Given that we are in a Buyer’s Market, most real sellers today should have a listing agent that is working full-time and marketing their properties aggressively, right? Unfortunately, far too often, we’ve seen both buyers and sellers represented by agents with sloppy administrative and contract negotiation skills that make it difficult to successfully close a sale. Also, we’ve seen many sellers poorly represented and fall into foreclosure or financial distress due to poor communication and lack of attention to detail on the part of their listing agent. A strong Real Estate agent is well worth their weight (and commission), and can save their clients thousands and perhaps even hundreds of thousands of dollars. Alejandro Daguer, a highly skilled, forthright, and knowledgeable real estate professional, specializing in Miami Beach waterfront properties shares his experiences and insights with our viewers:
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 Beachluxury 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.
W South Beach- 2201 Collins Ave, Miami Beach, FL 33140
The W South Beach will be opening it’s doors in May, 2009. Located steps away from the ocean with interiors by Yabu Pushelberg – W South Beach will complement its modern style with spectacular ocean views, terraces facing the pools, and steps from South Beach’s famed nightlife.
A Paradise By The Sea
W South Beach
W South Beach Hotel and Residences is a fantasy oasis surrounded by lush garden landscapes and breathtaking Atlantic Ocean views with the spectacular Bliss Spa, and a spectacular hotel comprised of 395 unique suites with ultra contemporary and luxurious décor. The W South Beach Hotel residences will also open in 2008 with over 500 condo-hotel suites ranging from oversized studio suites (just under 600sf) to large two bedroom suites (1200sf and larger) that rival most luxury condos in South Beach. There will also be a range of beautiful bungalows and penthouses, which will undoubtedly become the new “IN” place for South Beach’s “A” listers.
Gansevoort South Beach – 2399 Collins Avenue, Miami Beach, FL 33139
The Gansevoort in South Beach, completed in mid-2008 and boasting a 50,000 S.F. state-of-the-art David Barton spa and fitness center, and residences with over 100,000 square feet of commercial retail space.
Gansevoort South Beach
A 1920’s playground for the rich and famous is reborn as a magnet for trendsetters. Gansevoort South Hotel * Spa * Residences is the new southern outpost of New York City’s Hotel Gansevoort.
Gansevoort South boasts 334 guestrooms averaging over 730 sq ft. Sporting spectacular views of the ocean, bay, and shining city skyline, the guestrooms offer state-of-the-art technology, oversized bathrooms with separate shower and bath, and a blend of modern and dramatic design with suede walls punctuated by splashes of magenta and yellow, custom designed tables, sofas, lounge chairs and oversized mirrors in a range of materials from wood to leather.
Adding a playful air and a one-of-a-kind vibe to the spacious sun-filled rooms are custom 1930’s and 40’s style pin-up photographs. The 3,400 sq ft two master bedroom suite, the “Sony Cierge” suite features two balconies with ocean views, a gourmet kitchen and dining room, an entertainment room equipped with Sony’s finest electronics, Italian pool and fooseball tables, oversized jacuzzi baths and hand-picked custom designed furnishings.
Gansevoort Rooftop Pool
Gansevoort South’s landscape showcases three oceanfront pools including a 110-foot rooftop pool, an expansive infinity-edge pool on the plaza level, a family friendly south pool, a mezzanine with private cabanas, and an exclusive oceanfront beach club. The outdoor areas are adorned with Gandia Blasco furniture, cabanas, and tee-pees which provide a perfectly unique setting.
With fine boutiques, restaurants, lounges and the first ever David Barton Gym + Spa spread over more than 100,000 sq ft of luxury retail space, few shopping, dining and entertainment experiences in Miami Beach compare to Gansevoort South. STK by The ONE Group and Philippe by Philippe Chow offer a combination of the sexy New York steakhouse and exquisite Asian cuisine, while the 50-foot long shark tank dramatically divides the hotel lobby and Opium Group’s exclusive VIP lounge, Louis.
Gansevoort Pool Area
The Gansevoort hotel in South Beach features a 50-foot long shark tank that divides the hotel lobby and Opium Group’s exclusive VIP lounge, Louis. Gansevoort South is a sun-drenched paradise with playful amenities, family friendly surroundings, indoor and outdoor activities, spectacular views and a South Beach oceanfront location that is second to none.
This ultra-contemporary condo hotel is uniquely situated in West Avenue of Miami Beach, with direct and spectacular views of the downtown Miami skyline and Biscayne Bay. The Mondrian opened its doors for business with a spectacular grand opening party in early December, 2008 (to coincide with Art Basel week as well).
Pool Area - Mondrian South Beach
The Mondrian South Beach marks the first hotel outside of the Netherlands designed by Marcel Wanders, one of Fast Company’s 2008 “Masters of Design.” Conceived by the famed visionary, residents and guests will live within a modern fantasy. Wanders inverts traditional design elements to create chic, dramatic living spaces. The hotel residences are furnished with original pieces from his design studio, where he produces everything – from lighting to flooring, including chairs, tables and sofas.
Exteriors offer entry to a magical world, including an oasis of lush gardens that include a glamorous outdoor bar, private cabanas created with curtains of living foliage, and even a tented children’s space with a sandbox and toys. Also envisioned by Wanders, the hotel will feature Morgan’s world-renowned Agua Spa, debuting an exclusive skincare line and several new treatments. Jeffrey Chodorow also presents the latest Asia de Cuba restaurant, bringing a vibrant, social atmosphere with innovative menus that incorporate the best of Asian and Latin cuisines.
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
According to a recent study released by the National Association of Realtors, approximately 25% of all international purchases in the United States are occurring in the state of Florida, which represents a significant target market for anyone interested in selling in today’s buyers market environment. Especially in the Miami Beach area (particularly in South Beach), which is a top tourist destination for Europeans and South Americans, this represents a great target market for today’s sellers. We have a multi-platform and mixed media international marketing programs focused on targeting these foreign buyers. I also have been attending real estate trade expos and have built an extensive brokerage & sales network covering major European & South American markets.
I’m also personally working with average of two new foreign buyers every week, with the ALL of them looking to take advantage of the still advantageous Dollar to Euro Exchange rate. However, it’s important to note that these are also savvy buyers and ALL are looking for a “deal”, looking to take advantage of the extensively reported South Florida housing slump.
One of the key sales strategies that I constantly emphasize to my team is the necessity of educating these foreign buyers, and setting realistic expectations for a “great deal”. For example, purchasing at the Continuum South Beach for just under $1,000/S.F. today is a “great deal”, but in downtown Miami a buyer can get a “deal” for around $325-$350/S.F. We just sold a spectacular direct oceanfront two bedroom condo in the South Tower of Canyon Ranch (#S1705) for $667/S.F. using the above referenced sales & marketing strategy.
My unofficial Top 10 Miami Beach foreign buyers for 2008:
1. Canadians
2. Mexicans
3. British
4. Germans
5. Italians
6. Russians
7. Brazilians
8. French
9. Venezuelans
10. Argentinians
