Over the past year, we're seeing Miami Beach luxury condo buyers come from all across the globe. Close to 50 percent live in another country, and the balance are people who may live in the USA and have taken advantage of the price corrections of the past few years to purchase a second (or even third) waterfront luxury property in Miami Beach. Additionally, many foreign buyers purchase under an LLC corporation as a way of hiding assets from foreign tax authorities. They tend to have a local mailing address, which can belong to a registered agent or their accountant and/or attorney's local office address.
In spite of the recent ups and downs of the real estate industry in the United States, and Greater Miami in particular, it's still a safe investment environment by global standards. Among our top clients, there's always the mindset that if something is wrong anywhere else, the U.S. is a relative safe harbor to invest cash. For example, many Latin American real estate investors are looking for a safe haven from government expropriation of private bank accounts and real estate assets, such as what occurred in Argentina and Venezuela this past decade.
Greater Miami has become the destination place for many different cultures from Latin America- with the top luxury waterfront condo buyers coming from Brazil, Argentina and Eastern European countries. Particularly for Miami Beach condo buyers, the allure to its climate, newly revitalized cultural life, security, the beaches, and its international flavor have increased the appeal of waterfront luxury condos- most especially in the premier areas such as Miami Beach's South of Fifth Street Neighborhood.
In particular, ultra-luxury waterfront buildings such as The Continuum on South Beach, Apogee Miami Beach, The Portofino Tower, and The Murano at Portofino have witnessed dramatic declines in active listing inventory, and increases in sales prices. For example, the latest sales at The Continuum on South Beach have been at well over $1,350/S.F., with some even surpassing the "boom" market real estate highs of $2,547/S.F. (see the latest Miami Beach luxury condo listing inventory and closed sales at bottom of this post).
Total Available / Active "For Sale" Condos - Most Popular Miami Beach Luxury Waterfront Buildings:
Apogee Miami Beach: 6($2,200/ S.F. Average ASKING Price)
The Continuum North Tower: 49($1,262/ S.F. Average ASKING Price)
The Continuum South Tower: 19 ($2,353/ S.F. Average ASKING Price)
The Portofino Tower: 18 ($932/ S.F. Average ASKING Price)
Murano at Portofino: 13 ($1,450/ S.F. Average ASKING Price)
Murano Grande:18($788/ S.F. Average ASKING Price)
Icon South Beach: 33 ($1,062/ S.F. Average ASKING Price)
The Bentley Bay (North & South Towers): 9 ($630/ S.F. Average ASKING Price)
Il Villaggio on Ocean Drive: 10($1,419/ S.F. Average ASKING Price)
Total 180 Days Closed Sales of Above Referenced Miami Beach Condos: 71
Months of Supply for Above Referenced Miami Beach Condo Buildings: 2.5 (just ten weeks supply!!!)
Traditionally, a six month supply of listing inventory is considered to be a normal & healthy real estate market. Given that we now have UNDER a three month supply in the nine above referenced Miami Beach waterfront condo buidings, expect sales prices to continue a strong UPWARD trend.
