Many of my long-time clients have been asking me why I believe Miami Beach waterfront condominium prices have bottomed? In the newer luxury condo buildings in Miami Beach, the inventory of WATERFRONT condominiums is rapidly dwindling. Some of you reading this may be asking yourselves "Is the inventory of condominiums on MLS dramatically going down?" Of course not! The examples below once again illustrate that when premier waterfront condos are PRICED CORRECTLY, they SELL! Miami Beach condos that are not priced correctly simply sit on the market, with little traffic and usually NO offers.
The point of this blog post is to give readers my market experience and translate our team's "on the field" experience. Waterfront Miami Beach condominiums that are in PRIME locations and PRICED RIGHT (according to the last three months of closed sales) are diminishing rapidly. The "short sale / distressed" inventory in the newer waterfront buildings such as The Portofino Tower, The Continuum on South Beach, The Sunset Harbour, and even the troubled The Bentley Bay are exactly Fifteen (15) condominiums available as today- November 5, 2010.
A sampling of South Beach Waterfront "Short Sale" Condos as of November 5, 2010 in the following buildings:
The Portofino Tower #1406
300 South Pointe Drive
Miami Beach, Florida 33139
Remarks: This is a two bedroom condominium at The Continuum with partial Ocean & Intracoastal views.
In my opinion, condo is still NOT correctly priced by listing Broker.
Today's Asking Price: $1,390,000
Previous “Sold” Price : $1,160,000 (6/2006)
2010 Tax Assessed Value: $713,390
Bedrooms: 2
Bathrooms: 3
Condo S.F.: 2,040
Total Days on Active Market (Multiple Listing): 1,000 + Days (Various Brokers)
The Portofino Tower #1002- South of Fifth Neighborhood
300 South Pointe Drive
Miami Beach, FL 33139
Remarks: This is a lower floor two bedroom condominium with partial views, with an inaccurate Broker Price Opinion.
Approved Short Sale Price: $920,000 (as of 3/20/10)
Original Listed Price : $1,150,000 (6/2009)
Previous “Sold” Price : $1,250,000 (3/2006)
2010 Tax Assesed Value: $759,000
Bedrooms: 2
Bathrooms: 3
Condo S.F.: 2,040 ($450/SF)
Days on Active Market (Multiple Listing): 365+ Days
Discount from Original Asking Price: 23%
The Sunset Harbour - North Condominium #1902/4 (Combined)
1900 Sunset Harbour Drive
Miami Beach, FL 33139
Remarks: This is a premier & oversized four bedroom condominium at Sunset Harbour with direct Bay views.
Approved Short Sale Price: $1,050,000
Original Listed Price : $1,950,000 (2005)
Previous “Sold” Price : $650,000 (1997)
2010 Tax Assessed Value: $964,560
Bedrooms: 4
Bathrooms: 3
Condo S.F.: 3,120 ($336/SF)
Days on Active Market (Total Multiple Listing): 1,000 + Days (Various Brokers)
Discount from Original Asking Price: 46%
The Bentley Bay- South Tower in Miami Beach
520 West Avenue #1102
Miami Beach, FL 33139
Remarks: This is a premier & oversized four bedroom condominium at Sunset Harbour with direct Bay views, with a inaccurate Broker Price Opinion.
Approved Short Sale Price: $600,000
Original Listed Price : $1,150,000 (5/2010)
Previous “Sold” Price : $975,000 (2005)
2010 Tax Assesed Value: $441,660
Bedrooms: 2
Bathrooms: 2
Condo S.F.: 1,499 ($400/SF)
Days on Active Market (Multiple Listing): 800+ Days
Discount from Original Asking Price: 48%
Sales Data Sources: Southeast Florida Multiple Listing Service and Greater Miami Realtors Association
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