The Bentley Bay in Miami Beach was originally conceived as one of the premier luxury waterfront condominium buildings in South Beach that was supposed to compete other Miami Beach luxury condominium buildings such as The Continuum on South Beach, The Murano at Portofino, The Portofino Tower, andIcon South Beach. The Bentley Bay's twin towers were to be the luxury gateway at the entrance to South Beach. Located just North of Fifth Street, these twin condominium towers have THE most amazing views of the Downtown Miami skyline, Star Island, Fisher Island, and Biscayne Bay. With only 168 total condominiums, these boutique twin luxury buildings featured Ivana Trump as the official spokesperson during pre-construction sales in 2001. However, the original Developer ran into many construction delays (reportedly due to his constant design / floorplan changes), and construction was ultimately delayed by several years and eventually completed under Bankruptcy court supervision.

By 2005, closings commenced and the North and South Towers continued to have construction issues, with repair work supervised by an experienced Bankruptcy Court Trustee. As the Florida real estate market collapsed, many underwater owners stopped paying their maintenance dues, and many individual condominium owners ended up in Foreclosure and sold their units as "short sales". During the worst of the Miami Beach real estate crisis, the Bentley Bay condominium maintenance delinquency rates rose to almost 50%. However, in the past year, a new and more assertive Board of Directors was elected, and delinquency rates have dropped considerably. Lately, the Bentley Bay's financial reserves and overall management have vastly improved.

As of this writing, these spectacular luxury condominiums are some of last remaining bargains in Miami Beach's luxury condo market. The Bentley Bay Board of Directors has pending plans to upgrade and repair the Common Area Hallways, North and South Tower Lobby's, Gymnasium, and entry pavers and doors.

IF these planned upgrades proceed forward in a timely and efficient manner, I predict that The Bentley Bay will soon fulfill the promise to being one of THE premier luxury condominium buildings in Miami Beach. For savvy cash buyers, who have lately been betting on this fantastic location, overall design & features, this may turn out to be one of the best opportunites in Miami Beach's waterfront Real Estate market.

The Bentley Bay condominiums themselves feature many ultra-luxury features such as:

- 9' Floor to Ceiling Windows and Sliding Glass Doors
- All-Marble Bathrooms with Kohler sinks and Italian Fixtures - see a few sample pictures below
- Marble Countertops and Italian Appliances (North Tower has top of the line GE Stainless Steel Appliances)
- Italian lighting and custom framed Italian Doors
- A unique waved designed building- conceived by Architectonica
- Oversized Glass Balconies (wrap around for corner condos)
- A Boutique Building- just 168 total condos
- Premier location at the entrance to South Beach, facing Biscayne Bay / Star Island Estates
- Riperian Rights Retail Space located on the ground floor (currently empty) that sits across from the 5th & Alton Shopping Center AND soon to be announced new retail mall located between West Avenue and Alton Road.

Miami Beach's Bentley Bay Past Eighteen Months of Closed Sales:

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

I'm constantly asked, who's buying in these challenging economic times?The answer is highly qualified end-users primarily from Europe and Latin America! Based on my recent experience, Eastern and Central Europeans, Brazilians, some Venezualan and Colombia, and Argentine high net worth individuals. Today's buyers primarily look for premier waterfront luxury homes and condominiums in South Beach as a great investment opportunity given the recent price reductions and limited inventory.

Especially in such premier waterfront ultra-luxury condo buildings such as The Continuum North and South Towers, Icon South Beach, The Murano Grande, Murano at Portofino, and Apogee Condos have drawn strong European and Brazilian luxury buyer interest.

It's my belief hat these condo buildings draw strong international buyer attention due to their prime waterfront locations in the Miami Beach's South of Fifth Neighborhood / District. These contemporary condominium buildings are located in an area of Miami Beach with stringent building restrictions (no waterfront land is available for future development). Also, The Continuum on South Beach boasts such amenities as TWELVE amazing Oceanfront acres at the Southernmost tip of Miami Beach. The individual condominiums in all of the mentioned buildings feature a minimum of 9' floor to ceiling sliding glass doors and windows, top of the line European Kitchens, incredible views of the Ocean, The Downtown Miami skyline. All of these condos feature oversized bathrooms with whirlpool bathtubs, European cabinetry in Bathrooms and Kitchens, private beach and pool cabanas, and state-of-the-art amenities.