| Closing Date | ADDRESS | Miami Beach Condo | LA | Sales Price | SP$/SqFt |
| 3/30/2012 | 300 S POINTE DR # 3606 | PORTOFINO TOWERS | 1,960 | $ 1,610,000 | $ 821 |
| 3/28/2012 | 1455 OCEAN DR # 1107 | Il Villaggio | 1,810 | $ 2,150,000 | $ 1,188 |
| 3/27/2012 | 400 ALTON RD # 3303 | MURANO GRANDE | 3,284 | $ 2,950,000 | $ 898 |
| 3/19/2012 | 1455 OCEAN DR # 1008 | Il Villaggio | 2,824 | $ 3,750,000 | $ 1,328 |
| 3/12/2012 | 300 S POINTE DR # 505 | PORTOFINO TOWERS | 2,340 | $ 875,000 | $ 374 |
| 3/9/2012 | 400 ALTON RD # 1702 | Murano Grande | 1,874 | $ 1,100,000 | $ 587 |
| 3/8/2012 | 100 S POINTE DR # 1402 | Continuum South Tower | 1,201 | $ 1,380,000 | $ 1,149 |
| 3/5/2012 | 100 S POINTE DR # 1009 | CONTINUUM SOUTH | 1,595 | $ 1,800,000 | $ 1,129 |
| 3/4/2012 | 100 S POINTE DR # 3205 | Continuum South | 1,870 | $ 2,562,500 | $ 1,370 |
| 2/28/2012 | 400 ALTON RD # 2004 | MURANO GRANDE | 1,425 | $ 1,100,000 | $ 772 |
| 2/24/2012 | 520 WEST AV # 1403 | Bentley Bay | 776 | $ 340,000 | $ 438 |
| 2/24/2012 | 50 S POINTE DR # 702 | CONTINUUM II | 2,264 | $ 2,700,000 | $ 1,193 |
| 2/24/2012 | 50 S POINTE DR # 1504 | Continuum | 1,443 | $ 1,381,000 | $ 957 |
| 2/24/2012 | 450 ALTON RD # 3108 | ICON South Beach | 851 | $ 645,000 | $ 758 |
| 2/23/2012 | 450 ALTON RD # 2407 | Icon | 1,815 | $ 1,400,000 | $ 771 |
| 2/21/2012 | 1000 S POINTE DR # TH-A7 | MURANO AT PORTOFINO | 1,207 | $ 551,000 | $ 457 |
| 2/19/2012 | 100 S POINTE DR # 2002 | CONTINUUM ON SOUTH BEACH | 1,201 | $ 1,450,000 | $ 1,207 |
| 2/17/2012 | 50 S POINTE DR # PH 1 | CONTINUUM ON SOUTH BEACH | 6,360 | $ 16,200,000 | $ 2,547 |
| 2/16/2012 | 50 S POINTE DR # 1707 | Continuum on South Beach | 1,443 | $ 1,675,000 | $ 1,161 |
| 2/15/2012 | 540 WEST AV # 1513 | THE BENTLEY BAY | 777 | $ 375,000 | $ 483 |
| 2/13/2012 | 100 S POINTE DR # 1510 | Continuum on South Beach | 2,122 | $ 2,200,000 | $ 1,037 |
| 2/9/2012 | 100 S POINTE DR # 1007 | THE CONTINUUM | 1,870 | $ 2,200,000 | $ 1,176 |
| 2/7/2012 | 450 ALTON RD # 2005 | ICON | 1,750 | $ 1,250,000 | $ 714 |
| 2/6/2012 | 100 S POINTE DR # 2102 | Continuum South Tower | 1,201 | $ 1,350,000 | $ 1,124 |
| 2/4/2012 | 100 S POINTE DR # 3207 | Continuum South Tower | 2,954 | $ 4,500,000 | $ 1,523 |
| 1/30/2012 | 300 S POINTE DR # 4306 | Portofino Towers | 2,360 | $ 2,000,000 | $ 847 |
| 1/26/2012 | 520 WEST AV # 1005 | the bentley bay | 1,210 | $ 502,000 | $ 415 |
| 1/26/2012 | 1000 S POINTE DR # 802 | MURANO AT PORTOFINO | 2,618 | $ 2,287,500 | $ 874 |
| 1/23/2012 | 50 S POINTE DR # 2303 | CONTINUUM II SOUTH BEACH | 1,922 | $ 2,000,000 | $ 1,041 |
| 1/19/2012 | 1000 S POINTE DR # 1103 | MURANO AT PORTOFINO | 2,008 | $ 1,850,000 | $ 921 |
| 1/17/2012 | 450 ALTON RD # 610 | ICON SOUTH BEACH | 1,370 | $ 600,000 | $ 438 |
| 1/16/2012 | 400 ALTON RD # 2506 | MURANO GRANDE | 2,024 | $ 1,475,000 | $ 729 |
| 1/13/2012 | 450 ALTON RD # 3703 | ICON | 2,158 | $ 1,610,000 | $ 746 |
| 1/10/2012 | 1455 OCEAN DR # 703 | Il Villaggio Condominium | 1,550 | $ 1,980,000 | $ 1,277 |
