This past week, I had the opportunity to work with well qualified (cash) buyers looking to purchase a waterfront two bedroom condominium in Miami Beach's South of Fifth neighborhood. These specific clients have been looking for just the "right" deal and have had approximately eight of their top choices sold in the past three months. Their budget is in from $1 Million to $1.5 Million, and six months ago their were quite a few choices in the Portofino Tower, The Continuum North and South Towers, the Murano at Portofino, The Murano Grande and Icon with direct water views. Today, the choices at Icon and The Murano Grande are very limited, and practically non-existent in this price range (with water views) at The Continuum Condos on South Beach and at The Murano at Portofino. The Portofino Tower still has a few distressed units available, but only on the less desireable lower floors with very limited views of Miami Beach.
These clients have now widened their criteria, and today they told me that they've grown tired of "chasing the market". This is the first time, in a long time, that I've heard this term applied in a way that demonstrates a market that is challenging for BUYERS.
The Last 90 Days of Closed Sales - South Beach Waterfront Condominiums:
Miami Beach Waterfront Condomimium Closed Sales| Closing Date | ADDRESS | Condo Building | Square Ft. | LP$/SqFt | Sales Price |
| 3/23/2011 | 520 WEST AV # 1102 | THE BENTLEY BAY CONDO | 1,499 | $ 400 | $ 500,000 |
| 12/28/2010 | 50 S POINTE DR # 804 | Continuum II | 1,491 | $ 801 | $ 1,145,000 |
| 3/4/2011 | 1000 S POINTE DR # 3702 | MURANO AT PORTOFINO | 2,618 | $ 936 | $ 2,200,000 |
| 3/7/2011 | 1000 S POINTE DR # 408 | Murano At Portofino | 1,791 | $ 502 | $ 830,000 |
| 3/24/2011 | 1000 S POINTE DR # 1206 | MURANO AT PORTOFINO | 1,006 | $ 790 | $ 650,000 |
| 1/28/2011 | 400 ALTON RD # LPH11 | MURANO GRANDE | 1,649 | $ 603 | $ 912,500 |
| 2/7/2011 | 100 S POINTE DR # 1110 | Continuum South | 2,122 | $ 966 | $ 1,900,000 |
| 3/17/2011 | 400 ALTON RD # 905 | MURANO GRANDE | 1,400 | $ 400 | $ 505,000 |
| 3/16/2011 | 50 S POINTE DR # 504 | Continuum North Tower | 747 | $ 669 | $ 470,000 |
| 3/1/2011 | 100 S POINTE DR # 1005 | Continuum South Tower | 1,869 | $ 960 | $ 1,650,000 |
| 2/14/2011 | 400 S POINTE DR # 1510 | SOUTH POINTE TOWER | 1,559 | $ 767 | $ 975,000 |
| 1/16/2011 | 100 S POINTE DR # 1007 | CONTINUUM ON SOUTH BEACH | 1,870 | $ 1,203 | $ 1,999,000 |
| 1/21/2011 | 1000 S POINTE DR # 705 | Murano@Portofino | 1,407 | $ 853 | $ 1,075,000 |
| 3/18/2011 | 400 S POINTE DR # 1107 | south pointe towers condo | 858 | $ 641 | $ 525,000 |
| 12/29/2010 | 450 ALTON RD # 3405 | ICON | 3,094 | $ 646 | $ 1,700,000 |
| 1/12/2011 | 450 ALTON RD # 1201 | ICON South Beach | 2,145 | $ 744 | $ 1,465,000 |
| 1/24/2011 | 450 ALTON RD # 1006 | ICON CONDO | 1,452 | $ 406 | $ 590,000 |
| 3/14/2011 | 1000 S POINTE DR # 405 | MURANO AT PORTOFINO | 1,407 | $ 888 | $ 900,000 |
| 3/7/2011 | 300 S POINTE DR # 1101 | PORTOFINO TOWERS | 2,340 | $ 724 | $ 1,625,000 |
| 2/28/2011 | 400 ALTON RD # 2404 | MURANO GRANDE | 2,974 | $ 657 | $ 1,950,000 |
| 2/9/2011 | 400 ALTON RD # 611 | MURANO GRANDE | 1,649 | $ 382 | $ 600,000 |
| 1/14/2011 | 50 S POINTE DR # 1604 | Continuum North | 1,491 | $ 888 | $ 1,260,000 |
| 2/11/2011 | 450 ALTON RD # 3210 | ICON | 1,370 | $ 766 | $ 940,000 |
| 3/10/2011 | 90 ALTON RD # 2009 | YACHT CLUB AT PORTOFINO | 1,080 | $ 505 | $ 500,000 |
| 1/26/2011 | 200 OCEAN DR # 7E | 200 OCEAN DR | 1,240 | $ 935 | $ 1,040,000 |
| 1/3/2011 | 300 S POINTE DR # 603 | PORTOFINO TOWERS | 2,340 | $ 391 | $ 905,000 |
| 3/2/2011 | 1100 WEST AV # TS-1 | Mondrian South Beach | 1,500 | $ 1,130 | $ 1,395,000 |
| 3/23/2011 | 800 S POINTE DR # 1402 | Apogee | 3,103 | $ 1,724 | $ 4,995,000 |
| 2/25/2011 | 1000 S POINTE DR # 3002 | Murano at Portofino | 2,618 | $ 877 | $ 1,880,000 |
| 1/5/2011 | 400 S POINTE DR # 2104 | South Pointe Tower | 1,802 | $ 663 | $ 925,000 |
| 1/4/2011 | 100 S POINTE DR # 1002 | Continuum on south Beach | 1,201 | $ 812 | $ 930,000 |
| 3/18/2011 | 450 ALTON RD # 3001 | ICON South Beach | 2,145 | $ 932 | $ 1,800,000 |
| 3/5/2011 | 1000 S POINTE DR # 3102 | MURANO AT PORTOFINO | 2,618 | $ 951 | $ 2,250,000 |
| 3/3/2011 | 1100 WEST AV # 1414 | The Mondrian | 750 | $ 799 | $ 510,000 |
| 2/22/2011 | 100 S POINTE DR # 2901 | Continuum South Tower | 1,591 | $ 1,003 | $ 1,550,000 |
| 2/22/2011 | 400 ALTON RD # 2308 | Murano Grande | 1,600 | $ 813 | $ 1,200,000 |
| 2/9/2011 | 450 ALTON RD # 2002 | THE ICON | 1,933 | $ 543 | $ 1,050,000 |
| 2/2/2011 | 100 S POINTE DR # 1705 | Continuum | 1,869 | $ 843 | $ 1,500,000 |
| 3/18/2011 | 450 ALTON RD # 3306 | ICON CONDO | 1,452 | $ 434 | $ 655,000 |
| 3/10/2011 | 300 S POINTE DR # 1605 | PORTOFINO | 2,340 | $ 639 | $ 1,400,000 |
| 3/11/2011 | 400 ALTON RD # 1904 | Murano Grande | 1,425 | $ 772 | $ 1,025,000 |
| 3/23/2011 | 450 ALTON RD # 3502 | ICON Condo | 1,933 | $ 822 | $ 1,470,000 |
