Over the past year, we're seeing Miami Beach luxury condo buyers come from all across the globe. Close to 50 percent live in another country, and the balance are people who may live in the USA and have taken advantage of the price corrections of the past few years to purchase a second (or even third) waterfront luxury property in Miami Beach. Additionally, many foreign buyers purchase under an LLC corporation as a way of hiding assets from foreign tax authorities. They tend to have a local mailing address, which can belong to a registered agent or their accountant and/or attorney's local office address.

In spite of the recent ups and downs of the real estate industry in the United States, and Greater Miami in particular, it's still a safe investment environment by global standards. Among our top clients, there's always the mindset that if something is wrong anywhere else, the U.S. is a relative safe harbor to invest cash. For example, many Latin American real estate investors are looking for a safe haven from government expropriation of private bank accounts and real estate assets, such as what occurred in Argentina and Venezuela this past decade.

Greater Miami has become the destination place for many different cultures from Latin America- with the top luxury waterfront condo buyers coming from Brazil, Argentina and Eastern European countries. Particularly for Miami Beach condo buyers, the allure to its climate, newly revitalized cultural life, security, the beaches, and its international flavor have increased the appeal of waterfront luxury condos- most especially in the premier areas such as Miami Beach's South of Fifth Street Neighborhood.

In particular, ultra-luxury waterfront buildings such as The Continuum on South Beach, Apogee Miami Beach, The Portofino Tower, and The Murano at Portofino have witnessed dramatic declines in active listing inventory, and increases in sales prices. For example, the latest sales at The Continuum on South Beach have been at well over $1,350/S.F., with some even surpassing the "boom" market real estate highs of $2,547/S.F. (see the latest Miami Beach luxury condo listing inventory and closed sales at bottom of this post).

Total Available / Active "For Sale" Condos - Most Popular Miami Beach Luxury Waterfront Buildings:

Apogee Miami Beach: 6($2,200/ S.F. Average ASKING Price)
The Continuum North Tower: 49($1,262/ S.F. Average ASKING Price)
The Continuum South Tower: 19 ($2,353/ S.F. Average ASKING Price)
The Portofino Tower: 18 ($932/ S.F. Average ASKING Price)
Murano at Portofino: 13 ($1,450/ S.F. Average ASKING Price)
Murano Grande:18($788/ S.F. Average ASKING Price)
Icon South Beach: 33 ($1,062/ S.F. Average ASKING Price)
The Bentley Bay (North & South Towers): 9 ($630/ S.F. Average ASKING Price)
Il Villaggio on Ocean Drive: 10($1,419/ S.F. Average ASKING Price)

Total Condos Available for Sale from Above Referenced Miami Beach Buildings: 175
Total Average Listing Inventory (per Miami Beach Condo): 19

Total 180 Days Closed Sales of Above Referenced Miami Beach Condos: 71
Months of Supply for Above Referenced Miami Beach Condo Buildings: 2.5 (just ten weeks supply!!!)

Miami Beach Condo Sales and Listing Inventory Conclusions:

Traditionally, a six month supply of listing inventory is considered to be a normal & healthy real estate market. Given that we now have UNDER a three month supply in the nine above referenced Miami Beach waterfront condo buidings, expect sales prices to continue a strong UPWARD trend.

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 :

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.

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

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.

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.

In Miami Beach's South of Fifth Neighborhood, The Continuum South Tower lobby is nearing completion of a much needed common area remodeling and facelift. The Continuum South Tower condo was completed in late 2001, and the lobby and common areas were starting to look a bit dated. Especially when compared to competing nearby South of Fifth luxury waterfront buildings - such as Apogee, The Murano at Portofino, and The Continuum North Tower (completed in 2006)- the first impression of lobby common areas was less than impressive.

The Continuum South Tower renovation and complete updating (including upstairs party room and entry lobby and stairwell) have been designed by the renowned Pepe Calderin Design firm of Miami. No attention to detail and expense was spared- with the goal being to elevate the South Tower lobby & common areas to be competitive with the surrounding ultra-luxury condo buildings of South Pointe / South of Fifth.

