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

Tuesday, May 1, 2012
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The former South Beach Community Hospital site in South Beach has been sitting empty and abandoned for many years. Located at the corner of Sixth Street and West Avenue to Alton Road, this is a prominent gateway to Miami Beach. Nearly all traffic headed East onto the island of Miami Beach from the Mac Arthur Causeway passes this site. The site of the former hospital represents a very large area of land, especially if combined with the former Vitri Site on the corner of Fifth and West Avenue / Alton Road.

Developer Russell Galbut held a meeting recently and proposed his development plans centered at 630 Alton Road, which is owned by Galbut’s Crescent Heights Development Company. Below is a picture of the initial (and unapproved thus far) mixed use proposal for the former Miami Beach Community Hospital site (and adjoining parcels).SoBePark (the overall proposed name of the site) also would have 200,000 square feet of residences and other features, including a public park. One of the Architects at the meeting re-envisioned the three blocks at the core of the West Avenue complex as having one level of underground parking and two levels of retail space, to be topped off with the park. A separate garage on a site northeast of the proposed retail center also will be topped off with green space. The architectural plan (thus far) is to have a residential tower on the southern end of the site, with the goal of reconfiguring the MacArthur Causeway off-ramp onto Alton Road. This would create a better flow of car traffic and better pedestrian access in and around the area, according to the Developer. Mr. Galbut wants to build 450,000 square feet of upscale retail resembling The Colonnade Outlets at Sawgrass Mills. The public is encouraged to continue participating in the process of shaping this important Miami Beach mixed use project.

Miami Beach Community Hospital Site Sobe Park Proposed Development

The main beneficiaries of a redevelopment of the Sixth and Alton Site (whether it be retail / residential/ or combined commercial with residential development) will be the luxury condo residents in the immediate area. The former Miami Beach Community Hospital site is directly across from The Bentley Bay, which is located on the water on Sixth Street & West Avenue. The Bentley Bay condos were originally sold and marketed as Miami Beach's luxury gateway, with incredible views of Biscayne Bay and downtown Miami. In the immediate North of Fifth area along Alton Road is the Fifth and Alton Shopping Center, a thriving retail destination.

The soon to be revitalized Sixth and Alton / West Avenue area of Miami Beach should also benefit the nearby "South of Fifth" condo buildings across the street as well, especially Icon South Beach & The Murano Grande. The former South Shore Hospital site is the last large land area in Miami Beach that has been undeveloped, or needing to be redeveloped, since Miami Beach began its real estate and tourist renaissance in the mid 1990's. The proposed SoBePark Development, as outlined by Mr. Galbut & Crescent Heights, has a strong chance to transform the West Avenue / Alton Road area into Miami Beach's most desirable place to live, shop, work and play.

MIAMI BEACH RE-DEVELOPMENT ARTICLE LINKS :
http://www.bizjournals.com/southflorida/print-edition/2011/10/07/crescent-heights-to-build-on-former.html

http://www.bizjournals.com/southflorida/news/2012/04/27/a-park-tops-crescent-heights-planned.html

http://therealdeal.com/miami/blog/2012/04/26/miami-beach-gets-eight-proposals-for-convention-center-revamp/

http://www.miamiherald.com/2012/04/19/2757805/developer-to-review-design-proposals.html

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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, 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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Friday, November 4, 2011
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Miami Beach Upcoming Season Events

As we approach the High Traffic Winter Season in Miami Beach, pre-Thanksgiving celebrations, Art & Design Showscases, as well as Live Music concerts are just around the corner.Miami Beach Real Estate owners, visitors, and residents will be granted all access to the city's long schedule of performances and shows from local, national and international artists and musicians.

This global city with its international media, arts, entertainment, commerce, Miami Beach Real Estate and business offerings, will see an influx of tourists, holiday vacationers and visitors from all over the world. Miami Beach condos and South Beach hotels will accomodate these travelers as they arrive to enjoy the beautiful beaches, tropical climate, exciting nightlife and Holiday events. South Florida during Winter season is the ideal destination for many foreign buyers and second-home owners who want to buy or invest in Miami Beach.

South of Fifth Neighborhood Highlights in Miami Beach

The 1st Annual SoFi Dog Party. The dogs of Miami Beach's Murano Grande condominium invite the dogs of all the buildings South of Fifth to join them on Saturday, November 5 from 9am - 1pm at the Washington Avenue Bark Park. Free event with numerous pet friendly vendors scheduled.

Vic & Angelo's is hosting a special "Housewarming Party" for ICON and other South of Fifth residents on Thursday, November 10th from 7pm - 9pm. Enjoy complimentary signature cocktails and a selection of passed hors d'oeuvres. RSVP to Jacqui@vicandangelos.com.

Zuma has launched a prix-fixe menu in addition to their current á la carte offerings during lunch hours. The option will cost $24, and includes two starters and a choice of one entree from a selection of three regular items. http://zumarestaurant.com/

Kane is extending a 15% OFF the total bill (alcohol included) to all ICON residents. http://kanesteakhouse.com

Lolita Cocina & Tequila Bar will take over the old Nemo space. http://lolitamexican.com/

Amnesia (136 Collins Avenue) officially re-opened on South Beach. The nightlife venue has 26,000 square feet of multi-leveled internal space, and offers 70 VIP tables, 2 private VIP sections, and a 2nd floor mezzanine.http://amnesiamiami.com/

Philippe re-opens in SoFi on November 23rd at 36-40 Ocean Drive, in the former Taverna Opa space. http://philippechow.com/

miami beach events

FEATURED GREATER MIAMI & MIAMI BEACH ART SHOWS

The international contemporary design èlite arrive for the Winter edition of Art Basel Miami Beach. The art shows focus on a several types of artwork, like photography, paints, prints, or contemporary art, and other broader ranges. The premier art event, Art Basel, returns to Miami Beach on December 1-4, 2011. The below list is compiled of upcoming Art Basel satellite events throughout Miami Beach. http://www.artbaselmiamibeach.com/

Art Miami
http://www.art-miami.com
This premier fair celebrates its 22nd anniversary as it kicks off the opening day of Art Week. KNown for its extraordinary variety, quality and its stylish gallery-like decor, Art Miami showcases the best in modern and contemporary art from more than 100 international art galleries and prominent art institutions.

Design Miami
http://www.designmiami.com
Design Miami presents the best international design galleries exhibiting extraordinary historic and contemporary design. Designers, collectors, dealers and curators from around the world participate in lectures, exhibits and design installations.

Red Dot Art Fair
http://www.reddotfair.com
This art show features more than 50 international, modern contemporary art dealers from around the world. It includes painting, photography, sculpture and more.

INK Miami
http://www.inkartfair.com/
INK showcases notable publishers and dealers who exhibit new publications, projects and acquisitions by leading contemporary artists.

Arts for a Better World
http://www.artsforabetterworld.com
The second edition of Arts for a Better World takes place in a tent around the pool at the Surfcomber Hotel. It features International Galleries, Better World Museum, Van Gogh's Dream presented by Maison Van Gogh, Tous Ensemble Holocaust Remembrance & Tolerance Project, and live artistic happenings.

Scope Miami 2011
http://www.scope-art.com
The art show that has established its name by curating cutting-edge contemporary art from around the world proudly returns to Miami for its 10th year. Taking place in a 80,000 square foot pavilion across the street from Art Miami, SCOPE Miami's high-profile venue will bring together the finest talent in the art world.

Special Events & Dining Updates on Miami Beach

Live Music Month
http://www.livemiamimusic.com/
Live Music month features many performances, concerts, festival and a variety music events, from local and international Deejays, acts and talented musicians. The events will take place at live music venues in Greater Miami and Miami Beach throughout the month of November.

Miami Beach International Bridal Week
http://www.miamibridalweek.com
The Eden Roc is transformed into a fantasy fairytale wedding scene in white and crystal with thousands of exotic flowers from around the world for this two-day luxury consumer wedding event.

Miami Short Film Festival
http://www.miamishortfilmfestival.com
MSFF's goal year after year is focused on motivating directors, screenwriters, actors, and producers to make their films and share them with fellow film makers and industry professionals. The ultimate goal is to bring exposure to independent up-and-coming filmmakers.

23rd Annual Festival of Chefs
http://www.southflorida.easterseals.com
Great music, fine wine, and samples of signature dishes from South Florida's most acclaimed chefs along with Easter Seals’ Culinary Art Students is the essence of the Annual Festival of the Chefs. This event brings fine dining in a rousing display of creations to stimulate every taste.

Sleepless Night Miami Beach
http://www.sleeplessnight.org
Tens of thousands of cultural enthusiasts will gather on the vibrant streets and sands of Miami Beach for this unique all-night experience during Sleepless Night. The festival features 150 free performances, exhibitions and other cultural offerings at 80 locations spread throughout the city and the 13-hour night that marks the end of Daylight Savings Time. Free shuttle buses connect the four zones of activity and remote parking locations.

French Week Miami Beach
http://www.frenchweekmiami.org
French Week Miami is a unique event designed to emphasize and to promote the French presence in South Florida and Miami Beach. Numerous events showcase the best of French culture: the screening of great French movies, an international book fair, a “Beaujolais nouveau” wine tasting, and various artistic performances and educational activities. This year features the second edition of a new dimension, with French Spice offering maximum exposure of French restaurants in the Greater Miami area.

French Spice
http://www.frenchspicemiami.com
Experience a taste of France in November from Bistro to Gourmet restaurants to celebrate the diversity of Miami. French Spice, a fine dining promotion, offers specially priced three-course lunches and dinners.

SoundScape Cinema Series
http://www.mbculture.com
The SoundScape Cinema Series, an Arts in the Parks program presented by the City of Miami Beach, presents free, weekly outdoor screenings on the huge wall of the New World Center, 500 17th Street (near Washington Avenue) in Miami Beach on Wednesday nights. Bring blankets, beach chairs and picnics (but no glass please). No tickets required. Schedule subject to change.
Moulin Rouge - (11/9/2011)
The Maltese Falcon - (11/16/2011)
Raiders of the Lost Ark - (11/23/2011)


Greater Miami and Miami Beach Concert Performances

Jazz Meets Gershwin November 4 @ 8pm, Adrienne Arsht Center
www.arshtcenter.org

Boyz II Men with Keith Sweat and Faith Evans Nov. 5th @ 8:00 pm, at James L. Knight Center
www.boyziimen.com/

Taylor Swift November 13 @ 7pm, American Airlines Arena
www.taylorswift.com/

Jay Z & Kanye West November 25 @ 7:30pm, American Airlines Arena
watchthethrone.com/

Idina Menzel December 3 @ 8pm, Knight Concert Hall @ The Arsht Center
www.idinamenzel.com/

Janet Jackson December 5 @ 9pm, The Fillmore @ The Jackie Gleason Theater
www.janetjackson.com/

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Saturday, July 16, 2011
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Many Miami Beach condo buyers we encounter in the real estate buying process often labor under several misconceptions, which could be called myths. Below are a few of what I've found to be the most common:

1. We are looking for "a below market deal / distressed sale". The longer the condo is on the market, the more willing the Miami Beach condo seller will be to negotiate a bargain price.

The Miami Beach waterfront condo market has gotten a considerable boost from a very active first half of the year. This type of waterfront condo and luxury real estate sales momentum has not been seen since the market heights of 2006. Especially in premier waterfront condo buildings, such as The Continuum on South Beach, continue to set remarkable sales records! Recent myth-busting impressive sales, and diminishing supply, for oceanfront condos and waterfront homes is on a steady and stable rise - dissolving the above stated Buyer misconceptions. Especially in Miami Beach's South of Fifth neighborhood, the latest luxury condo sales momentum has led to a greatly diminished supply of available waterfront condo inventory. As you can be seen at the the very bottom of this article, the past 90 days of South Pointe area condo sales at The Continuum (North and South Towers), Apogee, The Murano at Portofino, The Portofino Tower, and The South Pointe Tower average 90% of asking prices.


2. If my offer is accepted right away, the offer was too high; in this Buyer's market, I don't have to negotiate, the Miami Beach condo seller does.

Location & architectural uniqueness are a few of the key determining factors in recent buyers decisions to purchase. As illustrated by the most recent Miami Beach condo sales at the aforementioned Continuum Miami Beach, Apogee, and The Murano at Portofino. The underlying reason for the recent price APPRECIATION and diminishing supply (at reduced price points) is that there will be NO further waterfront condo development in South Beach. Given the scarcity of waterfront land, as well as The City of Miami Beach's strict development regulations / restrictions, this puts a PERMANENT bottleneck on future condo building development & supply. This also represents a strong upside for future Miami Beach waterfront real estate market appreciation.

Even an older "B" caliber South Beach condo building - The South Pointe Tower, due to its amazing location South of Fifth Street (behind South Pointe Park and facing Fisher Island) – has witnessed incredible sales momentum in the past year! The South Pointe Tower was completed in 1981, and is next door to The Continuum on South Beach - which offers twelve incredible oceanfront acres at the southernmost tip of Miami Beach. This as the equivalent of living next to an Oceanfront resort, and has features and a location that CANNOT be reproduced. This is why specific ultra-luxury waterfront condo buildings such as The Continuum, Apogee, and The Murano at Portofino have had recent sales approaching $1,600/S.F., with unprecedented Buyer demand (from mostly high net worth Foreign Buyers).

As real estate sales professionals, it's our duty to get the best possible price for our clients. As part of this process, when working with qualified Buyers, this involves educating a Miami Beach condo buyer and setting realistic expectations as to what is a "good deal".

South Beach Condos South of Fifth

Miami Beach Condos- Ninety Days Closed Sales
Closing DateMiami Beach Condo List Price Living Area LP$/SqFt Sales Price SP$/LP$
7/14/2011SOUTH POINTE TOWER COND I $ 779,900 1,279 $ 610 $ 772,500 99.051
7/8/2011CONTINUUM II $ 3,500,000 2,173 $ 1,611 $ 3,500,000 100
7/8/2011PORTOFINO TOWERS $ 1,690,000 2,340 $ 722 $ 1,625,000 96.154
7/6/2011CONTINUUM NORTH TOWER $ 1,595,000 1,698 $ 939 $ 1,400,000 87.774
7/5/2011SOUTH POINTE TOWER $ 850,000 1,165 $ 730 $ 825,000 97.059
6/30/2011Continuum on South Beach $ 1,550,000 1,698 $ 913 $ 1,450,000 93.548
6/30/2011Continuum on South Beach $ 3,750,000 2,508 $ 1,495 $ 3,400,000 90.667
6/30/2011CONTINUUM SOUTH TOWER $ 2,250,000 2,122 $ 1,060 $ 2,122,000 94.311
6/28/2011PORTOFINO TOWERS $ 2,275,000 2,040 $ 1,115 $ 1,750,000 76.923
6/27/2011CONTINUUM ON SOUTH BEACH $ 2,005,000 1,698 $ 1,181 $ 1,700,000 84.788
6/27/2011CONTINUUM ON SOUTH BEACH $ 4,431,000 3,017 $ 1,469 $ 3,850,000 86.888
6/27/2011CONTINUUM NORTH TOWER $ 3,999,999 2,621 $ 1,526 $ 3,836,000 95.9
6/22/2011Continuum North Tower $ 699,000 640 $ 1,092 $ 675,000 96.567
6/21/2011Murano at Prtofino $ 2,399,000 2,618 $ 916 $ 2,215,000 92.33
6/20/2011APOGEE CONDO $ 7,990,000 4,154 $ 1,923 $ 7,350,000 91.99
6/16/2011South Pointe Tower $ 725,000 1,559 $ 465 $ 700,000 96.552
6/13/2011CONTINUUM SOUTH BEACH $ 1,490,000 1,591 $ 937 $ 1,379,000 92.55
6/10/2011Continuum South Tower $ 3,850,000 2,508 $ 1,535 $ 3,800,000 98.701
6/6/2011PORTOFINO TOWER $ 1,250,000 2,340 $ 534 $ 950,000 76
6/6/2011Apogee $ 5,400,000 2,756 $ 1,959 $ 4,900,000 90.741
6/2/2011continuum $ 5,299,000 3,017 $ 1,756 $ 5,050,000 95.301
6/2/2011South Pointe Towers $ 675,000 1,169 $ 577 $ 565,500 83.778
6/2/2011MURANO AT PORTOFINO $ 1,090,000 1,791 $ 609 $ 935,000 85.78
5/26/2011Murano At Portofino $ 3,800,000 3,365 $ 1,129 $ 3,500,000 92.105
5/24/2011PORTOFINO TOWER $ 699,000 1,090 $ 641 $ 655,000 93.705
5/18/2011PORTOFINO $ 1,295,000 2,340 $ 553 $ 1,188,000 91.737
5/18/2011SOUTH POINTE TOWER $ 700,000 1,042 $ 672 $ 680,000 97.143
5/17/2011CONTINUUM NORTH TOWER $ 4,500,000 3,017 $ 1,492 $ 4,050,000 90
5/17/2011SOUTH POINTE TOWER $ 990,000 1,559 $ 635 $ 926,000 93.535
5/16/2011Continuum On South Beach $ 1,345,000 1,491 $ 902 $ 1,300,000 96.654
5/10/2011Continuum South Beach $ 4,500,000 2,954 $ 1,523 $ 4,000,000 88.889
5/10/2011Continuum South Tower $13,500,000 6,438 $ 2,097 $ 10,576,000 78.341
5/9/2011MURANO AT PORTOFINO $ 2,550,000 2,618 $ 974 $ 2,400,000 94.118
5/3/2011Continuum North Tower $ 7,900,000 5,300 $ 1,491 $ 6,500,000 82.278
5/3/2011SOUTH POINTE TOWER $ 575,000 858 $ 670 $ 550,000 95.652
4/30/2011continuum on south beach $ 2,995,000 2,292 $ 1,307 $ 2,850,000 95.159
4/29/2011PORTOFINO TOWERS $ 1,599,000 2,040 $ 784 $ 1,480,000 92.558
4/29/2011PORTOFINO TOWERS $ 1,275,000 2,040 $ 625 $ 1,100,000 86.275
4/28/2011CONTINUUM ON SOUTH BEACH $ 1,100,000 1,365 $ 806 $ 1,100,000 100
4/28/2011Murano at Portofino $ 2,895,000 2,618 $ 1,106 $ 2,200,000 75.993
4/26/2011Murano at Portofino $ 1,395,000 1,407 $ 991 $ 1,250,000 89.606
4/25/2011The Continuum $ 1,425,000 2,072 $ 688 $ 1,425,000 100
Average List Price to Sales Price:90%

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Saturday, April 30, 2011
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The past four months of miami beach condo sales have been impressive, continuing to buck national real estate trends. Miami Beach real estate, especially for premier condo buildings in South Beach's highly desired South of Fifth neighborhood, continues to be in strong demand.

As the Spring / Winter season in Miami Beach comes to an end, we are continuing to see strong buyer demand for premier waterfront homes and condos. Especially in the premier waterfront luxury condo buildings, such as The Murano at Portofino, Continuum North and South Towers, Icon South Beach, Apogee, and The Il Villagio demand is outpacing supply causing condo price appreciation!Further North, along Collins Avenue, premier Oceanfront buildings such as The Setai, The Bath Club, The Akoya, and The Blue and Green Diamond condo buildings have seen impressive sales momentum in the 2010 - 2011 selling season.

Indeed, overall Miami Beach condo sales have been SO strong, that we've had many frustrated Buyers decide to purchase condos which were further down on their list desired preferences / amenities. We've had several of our top clients decide to purchase waterfront condos in Miami Beach that require extensive remodelling, since they were outbid for the premier Miami Beach corner condos with direct Oceanfront and/or Biscayne Bay views.

The last ninety days of $1 Million + Waterfront Miami Beach Condo Sales for zip codes 33139 and 33140:

Past Ninety Days Sales Miami Beach Condos - $1 Million + (Waterfront)
Closing DateADDRESSMiami Beach Condo Living Area Sales Price
4/27/20111455 OCEAN DR # BH-06IL VILLAGGIO3,550 $ 3,025,000
4/26/20111000 S POINTE DR # 1705Murano at Portofino1,407 $ 1,250,000
4/4/2011400 ALTON RD # 3203MURANO GRANDE3,058 $ 2,021,000
4/19/2011400 ALTON RD # 703Murano Grande3,058 $ 1,620,000
3/4/20111000 S POINTE DR # 3702MURANO AT PORTOFINO2,618 $ 2,200,000
2/7/2011100 S POINTE DR # 1110Continuum South2,122 $ 1,900,000
4/20/20111445 16 # LP-1CAPRI SOUTH BEACH2,970 $ 2,500,000
4/27/20111500 OCEAN DR # 10011500 OCEAN DRIVE2,320 $ 2,745,000
2/9/2011101 20 ST # 2708The Setai1,141 $ 2,100,000
4/18/2011800 S POINTE DR # PHAAPOGEE6,853 $11,500,000
4/25/2011100 S POINTE DR # TH-15The Continuum2,072 $ 1,425,000
3/1/2011100 S POINTE DR # 1005Continuum South Tower1,869 $ 1,650,000
3/7/2011450 ALTON RD # 1205Icon South Beach1,750 $ 855,000
2/14/2011400 S POINTE DR # 1510SOUTH POINTE TOWER1,559 $ 975,000
3/9/20111455 OCEAN DR # 1406Il Villaggio Condominium1,780 $ 1,900,000
4/29/2011300 S POINTE DR # 1802PORTOFINO TOWERS2,040 $ 1,480,000
3/14/20112201 Collins Ave # 828W South Beach Residences1,906 $ 3,300,000
4/28/20111000 S POINTE DR # 3502Murano at Portofino2,618 $ 2,200,000
3/28/2011400 ALTON RD # 1704Murano Grande1,425 $ 1,050,000
3/7/2011300 S POINTE DR # 1101PORTOFINO TOWERS2,340 $ 1,625,000
4/15/20111455 OCEAN DR # 1407IL VILLAGGIO1,810 $ 2,050,000
2/28/2011400 ALTON RD # 2404MURANO GRANDE2,974 $ 1,950,000
4/3/2011101 20 ST # 2308The Setai Condominium2,558 $ 4,600,000
4/8/2011100 S POINTE DR # 3204Continuum2,508 $ 3,270,000
2/11/2011450 ALTON RD # 3210ICON1,370 $ 940,000
4/12/20111800 SUNSET HARBOUR DR # 2202/4Sunset Harbour South2,246 $ 1,100,000
3/2/20111445 16 # LPH-3CAPRI SOUTH BEACH1,919 $ 1,392,000
3/16/20111445 16 ST # BL-302CAPRI SOUTH BEACH1,842 $ 1,680,000
4/15/20111470 16 ST # C301CAPRI SOUTH BEACH1,974 $ 1,925,000
3/2/20111100 WEST AV # TS-1Mondrian South Beach1,500 $ 1,395,000
3/23/2011800 S POINTE DR # 1402Apogee3,103 $ 4,995,000
2/25/20111000 S POINTE DR # 3002Murano at Portofino2,618 $ 1,880,000
3/18/2011450 ALTON RD # 3001ICON South Beach2,145 $ 1,800,000
3/5/20111000 S POINTE DR # 3102MURANO AT PORTOFINO2,618 $ 2,250,000
3/8/2011101 20 ST # 1701The Setai3,691 $ 3,950,000
2/22/2011100 S POINTE DR # 2901Continuum South Tower1,591 $ 1,550,000
2/22/2011400 ALTON RD # 2308Murano Grande1,600 $ 1,200,000
4/4/2011400 ALTON RD # 2208Murano Grande1,600 $ 1,200,000
4/14/2011400 ALTON RD # 2306Murano Grande2,024 $ 1,485,000
2/9/2011450 ALTON RD # 2002THE ICON1,933 $ 1,050,000
2/2/2011100 S POINTE DR # 1705Continuum1,869 $ 1,500,000
3/30/2011450 ALTON RD # 1502ICON South Beach1,933 $ 1,105,000
4/14/20111800 SUNSET HARBOUR DR # 1202/4Sunset Harbour South2,246 $ 1,125,000
3/10/2011300 S POINTE DR # 1605PORTOFINO2,340 $ 1,400,000
3/23/2011300 S POINTE DR # 3703PORTOFINO TOWERS2,550 $ 1,600,000
4/12/201150 S POINTE DR # 3003CONTINUUM NORTH TOWER2,306 $ 2,700,000
3/11/2011400 ALTON RD # 1904Murano Grande1,425 $ 1,025,000
3/18/20111500 OCEAN DR # 4051500 OCEAN DRIVE1,530 $ 1,040,000
4/19/2011100 S POINTE DR # 2401CONTINUUM ON SOUTH BEACH1,591 $ 1,350,000
3/23/2011450 ALTON RD # 3502ICON Condo1,933 $ 1,470,000
3/17/20111500 OCEAN DR # PH-81500 Ocean Drive1,170 $ 975,000
4/28/2011100 S POINTE DR # 1603CONTINUUM ON SOUTH BEACH1,365 $ 1,100,000
4/1/20116365 COLLINS AV # 2103AKOYA CONDOMINIUM1,761 $ 935,000
2/18/20115959 COLLINS AV # 705THE BATH CLUB3,807 $ 1,800,000
3/3/20114391 Collins # 722723Fontainebleau IIISorrento1,742 $ 980,000
2/25/20113737 COLLINS AV # S-502Caribbean2,326 $ 1,475,000
2/16/20115959 COLLINS AV # 802The Bath Club2,572 $ 1,400,000
3/22/20114775 COLLINS AV # 2503GREEN DIAMOND1,980 $ 1,295,000
4/28/20113737 COLLINS AV # S-1303The Caribbean1,621 $ 975,000
4/20/20115959 COLLINS AV # 607THE BATHCLUB CONDO2,959 $ 1,000,000

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Friday, April 1, 2011
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This past week, I had the opportunity to work with several clients (all Cash Buyers) who looking for purchasing opportunities in the waterfront luxury condo buildings South of Fifth Street: The Murano at Portofino, The Continuum South Beach, Murano Grande, Icon and even The Bentley Bay.

These Miami Beach Condo Buyers- are finding amazing opportunities in some of the lesser known South of Fifth Waterfront Buildings! I've recently made several cash offers at The South Pointe Tower in South Beach. Being an older condominium with late 1970"s construction standards, The South Pointe Tower had not been considered the most "IN" condo building. However, this South Beach condo offers an incredible location next to The Portofino Tower (part of the same Master Association) and has recently been renovated inside and out. Also, the common area hallways are currently being updated with new doors, carpeting, and other improvements. I'm amazed that in this older condo building- due to its amazing location South of Fifth Street (behind South Pointe Park and facing Fisher Island) - almost ALL the available inventory has sold out !!!

Miami Beach South of Fifth Condos

The Latest Sales Data for the South Pointe Tower Condos in Miami Beach's South of Fifth Neighborhood:

South Pointe Tower Last 12 Month Condo Sales
Closed DateADDRESSProperty Name List Price Living Area LP$/SqFt Sold Price SP$/LP$
5/4/2010400 S POINTE DR # 2004SOUTH POINTE TOWER $ 1,195,000 1,802 $ 663 $ 1,050,000 88
5/26/2010400 S POINTE DR # 1410SOUTH POINTE TOWERS $ 1,049,000 1,559 $ 673 $ 880,000 84
7/10/2010400 S POINTE DR # 1007SOUTH POINTE TOWER $ 575,000 858 $ 670 $ 525,000 91
2/14/2011400 S POINTE DR # 1510SOUTH POINTE TOWER $ 1,195,000 1,559 $ 767 $ 975,000 82
3/18/2011400 S POINTE DR # 1107south pointe towers condo $ 550,000 858 $ 641 $ 525,000 95
12/29/2010400 S POINTE DR # 1404SOUTH POINTE TOWERS $ 995,000 1,802 $ 552 $ 845,000 85
12/17/2010400 S POINTE DR # 1603SOUTH POINTE TOWER $ 995,000 1,271 $ 783 $ 960,000 96
1/5/2011400 S POINTE DR # 2104South Pointe Tower $ 1,195,000 1,802 $ 663 $ 925,000 77
3/8/2011400 S POINTE DR # 309SOUTH POINTE TOWER $ 495,000 950 $ 521 $ 450,000 91

