Miami Beach's, and most especially the South Beach, waterfront real estate market is unique in many ways. The most significant diferentiating aspect, from national trends, of this real estate market is the following:
- A large percentage of Miami Beach luxury condominium owners in "South of Fifth" condo buildings such as The Murano at Portofino, Continuum South Beach, Apogee, The Portofino Tower, Icon South Beach, The Murano Grande, and The Yacht Club at Portofino are New York/New Jersey and foreign residents.
- These owners are LESS economically sensitive than the typical USA homeowner, as they tend to be high net worth individuals.
- The recently reduced cost of owning a luxury condominium residence in Miami Beach reflects favorably as compared to average property values in New York City (and other major metropolitan areas around the world).
- A significant percentage of waterfront homeowners in Miami Beach (especially for the previously mentioned luxury condo buildings) have their Florida real estate as second residence.
- The overall elimination of property speculators from the Miami Beach real estate market in the past few years. This is a result of successfully completed short sales, which have stabilized waterfront condo prices.
- The number of PREMIER, luxury waterfront condominiums available for sale from distressed owners in Miami Beach at reduced prices is rapidly being absorbed. These premier waterfront luxury condominiums are now starting to become scarce. Our experience is that these tend to be purchased by eager buyers looking for a "deal" very quickly.
- The overall low delinquency rates, and strong financial health, of the premier luxury condominium associations in South Beach. These include The Continuum on South Beach, Murano at Portofino, The IL Villaggio on Ocean Drive, The Murano Grande, Icon South Beach, Apogee South Beach, and the vast majority of the watefront luxury buildings in Miami Beach.
An recent "Short Sale" example from South of Fifth's Portofino Tower:
Approved "Short Sale” Price : $1,150,00
Original Price (7/2008) : $1,500,000
Bedrooms: 2
Bathrooms: 3
Interior S.F.: 2,040 ($563/SF)
Total S.F.: 2,190
Estimated Closing Date: September 23, 2010
Total Days on Active market (as Approved Short Sale): 10 Days
Short Sale Price Reduction: 23%
