Miami Beach Condos Year End Review

A quick summary of what's been happening in Miami Beach's condo market in 2011, especially for the premier waterfront luxury condo buildings built after 2001:

Over the past six months, the available Miami Beach condo inventory has drastically declined. As indicated in a recent Miami Herald Article (click for details), high net worth foreign & mostly cash buyers have been taking advantage of recent Miami Beach Real Estate price corrections by spending over $3 BILLION on SE Florida Real Estate in 2011. As a result, we've seen a dramatic drop in Miami Beach's condo listing inventory. Given the lack of (a.k.a. NONE LEFT) waterfront land, the existing Art Deco architectural protections and building restrictions, as well as highly restrictive regulatory and construction codes- the future supply of premier waterfront condos in Miami Beach will continue to be very limited.

Especially noteworthy for Miami Beach are the high $/Sq.Ft. closed sales prices in premier waterfront condo buildings such as The Setai, The Continuum on South Beach, Apogee South Beach, and the W Hotel/Condo Residences. The highest priced sale (in terms of $/Sq. Ft) for Miami Beach condos in 2011 were the following:

The Setai Miami Beach Penthouse Penthouse A for a staggering $3,463 /Sq.Ft. ($21,500,000)
The Continuum North Tower Condo #2101 for $1,674 /Sq.Ft. ($5,050,000)
Apogee Miami Beach Condo #1603 for $2,177 /Sq.Ft. (6,000,000)
The W Condo/Hotel Residence Upper Penthouse #3 for $2,142 / Sq.Ft. ($5,200,000)

Below are the past six months Sales Statistics for Miami Beach Luxury Condos (South Beach zip code 33139):

Miami Beach Luxury Condos- Last Six Months Closed Sales

Closing Date	Miami Beach Condo Building	Living Area	Sales Price	SP$/SqFt
12/21/2011	Continuum on South Beach	2,985	$3,300,000	$1,106
12/20/2011	Portofino Yacht Club	1,980	$1,900,000	$960
12/19/2011	CONTINUUM ON SOUTH BEACH	1,491	$1,730,000	$1,160
12/16/2011	IL VILLAGGIO	2,310	$3,999,995	$1,732
12/16/2011	CONTINUUM ON SOUTH BEACH	1,591	$1,750,000	$1,100
12/13/2011	APOGEE SOUTH BEACH	3,103	$5,508,200	$1,775
12/12/2011	Continuum South Tower	2,292	$2,665,000	$1,163
12/9/2011	Setai	2,521	$6,000,000	$2,380
12/9/2011	Setai	6,209	$ 21,500,000	$3,463
12/6/2011	Il Villaggio	2,310	$3,900,000	$1,688
12/5/2011	PORTOFINO TOWER	2,340	$1,750,000	$748
12/5/2011	PORTOFINO TOWERS	2,340	$1,737,000	$742
12/1/2011	Portofino Tower	2,040	$1,300,000	$637
11/23/2011	Continuum South Tower	4,378	$5,200,000	$1,188
11/21/2011	The Setai	821	$1,310,000	$1,596
11/18/2011	IL VILLAGGIO	1,919	$2,200,000	$1,146
11/18/2011	IL VILLAGGIO	1,370	$1,025,000	$748
11/18/2011	Continuum on South Beach	1,791	$2,300,000	$1,284
11/14/2011	CONTINUUM ON SOUTH BEACH	1,992	$2,250,000	$1,130
11/14/2011	Continuum On South Beach	1,451	$1,550,000	$1,068
10/27/2011	Portofino	2,340	$1,225,000	$524
10/27/2011	Apogee	2,756	$6,000,000	$2,177
10/25/2011	CONTINUUM	1,869	$1,750,000	$936
10/24/2011	Capri South Beach	1,889	$1,088,000	$576
10/19/2011	THESETAI	821	$1,010,000	$1,230
10/18/2011	IL VILLAGGIO	1,780	$1,850,000	$1,039
10/14/2011	MURANO AT PORTOFINO	2,190	$2,250,000	$1,027
10/14/2011	1500 OCEAN DRIVE	1,740	$1,625,000	$934
10/11/2011	W South Beach Residences	1,151	$1,850,000	$1,607
10/10/2011	CONTINUUM ON SOUTH BEACH	2,508	$3,495,000	$1,394
10/7/2011	CONTINUUM NORTH TOWER	1,486	$1,700,000	$1,144
9/30/2011	Setai	1,198	$1,105,000	$922
9/29/2011	Continuum North	1,698	$1,500,000	$883
9/29/2011	Murano Grande	2,024	$1,418,000	$701
9/27/2011	W South Beach Residence	1,151	$1,590,000	$1,381
9/27/2011	Continuum North Tower	1,862	$2,300,000	$1,235
9/26/2011	Setai	1,279	$2,300,000	$1,798
9/19/2011	Continuum on South Beach	2,122	$2,300,000	$1,084
9/17/2011	APOGEE	4,154	$7,500,000	$1,805
9/14/2011	CONTINUUM ON SOUTH BEACH	3,017	$5,000,000	$1,657
9/12/2011	Continuum, South Tower	1,591	$1,500,000	$943
9/11/2011	Continuum on South Beach	1,791	$1,800,000	$1,005
8/28/2011	W South Beach Residences	574	$1,100,000	$1,916
8/26/2011	Apogee	4,154	$6,800,000	$1,637
8/17/2011	CONTINUUM THE NORTH TOWER	1,922	$2,900,000	$1,509
8/17/2011	CONTINUUM ON SOUTH BEACH	3,017	$4,175,000	$1,384
8/11/2011	W South Beach	2,428	$5,200,000	$2,142
8/5/2011	COURTSAT SOUTH BEACH	2,620	$1,300,000	$496
8/2/2011	CONTINUUM ON SOUTH BEACH	3,017	$3,700,000	$1,226
8/1/2011	Il Villaggio Condominium	1,550	$1,750,000	$1,129
7/20/2011	The Setai	1,141	$2,600,000	$2,279
7/19/2011	Continuum	2,122	$2,200,000	$1,037
7/14/2011	W South Beach Residences	2,352	$6,120,400	$2,602
7/14/2011	Setai	1,316	$1,900,000	$1,444
7/12/2011	Setai	1,198	$1,700,000	$1,419
7/8/2011	PORTOFINO TOWERS	2,340	$1,625,000	$694
7/8/2011	CONTINUUM II	2,173	$3,500,000	$1,611
7/7/2011	CAPRI SOUTH BEACH	1,842	$1,623,300	$881
7/6/2011	ICON	2,158	$1,309,500	$607
7/6/2011	CONTINUUM NORTH TOWER	1,698	$1,400,000	$824
7/1/2011	Murano Grande	3,979	$3,400,000	$854
6/30/2011	THE GRAND VENETIAN	2,345	$1,587,500	$677
6/30/2011	Continuum on South Beach	2,508	$3,400,000	$1,356
6/30/2011	CONTINUUM SOUTH TOWER	2,122	$2,122,000	$1,000
6/30/2011	Continuum on South Beach	1,698	$1,450,000	$854
6/28/2011	PORTOFINO TOWERS	2,040	$1,750,000	$858
6/28/2011	Icon South Beach	1,815	$1,440,000	$793
6/27/2011	CONTINUUM ON SOUTH BEACH	3,017	$3,850,000	$1,276
6/27/2011	CONTINUUM NORTH TOWER	2,621	$3,836,000	$1,464
6/27/2011	CONTINUUM ON SOUTH BEACH	1,698	$1,700,000	$1,001
6/21/2011	Murano at Prtofino	2,618	$2,215,000	$846
6/20/2011	APOGEE CONDO	4,154	$7,350,000	$1,769
6/16/2011	ICONCONDOMINIUM	4,303	$3,400,000	$790
6/13/2011	CONTINUUM SOUTH BEACH	1,591	$1,379,000	$867
6/10/2011	Continuum South Tower	2,508	$3,800,000	$1,515
6/9/2011	W South Beach Residences	1,350	$2,400,000	$1,778
6/9/2011	Murano at Portofino	2,190	$1,600,000	$731
6/9/2011	W South Beach Residence	1,054	$1,560,000	$1,480
6/8/2011	Murano Grande At Portofin	1,548	$1,080,000	$698
6/6/2011	Apogee	2,756	$4,900,000	$1,778
6/2/2011	continuum	3,017	$5,050,000	$1,674