Whether you make it here during the day or at night- the views of the Atlantic Ocean, the cruise ships heading out of the Port of Miami, Fisher Island, and the downtown Miami skyline are exhilarating. One of my favorite activities is to jog along “cruise ship alley” right around dusk time. I enjoy jogging alongside the cruiseships as they leave the port of Miami for the Atlantic Ocean.
A great jog is to start in front of The Apogee condo building (the southernmost point of Miami Beach) and to go due East until you reach the Ocean, and then head North along the Beach. One of the great attractions in South Beach is the wide beach with hard sand, which is ideal for joggers!
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%
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:
I’ve received many inquiries about CONTINUUM II South Beach since its opening, so far there have been nine closed sales and one pending sale as recorded on the Multiple Listing Service. This is a significant slowdown in sales activity, especially comparing the re-sales activity that took place with Continuum – South Tower a few years ago. However, the latest sales have been averaging well over $1,000/s.f. for higher floor units. Currently there are 46 condos for being offered for sale at Continuum 2
ARE YOU SERIOUS ABOUT SELLING? – If you own a condo or a single family home (especially those on the water), 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.
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 Miami properties’ inventory from the first half of 2008.
Palm Island – 298 S. Coconut Lane $3,150,000 5 beds / 4 baths ($787/S.F.)
Once again, the market has shown that it rewards sellers who price their properties correctly, and (in a bit of shameless but true self-promtion!) when the marketing is handled by an experienced, knowledgeable, detail-oriented, and top producing real estate salesperson. Thanks to an aggressive AND creative targeted Marketing Campaign (we had an offer come in from St. Petersburg, Russia). My advice to any seller today is to be working with an agent at the top of their field, and who will be a straight talker, positive but realistic, and follow-up with any and all potential buyers.
I recently took two of my more motivated & loyal buyers to see waterfront and non-waterfront homes on Miami Beach that were being unprofessionally represented. I was left standing in front of three (of six confirmed appointments) homes where the agents failed to show up. In two of these cases, the agents called me THE NEXT DAY wanting to reschedule the showings! Needless to say, all six of these properties remain unsold (and are great deals!).