| 1/8/2012 | 300 S POINTE DR # 2304 | Portofino Tower | 2,040 | $ 1,300,000 | $ 637 |
| 12/30/2011 | 520 WEST AV # 803 | THE BENTLEY BAY CONDO | 776 | $ 325,000 | $ 419 |
| 12/22/2011 | 540 WEST AV # 1211 | Bentley Bay | 1,252 | $ 565,000 | $ 451 |
| 12/21/2011 | 100 S POINTE DR # 2904 | Continuum on South Beach | 2,985 | $ 3,300,000 | $ 1,106 |
| 12/19/2011 | 50 S POINTE DR # 2004 | CONTINUUM ON SOUTH BEACH | 1,491 | $ 1,730,000 | $ 1,160 |
| 12/19/2011 | 300 S POINTE DR # 904 | PORTOFINO TOWER | 1,160 | $ 516,000 | $ 445 |
| 12/16/2011 | 1455 OCEAN DR # 1405 | IL VILLAGGIO | 2,310 | $ 3,999,995 | $ 1,732 |
| 12/16/2011 | 100 S POINTE DR # 2801 | CONTINUUM ON SOUTH BEACH | 1,591 | $ 1,750,000 | $ 1,100 |
| 12/15/2011 | 540 WEST AV # 713 | The Bentley Bay Condo | 777 | $ 310,500 | $ 400 |
| 12/13/2011 | 800 S POINTE DR # 2103 | APOGEE SOUTH BEACH | 3,103 | $ 5,508,200 | $ 1,775 |
| 12/12/2011 | 100 S POINTE DR # 604 | Continuum South Tower | 2,292 | $ 2,665,000 | $ 1,163 |
| 12/6/2011 | 1455 OCEAN DR # 1605 | Il Villaggio | 2,310 | $ 3,900,000 | $ 1,688 |
| 12/5/2011 | 300 S POINTE DR # 1203 | PORTOFINO TOWERS | 2,340 | $ 1,737,000 | $ 742 |
| 12/5/2011 | 450 ALTON RD # 2910 | ICON | 1,370 | $ 950,000 | $ 693 |
| 12/1/2011 | 300 S POINTE DR # 1704 | Portofino Tower | 2,040 | $ 1,300,000 | $ 637 |
| 11/30/2011 | 400 ALTON Rd # 802 | MURANO GRANDE | 1,874 | $ 735,000 | $ 392 |
| 11/28/2011 | 400 ALTON RD # 505 | MURANO GRANDE AT PORTOFIN | 1,400 | $ 571,000 | $ 408 |
| 11/23/2011 | 100 S POINTE DR # 1106/7 | Continuum South Tower | 4,378 | $ 5,200,000 | $ 1,188 |
| 11/21/2011 | 540 WEST AV # 1612 | BENTLEY BAY | 779 | $ 302,500 | $ 388 |
| 11/18/2011 | 1455 OCEAN DR # 907 | IL VILLAGGIO | 1,919 | $ 2,200,000 | $ 1,146 |
| 11/18/2011 | 100 S POINTE DR # 3602 | Continuum on South Beach | 1,791 | $ 2,300,000 | $ 1,284 |
| 11/18/2011 | 1455 OCEAN DR # 1411 | IL VILLAGGIO | 1,370 | $ 1,025,000 | $ 748 |
| 11/14/2011 | 50 S POINTE DR # 2403 | CONTINUUM ON SOUTH BEACH | 1,992 | $ 2,250,000 | $ 1,130 |
| 11/14/2011 | 50 S POINTE DR # 2003 | Continuum On South Beach | 1,451 | $ 1,550,000 | $ 1,068 |
| 11/10/2011 | 450 Alton # 3606 | Icon | 1,452 | $ 762,000 | $ 525 |
| 11/3/2011 | 300 S POINTE DR # 405 | PORTOFINO TOWERS | 2,340 | $ 980,000 | $ 419 |
| 10/27/2011 | 300 S POINTE DR # 805 | Portofino | 2,340 | $ 1,225,000 | $ 524 |
| 10/27/2011 | 800 S POINTE DR # 1603 | Apogee | 2,756 | $ 6,000,000 | $ 2,177 |
| 10/25/2011 | 100 S POINTE DR # 705 | CONTINUUM | 1,869 | $ 1,750,000 | $ 936 |
| 10/24/2011 | 520 WEST AV # 1602 | BENTLEY BAY CONDO | 1,929 | $ 645,000 | $ 334 |
| 10/18/2011 | 1455 OCEAN DR # 1506 | IL VILLAGGIO | 1,780 | $ 1,850,000 | $ 1,039 |
| 10/14/2011 | 1000 S POINTE DR # 2104 | MURANO AT PORTOFINO | 2,190 | $ 2,250,000 | $ 1,027 |
| 10/13/2011 | 50 S POINTE DR # 505 | Continuum North Tower | 747 | $ 490,000 | $ 656 |
| 10/10/2011 | 100 S POINTE DR # 3004 | CONTINUUM ON SOUTH BEACH | 2,508 | $ 3,495,000 | $ 1,394 |
| 10/6/2011 | 300 S POINTE DR # 709 | PORTOFINO TOWER | 1,090 | $ 570,000 | $ 523 |
| 9/30/2011 | 540 WEST AV # 813 | THE BENTLEY BAY | 777 | $ 320,000 | $ 412 |
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