Allan Kleer, M.B.A., PA  :  305-798-8205 Fabian Garcia Diaz  :  305-785-8013

Wednesday, February 15, 2012
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As noted in our most recent Newsletter, we're seeing tremendous Foreign Buyer demand not only for Miami Beach Condos and waterfront homes, but for general Miami Real Estate located in premier waterfront locations. There's been virtually NO new large-scale construction in six years (since the start of the Real Estate downturn in late 2006), and there's virtually no watefront land available for development in Miami Beach. Even in previously distressed Miami Beach condos, most notably The Bentley Bay, we've seen a dramatic decline in available inventory of condos available for sale. In 2008-2009 there were well over 100 distressed sales, and today there are just EIGHT condos currently for sale.

Prices for Bentley Bay condos are also UP significantly from market lows averaging $350/SF to a current average asking price of $631/SF. It's my belief that the CLOSED sales prices will reach these new ASKING prices within the next year, due to the very limited number of Miami Beach condos available for sale. The overall inventory levels are also near six year lows for waterfront condos in the South of Fifth Street neighborhood- such as The Murano at Portofino, Continuum Miami Beach, Apogee, The Portofino Tower, Icon South Beach, Murano Grande, and The Yacht Club.

This rapid absorption of available Miami Beach condos inventory is due to the following :

  • Wealthy foreigners seeking a “safe haven” for their money. In Greater Miami, there is NO risk of government confiscation of property.
  • The strong anti-development regulations and political climate in Miami Beach, in addition to there being NO waterfront land available for large-scale construction.
  • Greater Miami continues to evolve and grow as an International cultural and tourist hub, with historically low crime rates.
  • The newer (and more luxurious) waterfront Miami Beach condo buildings built from 2000 - 2005 are architecturally unique.

    • The newest waterfront Miami Beach condos were built in THE best locations in Miami Beach, such as the South of Fifth Street neighborhood. For example, The Continuum Miami Beach Condos are on a twelve acre Oceanfront site that is at the SouthernEastern tip of Miami Beach. The site of The Continuum, for example, was THE LAST premier waterfront location in Miami Beach.

    Miami Beach Condos

    Below are the YTD 2012 Sales of Miami Beach Condos (South of Fifth Only) over $1 Million:

    Miami Beach Condo Sales YTD 2012 (South of Fifth Neighborhood)
    Sale DateMiami Beach AddressProperty Living Area Sales Price SP$/SqFt
    2/13/2012100 S POINTE DR # 1510Continuum on South Beach2,122 $ 2,200,000 $ 1,037
    2/9/2012100 S POINTE DR # 1007THE CONTINUUM1,870 $ 2,200,000 $ 1,176
    2/7/2012450 ALTON RD # 2005ICON South Beach1,750 $ 1,250,000 $ 714
    2/6/2012100 S POINTE DR # 2102 Continuum South Tower1,201 $ 1,350,000 $ 1,124
    2/4/2012100 S POINTE DR # 3207Continuum South Tower2,954 $ 4,500,000 $ 1,523
    1/30/2012300 S POINTE DR # 4306Portofino Towers2,360 $ 2,000,000 $ 847
    1/26/20121000 S POINTE DR # 802MURANO AT PORTOFINO2,618 $ 2,287,500 $ 874
    1/23/201250 S POINTE DR # 2303CONTINUUM North Tower1,922 $ 2,000,000 $ 1,041
    1/16/2012400 ALTON RD # 2506MURANO GRANDE2,024 $ 1,475,000 $ 729
    1/8/2012300 S POINTE DR # 2304Portofino Tower2,040 $ 1,300,000 $ 637

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    Monday, January 9, 2012
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    Summarizing the top 21 most expensive sales of luxury homes and condominiums in Miami Beach's real estate market for the final quarter of 2011:

    Miami Beach Condos

    As indicated at bottom of this blog post, Eleven condominiums priced over $3 Million sold in Miami Beach in the final quarter of 2011 for an average price of $1,765 per square ft. of living space.

    Miami Beach Homes

    Also indicated at the bottom of the blog post, TEN waterfront homes in Miami Beach priced over $2 Million were sold in the final quarter of 2011, at an average sales price of $720 per square ft. of living space.


    The available Miami Beach luxury waterfront home and condo inventory drastically declined last year. As I previously highlighted in my 2011 Miami Beach Condos Year End Review, affluent foreign (and mostly cash buyers) have been taking advantage of recent real estate price corrections by spending over $3 BILLION in purchasing luxury homes andn condos in Greater Miami. As a result, we've seen a dramatic drop in
    Miami Beach's premier waterfront home and condo inventory. The most searched and sought-after Miami Beach waterfront homes are in the luxury island communities of Palm, Star, Hibiscus, Sunset Islands I - IV, and the Venetian Island Chain that links Miami with Miami Beach. The highest priced condo buildings are The Continuum on South Beach, Apogee Miami Beach, The IL Villaggio (directly on Ocean Drive), The Bath Club (North Beach area), and The Setai Condo/Hotel on Collins Avenue.

    Given the strong anti-development sentiment and building regulations in Miami Beach, the future supply of premier waterfront homes and condos in Miami Beach will continue to be VERY limited. Combined with an amazing city and beach lifestyle, I believe that high net worth foreign cash buyers to will continue to invest in Miami Beach luxury homes and condos in premier locations. Therefore, I'm convinced that in 2012 we will see strong price appreciation for premier waterfront Miami Beach homes and condos.


    Below are the Top 21 Closed Sales of Miami Beach Homes and Condos for the Final Quarter of 2011:

    Miami Beach Home and Condo Sales- Final Quarter 2011
    Closed DateMiami Beach AddressMiami Beach Property S.F. Sales Price SP$/SqFt
    1/6/20126641 BREVITY LNMiami Beach Home5,900 $ 2,500,000 $ 424
    1/5/2012440 S HIBISCUS DRMiami Beach Home5,415 $ 3,600,000 $ 665
    12/21/2011100 S POINTE DR # 2904Continuum on South Beach2,985 $ 3,300,000 $ 1,106
    12/17/2011441 N HIBISCUS DRMiami Beach Home4,737 $ 2,400,000 $ 507
    12/16/20111455 OCEAN DR # 1405IL VILLAGGIO Condos2,310 $ 3,999,995 $ 1,732
    12/13/2011800 S POINTE DR # 2103APOGEE SOUTH BEACH3,103 $ 5,508,200 $ 1,775
    12/9/2011101 20 ST # PH-ASetai Condominiums6,209 $ 21,500,000 $ 3,463
    12/9/2011101 20 ST # 3609Setai Condominiums2,521 $ 6,000,000 $ 2,380
    12/6/20111455 OCEAN DR # 1605IL VILLAGGIO Condos2,310 $ 3,900,000 $ 1,688
    12/5/20112570 FLAMINGO DRMiami Beach Home4,428 $ 2,000,000 $ 452
    12/1/201115 STAR ISLAND DRMiami Beach Home8,699 $ 12,720,000 $ 1,462
    11/23/2011100 S POINTE DR # 1106/7The Continuum Condos4,378 $ 5,200,000 $ 1,188
    11/20/2011114 W RIVO ALTO DRMiami Beach Home3,305 $ 2,060,000 $ 623
    11/3/20111620 W 21 STMiami Beach Home6,300 $ 5,175,000 $ 821
    11/2/20116905 VALENCIA DRMiami Beach Home4,500 $ 4,100,000 $ 911
    11/1/20111420 W 22 STMiami Beach Home4,172 $ 2,000,000 $ 479
    10/27/2011800 S POINTE DR # 1603Apogee South Beach2,756 $ 6,000,000 $ 2,177
    10/14/20115959 COLLINS AV # 906The Bath Club Condominiums4,135 $ 3,100,000 $ 750
    10/10/2011100 S POINTE DR # 3004CONTINUUM ON SOUTH BEACH2,508 $ 3,495,000 $ 1,394
    10/10/20115328 N BAY RDMiami Beach Home6,300 $ 5,435,000 $ 863

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    Thursday, December 29, 2011
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    Miami Beach Condos

    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 DateMiami Beach Condo Building Living Area Sales Price SP$/SqFt
    12/21/2011Continuum on South Beach2,985 $3,300,000 $1,106
    12/20/2011Portofino Yacht Club1,980 $1,900,000 $960
    12/19/2011CONTINUUM ON SOUTH BEACH1,491 $1,730,000 $1,160
    12/16/2011IL VILLAGGIO2,310 $3,999,995 $1,732
    12/16/2011CONTINUUM ON SOUTH BEACH1,591 $1,750,000 $1,100
    12/13/2011APOGEE SOUTH BEACH3,103 $5,508,200 $1,775
    12/12/2011Continuum South Tower2,292 $2,665,000 $1,163
    12/9/2011Setai2,521 $6,000,000 $2,380
    12/9/2011Setai6,209 $ 21,500,000 $3,463
    12/6/2011Il Villaggio2,310 $3,900,000 $1,688
    12/5/2011PORTOFINO TOWER2,340 $1,750,000 $748
    12/5/2011PORTOFINO TOWERS2,340 $1,737,000 $742
    12/1/2011Portofino Tower2,040 $1,300,000 $637
    11/23/2011Continuum South Tower4,378 $5,200,000 $1,188
    11/21/2011The Setai821 $1,310,000 $1,596
    11/18/2011IL VILLAGGIO1,919 $2,200,000 $1,146
    11/18/2011IL VILLAGGIO1,370 $1,025,000 $748
    11/18/2011Continuum on South Beach1,791 $2,300,000 $1,284
    11/14/2011CONTINUUM ON SOUTH BEACH1,992 $2,250,000 $1,130
    11/14/2011Continuum On South Beach1,451 $1,550,000 $1,068
    10/27/2011Portofino2,340 $1,225,000 $524
    10/27/2011Apogee2,756 $6,000,000 $2,177
    10/25/2011CONTINUUM1,869 $1,750,000 $936
    10/24/2011Capri South Beach1,889 $1,088,000 $576
    10/19/2011THESETAI821 $1,010,000 $1,230
    10/18/2011IL VILLAGGIO1,780 $1,850,000 $1,039
    10/14/2011MURANO AT PORTOFINO2,190 $2,250,000 $1,027
    10/14/20111500 OCEAN DRIVE1,740 $1,625,000 $934
    10/11/2011W South Beach Residences1,151 $1,850,000 $1,607
    10/10/2011CONTINUUM ON SOUTH BEACH2,508 $3,495,000 $1,394
    10/7/2011CONTINUUM NORTH TOWER1,486 $1,700,000 $1,144
    9/30/2011Setai1,198 $1,105,000 $922
    9/29/2011Continuum North1,698 $1,500,000 $883
    9/29/2011Murano Grande2,024 $1,418,000 $701
    9/27/2011W South Beach Residence1,151 $1,590,000 $1,381
    9/27/2011Continuum North Tower1,862 $2,300,000 $1,235
    9/26/2011Setai1,279 $2,300,000 $1,798
    9/19/2011Continuum on South Beach2,122 $2,300,000 $1,084
    9/17/2011APOGEE4,154 $7,500,000 $1,805
    9/14/2011CONTINUUM ON SOUTH BEACH3,017 $5,000,000 $1,657
    9/12/2011Continuum, South Tower1,591 $1,500,000 $943
    9/11/2011Continuum on South Beach1,791 $1,800,000 $1,005
    8/28/2011W South Beach Residences574 $1,100,000 $1,916
    8/26/2011Apogee4,154 $6,800,000 $1,637
    8/17/2011CONTINUUM THE NORTH TOWER1,922 $2,900,000 $1,509
    8/17/2011CONTINUUM ON SOUTH BEACH3,017 $4,175,000 $1,384
    8/11/2011W South Beach2,428 $5,200,000 $2,142
    8/5/2011COURTSAT SOUTH BEACH2,620 $1,300,000 $496
    8/2/2011CONTINUUM ON SOUTH BEACH3,017 $3,700,000 $1,226
    8/1/2011Il Villaggio Condominium1,550 $1,750,000 $1,129
    7/20/2011The Setai1,141 $2,600,000 $2,279
    7/19/2011Continuum2,122 $2,200,000 $1,037
    7/14/2011W South Beach Residences2,352 $6,120,400 $2,602
    7/14/2011Setai1,316 $1,900,000 $1,444
    7/12/2011Setai1,198 $1,700,000 $1,419
    7/8/2011PORTOFINO TOWERS2,340 $1,625,000 $694
    7/8/2011CONTINUUM II2,173 $3,500,000 $1,611
    7/7/2011CAPRI SOUTH BEACH1,842 $1,623,300 $881
    7/6/2011ICON2,158 $1,309,500 $607
    7/6/2011CONTINUUM NORTH TOWER1,698 $1,400,000 $824
    7/1/2011Murano Grande3,979 $3,400,000 $854
    6/30/2011THE GRAND VENETIAN2,345 $1,587,500 $677
    6/30/2011Continuum on South Beach2,508 $3,400,000 $1,356
    6/30/2011CONTINUUM SOUTH TOWER2,122 $2,122,000 $1,000
    6/30/2011Continuum on South Beach1,698 $1,450,000 $854
    6/28/2011PORTOFINO TOWERS2,040 $1,750,000 $858
    6/28/2011Icon South Beach1,815 $1,440,000 $793
    6/27/2011CONTINUUM ON SOUTH BEACH3,017 $3,850,000 $1,276
    6/27/2011CONTINUUM NORTH TOWER2,621 $3,836,000 $1,464
    6/27/2011CONTINUUM ON SOUTH BEACH1,698 $1,700,000 $1,001
    6/21/2011Murano at Prtofino2,618 $2,215,000 $846
    6/20/2011APOGEE CONDO4,154 $7,350,000 $1,769
    6/16/2011ICONCONDOMINIUM4,303 $3,400,000 $790
    6/13/2011CONTINUUM SOUTH BEACH1,591 $1,379,000 $867
    6/10/2011Continuum South Tower2,508 $3,800,000 $1,515
    6/9/2011W South Beach Residences1,350 $2,400,000 $1,778
    6/9/2011Murano at Portofino2,190 $1,600,000 $731
    6/9/2011W South Beach Residence1,054 $1,560,000 $1,480
    6/8/2011Murano Grande At Portofin1,548 $1,080,000 $698
    6/6/2011Apogee2,756 $4,900,000 $1,778
    6/2/2011continuum3,017 $5,050,000 $1,674

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    Friday, December 9, 2011
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    The Continuum South Beach Condos have all of the amenities and features of a five star resort.The Continuum also happens to be located in THE best Oceanfront location in all of Miami Beach- at the extreme Southeastern tip of South Beach. This makes The Continuum a popular destination for visitors and notables from around the world, including many Hollywood celebrities.

    Ryan Seacrest at Continuum Miami Beach

    While exercising at The Continuum's Sporting Club recently, I noticed that working out right next to me was none other than Ryan Seacrest (who's in excellent shape and works out HARD!). Ryan has been spotted at The Wall Nightclub in Miami Beach, and is known to enjoy the many attractions that Miami Beach has to offer.

    The Continuum's Sporting Club recently underwent extensive renovations to the Men's and Women's locker room / private Spa areas, as well as acquiring all-new fitness equipment. Brand new cardiovascular machines, weight machines, and various other upgrades were recently completed. The Sporting Club @ Continuum is now a world class fitness center- available exclusively to residents and guests of The Continuum Condominiums.

    The Continuum South Tower common area renovations have also been completed (see pictures below). The new South Tower lobby and condo building common areas look amazing! The Continuum South Tower is now on a par, if not exceeding, the highest luxury and decor standards set by nearby South of Fifth luxury condo buildings- such as Apogee, The Murano at Portofino, and Icon South Beach.

    Continuum Miami Beach Condo LobbyContinuum South Tower Lobby

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    Monday, November 28, 2011
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    As the Winter a.k.a. "High Season" approaches, we're witnessing a continuation of strong Buyer demand for Miami Beach luxury condos. I've written extensively this year about the sales surge in South Beach luxury condos to Foreign Buyers, some of these Miami Beach condo sales can be seen by clicking HERE. I'd like to highlight our clients eight most popular waterfront luxury condo buildings in Miami Beach.

    Miami Beach Luxury Condos

    The Continuum on South Beach (South of Fifth Condo)
    This is my personal favorite luxury condo building- an incredible location on Miami Beach- and quite possibly THE best condo location anywhere! The Continuum Condos feature two Oceanfront Towers located on a twelve acre site at the southernmost tip of Miami Beach. Unlike most luxury condos, the twelve acre site on which The Continuum condos are located is mostly devoted to resort-like amenities. The North and South Condo Towers occupy only a small fraction of the twelve acres comprising The Continuum common areas.

    The Continuum features two massive lagoon pools, three lit tennis courts, an incredible 12K + Sq. Ft. Fitness Center and many other luxury amenities. The residences are on a par with or exceeding most luxury properties with Five Star Resorts. The Continuum Miami Condos are located next to the best South of Fifth restaurants, lounges, and major tourist attractions.

    Apogee South Beach Condos (South of Fifth Ultra-Luxury Condos)
    Each Apogee Miami Beach condominium was built to be the equivalent of a penthouse in the sky. With just two basic floorplans, each individual condominium features 10' floor to ceiling windows, a gas grill on each terrace (unique in all of Miami Beach), and extra sound-insulation concrete barriers between condos and floors. This was the last of the luxury condo buildings built in the South of Fifth Neighborhood, with just 67 boutique ultra-luxury residences.

    Apogee South Beach Condos are located next to South Pointe Park, at the southernmost tip of Miami Beach. Apogee South Beach Condos generally sell for a premium above all the other buildings listed in this article- with prices starting well over $4 Million for the smallest floorplan.


    The Murano at Portofino (South of Fifth Condo)
    This was The Related Group's first luxury condo building to be built and designed from the ground up. Along with The Continuum & Apogee, this condo is among the most popular South of Fifth luxury condo buildings. The Murano at Portofino is the only luxury building to feature both a fresh water and salt water pool, along with The Piaggia Beach Club.

    The Murano at Portofino Condos are considered boutique, in that the three towers comprising this condominium complex feature a total of 188 condominiums. The Murano features a beautiful two story lobby, and Bayfront Townhomes facing the Miami Beach Marina and incredible views of Downtown Miami in the distance.

    Icon South Beach (South of Fifth Condo)
    This condo building was designed by Philip Starck, and is especially popular with Europeans and Northeastern condo buyers. Icon South Beach was completed in 2005, and shares a common entrance with the Murano Grande. Featuring an incredible & contemporary Fitness Center, along with two pools (lap pool and infinity edge wading pool), almost all Icon South Beach condos have views of the either Miami Beach or Downtown Miami skyline. Located at the entrance to Miami Beach (just off of Fifth Street), the Icon South Beach Condos appeal to the luxury buyer, especially those that look for a contemporary and minimalist design with grand building amenities.

    The Portofino Tower (South of Fifth Condo)
    The original South of Fifth Condo Building built during the Miami Beach real estate renaissance that began in the 1990's. The Portofino Tower set the contemporary standard for Miami Beach luxury condo buildings, as this was the first high-rise condo building built in the South of Fifth Neighborhood in over 15 years (constructed in 1997).

    The Portofino Tower features a unique and incredible fitness center located on the 27th floor, with panoramic views of the City of Miami Beach, Downtown Miami, Fisher Island, and the cruise ships of sailing out towards the Atlantic Ocean.

    The Il Villaggio (South Beach / Ocean Drive Condo)
    The ONLY ultra-luxury boutique condo building located at the northermost tip of Ocean Drive. The IL Villaggio is next to Lummus Park, which recently underwent a complete renovation with improved landscaping and oceanfront walkways.

    The Il Villaggio Condos are considered among the most exclusive and private luxury residences in all of Miami Beach. This is a boutique condo building with only 127 total condominiums and 17 stories in height. Many Hollywood and International celebrities call this building home (or vacation home).

    The Akoya Miami Beach (Mid-Miami Beach Area)
    The Akoya luxury condominiums are located on Collins Avenue, in one of Miami Beach's best Oceanfront locations. The Akoya condominiums were originally conceived as the sister building to the nearby Blue and Green Diamond condos.

    The unique appeal of The Akoya condos are that they are moderately priced luxury condominiums, with incredible views in almost all directions. The Akoya Condo Tower sits on a unique Oceanfront property that has unobstructed views to the West, and the building rises well above all obstructions to the North and South.

    The Bath Club (Mid-Miami Beach Area)
    Built on the site of the historic Bath Club resort, this contemporary condo tower and luxury townhome residences are THE most luxurious oceanfront condominiums in the Mid-Beach area of Miami Beach. Located just north of what was once termed "Millionaires Row", The Bath Club was built with the highest quality construction materials in all of Miami Beach. The Developer (Arthur Peebles) took great care in making sure that no attention to detail was overlooked. The entrance is a multi-story atrium lobby with Venetian Plaster and contemporary artwork welcoming residents and guests.

    The Bath Club sits on 5+ Oceanfront acres, with starter condos of two bedroom + luxury residences. The Bath Club residences are ideal for the Miami Beach luxury condo buyer looking for an ultra-luxury residence to get away from the bustle of South Beach.

    Below are the past thirty days closed sales of Miami Beach Luxury Condos:

    Miami Beach Luxury Condo Sales- Past Thirty Days
    Sale DateMiami Beach AddressProperty Name Living Area Sales Price SP$/SqFt
    11/23/2011100 S POINTE DR # 1106/7Continuum South Tower4,378 $ 5,200,000 $ 1,188
    11/21/2011101 20 ST # 2205THE SETAI821 $ 1,310,000 $ 1,596
    11/18/20111455 OCEAN DR # 907IL VILLAGGIO1,919 $ 2,200,000 $ 1,146
    11/18/20113801 COLLINS AV # 1606MOSAIC ON MIAMI BEACH1,820 $ 1,750,000 $ 962
    11/18/20111455 OCEAN DR # 1411IL VILLAGGIO1,370 $ 1,025,000 $ 748
    11/18/2011100 S POINTE DR # 3602CONTINNUM ON SOUTH BEACH1,791 $ 2,300,000 $ 1,284
    11/15/20114401 COLLINS AVENUE # 171517FONTAINEBLEAU II TRESOR1,482 $ 1,160,000 $ 783
    11/14/201150 S POINTE DR # 2403CONTINUUM ON SOUTH BEACH1,992 $ 2,250,000 $ 1,130
    11/9/20114779 COLLINS AV # 1503BLUE DIAMOND CONDO2,010 $ 1,095,000 $ 545

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    Friday, November 18, 2011
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    South of Fifth Condo News

    The renamed Ocean House luxury condominiums in Miami Beach, will be sold and marketed as one of the most exclusive condos in Miami Beach's South of Fifth Neighborhood. The Oceanfront ultra-luxury & boutique condominium development formerly known as The South of Fifth (S5) is getting a multi-million dollar upgrade by iStar Residential, which recently acquired all of the unsold condominiums.

    South of Fifth Condos Miami Beach

    The oversized ultra-luxury condominium complex has only seventeen beachfront residences. The Ocean House condominiums will be a luxurious enclave on famous Ocean Drive, along the coveted beachfront South of Fifth Street, one of South Florida’s most upscale residential neighborhoods. This boutique property boasts some of the most impressive residences in all of Greater Miami, with several beach condominiums measuring over 6,000 sq.ft. What makes this condominium complex unique are that these are ALL very large three bedroom + Oceanfront condominiums. For more information on the South of Fifth Ocean House Condominiums and to see available floorplans, please click HERE or on the picture above.

    Nearby luxury waterfront condo buildings include the large resort-like The Murano at Portofino, The Continuum South Beach, Apogee, The Murano Grande, Icon South Beach, and the Portofino Tower. The Ocean House condo residences are ideal for the ultra-luxury condo buyer, who values their privacy since the lobby and common areas are elegant and luxurious, yet understated. Given the very limited number of total residences and floors, each individual condo owner will be pampered with unique and personalized concierge services and a highly trained staff. This level of privacy and individualized attention is simply not an option in the nearby larger condo buildings in Miami Beach's South of Fifth Neighborhood.

    The Ocean House ultra-luxury condominium complex consists of three connected Oceanfront Towers, with ten floors total. Originally completed in late 2008, The Ocean House condominiums are located next door to the Bentley Hilton luxury condo/hotel (also formerly known at Bentley Beach). This was THE last premier location left to develop on Ocean Drive, where an extra-wide area of oceanfront Beach intersects with the nearby South Pointe Park and the Nikki Beach Complex.

    02 lines: 4,178-6,379 sqft.
    4 bedrooms/6.5 bathrooms
    Price range: from $4.5M- $7.9M

    03 lines: 2,489-6,213 sqft.
    2-3 bedrooms/5.5 bathrooms
    Price range: from $3.9M- $8.6M

    01 lines: 3,511-6,009 sqft.
    3 bedrooms/5.5 to 6.5 bathrooms
    Price range: from $4.2M- $7.9M

    The popular and highly sought-after South of Fifth street area (SoFi) has the most affluent and exclusive condominium buildings built in South Beach, starting with The Portofino Tower in 1997. SoFi (as locals call the area), is a pocket of luxury waterfront condos (and a few older homes) that connects the intercoastal to the ocean within a narrow stretch of land, this makes the distance from Bayfront to Oceanfront very short. Miami Beach's South of Fifth also offers many famous restaurants including Prime Italian, Joe's Stone Crabs, Smith & Wollensky located inside of South Pointe Park, and the newly opened (and excellent) Vic and Angelo's located at 125 Ocean Drive.

    Below are the past 60 Days Sales for Miami Beach Condos in theSouth of Fifth Neighborhood:

    Miami Beach South of Fifth Condos- Past 60 Days Closed Sales
    Sales DateMiami Beach CondoMiami Beach Condo Living Area Sales Price SP$/SqFt
    11/18/2011120 JEFFERSON AV # 12017The Courts at South Beach1,430$645,000 $451
    11/17/2011425 MERIDIAN AV # 11Meridian 51,178$565,000 $480
    11/14/201150 S POINTE DR # 2003Continuum On South Beach1,451$1,550,000 $1,068
    11/14/201150 S POINTE DR # 2403CONTINUUM ON SOUTH BEACH1,992$2,250,000 $1,130
    11/10/2011450 Alton # 3606ICON South Beach1,452$762,000 $525
    11/3/2011300 S POINTE DR # 405PORTOFINO TOWERS2,340$980,000 $419
    11/1/201190 ALTON RD # 2503YARCH CLUB AT PORTOFINO1,080$500,000 $463
    10/27/2011300 S POINTE DR # 805Portofino2,340$1,225,000 $524
    10/27/2011800 S POINTE DR # 1603Apogee2,756$6,000,000 $2,177
    10/25/2011100 S POINTE DR # 705CONTINUUM1,869$1,750,000 $936
    10/14/20111000 S POINTE DR # 2104MURANO AT PORTOFINO2,190$2,250,000 $1,027
    10/14/2011100 JEFFERSON AV # 10015THE COURTS AT SOUTH BEACH2,090$699,000 $334
    10/14/2011140 JEFFERSON AV # 14011THE COURTS AT SOUTH BEACH1,220$529,000 $434
    10/10/2011100 S POINTE DR # 3004CONTINUUM ON SOUTH BEACH2,508$3,495,000 $1,394
    10/7/201190 ALTON RD # 1111The Yacht Club1,130$500,000 $442
    10/6/2011400 S POINTE DR # 1110SOUTH POINTE TOWERS1,559$860,000 $552
    10/6/2011300 S POINTE DR # 709PORTOFINO TOWER1,090$570,000 $523
    9/30/2011730 3 ST # 201Armitage Place2,290$780,000 $341
    9/29/201150 S POINTE DR # 1606Continuum North1,698$1,500,000 $883
    9/29/2011400 ALTON RD # 2206Murano Grande2,024$1,418,000 $701
    9/27/201150 S POINTE DR # 2205Continuum North Tower1,862$2,300,000 $1,235
    9/26/201190 ALTON RD # 3010YACHT CLUB AT PORTOFINO1,090$710,000 $651

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    Wednesday, November 2, 2011
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    Selling Miami Beach Real Estate to Foreign Buyers

    In the fifteen years that I've been representing both Buyer's and Sellers in Miami Beach's luxury real estate market- especially for condos in the South of Fifth Street Neighborhood, International clientele have always been a large part of the Buyer demand for Miami Beach luxury condos. Here are a few key points to keep in mind when working with International Buyers looking to purchase Miami Beach condos:

    Miami Beach Condo Buyers

  • According to data from the National Association of Realtors, the international real estate market for U.S. residential property approaches $82 Billion on an annual basis, up from $66 billion during the previous year.
  • The International Buyer's side of the Miami Beach market relies heavily on the individual Real Estate Agent & Brokerage firm's contacts and reputation.
  • The international market is very specialized on the Buyer side.

    • When negotiating, the real estate agent has to have a common language and cultural background in common to deal with prospective buyers. One of the main challenges for a Miami Beach-based real estate agent working with international customers is advising on the transfer of assets necessary to close a real estate transaction. One of the value-added services that we provide our International clientele is access to experienced legal and financial specialists. This is done in the LOCAL country of the Buyer's origin, where we can assist with the clearing and wiring of funds. These days, a high net worth foreign buyer has to be aware not only of local currency controls & tax implication with local authorities, but also potentially violating USA laws on limiting foreign currency transfers. These laws are meant to protect against International money laundering and assorted Terrorism Laws enacted since 9/11.

    A major problem currently facing the Miami Beach real estate market (again, especially for waterfront condos in South Beach) is having limited inventory. Approximately 53% of international buyers to Greater Miami are from South American countries, including Venezuela, Brazil, Argentina and Colombia. Since 2009, residents of Brazil, Canada, France and Italy also represent a large number of international buyers to the waterfront condo buildings South of Fifth- such as The Continuum, Murano at Portofino, and Apogee South Beach. These particular foreign buyers tend to buy residences at the highest end (ultra-luxury) segment Miami Beach's condos market. The number of buyers from Brazil is increasing significantly, these buyers pay about 85% in cash and only need financing for the remaining 15%. Due to the relatively high property taxes in Brazil, these Buyers are not intimidated by the prevailing tax codes in Miami-Dade County nor the maintenance dues associated with owning an ultra-luxury condo in Miami Beach.

    Miami Beach Real Estate Buyers

    In South Florida, particularly in the luxury real estate market of Miami Beach, foreign buyers are buying up property as second homes and investments. Homes are being sold at bargain prices in some areas, while commanding high prices in "prime locations". With the dwindling inventory of prime waterfront homes and condos, property values in these specific waterfront island communities contribute to the strength, and continuing price recovery, of Miami Beach's real estate market.

    The Past Ninety Days Closed Sales for Miami Beach Luxury Condos (South Beach Zip Codes Only):

    Miami Beach Closed Condo Sales - Past 90 Days
    Sale DateMiami Beach CondoSouth Beach Condo Living Area Sales Price SP$/SqFt
    10/27/2011300 S POINTE DR # 805Portofino2,340 $ 1,225,000 $ 524
    10/27/2011800 S POINTE DR # 1603Apogee2,756 $ 6,000,000 $ 2,177
    10/25/2011100 S POINTE DR # 705CONTINUUM1,869 $ 1,750,000 $ 936
    10/24/20111491 Lincoln Terrace # A103Capri South Beach1,889 $ 1,088,000 $ 576
    10/19/2011101 20 ST # 2805THE SETAI821 $ 1,010,000 $ 1,230
    10/18/20111455 OCEAN DR # 1506IL VILLAGGIO1,780 $ 1,850,000 $ 1,039
    10/14/20111000 S POINTE DR # 2104MURANO AT PORTOFINO2,190 $ 2,250,000 $ 1,027
    10/14/20111500 OCEAN DR # UPH-31500 OCEAN DRIVE1,740 $ 1,625,000 $ 934
    10/11/20112201 Collins Ave # 1414W South Beach Residences1,151 $ 1,850,000 $ 1,607
    10/10/2011100 S POINTE DR # 3004CONTINUUM ON SOUTH BEACH2,508 $ 3,495,000 $ 1,394
    10/7/201150 S POINTE DR # 1907CONTINUUM NORTH TOWER1,486 $ 1,700,000 $ 1,144
    10/7/20111445 16 ST # B101CAPRI SOUTH BEACH1,699 $ 1,088,000 $ 640
    9/30/2011101 20 ST # 2001Setai1,198 $ 1,105,000 $ 922
    9/29/2011400 ALTON RD # 2206Murano Grande2,024 $ 1,418,000 $ 701
    9/29/201150 S POINTE DR # 1606Continuum North1,698 $ 1,500,000 $ 883
    9/27/20112201 COLLINS AV # 514W South Beach Residence1,151 $ 1,590,000 $ 1,381
    9/27/201150 S POINTE DR # 2205Continuum North Tower1,862 $ 2,300,000 $ 1,235
    9/26/2011101 20 ST # 2007Setai1,279 $ 2,300,000 $ 1,798
    9/17/2011800 S POINTE DR # 2101APOGEE4,154 $ 7,500,000 $ 1,805
    9/14/201150 S POINTE DR # 2302CONTINUUM ON SOUTH BEACH3,017 $ 5,000,000 $ 1,657
    9/12/2011100 S POINTE DR # 701Continuum, South Tower1,591 $ 1,500,000 $ 943
    8/26/2011800 S Pointe # 1001Apogee4,154 $ 6,800,000 $ 1,637
    8/11/20112201 Collins Ave # UPH 3W South Beach2,428 $ 5,200,000 $ 2,142
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    Wednesday, October 12, 2011
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    Miami Beach Condos- Seven Days Closed Sales Stats

    Miami Beach Condos

    As we begin the fourth quarter of 2011, we are continuing to see incredibly strong demand for Miami Beach waterfront condos. In Miami Beach's South of Fifth neighborhood, my team and I do not detect any slowdown in sales momentum. Despite a much lower condo listing inventory in Miami Beach's South of Fifth neighborhood, there continues to be strong buyer activity and demand. The snapshot of Miami Beach's condo stats below shows closed sales of the past SEVEN days for Miami Beach condos. This represents condos sold for above $500,000 for zip codes 33139, 33140, and 33141. The seven days closed sales average of listed & sold condo prices are highlighted at the very bottom of this blog post. I previously highlighted the past ninety days of Miami Beach condos closed sales, which makes this seven day sales snapshot (during Miami Beach's "low" Fall season) particularly impressive!

    In Miami Beach's South of Fifth condo market, I've highlighted the latest Continuum South Beach three bedroom direct oceanfront condo sale which closed for $1,400/S.F. The physical address of this condo is located at 100 South Pointe Drive #3004, Miami Beach, 33139. This latest Continuum condo sale represents a premium of 10% ABOVE the average closed sales prices. There are two other IDENTICAL condos that sold in April, 2011 (#1103 and #3204) for an average price of $3,060,000. For both homes and condos, this trend is another example of the strength, and continuing price recovery, of Miami Beach's real estate market.

    Miami Beach Condos- Seven Days Closed Sales- October, 2011
    Sale DateMiami Beach AddressMiami Beach Condo Living AreaSales PriceSP$/SqFt
    10/10/2011100 S POINTE DR # 3004CONTINUUM ON SOUTH BEACH2,508 $ 3,495,000 $ 1,394
    10/7/20116899 COLLINS AV # 2604Canyon Ranch North Tower2,150 $ 2,053,250 $ 955
    10/7/201150 S POINTE DR # 1907CONTINUUM NORTH TOWER1,486 $ 1,700,000 $ 1,144
    10/11/20112201 Collins Ave # 1414W South Beach Residences1,151 $ 1,850,000 $ 1,607
    10/7/20111445 16 ST # B101CAPRI SOUTH BEACH1,699 $ 1,088,000 $ 640
    10/5/20115875 COLLINS AVE # PH6MEI CONDOMINIUM1,707 $ 1,000,000 $ 586
    10/10/20114779 COLLINS AV # 1802BLUE DIAMOND1,530 $ 890,000 $ 582
    10/6/2011400 S POINTE DR # 1110SOUTH POINTE TOWERS1,559 $ 860,000 $ 552
    Seven Days Closed Average:Living Area S.F : 1,724 Price: $ 1,617,031 $/SF: 932

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    Wednesday, October 5, 2011
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    Miami Beach Condo Sales Latest Update

    I'm providing our readers the latest sales update for Miami Beach condos that have been sold over the past ninety days for a minimum of $500,000 and above. A few highlights from the Miami Beach condos sales data at the bottom of this post:

    - We're witnessing the most active luxury condo market in over five years. The number of closed sales transactions has jumped almost 20%!

    - Nearly 70% of purchases / Miami Beach condos closed sales were cash transactions. High end condo sales defined the market, all price indicators jumped in this subsection of the overall Miami Beach condo market.

    - The majority of purchasers can be divided into two groups- High net worth foreign buyers and high net worth buyers from the Northeastern U.S. (primarily New York metropolitan area).

    - The average price per square foot has increased dramatically for high demand waterfront luxury condo buildings in the premier areas of Miami Beach, such as the South of Fifth neighborhood and in select Oceanfront luxury buildings.

    The average sales price (per square foot) for these specific ultra-luxury South Beach condos buildings are listed below. Sales data is based on year-to-date Miami Beach condos closed sales of over $1 Million Dollars:

    South of Fifth Specific Condo Buildings

    Apogee South Beach Condos: $1,713 / S.F. (Average Sales Price = $7,174,000)
    The Continuum on South Beach (North and South Towers): $1,404 / S.F. (Average Sales Price = $5,056,000)
    The Murano at Portofino: $853 / S.F. (Average Sales Price = $2,166,000)
    Icon South Beach: $744 / S.F. (Average Sales Price = $1,860,000)
    The Murano Grande: $694 / S.F. (Average Sales Price = $1,727,100)
    The Portofino Tower Miami Beach: $628 / S.F. (Average Sales Price = $1,413)

    Miami Beach's Boutique Ultra-Luxury Condo Building on Ocean Drive:
    The Il Villaggio South Beach: $1,025 / S.F. (Average Sales Price = $2,037)

    Miami Beach Condo Sales 2011

    Miami Beach Condos Sold (Past Ninety Days Closed Sales)

    Miami Beach Condos Sold (Past Ninety Days)
    Sale DateMiami Beach AddressMiami Beach Condo List Price Living Area Sales Price SP$/SqFt
    10/3/201120 ISLAND AV # 514BELLE PLAZA CONDO$569,0001,372$540,000$394
    10/3/20116365 COLLINS AV # 3308AKOYA$530,0001,322$530,000$401
    9/30/2011101 20 ST # 2001Setai$1,150,0001,198$1,105,000$922
    9/30/2011730 3 ST # 201Armitage Place$890,0002,290$780,000$341
    9/29/2011400 ALTON RD # 2206Murano Grande$1,525,0002,024$1,418,000$701
    9/29/201150 S POINTE DR # 1606Continuum North$1,645,0001,698$1,500,000$883
    9/28/20116515 COLLINS AV # 1402Bel-Aire$599,0001,141$579,150$508
    9/27/20112201 COLLINS AV # 514W South Beach Residence$1,630,0001,151$1,590,000$1,381
    9/27/20115875 COLLINS AV # 1907MEI$600,0001,323$565,000$427
    9/27/201150 S POINTE DR # 2205Continuum North Tower$2,300,0001,862$2,300,000$1,235
    9/26/201190 ALTON RD # 3010YACHT CLUB AT PORTOFINO$799,0001,090$710,000$651
    9/26/2011101 20 ST # 2007Setai$2,550,0001,279$2,300,000$1,798
    9/22/20111413 SUNSET HARBOUR DR # 604sunset harbour th$995,0003,000$882,500$294
    9/22/20116580 INDIAN CREEK DR # PH601Regatta$749,0001,768$670,000$379
    9/21/20114775 COLLINS AV # 2102GREEN DIAMOND$1,050,0001,530$870,000$569
    9/21/20115151 COLLINS AV # 924seacoast condo$620,0001,360$580,000$426
    9/20/20111000 VENETIAN WY # 1904ONE THOUSAND VENETIAN$724,5001,720$749,900$436
    9/20/20112555 COLLINS AV # 1209CLUB ATLANTIS$549,0001,034$527,500$510
    9/20/201111 ISLAND AV # 1812Costa Brava$535,0001,917$500,000$261
    9/19/2011100 S POINTE DR # 2909Continuum on South Beach$24,000,0002,122$2,300,000$1,084
    9/17/2011800 S POINTE DR # 2101APOGEE$8,395,0004,154$7,500,000$1,805
    9/16/20116899 COLLINS AV # 2204Canyon Ranch$2,200,0002,150$1,855,250$863
    9/16/2011400 S POINTE DR # 1401SOUTH POINTE TOWER$775,0001,165$775,000$665
    9/15/20114401 COLLINS AV # 1206FONTAINEBLEAU II/ TRESOR$559,0001,002$537,500$536
    9/14/201150 S POINTE DR # 2302CONTINUUM ON SOUTH BEACH$5,300,0003,017$5,000,000$1,657
    9/13/2011320 MERIDIAN AV # 320320 Meridian$695,0001,765$610,000$346
    9/12/2011100 S POINTE DR # 701Continuum, South Tower$1,600,0001,591$1,500,000$943
    9/12/20111100 WEST AV # 1426Mondrian South Beach$725,0001,088$655,000$602
    9/12/2011220 21 street # 402BOULAN SOUTH BEACH$799,000996$725,000$728
    9/11/2011100 S POINTE DR # 3502Continuum on South Beach$1,895,0001,791$1,800,000$1,005
    9/9/201190 ALTON RD # 2011YACHT CLUB AT PORTOFINO$650,0001,130$640,000$566
    9/8/20113801 COLLINS AV # 1505MOSAIC$895,0001,525$830,000$544
    9/7/20111 CENTURY LN # 401THE VISTAS CONDOUNIT.$875,0002,140$825,000$386
    9/6/201111 ISLAND AV # 110201Costa Brava Condo$1,200,0003,834$900,000$235
    9/6/2011101 20 ST # 1805THE SETAI$850,000821$700,000$853
    9/6/20116103 AQUA AV # PH2Aqua Allison Island$755,0002,318$830,000$358
    9/5/20116801 COLLINS AV # C305CANYON RANCH CONDO$1,200,0001,285$1,200,000$934
    9/3/2011155 N SHORE DR # 155-5Avanti Townhomes$599,9002,366$525,000$222
    9/2/20113801 COLLINS AV # 602MOSAIC$895,0001,507$850,000$564
    9/1/20114779 COLLINS AV # 3701BLUE & GREEN DIAMOND COND$1,499,0001,980$1,350,000$682
    9/1/20112201 COLLINS AV # 907W South Beach$710,000574$640,000$1,115
    8/31/20116103 AQUA AV # 105Aqua$775,0002,338$660,000$282
    8/31/201190 ALTON RD # 911Yacht Club$549,0001,130$515,000$456
    8/30/20116365 COLLINS AV # 3302AKOYA$699,0001,392$650,000$467
    8/30/20115757 COLLINS AV # 1905L'EXCELLENCE$880,0001,980$650,000$328
    8/30/201110 VENETIAN WY # 1404Grand Venetian$750,0001,477$600,000$406
    8/30/20116767 COLLINS AV # TS2205THE STERLING$699,0002,160$660,000$306
    8/30/2011401 JEFFERSON AV # 4The Jefferson$595,0001,259$575,000$457
    8/29/20111100 WEST AV # 1516Mondrian$745,0001,190$675,000$567
    8/29/20112201 Collins Ave # 1007W South Beach Residences$790,000574$790,000$1,376
    8/26/2011800 S Pointe # 1001Apogee$7,500,0004,154$6,800,000$1,637
    8/24/20112301 COLLINS AV # 907RONEY PALACE$645,0001,230$550,000$447
    8/24/20115959 COLLINS AV # 1402Bath Club$2,299,0002,572$2,075,000$807
    8/23/20116899 COLLINS AV # 1709CANYON RANCH$575,000820$575,000$701
    8/23/20116899 COLLINS AV # N1807CANYON RANCH$1,490,0001,565$1,490,000$952
    8/23/20114400 COLLINS AVENUE # 2412FONTAINEBLEAU II/TRESOR$685,0001,002$625,000$624
    8/22/20114779 COLLINS AV # 1801BLUE DIAMOND CONDO$1,260,0001,980$1,165,000$588
    8/21/2011401 JEFFERSON AV # 3The Jefferson$575,0001,256$565,000$450
    8/17/201150 S POINTE DR # 2105CONTINUUM THE NORTH TOWER$2,950,0001,922$2,900,000$1,509
    8/16/20116515 COLLINS AV # 1709Bel-Aire on the Ocean$599,0001,128$552,500$490
    8/16/20114441 COLLINS AV # 2811Fontanebleau II$729,0001,002$665,000$664
    8/15/2011834 Ocean Drive # 402CASA GRANDE$750,000900$660,000$733
    8/12/20115959 COLLINS AV # 1501The Bath Club$1,350,0002,059$1,215,000$590
    8/11/20112201 Collins Ave # UPH 3W South Beach$6,500,0002,428$5,200,000$2,142
    8/11/20112301 COLLINS AV # 808Roney Palace$525,0001,230$510,000$415
    8/10/20114775 COLLINS AV # 3301Green Diamond$2,700,0005,520$2,700,000$489
    8/9/20115875 COLLINS AVE # 1403MEI CONDOMINIUM$876,0001,148$770,000$671
    8/9/20117330 OCEAN TER # 1902ST TROPEZ OCEAN CONDO$639,9001,680$600,000$357
    8/5/2011100 JEFFERSON AV # 10021COURTS AT SOUTH BEACH$1,450,0002,620$1,300,000$496
    8/4/20111000 VENETIAN WY # 5081000 VENETIAN WAY$559,0001,370$535,000$391
    8/4/2011650 WEST AV # 911THE FLORIDIAN$599,0001,147$565,000$493
    8/4/20111330 WEST AV # 2902The Waverly$630,0001,262$585,000$464
    8/4/20116301 COLLINS AV # TS5LA GORCE PALACE$790,0001,440$735,000$510
    8/3/2011100 LINCOLN RD # 748DECOPLAGE CONDOMINIUM$750,0001,190$740,000$622
    8/3/2011400 S POINTE DR # 603SOUTH POINTE TOWER$895,0001,271$800,000$629
    8/3/20115959 COLLINS AV # 1501The Bath Club$1,350,0002,059$1,215,000$590
    8/2/2011221 JEFFERSON AV # 14ILONA CONDOMINIUM$619,0001,079$585,000$542
    8/2/20114775 COLLINS AV # 1404Green Diamond$674,9001,490$644,000$432
    8/2/201150 S POINTE DR # 2202CONTINUUM ON SOUTH BEACH$4,052,0003,017$3,700,000$1,226
    8/2/2011520 WEST AV # 702Bentley Bay$495,0001,499$510,100$340
    8/1/20111455 OCEAN DR # 1003Il Villaggio Condominium$2,169,0001,550$1,750,000$1,129
    7/29/20115151 COLLINS AV # 733SeaCoast 5151 Condo$534,9001,350$541,000$401
    7/28/20115025 COLLINS AV # 2308Capobella$1,190,0001,870$1,020,000$545
    7/28/20115025 COLLINS AV # 805Capobella$1,500,0002,060$1,250,000$607
    7/28/20115025 COLLINS AV # 1202Capobella Condominium$675,0001,350$675,000$500
    7/26/20115959 COLLINS AV # 704The Bath Club$2,595,0003,982$2,375,000$596
    7/25/20115959 COLLINS AV # 3002THE BATH CLUB$6,900,0005,700$5,700,000$1,000
    7/25/201190 ALTON RD # 1012YACHT CLUB AT PORTOFINO$488,9001,130$510,000$451
    7/22/2011221 JEFFERSON AV # 5ILONA CONDO$599,0001,248$565,000$453
    7/20/20116101 AQUA AV # 903GORLIN AT AQUA$660,0001,862$600,000$322
    7/20/2011101 20 st # 3108The Setai$2,580,0001,141$2,600,000$2,279
    7/19/20116103 AQUA AV # 602SPEAR AT AQUA$599,0001,755$550,000$313
    7/19/2011100 S POINTE DR # 2209Continuum$2,325,0002,122$2,200,000$1,037
    7/19/2011110 WASHINGTON AV # 2217THE COSMOPOLITAN$549,9991,287$550,000$427
    7/18/20116365 COLLINS AV # 1103AKOYA CONDO$950,0001,761$920,000$522
    7/14/2011101 20 ST # 3006Setai$2,200,0001,316$1,900,000$1,444
    7/14/2011400 S POINTE DR # 1009SOUTH POINTE TOWER COND I$779,9001,279$772,500$604
    7/13/20116899 COLLINS AV # 810CANYON RANCH$590,0001,280$590,000$461
    7/12/2011101 20 ST # 2801Setai$1,990,0001,198$1,700,000$1,419
    7/8/2011300 S POINTE DR # 1501PORTOFINO TOWERS$1,690,0002,340$1,625,000$694

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    Friday, September 30, 2011
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    Miami Beach and South Beach Real Estate Market OVERVIEWMiami Beach Real Estate

    Miami Beach condo sales activity has increased significantly in the second quarter of 2011, especially for waterfront luxury properties. The second quarter of this year was also defined by an increase in high-end Miami Beach home sales. The Miami Beach and South Beach condo and single family residential market experienced sales surges fueled by strong demand for waterfront and oceanfront properties. Ultra-luxury waterfront communities have witnessed near-record sales activity since the housing market price corrections of the past few years. For example, this year’s most ultra-luxury home sale was an incredible Star Island home that sold for an amazing $25,500,000.

    Home price indicators saw positive gains, especially for zip codes 33139, 33140, & 33141 in Miami Beach with a boundary up to 30th street. The median sales price declined 15.9% year over year to $925,000 for Miami Beach single family homes. Consequently, the number of closed home sales transactions in Miami Beach increased 6.6% to sixty five individual homes sold during this period. High end, luxury homes sales increased and defined the market, which is consistent with the overall national trend of wealthy individuals (especially foreign buyers) driving the luxury real estate market in premier real estate areas of the country. Although Miami Beach single family home prices declined as sales edged higher (median sales price declined 15.9% to $925,000 down from $1,100,000) which is about 14% of Southeast Florida regional sales.

    In highly desired waterfront areas with a high concentration of luxury condo buildings (such as the South of Fifth neighborhood of South Beach) slightly lower sales prices, and an influx of wealthy cash buyers, attributed to a large increase in the number of sold condominiums. Miami Beach's market trends indicate a stabilization in condo prices, with the average price per square foot declining by just 0.6% year over as the number of closed sales surged 25.3%.

    Miami Beach's overall Real Estate Market has seen much positive news this year, including an increase in luxury waterfront condo & home demand, record breaking sales, more affordable sales prices, condo building sell-outs, and a steady stream of international buyers making second and vacation homes purchases on Miami Beach.

    Summary of Miami Beach Real Estate Market activity
    Miami Beach Home sales statistics for zip codes 33139, 33140, 33141
    Single Family Homes for Sale ($1 Million and above): 294
    Miami Beach Homes Sold YTD ($1 Million and above): 86
    Average Miami Beach Home Sale Price: $3,401,000

    Market Analysis of Miami Beach Home Sales YTD

    Market Analysis of Miami Beach Home Sales YTD
    Property Type: Single Family (RE1)Status: Closed SaleNumber of Properties: 86
    #Beds#FBathsSF/FFList PriceLP$/SqFtSale PriceSP$/SqFt
    High121315,101$32,000,000$2,195$25,500,000$1,739
    Low001,575$999,900$97$1,000,400$82
    Average5.024.75,154.76$3,961,518$703$3,401,960$612
    Median544,117$2,472,500$670$2,253,000$590

    Miami Beach Condo sales statistics for zip codes 33139, 33140, 33141:
    Condos for Sale ($1 Million and above): 1,812
    Miami Beach Condo Sold YTD ($1 Million and above): 163
    Average Miami Beach Condo Sale Price: $2,260,810

    Miami Beach Condo Sales YTD
    Miami Beach Condo Sales YTD
    Property Type: Condo/Coop/Villa/Twnhse (RE2)Status: Closed SaleNumber of Properties: 163
    #Beds#FBathsSF/FFList PriceLP$/SqFtSale PriceSP$/SqFt
    High676,853$24,000,000$11,310$11,500,000$2,602
    Low01574$1,050,000$332$1,000,000$301
    Average2.742.722,363.40$2,654,511$1,120$2,260,810$959
    Median332,072$1,799,900$925$1,650,000$846

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