For example, at The Continuum on South Beach, residents have an on-site three-story fitness center (A Marco Borges Concept) with an incredible selection of free weights, yoga and pilates classes, a private lap pool, THREE sunken Oceanfront Tennis Courts, Men's and Women's private jacuzzi's, massage rooms, as well as steam rooms and dry saunas.

A common cliche is that real estate is all about location location location (and long term supply and demand). Luxury waterfront condominiums in Miami Beach, and particularly in South Beach's South of Fifth Neighborhood, are an excellent example of the BEST location with VERY LIMITED future supply. Due to Art Deco Preservation League & City of Miami Beach zoning restrictions, NO new waterfront buildings are to be built for the foreseeable future.

That's right, NO new supply is planned, given the current physical and legal constraints imposed by the City of Miami Beach. The Murano at Portofino, The Portofino Tower, Apogee, Icon South Beach, The Murano Grande, and The Continuum on South Beach's are all direct waterfront condo buildings. All of these luxury condo buildings are located in the heart of the South Beach's South of Fifth Neighborhood- with world-class food, boutiques, and the many other unique attractions within Ten minutes walking distance!

Is this a fantastic medium to long-term investment opportunity? Come and take a look at a few of the condominiums I highlighted in this post, and decide for yourself!

The real estate agent's experience, marketing skills, and international resources are critical. However, having just worked with a few HIGHLY qualified and cash-ready buyers ready to pull the trigger at Murano Grande, Icon South Beach, Portofino Tower, and Murano at Portofino, there is another criteria which I must now mention: basic competence and responsibility.

I noticed a complete lack of professionalism (negligence is a better description) on the part of a large number of listing Agents and/or Brokerage firms. Disconnected phone lines, incomplete and inaccurate information on Multiple Listing for the condos that are on the market, voicemessages saying that the agent is out of the country / unavailable and NOT to leave messages, no voicemail pickup at all in three cases, no response to multiple voicemessages and emails, and sometimes a response days later that a showing can be arranged perhaps once per week and to contact the building front desk. I experienced agents not showing up for appointments or having to pick up keys at the management office, and finding that the door would not open! Once inside a few specific waterfront condos that are aggressively priced in the $1,000,000 range, we discovered an unkempt, and abandoned, dirty condos complete with foul stench, A/C turned off, and fallen down drapery! I was left wondering if the individual condominium owners realize how poorly they are being represented in this BUYERS market?!? Even the front desk staff, again specifically at Murano Grande, Icon South Beach, and The Portofino Tower, are grumbling about the laziness and irresponsiblity of these listing agents!

Only a very limited number of these waterfront condos are priced to sell, and those that are priced aggressively for some unknown reason seem to have negligent agents representing these REAL sellers. The vast majority of the 100+ initial condos that come up in a Multiple Listing property search are often times overpriced, nowhere near the market / appraised value. In each of the above referenced buildings- there are only a few condos that are truly worthwhile and that a buyer would give serious consideration to making a reasonable offer based on recent closed sales comparables.

If you're a seller of real estate in this BUYERS market- I urge you to check up on your listing agent. Call his/her phone number, look up your listed condo or home on the multiple listing service (easy these days via the web), see the pictures that are posted online, and if you are local BY ALL MEANS do check up on the listing. Better yet- have a friend call or email your listing agent (or a cooperating broker) and ask to schedule a showing. SEE FOR YOURSELF how the showing process is handled, and how your property is being presented to potential QUALIFIED buyers. You may be in for a shock.

