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.
The level of interest and calls from former (and many new) clients looking to purchase Foreclosure and Bank Controlled condos as well as Short Sales has significantly increased in the past few months. The strongest downward price pressure is occurring due to distressed and short sales. However, the high end of the luxury condo market, particularly for the five star buildings in the South Beach area (Icon, Murano Grande, Murano at Portofino, Continuum South Beach, Apogee and Portofino Tower) continue to experience strong demand and prices still command a strong premium in terms of overall $/S.F.
Purchasing a Bank-owned (usually referred to as REO) or short sale property is usually a lengthy and complicated process with no guarantee of success in actually getting free and clear title for the buyer. The key is working with a real estate professional who knows the parties involved in the transaction (attorneys, banks, other realtors, and misc. creditors) so that the property can be successfully acquired by the interested buyer. Due diligence, follow up with large volumes of paperwork, and often times complex negotiations with lenders is essential for ultimate success.
If you are a potential short seller, this is especially important to keep in mind in choosing a listing agent, as NOW is the time when savvy buyers are purchasing spectacular waterfront condos in the above mentioned buildings (as well as many others).
A quick look at a few more prominent closed sales (& short sales) in some of the premier condo buildings in the South of Fifth Street area of Miami Beach:
Continuum on South Beach – South Tower #2703
Continuum South Beach Unit 2703
Beautiful unit on a high floor. Great condition! Stunning views of the Bay, Government Cut, Ocean and Downtown Miami. Several upgrades throughout, including a modern Master Bathroom.
Original Asking Price: $2,395,000
Sold: $1,375,000 ($778/SF)
Closing Date: 12/08/08
Price Drop (original asking vs. actual sales price): 42%
Continuum on South Beach- North Tower #2301
This massive two bedroom unit is in a corner location, with walls of glass looking out towards the beach, Government Cut and Downtown Miami.
Original Asking Price: $1,850,000
Sold: $1,535,000 ($798/SF)
Closing Date: 02/18/09
Price Drop (original asking vs. actual sales price): 17%
Breathtaking views of the ocean from this 43rd floor Penthouse. South Beach, Biscayne Bay and Downtown Miami views. 2 large terraces.
Original Asking Price: $1,995,000
Sold: $1,600,000 ($678/SF)
Closing Date: 2/18/09
Price Drop (original asking vs. actual sales price): 25%
Murano Grande – #1606
Stunning 16th floor direct-bay unit at South Beach’s Murano Grande. A middle bedroom was removed, making this one of the largest and most-spacious 2 bedroom units in the building.
Original Asking Price: $1,449,000
Sold: $1,320,000 ($652/SF)
Closing Date: 1/28/09
Price Drop (original asking vs. actual sales price): 9%
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 a South of Fifth Condo), 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:
South Beach condo residents should be especially happy around this time of year now that the summer season is closing in. What does that mean? More time sunbathing on the glistening sands of Miami Beach, having lunch at al fresco cafes on Ocean Drive and checking out the upcoming and regularly held events in the city and nearby.
At the Jackie Gleason Theater, none other than political satirist Bill Maher brings his signature brand of often controversial humor to the venue on May 6. Anyone who enjoyed his shows â¬SPolitically Incorrect⬠and his HBO show â¬SReal Time with Bill Maher⬠will want to check out his upcoming performance.
Some people may not be aware of it but every Friday at The Fifth, the 400 Club party takes place and is usually frequented by individuals both young and still youthful looking for something to do in South Beach when the workday is over and the weekend begins. The party is known to be frequented by several prominent athletes and big name celebs.
Mother⬔s day is just around the corner. Have you decided what you⬔re going to do yet? The Brazilian steakhouse of Texas de Brazil will be having a special one day only menu to celebrate the occasion, be sure to reserve a table now if you⬔re interested.
For music aficionados, the JVC Jazz Music Festival will be taking place at the Raleigh Hotel Restaurant on the sixteenth and seventeenth of May, featuring both established and up and coming artists like DJ Rainer Truby and Yoruba Soul Orchestra.
Whether you decide to venture beyond the perimeter of Miami Beach to explore the host of activities and events taking place in Coconut Grove, Coral Gables and downtown Miami, rest assured that the upcoming summer season will bring plenty to see and do close to your South Beach home.
