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

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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Saturday, May 14, 2011
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Miami Beach's latest ultra-luxury condo sales are indicative of a segment of the Miami Beach real estate market that's made an incredible sales comeback in 2011.Miami Beach's waterfront condo market is on fire, especially for direct waterfront premier condominiums in the Apogee and Continuum condo buildings in Miami Beach's South of Fifth Neighborhood. In the past few weeks, we have seen South Beach Condo sales that approach the price points not seen since the real estate market high's prior to 2007.

Many high net worth and especially international buyers are seeking premier, contemporary, and direct waterfront luxury condos such as the twelve acre Continuum on South Beach and the Apogee condos in Miami Beach. The Continuum is a twelve acre direct Oceanfront resort-type condo with unrivaled amenities for residents and their guests. Apogee was built as a boutique condo building, in a premier location across from Fisher Island and "cruise ship alley" with each individual condominium the equivalent of an estate in the sky.

Particularly noteworthy are the premium prices that are being commanded for the larger, more unique ultra-luxury condominiums in these buildings. For example the Apogee Penthouse that closed on April 14, 2011, has two stories and over 6,800 S.F of living space, plus a private rooftop pool. This incredible one of a kind Estate in the Sky was marketed for over one year, and sold for an impressive $1,678/S.F. Also, the equally unique and beautiful combined 3604/03 condos at The Continuum South Beach, with panoramic views of the Atlantic Ocean, Downtown Miami, Fisher Island, and the City of Miami Beach sold for an incredible $1,643/ Square Ft. !

Apogee Miami Beach CondosContinuum Miami Condos

Continuum South Beach Condos

Below are the Continuum and Apogee Condominium closed sales from the past 60 days:

Continuum and Apogee Closed Condo Sales
Sale DateADDRESSMiami Beach CondoLiving AreaSales PricePrice / S.F.
4/18/2011800 S POINTE DR # PHAAPOGEE6,853 $ 11,500,000 $ 1,678
5/10/2011100 S POINTE DR # 3604-3Continuum South Tower6,438 $ 10,576,000 $ 1,643
5/3/201150 S POINTE DR # 801Continuum North Tower5,300 $ 6,500,000 $ 1,226
3/23/2011800 S POINTE DR # 1402Apogee3,103 $ 4,995,000 $ 1,610
5/10/2011100 S POINTE DR # 3207Continuum South Beach2,954 $ 4,000,000 $ 1,354
4/8/2011100 S POINTE DR # 3204Continuum2,508 $ 3,270,000 $ 1,304
4/30/2011100 S POINTE DR # 1104continuum on south beach2,292 $ 2,850,000 $ 1,243
4/12/201150 S POINTE DR # 3003CONTINUUM NORTH TOWER2,306 $ 2,700,000 $ 1,171
4/25/2011100 S POINTE DR # TH-15The Continuum2,072 $ 1,425,000 $ 688
4/19/2011100 S POINTE DR # 2401CONTINUUM ON SOUTH BEACH1,591 $ 1,350,000 $ 849
4/28/2011100 S POINTE DR # 1603CONTINUUM ON SOUTH BEACH1,365 $ 1,100,000 $ 806

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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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