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Friday, March 25, 2011
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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 DateADDRESSCondo BuildingSquare Ft.LP$/SqFtSales Price
3/23/2011520 WEST AV # 1102THE BENTLEY BAY CONDO1,499 $ 400 $ 500,000
12/28/201050 S POINTE DR # 804Continuum II1,491 $ 801 $ 1,145,000
3/4/20111000 S POINTE DR # 3702MURANO AT PORTOFINO2,618 $ 936 $ 2,200,000
3/7/20111000 S POINTE DR # 408Murano At Portofino1,791 $ 502 $ 830,000
3/24/20111000 S POINTE DR # 1206MURANO AT PORTOFINO1,006 $ 790 $ 650,000
1/28/2011400 ALTON RD # LPH11MURANO GRANDE1,649 $ 603 $ 912,500
2/7/2011100 S POINTE DR # 1110Continuum South2,122 $ 966 $ 1,900,000
3/17/2011400 ALTON RD # 905MURANO GRANDE1,400 $ 400 $ 505,000
3/16/201150 S POINTE DR # 504Continuum North Tower747 $ 669 $ 470,000
3/1/2011100 S POINTE DR # 1005Continuum South Tower1,869 $ 960 $ 1,650,000
2/14/2011400 S POINTE DR # 1510SOUTH POINTE TOWER1,559 $ 767 $ 975,000
1/16/2011100 S POINTE DR # 1007CONTINUUM ON SOUTH BEACH1,870 $ 1,203 $ 1,999,000
1/21/20111000 S POINTE DR # 705Murano@Portofino1,407 $ 853 $ 1,075,000
3/18/2011400 S POINTE DR # 1107south pointe towers condo858 $ 641 $ 525,000
12/29/2010450 ALTON RD # 3405ICON3,094 $ 646 $ 1,700,000
1/12/2011450 ALTON RD # 1201ICON South Beach2,145 $ 744 $ 1,465,000
1/24/2011450 ALTON RD # 1006ICON CONDO1,452 $ 406 $ 590,000
3/14/20111000 S POINTE DR # 405MURANO AT PORTOFINO 1,407 $ 888 $ 900,000
3/7/2011300 S POINTE DR # 1101PORTOFINO TOWERS2,340 $ 724 $ 1,625,000
2/28/2011400 ALTON RD # 2404MURANO GRANDE2,974 $ 657 $ 1,950,000
2/9/2011400 ALTON RD # 611MURANO GRANDE1,649 $ 382 $ 600,000
1/14/201150 S POINTE DR # 1604Continuum North1,491 $ 888 $ 1,260,000
2/11/2011450 ALTON RD # 3210ICON1,370 $ 766 $ 940,000
3/10/201190 ALTON RD # 2009YACHT CLUB AT PORTOFINO1,080 $ 505 $ 500,000
1/26/2011200 OCEAN DR # 7E200 OCEAN DR1,240 $ 935 $ 1,040,000
1/3/2011300 S POINTE DR # 603PORTOFINO TOWERS2,340 $ 391 $ 905,000
3/2/20111100 WEST AV # TS-1Mondrian South Beach1,500 $ 1,130 $ 1,395,000
3/23/2011800 S POINTE DR # 1402Apogee3,103 $ 1,724 $ 4,995,000
2/25/20111000 S POINTE DR # 3002Murano at Portofino2,618 $ 877 $ 1,880,000
1/5/2011400 S POINTE DR # 2104South Pointe Tower1,802 $ 663 $ 925,000
1/4/2011100 S POINTE DR # 1002Continuum on south Beach1,201 $ 812 $ 930,000
3/18/2011450 ALTON RD # 3001ICON South Beach2,145 $ 932 $ 1,800,000
3/5/20111000 S POINTE DR # 3102MURANO AT PORTOFINO2,618 $ 951 $ 2,250,000
3/3/20111100 WEST AV # 1414The Mondrian750 $ 799 $ 510,000
2/22/2011100 S POINTE DR # 2901Continuum South Tower1,591 $ 1,003 $ 1,550,000
2/22/2011400 ALTON RD # 2308Murano Grande1,600 $ 813 $ 1,200,000
2/9/2011450 ALTON RD # 2002THE ICON1,933 $ 543 $ 1,050,000
2/2/2011100 S POINTE DR # 1705Continuum1,869 $ 843 $ 1,500,000
3/18/2011450 ALTON RD # 3306ICON CONDO1,452 $ 434 $ 655,000
3/10/2011300 S POINTE DR # 1605PORTOFINO2,340 $ 639 $ 1,400,000
3/11/2011400 ALTON RD # 1904Murano Grande1,425 $ 772 $ 1,025,000
3/23/2011450 ALTON RD # 3502ICON Condo1,933 $ 822 $ 1,470,000

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Friday, February 4, 2011
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I want to tell the truth about housing supply and demand in Miami Beach. As previously posted, there's been significant Miami Beach Real Estate Sales Momentum in the last few months -continuing a strong upward trend. According to financial experts, this simply wasn't supposed to happen so soon after the financial crash of 2008. I heard all summer that when the tax credit expired, we would begin to see a sharp degradation in purchasing of existing homes AND condos in Greater Miami and Miami Beach and a corresponding price decline, predicted as much as 20% to 25%!

We're experiencing the opposite -- strong sales momentum, and prices that are holding steady to actually increasing. For example, we are seeing this upward trend in Miami Beach's South of Fifth Neighborhood, which has a finite supply of luxury waterfront buildings such as The Continuum on South Beach, Murano at Portofino, and Icon South Beach. When you link the latest sales numbers with a zero new building construction starts, you get this monumental shift that explains the increase in sales and the increase in prices that were NOT supposed to happen so soon! A case in point, even in Miami Beach's long-troubled Bentley Bay condominiums at the southern end of West Avenue- we've seen a dramatic decline in inventory from approximately ninety (90) condominiums offered for sale in late 2008 to under sixteen (16) today. Also, due to the high volume of pending contracts we will probably see gradual price APPRECIATION for select waterfront South Beach condominium buildings.

