfront (and non-waterfront) single family home on Miami Beach if we’ve reached a housing market bottom? The answer for PRIME waterfront properties located on island communities such as Palm, Star, Hibiscus, Sunset Islands I – IV, and the various Venetian Island communities is that homes that are priced according to latest closed sales comparables are selling quickly. As inventory continues to be absorbed, we are seeing price stabilization (especially for remodeled and turnkey homes and condos).
Waterfront condos, especially premier waterfront and oceanfront buildings such as Continuum North and South Towers, Apogee, The Portofino, The Murano at Portofino, Murano Grande, Icon, and even The Bentley Bay on West Avenue are also seeing significant sales taking place in the past several months AT REDUCED PRICES. For South Beach landmark luxury buildings completed after 2001, if the price is right, we are seeing plenty of buyers willing to make reasonable offers. Therefore, if you’re a seller that needs to sell, my advice is the same- work with an experienced and knowledgeable sales agent/broker that will price your property realistically and then market as agressively as possible.
Art Basel Miami Beach will be taking place December 4 – 7, 2008.
Art Basel Miami Beach is the most important contemporary art show in the United States, a cultural and social highlight for the Americas. It is the sister event of Switzerland’s Art Basel, the most prestigious art show worldwide for the past 39 years, Art Basel Miami Beach combines an international diversity of the world’s top Art galleries along with exhibitions, parties and crossover events featuring music, film, architecture and design. Exhibition sites are located in the South Beach Art Deco District, walking distance to the beach and most South Beach hotels.
An exclusive selection of more than 220 leading art galleries from North America, Latin America, Europe, Asia and Africa will exhibit 20th and 21st century artworks by over 2,000 artists. Most artists will be displaying at the Miami Beach Convention Center, and also and at various galleries in Downtown Miami’s Arts District.
We have several buyers from Eastern Europe (and one from South America) that will be looking at purchasing among South Beach’s premier Condos (some of these asking prices have adjusted downward following the latest financial crisis). I’d like to take this opportunity to highlight a few of the premier turnkey condominiums offered for sale on the South Beach market:
Portofino Tower # PH4004- 2 Stories, 4,100 S.F., 5 beds / 4 baths
300 South Pointe Drive
Miami Beach, 33139
Original Asking Price: $6,575,000
Current Asking Price: $6,200,000 (6% reduction)
Portofino Tower – Penthouse 4004 (Kitchen and Living Room)
Murano Grande #3003/4- 6,032 S.F., 5 beds / 5 baths
400 Alton Road
Miami Beach, 33139
Original Asking Price: $9,500,000
Current Asking Price: $6,900,000 (27% reduction)
Murano Grande Condo – Bathroom and Dining Area
Continuum South Beach – South Tower PH1- 3 Stories, 7,374 S.F., 5 beds / 7 baths 13’ Ceilings
100 South Pointe Drive
Miami Beach, 33139
Original Asking Price: $25,000,000
Current Asking Price: $14,950,000 (40% reduction)
Continuum South Beach – (Dining Area and Pool)
Apogee South Beach – 2001/2002-, 7,254 S.F., 7 beds / 8 baths 10’ Ceilings
800 South Pointe Drive
Miami Beach, 33139
Current Asking Price: $17,750,000
Apogee South Beach – Kitchen and View
Il Villaggio PH 6 & 7 – 2 Stories, 5,700 S.F., 3 beds / 6 baths
1455 Ocean Drive
Miami Beach, 33139
Original Asking Price: $18,500,000
Current Asking Price: $13,900,000 (25% reduction)
Il Villaggio – Den and Living room
Icon South Beach #1801- 4303 S.F., 3 beds / 5 baths
450 Alton Road
Miami Beach, 33139
Original Asking Price: $5,900,000
Current Asking Price: $3,600,000 (39% reduction)
Icon South Beach – Dining Area and Living Room
Murano at Portofino #3101 – 3,365 S.F., 3 beds / 3 baths
1000 South Pointe Drive
Miami Beach, FL 33139
Current Asking Price: $4,900,000
A total of thirty one (31) luxury condos sold and closed during this period with an average sales price of $2,185,000. The median price per Sq.Ft. was $908, with an average marketing period of 149 days. In EVERY case, these waterfront luxury condominiums were significantly price reduced.
ARE YOU SERIOUS ABOUT SELLING? – If you own a condo in South Beach (especially South of Fifth Street), and have had trouble selling, please call us for a free market analysis. I believe in telling it “straight” to clients (or potential clients), as wishful thinking will not carry the day in this real estate environment. However, we are still seeing strong demand and interest from buyers (especially Europeans) for premier waterfront condos in the area.
Once again, the market has shown that it rewards sellers who work with experienced, knowledgeable, detail-oriented, and top producing real estate salespeople. Thanks to aggressive and creative targeted International Marketing Campaigns, we have sold ALMOST our entire Residential listing inventory from the first half of 2008.
Below are a few of the more notable condo sales that have occurred in the over the past ninety days in the South of Fifth Street District:
Recently, I received in the mail a very comprehensive market snapshot from a local brokerage firm with a variety of confusing statistics gathered from the MLS comparing 2006 and 2007 Q2 sales for the more prominent buildings South of Fifth Street in Miami Beach. I’m astounded that in today’s real estate market, sales professionals are still sending out confusing statistical reports in an effort to sign up listings.Below is my common sense interpretation of the data.
I’ve compiled the following from the MLS to clearly communicate what is happening with the luxury condo market South of Fifth Street for the following luxury waterfront buildings:
There are 20 units for sale, which makes it the lowest inventory building in the entire area.The average asking price is $2,475,000 at $1,107/S.F.The median sales asking price is $1,660,000 at just over $1,000/S.F.YTD 2007 a total of 3 units have sold, at an average sales price of $1,523,000 at $1,126/S.F.
Although on paper prices do not seem to have been affected thus far, only THREE units have sold for the entire year!Also of note, there are only two â¬S01⬠or â¬SA⬠units (which I consider to be among the best floorplans and views in all of SE Florida and Greater Miami) and they are still hard to come by- with only two units on the active market starting at $4,900,000 or $1,456/ S.F.The last two closed sales that have taken place for the â¬S01⬠units were in March of 2006 for an average of $3,947,000 at $1,172/S.F.
There are 53 condominium units for sale in this building, obviously an oversupply of sellers (with at least two units in foreclosure/pre-foreclosure).The average asking price is $1,897,000 at $840/S.F.The median asking price is $1,470,000 at just over $838/S.F.For the second half of 2007 (since June 1) a total of 6 units have sold (vs 13 sales for same period last year), at an average sales price of $1,406,000 at $847/S.F.This represents a closed sales slowdown of 53% during the summer/fall months of 2007 vs summer/fall of 2006.
There are 43 condominium units actively for sale, with at least four units in foreclosure/pre-foreclosure.The average asking price is $1,860,000 at $895/S.F.The median asking price is $1,600,000 at just over $876/S.F.For the second half of 2007 (since June 1) a total of 6 units have sold (vs 16 sales for same period last year), at an average sales price of $2,676,000 at $931/S.F.This represents a closed sales slowdown of 63% during the summer/fall months of 2007 vs summer/fall of 2006.
There are 50 condominium units actively on the market for sale.The average asking price is $2,983,000 at $1,263/S.F.The median asking price is $2,372,000 at just over $1,225/S.F.For the second half of 2007 (since June 1) a total of 7 units have sold (vs 10 sales for same period last year), at an average sales price of $1,566,000 at $869/S.F.This represents a closed sales slowdown of 30% during the summer/fall months of 2007 vs summer/fall of 2006.
There are 37 condominium units actively on the market for sale.The average asking price is $1,955,000 at $881/S.F.The median asking price is $1,699,000 at just under $800/S.F.For the second half of 2007 (since July 1) a total of 3 units have sold (vs 6 sales for same period last year), at an average sales price of $2,983,000 at $972/S.F.The most significant difference over the past year, are that the number of active condominiums for sale has increased, but the ones selling are the premier waterfront Penthouses and â¬S01⬠high floor lines with unobstructed views (see below)
Closings will be commencing in the next few weeks, the 01 and 04 lines are by far the most desireable.For example, one of the better re-sale units is #901 and can be purchased for $4,790,000 at $1,155/S.F. This may seem like a high price, the 01 line and 04 lines at Apogee have been thus far priced in the $7M and $8M range. I believe that these units are most competitive with Murano at Portofino â¬S01⬠or â¬SA⬠units.Note that the last two closed sales that have taken place for the â¬S01⬠units at Murano for an average of $3,947,000 at $1,172/S.F.See comparisons of units â¬SA⬠from both buildings below:
