Miami Beach Real Estate Blog

With the current uncertain financial market and credit crisis exerting strong downard pressure on prices in housing market, I’d like to expose some of the best condo deals in South Beach luxury waterfront condos market. Every Buyer today is looking for a “great deal”, but how do we define this in today’s real estate market? One possiblity is to roll prices back to pre-boom prices of 2003-2004. Another possibility is – not so precise formula – is to take an overall price reduction anywhere between 30%-70% off 2005/2006 prices (peak of the real estate bubble).

However, I’d like to highlight what I consider one of the better income valuations for a truly “great deal”, which involves looking at the cash flow from potential rental income. Below are a few waterfront condos I consider to be “great deals” in Miami Beach luxury condos:

Bentley Bay Condo Unit-2211

The Bentley Bay #2211
2/2- 1,250 S.F.- Wrap Around Terrace, Direct Bay Views, with potential monthly rental income ranging from $3K – $5K/month.   Foreclosure Sale Asking Price: $459,000 ($367/SF)

Icon South Beach Condo Unit 1804

Icon South Beach #1804
2/2- 1,536 S.F.- Large Terrace, Intracoastal & Bay Views, with potential monthly rental income ranging from $4K – $6K/month.   Foreclosure Sale Asking Price: $829,000 ($539/SF)

Murano Grande Condo Unit 1809

Murano Grande #1809
2/2- 1,437 S.F.- Large Terrace, Open Views of South Beach & Ocean, with potential monthly rental income ranging from $4K – $6K/month.   Foreclosure Sale Asking Price: $740,000 ($514/SF)

Waverly South Beach condo unit # 804 - SOLD

Waverly South Beach #804
2/2- 1,084 S.F.- Spectacular Intracoastal & Bay Views, with potential monthly rental income ranging from $2,500 – $3,500/month.   Foreclosure Sale Asking Price: $364,900 and Sold/Closed for $330,000 ($304/SF)

My team and I are committed to providing strong value added service to our clients, which means delivering the best purchasing opportunities to today’s buyers of Miami Beach luxury condos.

Below are some highlights of closed condominium sales for the past 90 days for the more prominent South of Fifth Street buildings such as Murano at Portofino, Murano Grande, Continuum II South Beach and Continuum South Beach, Apogee Miami Beach, Portofino Tower and Icon South Beach.

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:

Apogee Miami Beach

4 beds / 3 baths 4,154 S.F.

Original List Price: $6,700,000 Sales Price: $5,500,000

142 days on Market, $1,324/S.F. Waterfront Corner Unit

Apogee Miami Beach

4 beds / 3 baths 4,154 S.F.

Original List Price: $7,900,000 Sales Price: $7,300,000

147 days on Market, $1,757/S.F. Waterfront Corner Unit

Murano Grande

3 beds / 3 baths 3,979 S.F. Home 3,979 S.F. Land

Original List Price: $4,850,000 Sales Price: $3,100,000

365+ days on Market, $779/S.F. Waterfront Corner Unit

Continuum South Beach

3 beds / 3 baths 2,954 S.F. Home 3,979 S.F. Land

Original List Price: $3,600,000 Sales Price: $3,100,000

471 days on Market, $1,049/S.F. Oceanfront Unit

Icon South Beach

3 beds / 3 baths 2,158 S.F.

Original List Price: $1,799,000 Sales Price: $1,450,000

365+ days on Market, $671/S.F. Bayfront Corner Unit

Portofino Tower

2 beds / 2 baths 2,040 S.F.

Original List Price: $1,625,000 Sales Price: $1,350,000

245 days on Market, $661/S.F. Unobstructed Views Bayfront

Murano at Portofino

2 beds / 2 baths 1,390 S.F.

Original List Price: $1,350,000 Sales Price: $1,150,000

258 days on Market, $827/S.F.