I came to the conclusion long ago that the overall Miami Beach housing market (whether for condos or single family homes) is on the rebound. Particularly when we look at the City of Miami Beach's STRONG anti-development restrictions on tearing down existing buildings, and limited Floor to Area ratios, the conclusion is that there's a PERMANENT limitation on future housing supply in the city of Miami Beach.

This is particularly relevant for South Beach's South of Fifth neighborhood, and the appropriately named "South of Fifth" development that was just acquired by iStar Financial Inc. (NYSE:SFI). It was announced last week that iStar will have full ownership of the luxury Miami Beach real estate condominium project “South of Fifth,” located at 125 Ocean Drive (right next to the Bentley Hilton). iStar plans to rebrand South of Fifth, reposition the condominium in the market, and redesign the intimate, seven-story beach-front condo with a multi-million dollar luxury investment. South of Fifth currently features 28 oceanfront residential units, three office units and one retail space. Units range in size from 660 square feet to 6,240 square feet. Preliminary marketing plans will have asking prices in the $1,000/S.F. range. Condominium amenities will include a private lounge, gym facilities, beachfront pool, private beach club, hotel services, as well as 24-hour valet, security and concierge.

Miami Beach Real Estate - South Beach Condos

Miami Beach is an International tourism mecca, drawing affluent foreigners from South America and Eastern Europe. The South of Fifth Neighborhood is where everyone wants to be these days. This has turned into a diverse & complete vacation destination for tourists who crave year-round sunshine, modern luxury waterfront condo residences, a vibrant night life, and a wide variety of gourmet restaurants & beaches.

If you're a potential Miami Beach condo or home buyer, my recommendation is to act NOW. The fact is that there's a very limited supply of WELL priced luxury waterfront homes and condos in Miami Beach, particularly for waterfront luxury residences located in the immediate South Beach area. The more motivated Miami Beach sellers, whether they be lenders or individual owners, are rapidly disappearing!

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Monday, December 20, 2010
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Despite the well known "Buyer's Market" environment in today's real estate market in Miami Beach, there's one building that stands out for commanding "TOP Dollar" :The Murano at Portofino Condominiums in South Beach's "South of Fifth" neighborhood.

Murano at Portofino Miami Beach

Murano at Portofino Condominium

What makes the Murano at Portofino Condominium Building so special?

  • - Location Location Location- at the extreme southwest tip of South Beach, adjacent to The Miami Beach Marina and South Pointe Park.
  • - Boutique Condominium Building- only 189 total condominium units, far less than the other surrounding luxury buildings (except Apogee).
  • - A unique design, inspired by the building's namesake- with plenty of Murano glass showcasing the incredible views and contemporary decor.
  • - A very well managed and impeccably maintained condominium- with a long-time professional staff that is highly motivated, knowledgeable, and provides Murano at Portofino residents with five star "white glove" service.
  • - A beautiful property, with a welcoming, wide, and easily accessible circular driveway leading to both the Piaggia Beach Club and The Murano at Portofino Lobby. No Guard House to deal with in this building, which makes getting and and out easy for residents and guests alike.
  • - Well proportioned and designed floorplans, with both the premier "A" / "01" floorplans in Tower One as well thought out as the smaller floorplans in Tower Three (which contains the one and two bedroom condominiums).

The closed sales prices at The Murano have (for the most part) remained strong in the face of a collapsing national real estate market Recent notable examples of Murano at Portofino lastest closed sales:

The Murano at Portofino #2401 (Premier "A" Line)
1000 South Pointe Drive
Miami Beach, FL 33139
Remarks: This is THE premier condo "01" floorplan at The Murano at Portofino
Sale Price: $3,100,000 (12/16/10)
Listed Price : $3,500,000
2010 Tax Assesed Value: $2,750,000
Previous “Sold” Price : $1,217,000 (2002)
Bedrooms: 3
Bathrooms: 3.5
Condo S.F.: 3,382 ($916/SF)
Days on Active Market (Multiple Listing): 307 Days
Discount from Asking Price: 11%

The Murano at Portofino #3401 (Premier "A" Line)
1000 South Pointe Drive
Miami Beach, FL 33139
Remarks: This is THE premier condo "01" floorplan at The Murano at Portofino
Sale Price: $2,880,000 (11/30/10)
Listed Price : $ 3,800,000
2010 Tax Assesed Value: $3,168,000
Previous “Sold” Price : $1,750,000 (2002)
Bedrooms: 3
Bathrooms: 3.5
Condo S.F.: 3,382 ($851/SF)
Days on Active Market (Multiple Listing): 834 Days
Discount from Asking Price: 24%

The Murano at Portofino #907
1000 South Pointe Drive
Miami Beach, FL 33139
Remarks: Smallest Two Bedroom "07" floorplan at The Murano at Portofino
Sale Price: $900,000 (11/30/10)
Listed Price : $995,000
2010 Tax Assesed Value: $592,700
Previous “Sold” Price : $560,000 (2003)
Bedrooms: 2
Bathrooms: 2.5
Condo S.F.: 1,390 ($683/SF)
Days on Active Market (Multiple Listing): 218 Days
Discount from Asking Price: 10%

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