I'd like to highlight the last month's closed sales of luxury waterfront condominiums in the South of Fifth Street area of Miami Beach. Specifically, I'd like to point out and compare the gap (either premium or discount) in closed sales prices from the Miami-Dade tax assessed values of 2009. The Miami-Dade Tax Assessor's office has made a significant effort in the past year to revise the latest tax market values with the ACTUAL reduced property values of the past few years. Therefore, I'd like to compare the latest closed sales at The Continuum South Beach, Apogee South Beach, The Murano at Portofino, Murano Grande, and Bentley Bay to compare the actual sales from the tax assessed values. All of the condomiums highlighted below are premier waterfront units with spectacular water views, and generally among the most desireable lines in the respective waterfront buildings in South Beach's South of Fifth area:

Apogee #604 - 6/18/10 Sales Price: $5,800,000 vs. Tax Assessed Value: $3,889,000
(Apogee Sales Price Premium +49%)
Continuum North Tower #2701 - 6/18/10 Sales Price: $3,500,000 vs. Tax Assessed Value: $2,072,000
(Continuum South Beach Sales Price Premium +69%)
Continuum North Tower #905 - 6/30/10 Sales Price: $1,200,000 vs. Tax Assessed Value: $733,000
(ContinuumMiami Beach Sales Price Premium +64%)
Continuum North Tower #2902 - 6/30/10 Sales Price: $3,040,000 vs. Tax Assessed Value: $2,113,000
(Continuum Sales Price Premium +44%)
Murano at Portofino #3102 - 6/3/10 Sales Price: $1,925,000 vs. Tax Assessed Value: $1,902,000
(Murano at Portofino Sales Price Premium +1%)
Murano Grande #2601 - 6/23/10 Sales Price: $2,500,000 vs. Tax Assessed Value: $2,123,000
(Murano Grande Sales Price Premium +18%)
Icon South Beach #1901 - 7/1/10 Sales Price: $1,490,000 vs. Tax Assessed Value: $1,091,000
(Icon Miami Beach Sales Price Premium +37%)
Bentley Bay #1201 - 5/28/10 Sales Price: $750,000 vs. Tax Assessed Value: $863,000
(Bentley Bay Sales Price Discount -13%)

It should be noted that for the newest South of Fifth buildings (Apogee and Continuum North Tower specifically), the Tax Assessed values tend to be low. The premium prices being paid at both Continuum North Tower and Apogee indicate that these condo buildings are also among the most sought-after and highly desireable ultra-luxury properties. The biggest price discount is most notably at the Bentley Bay, primarily due to this condo building's high maintenance fees and owner delinquency rates.

Premium waterfront properties (whether condos or single family homes) that are priced RIGHT continue to have strong buyer demand. For waterfront condos in the South of Fifth area, we continue to see significant buyer demand- most especially from USA Northeast, South American, and select European buyers (most especially East European countries).

The Continuum South Tower condominium building, located in Miami Beach's South of Fifth neighborhood, was completed in late 2001. Conceived by New York developer Bruce Eichner in the late 1990's, this property is truly one of the most sought-after luxury oceanfront condo buildings IN THE WORLD! A little known fact- the 12 acres of land on which the Contiuum South Beach is located was once considered sacred land by an Indian tribe of Florida. Quite possibly, this is due to the unique location at the southeasternmost tip of Miami Beach directly across from Fisher Island. To experience the Continuum in person is truly a special experience, from the moment you arrive on this 12 acre oceanfront property at the Southeastern most tip of South Beach!

The South Tower of Continuum is located on premier southern end of the of master condomimium association consisting of the Continuum North and South Towers, located at 50 South Pointe Drive and 100 South Pointe Drive respectively. This Miami Beach address is recognized around the world as being among the most prestigious real estate. I have been selling luxury condominiums in Miami Beach since 1998, and since The Continuum started pre-sales around that time, this is THE premier condomium property to bring my most selective and affluent buyers. Also, personally, this is my favorite building in all of Miami Beach.

Top 10 Reasons Why I LOVE The Continuum South Tower in Miami Beach:

1. Amazing location- 12 acres of oceanfront paradise- with the South Tower having the premier Southerneastern location.
2. The best private oceanfront party rooms in South Beach. Period.
3. First Class Staff- Trained to be "best of the best" by the management association since 2001
4. Oversized balconies- originally designed to be more expansive than the North Tower
5. A unique two story Lobby with handcrafted Venetian Plaster throughout
6. Oceanfront Cabanas and Townhomes (for South Tower Residents Only)
7. Direct Access to the best Private Fitness Center in all of South Beach.
8. Private and semi-private High Speed Elevators and Foyers
9. Unique floorplans- with oversized kitchens and expansive bathroooms
10. Incredible kitchens, with Miele Appliances, Granite countertops, and oversized Subzero Refrigerators in all condominiums

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