Below are recent pictures of the remodeling progress thus far- visible are the southern lobby, elevator entry ways, and mailbox areas. Note the beautiful, rich woodwork and attention to detail of the stone walls. The new look will add a contemporary feel to the South Tower, as well as bringing this Miami Beach condo building on a par (at the very least) with the other nearby South Pointe area buildings in Miami Beach's South of Fifth Neighborhood.

Miami Beach Condominiums- Latest Sales Data as of 8/6/2011

Closing Date	Address	Mami Beach Condo	List Price	Living Area	LP$/SqFt	Sold Price
8/1/2011	1455 OCEAN DR # 1003	Il Villaggio Condominium	$2,169,000	1,550	$1,399	$1,750,000
7/28/2011	5025 COLLINS AV # 805	Capobella	$1,500,000	2,060	$728	$1,250,000
7/28/2011	5025 COLLINS AV # 2308	Capobella	$1,190,000	1,870	$636	$1,020,000
7/26/2011	5959 COLLINS AV # 704	The Bath Club	$2,595,000	3,982	$652	$2,375,000
7/25/2011	5959 COLLINS AV # 3002	THE BATH CLUB	$6,900,000	5,700	$1,211	$5,700,000
7/20/2011	101 20 st # 3108	The Setai	$2,580,000	1,141	$2,261	$2,600,000
7/19/2011	100 S POINTE DR # 2209	Continuum	$2,325,000	2,122	$1,096	$2,200,000
7/19/2011	6301 COLLINS AV # 1601	LA GORCE PALACE	$720,000	1,744	$413	$700,000
7/18/2011	6365 COLLINS AV # 1103	AKOYA CONDO	$950,000	1,761	$539	$920,000
7/14/2011	2201 Collins Ave # UPH6	W South Beach Residences	$6,500,000	2,352	$2,764	$6,120,400
7/14/2011	101 20 ST # 3006	Setai	$2,200,000	1,316	$1,672	$1,900,000
7/14/2011	400 S POINTE DR # 1009	SOUTH POINTE TOWER COND I	$779,900	1,279	$610	$772,500
7/12/2011	101 20 ST # 2801	Setai	$1,990,000	1,198	$1,661	$1,700,000
7/12/2011	450 ALTON RD # 3004	ICON SOUTH BEACH	$980,000	1,536	$638	$900,000
7/8/2011	50 S POINTE DR # 2704	CONTINUUM II	$3,500,000	2,173	$1,611	$3,500,000
7/8/2011	300 S POINTE DR # 1501	PORTOFINO TOWERS	$1,690,000	2,340	$722	$1,625,000
7/7/2011	1445 16 ST # B402	CAPRI SOUTH BEACH	$1,623,300	1,842	$881	$1,623,300
7/7/2011	1445 16 ST # UP5	CAPRI	$990,000	1,396	$709	$935,000
7/6/2011	450 ALTON RD # 2603	ICON	$1,600,000	2,158	$741	$1,309,500
7/6/2011	50 S POINTE DR # 1206	CONTINUUM NORTH TOWER	$1,595,000	1,698	$939	$1,400,000
7/5/2011	6010 AQUA PA # 6010	AQUA AT ALLISON	$1,350,000	4,071	$332	$1,285,000
7/5/2011	400 S POINTE DR # 901	SOUTH POINTE TOWER	$850,000	1,165	$730	$825,000
7/1/2011	400 ALTON RD # 3101	Murano Grande	$3,495,000	3,979	$878	$3,400,000
7/1/2011	3737 COLLINS AV # S-601	Caribbean	$1,699,000	1,837	$925	$1,525,000
7/1/2011	6899 COLLINS AVE # 1505	CANYON RANCH MIAMI BEACH	$999,000	1,290	$774	$950,000
6/30/2011	210 ZOE WY # 210	AQUA AT ALLISON ISLANS	$2,200,000	4,387	$501	$1,850,000
6/30/2011	100 S POINTE DR # 2509	CONTINUUM SOUTH TOWER	$2,250,000	2,122	$1,060	$2,122,000
6/30/2011	50 S POINTE DR # 1205	Continuum on South Beach	$1,550,000	1,698	$913	$1,450,000
6/30/2011	10 VENETIAN WY # 2204	THE GRAND VENETIAN	$1,850,000	2,345	$789	$1,587,500
6/30/2011	100 S POINTE DR # 1406	Continuum on South Beach	$3,750,000	2,508	$1,495	$3,400,000
6/28/2011	4775 COLLINS AV # 1707	GREEN DIAMOND	$724,900	1,380	$525	$721,000
6/28/2011	300 S POINTE DR # PH4206	PORTOFINO TOWERS	$2,275,000	2,040	$1,115	$1,750,000
6/28/2011	450 ALTON RD # 3107	Icon South Beach	$1,499,000	1,815	$826	$1,440,000
6/28/2011	4779 COLLINS AV # 1407	Blue Diamond Condo	$729,000	1,380	$528	$730,000
6/27/2011	50 S POINTE DR # 1906	CONTINUUM ON SOUTH BEACH	$2,005,000	1,698	$1,181	$1,700,000
6/27/2011	5959 Collins Avenue # 1808	THE BATH CLUB	$849,000	1,904	$446	$806,500
6/27/2011	50 S POINTE DR # 2802	CONTINUUM NORTH TOWER	$3,999,999	2,621	$1,526	$3,836,000
6/27/2011	90 ALTON RD # 2901	Yacht Club at Portofino	$725,000	1,130	$642	$700,000
6/27/2011	50 S POINTE DR # 2502	CONTINUUM ON SOUTH BEACH	$4,431,000	3,017	$1,469	$3,850,000
6/24/2011	5025 COLLINS AV # 2307	CAPOBELLA	$1,050,000	1,750	$600	$870,000
6/24/2011	5801 COLLINS AV # 1000	Villa Di Mare	$2,400,000	4,599	$522	$2,400,000
6/22/2011	6899 COLLINS AV # 901	CANYON RANCH	$1,100,000	1,565	$703	$950,000
6/22/2011	6899 COLLINS AV # 1402	CANYON RANCH	$1,755,000	2,050	$856	$1,755,000
6/21/2011	16 ISLAND AV # 1A	Belle Towers	$799,000	1,700	$470	$720,000
6/21/2011	450 ALTON RD # 2504	ICON South Beach	$950,000	1,536	$618	$845,000
6/21/2011	1000 S POINTE DR # 902	Murano at Prtofino	$2,399,000	2,618	$916	$2,215,000
6/20/2011	800 S POINTE DR # 1404	APOGEE CONDO	$7,990,000	4,154	$1,923	$7,350,000
6/17/2011	6899 COLLINS AV # 802	CANYON RANCH	$1,345,000	2,050	$656	$1,200,000
6/16/2011	450 ALTON RD # 1801/3	ICON CONDOMINIUM	$3,900,000	4,303	$906	$3,400,000
6/16/2011	400 S POINTE DR # 510	South Pointe Tower	$725,000	1,559	$465	$700,000
6/13/2011	4775 COLLINS AV # 3104	GREEN DIAMOND CONDO	$825,000	1,550	$532	$780,000
6/13/2011	6365 COLLINS AV # 2703	AKOYA	$1,150,000	1,761	$653	$1,075,000
6/13/2011	100 S POINTE DR # 601	CONTINUUM SOUTH BEACH	$1,490,000	1,591	$937	$1,379,000
6/10/2011	6103 AQUA AV # 504	Spear at Aqua	$799,000	2,752	$290	$767,000
6/10/2011	100 S POINTE DR # 2106	Continuum South Tower	$3,850,000	2,508	$1,535	$3,800,000
6/10/2011	6365 COLLINS AV # 3701	AKOYA	$1,047,000	1,761	$595	$990,000
6/9/2011	458 OCEAN DR # 501	Ocean Five	$700,000	1,118	$626	$675,000
6/9/2011	2201 COLLINS AV # 1229	W South Beach Residence	$1,700,000	1,054	$1,613	$1,560,000
6/8/2011	400 ALTON RD # 1910	Murano Grande At Portofin	$1,130,000	1,548	$730	$1,080,000
6/6/2011	300 S POINTE DR # 605	PORTOFINO TOWER	$1,250,000	2,340	$534	$950,000
6/6/2011	6899 COLLINS AV # 1403	CANYON RANCH	$830,000	1,280	$648	$725,000
6/6/2011	6799 COLLINS AV # S304	CANYON RANCH SOUTH TOWER	$1,549,000	2,165	$715	$1,375,000
6/6/2011	800 S POINTE DR # 1803	Apogee	$5,400,000	2,756	$1,959	$4,900,000
6/3/2011	450 ALTON RD # 804	ICON South Beach	$719,000	1,536	$468	$697,500
6/3/2011	1900 SUNSET HARBOUR DR # 1808	Sunset Harbour North	$825,000	1,550	$532	$750,000
6/2/2011	50 S POINTE # 2101	continuum	$5,299,000	3,017	$1,756	$5,050,000
6/2/2011	1000 POINTE DR # 608	MURANO AT PORTOFINO	$1,090,000	1,791	$609	$935,000
5/31/2011	450 ALTON RD # 2802	ICON South Beach	$1,350,000	1,933	$698	$1,275,000
5/26/2011	1000 S POINTE DR # 901	Murano At Portofino	$3,800,000	3,365	$1,129	$3,500,000
5/25/2011	4775 COLLINS AV # 2101	GREEN DIAMOND CONDO	$1,240,000	2,010	$617	$1,240,000
5/25/2011	1900 SUNSET HARBOUR DR # 2302/4	SUNSET HARBOR	$1,195,000	2,350	$509	$1,050,000
5/23/2011	4775 COLLINS AV # 1802	GREEN DIAMOND	$999,000	1,530	$653	$890,000
5/23/2011	3801 COLLINS AV # 1104	Mosaic	$775,000	1,212	$639	$720,000
5/23/2011	450 ALTON RD # 1701	ICON South Beach	$1,695,000	2,145	$790	$1,650,000
5/20/2011	4775 COLLINS AV # 2804	Green Diamond Condo	$775,000	1,490	$520	$750,000
5/20/2011	4391 COLLINS AVENUE # 1414	FONTAINEBLEAU IIISORRENTO	$899,000	992	$906	$825,000
5/20/2011	4779 COLLINS AV # 1704	Blue Diamond Condo	$745,000	1,550	$481	$710,000
5/19/2011	400 ALTON RD # 1602	MURANO GRANDE	$899,000	1,874	$480	$825,000
5/19/2011	9 ISLAND AV # T5	NINE ISLAND AVENUE CONDO	$825,000	2,109	$391	$720,000
5/18/2011	300 S POINTE DR # 403	PORTOFINO	$1,295,000	2,340	$553	$1,188,000
5/18/2011	400 S POINTE DR # 1705	SOUTH POINTE TOWER	$700,000	1,042	$672	$680,000
5/18/2011	4775 COLLINS AV # 2504	GREEN DIAMOND CONDO	$949,000	1,550	$612	$815,000
5/17/2011	50 S POINTE DR # 2201	CONTINUUM NORTH TOWER	$4,500,000	3,017	$1,492	$4,050,000
5/17/2011	400 S POINTE DR # 1910	SOUTH POINTE TOWER	$990,000	1,559	$635	$926,000
5/16/2011	50 S POINTE DR # 1704	Continuum On South Beach	$1,345,000	1,491	$902	$1,300,000
5/16/2011	450 ALTON RD # 1703	ICON South Beach	$1,895,000	2,158	$878	$1,655,000
5/12/2011	125 JEFFERSON AV # 146	THE COURTS AT SOUTH BEACH	$749,000	1,485	$504	$719,000
5/11/2011	1000 VENETIAN WY # 1202	One Thousand Venetian	$1,099,000	2,010	$547	$950,000
5/11/2011	101 20 ST # 2506	The Setai	$1,690,000	1,316	$1,284	$1,540,000
5/10/2011	100 S POINTE DR # 3207	Continuum South Beach	$4,500,000	2,954	$1,523	$4,000,000
5/10/2011	100 S POINTE DR # 3604-3	Continuum South Tower	$13,500,000	6,438	$2,097	$10,576,000
5/9/2011	4775 COLLINS AV # 2607	green diamond	$780,000	1,380	$565	$730,000
5/9/2011	101 20 ST # 3206	SETAI	$2,150,000	1,316	$1,634	$1,930,000
5/9/2011	4775 COLLINS AV # 3605	GREEN DIAMOND	$895,000	1,380	$649	$825,000
5/9/2011	101 20 ST # 2104	The Setai	$1,049,000	1,162	$903	$980,000
5/9/2011	1000 S POINTE DR # 2502	MURANO AT PORTOFINO	$2,550,000	2,618	$974	$2,400,000
5/9/2011	6899 COLLINS AV # 907	CANYON RANCH	$1,020,000	1,565	$652	$958,000
5/6/2011	450 ALTON RD # 1503/4	ICON Condo	$2,799,000	3,694	$758	$2,550,000
5/6/2011	4775 COLLINS AV # 2607	green diamond	$780,000	1,380	$565	$760,000

Located at the southernmost tip of South Beach, with over 12 acres directly on the Ocean, makes Continuum THE most coveted condominiums in all of Miami Beach. There's something very special about these 12 acres of oceanfront land, which is where Continuum North and South Towers are located. A little known fact is that this parcel of land once belonged to a local tribe of Indians, and legend has it that this land has a mystical quality. Whether this is true or not, as far as sheer beauty, desireability, lifestyle, amenities, and location, The Continuum is by far the most spectacular luxury condominium development in the South of Fifth Street neighborhood (and probably in the entire state of Florida).

Recently, I've worked with several multi-million dollar buyers looking to purchase in The North Tower, which is the newest of the two, and has more modern features such as touchscreen "smart" panels and a few other amenities that were not available in 2001 when the South Tower was built. The Continuum North two bedroom floorplans, in my opinion, are also better laid out and more functional than comparable two bedroom floorplans in the Continuum South Tower. Another little known fact is that the subcontracting work from the developer was also more detail oriented and tended to be of better quality than the South Tower finish work. For these reasons, and the improvement in the financial markets lately, are why we are witnessing buyer demand and a strong upward price trend.

Below are the last ninety days of closed sales from The Continuum - North Tower. Note that these average at over $1,000/SF, and that prices are slowly creeping back up to the pre-financial crisis levels.

For the next few weeks, I'd like to highlight the significant sales movement that we are seeing in the premier luxury waterfront condominium buildings in the South of Fifth Street neighborood in South Beach. The most sought-after buildings in this highly desireable area are the Continuum North and South Towers, The Apogee South Beach ultra-luxury condos, The Murano at Portofino, The Murano Grande, and finally Icon South Beach. Below are the past twelve months closed sales (and two pending sales) for the Continuum North Tower, which was completed in 2008. Many (subjectively speaking) consider the North Tower to be a slightly more desireable due to it's finishes, better overall attention to details by the builder, and a few of the more modern "smart" building amenities that were not available when the Continuum South Tower was completed in 2001.

The Continuum is a one of kind luxury waterfront condo community with twelve acres located directly on the Ocean at the southernmost tip of Miami Beach. Featuring two oversized lagoon pools, the largest private fitness facility in Miami Beach, two sunken tennis courts, a private lap pool, a private restaurant, and many other amenities, click here for more information about The Continuum North Tower.

The Sales Data for the past twelve months is listed below: