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.

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%

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%

There are so MANY reasons why people want to live in Miami Beach: The weather, the lifestyle, the Art Deco architectural diversity and beauty, the many new ultra luxury waterfront homes and condos, and the pure "fun" factor are just a few of the top reasons that come to mind.

Also, Miami Beach, and most especially South Beach's South of Fifth neighborhood, has become one of the most sought-after places to live in the world. Recognizing this, the city of Miami Beach planned a multi-million dollar renovation of South Pointe Park, which was completed in 2009. This extensive renovation included a completely new landscape with a variety of vegetation, Palm Trees, walkways, a multicolored nighttime light display along Government Cut, underground water fountains, the creation of elevated sand dunes, party facilities, and even a children's playground! Additionally, a new Pier was constructed where you can walk out several hundred feet to truly experience the beauty of the Atlantic Ocean.South Pointe Park is surrounded by the several ultra-luxury condominium buildings - The Continuum South Beach, Apogee, The Portofino Tower, The South Pointe Tower, and The Murano at Portofino. These residents can often be spotted taking advantage of the Park's restored beauty and vibrant atmosphere.

Top Ten Things to do in South Miami Beach:

1. Jog or walk through the many trails and paths- especially at night to see the multicolored light show along the Intracoastal Waterway.

2. Bring a Yoga Mat and attend one of the free morning and evening yoga classes sponsored by various local fitness centers ON THE BEACH!

3. Watch incredible Ocean and Intracoastal waterfront sunrises and sunsets.

4. SOCIALIZE with the many locals who bring their dogs to the many local parks for morning and evening walks. A little known fact is that many locals organize regular get-togethers for other dog owners.

5. Watch the amazing sight of cruise ships leaving the Port of Miami around 5pm Friday - Sunday (especially in High Season).

6. Take a day trip to the Beach, most beachfront parks have easy beach access paths.

7. Bring your kids, nieces, nephews, and any other young adult to play in the water fountains inside most South Beach parks.

8. Go to the many waterfront restaurtants with views of Fisher Island, the Ocean, and the downtown Miami skyline

9. Enjoy the incredible high fashion shopping experience in open air Pedestrian Malls such as Lincoln Road Mall, Bal Harbour Shops, and along Collins Avenue.

10. Celebrity watch! Recently, I spotted Gloria Estefan, Rosie O'Donnell and their families enjoying a spectacular year-round weather!

More information on specific South Beach neighborhood and Miami Beach lifestyle Top Ten can be found at the below linked previous blog posts:

Miami Beach's South Pointe Park
Why I Love South Pointe / The Continuum
Portofino Tower / South of Fifth Neighborhood Top Ten
South of Fifth Neighborhood / Icon South Beach Top Ten

Initially, The Yacht Club at Portofino was developed and conceived by The Related Group as the first watefront luxury rental buildings South of Fifth Street in the late 1990's. However, as the real estate market began to heat, The Related Group added a few extra luxury features (such as granite counter tops, washer/dryers, better fixtures, etc.) to the individual units and The Yacht Club was changed from the initial concept of rental property to entry-level luxury waterfront condominiums with a very liberal rental policy. The condominium documents allow owners to rent their individual units down to a monthly basis- if desired. This means that The Yacht Club Condominiums are not for everyone, as the building is a very busy property, with a mix of long-term residents, short term tenants, and annual renters comprising a mix of over 360 individual condominiums. However, almost everyone I know who has lived at The Yacht Club has enjoyed the experience and have very positive things to say about the condominium building.

The main benefits of living and owning at the Yacht Club at Portofino Condomiumiums:

• - Monthly rental policy- allowing for flexibility and strong income potential
• - Low condominium delinquency rates
• - Fantastic South of Fifth neighborhood location directly on the water
• - Great entry-level price points (surrounding buildings such as The Murano at Portofino, Apogee, Murano Grande & Icon are much more expensive)
• - Tasteful and contemporary waterfall lobby designed by award winning designer Tesi Garcia
• - On-site rental office for easy property management
• - Oversized Pool deck with waterfalls, tennis court, jacuzzi, and resort-type amenities
• - Great mix of one, two, and even three bedroom condominiums
• - Large and well equipped gymnasium (with waterfront views)
• - Dock slips available in your backyard (via Miami Beach Marina)
• - Well maintained building with an experienced and stable on-site management and staff
• - Strong property value retention- even in the latest real estate downturn, overall values at the Yacht Club have held up better than in other similar category buildings
• - Incredible views of the downtown Miami skyline, Biscayne Bay, Fisher Island, and the Atlantic Ocean
• - Due to the proximity to South Pointe Park (almost at the southern tip of South Beach), just a five minute walk to the Beach!

View: Yacht Club Condos For Sale

The Continuum South Tower condominium building, located in Miami Beach's South of Fifth neighborhood, was completed in late 2001. Conceived by New York developer Bruce Eichner in the late 1990's, this property is truly one of the most sought-after luxury oceanfront condo buildings IN THE WORLD! A little known fact- the 12 acres of land on which the Contiuum South Beach is located was once considered sacred land by an Indian tribe of Florida. Quite possibly, this is due to the unique location at the southeasternmost tip of Miami Beach directly across from Fisher Island. To experience the Continuum in person is truly a special experience, from the moment you arrive on this 12 acre oceanfront property at the Southeastern most tip of South Beach!

The South Tower of Continuum is located on premier southern end of the of master condomimium association consisting of the Continuum North and South Towers, located at 50 South Pointe Drive and 100 South Pointe Drive respectively. This Miami Beach address is recognized around the world as being among the most prestigious real estate. I have been selling luxury condominiums in Miami Beach since 1998, and since The Continuum started pre-sales around that time, this is THE premier condomium property to bring my most selective and affluent buyers. Also, personally, this is my favorite building in all of Miami Beach.

Top 10 Reasons Why I LOVE The Continuum South Tower in Miami Beach:

1. Amazing location- 12 acres of oceanfront paradise- with the South Tower having the premier Southerneastern location.
2. The best private oceanfront party rooms in South Beach. Period.
3. First Class Staff- Trained to be "best of the best" by the management association since 2001
4. Oversized balconies- originally designed to be more expansive than the North Tower
5. A unique two story Lobby with handcrafted Venetian Plaster throughout
6. Oceanfront Cabanas and Townhomes (for South Tower Residents Only)
7. Direct Access to the best Private Fitness Center in all of South Beach.
8. Private and semi-private High Speed Elevators and Foyers
9. Unique floorplans- with oversized kitchens and expansive bathroooms
10. Incredible kitchens, with Miele Appliances, Granite countertops, and oversized Subzero Refrigerators in all condominiums

Search Continuum South Beach Condos for Sale

A little known fact today is that The Portofino Tower was originally conceived and developed by German Developer Thomas Kramer. This developer was a true visionary, he was among the first large-scale investors in Miami Beach's South of Fifth Neighborhood, long before it was fashionable. Like many visionaries and true pioneers, he was also controversial and perhaps ahead of his time. By the early 1990's, the South of Fifth Street area of Miami Beach was a dilapidated, somewhat dangerous, and architecturally uninteresting part of Miami Beach. The Art Deco renaissance that began in the early 1980's in South Beach did NOT include the South of Fifth district. This area was not considered historically significant by Miami Beach's Art Deco Preservation league. As a result, the renovations and architectural renaissance that took place in the 1980's and early 1990's was NORTH of Fifth Street. Mr. Kramer had purchased the land which is now occupied by The Portofino Tower, the Yacht Club, Murano at Portofino, Murano Grande, Icon South Beach, and Apogee South Beach and other luxury South Beach real estate properties.

Thomas Kramer began development of the Portofino Tower, with the construction and sales eventually completed by Jorge Perez' Florida-based Related Group. Eventually, The Related Group took over the development and construction of the other Kramer-owned South of Fifth Street real estate projects. The original South Fifth Masterpiece- The Portofino Tower, was completed in 1997, and set a new standard for luxury, scale, and high-end finishes for Miami Beach. Located adjacent to the South Pointe Tower (and comprising the same master association), the Italian-inspired architectural style and 40+ stories of this luxury condominium building continues to impress local residents and visitors alike. This is a unique luxury building- with it's own spacious design and mostly larger flow-through luxury condominiums, with first class amenities. The Portofino Tower is a luxury condominium building located at 300 South Pointe Drive, adjacent to Government Cut and the newly restored South Pointe Park.

No detail was spared in the construction of the The Portofino Tower, from the unique design of the shared spaces with a two story lobby and a spectacular fitness center in the sky, with incredible views of Downtown Miami, Fisher Island, the Atlantic Ocean, and the city of Miami Beach. The entry way features a 24 hour security booth, and additional security in the lobby Front Desk, Valet Service, as well as a concierge service desk for residents. Since the building was completed in 1997, I have had the privilege of representing many sellers and buyers. Almost all of my clients have LOVED living here, so I'd like to share the Top Ten Reasons why they do.

Top 10 Reasons Why The Portofino Tower is one of the most popular South Beach luxury condo buildings:

1. The strong management staff- Top notch and long-term employees.
2. Top-tier amenities- including two Tennis Courts, a billiards/entertainment room, and spectacular and remodeled fitness center in the middle of the building with amazing views, complete with a private aerobics studio.
3. Incredible Views of downtown Miami, Biscayne Bay, Fisher Island, Star Island, and the city of Miami Beach.
4. Location- South of Fifth Street, across the Street from Joe's Stone Crab, and adjacent to South Pointe Park.
5. Beautiful Kitchens- featuring Thermador Appliances, high end cabinetry, and large granite countertops in every condominium.
6. Hurricane Impact Windows throughout the entire property. This one feature puts this condo building one notch above all others built prior to the passage of the stricter construction codes of 2001.
7. The separation of traffic among towers- with elevators opening to semi-private and private foyers (in select condo units).
8. Financial Stability- There have been very few short sales in the building in the past year, yet the condo association is well managed and has delinquency rates under 5%, with strong reserves. Maintenance fees actually declined slightly in the past year.
9. Active Social Committees- The Board of Directors and management organize semi-regular social functions aimed at creating a sense of community among the full and part-time residents.
10. Flow-through & open, large flooroplans- Most condominiums in the building have two large terraces on opposite sides of the building featuring incredible views of both sunrises and sunsets.

The Murano Grande was conceived as a larger follow up to The Related Group's original South Fifth Masterpiece- The Murano at Portofino. A unique luxury building- with it's own design, architectural style, and amenities- the Murano Grande South Beach is a luxury condominium building located at 400 Alton Road, just South of Fifth Street.

No detail was spared in the construction of the Murano Grande, from the unique design of the shared spaces (conceived by The Rockwell Group), to the form and modern layout of the two story lobby. The Murano Grande evokes a contemporary feel, with a strong emphasis on the preservation of large open spaces. The lobby features a 24 hour security desk, as well as a concierge service desk. Since the building was completed in 2003, I have had the priviledge of representing many of it's sellers and buyers. Almost all of my clients have LOVED living here.

10 Reasons why The Murano Grande South Beach is one of the most popular Miami Beach luxury condo buildings:

• 1. The strong management staff- Top notch and long-term employees.
• 2. Top-tier amenities- including Tennis Courts, beautiful waterfall pool deck, and a well appointed gymnasium.
• 3. Incredible Views of downtown Miami, Biscayne Bay, Fisher Island, Star Island, and the city of Miami Beach.
• 4. Location- South of Fifth Street yet right next to the Miami Beach marina and the Fifth & Alton Shopping Center.
• 5. Amazing kitchens- Featuring Miele Appliances, high end cabinetry, and large granite countertops in every condominium.
• 6. Hurricane Impact Windows throughout the entire property. This one feature puts this condo building one notch above all others built prior to the passage of the stricter construction codes of 2001.
• 7. The separation of traffic among three towers- with elevators opening to semi-private and private foyers.
• 8. Financial Stability- There have been short sales in the building in the past year, yet the condo association is well managed and has reduced delinquency rates to under 5% and has strong reserves.
• 9. Active Social Committees- The Board of Directors and management organize semi-regular social functions aimed at creating a sense of community among full and part-time residents.
• 10. Large Terraces- Every condominium in the building has surprisingly large terraces, with all condos facing the Bay having extra large wrap around balconies.

Currently there are 40 condos available for sale at the Murano Grande. View the Listings.

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.

As a former resident and owner at The Murano, I've experienced intimately this very special boutique luxury building. Located at the Southernmost western end of South Beach, right where government cut intersects with the island of Miami Beach. As the name implies, The Murano at Portofino was inspired by the beautiful Italian blown glass. The architecture of the Murano condo building very much echoes this, with unique green tinted windows and curved glass throughout.

A few of the reasons why the Murano's price points have barely been affected by South Florida's real downturn:

- An exceptionally well managed property with a long-time on-site management staff that takes pride in working at THE premier Bayfront building in South Beach. From the moment you enter the reception area, the valet staff, the concierges, and front desk staff are almost always impeccable and provide first class service to residents and their guests.

- A boutique property with owners that are incredibly loyal and proud of the building. Consisting of only 187 individual condominiums, this fosters a sense of intimacy and friendship among residents. There is a very active social committee that hosts several resident-only parties during low and high seasons.

- The Piaggia Beach Club, which hosts various ultra-chic parties around a salt water pool. The Piaggia managment and staff are professionally trained in the South of France. The ambiance, food, and service at this beautiful beach club is unique to The Murano at Portofino (note that guests are always welcome).

- The building was completed in 2001, with relatively few condo units subject to the kind of speculative buying and selling that occurred during the real estate boom and bust cycle of recent years.

- Low maintenance dues for a luxury building, with an annual budget surplus, almost no delinquency rates, and a very strong reserve fund for replacing equipment and impeccable maintenance of common areas.

- A first class & expanded / remodeled gymnasium, spa, and main lobby. Also, the fresh water main pool deck (facing Biscayne Bay) is one of the most beautiful and impressive in all of Miami Beach.

- Two sunken, 24 hour lit tennis courts. As a matter of fact, these are so impressive that the building is home to serveral current and former ATP ranked tennis players.

- A contemporary and consistent interior design throughout the building- with plenty of Murano glass pieces to highlight the architectural uniqueness of the building.

- High-end contemporary cabinets and fixtures in all of the condo units. These include Poggen Pohl Kitchens, Miele Appliances, Subzero refrigerators, and expansive floor to ceiling windows and sliding glass doors.

Widely considered the highest end ultra-luxury condominium building in all of Miami Beach, Apogee's past 90 days of closed sales demonstrates the enduring strength of the overall South Beach condo market. This was the last, and highest end, condominium building completed by the Related Group in 2008. Despite the severe real estate downturn of the past few years, sales data for the Apogee in the past few years, and most especially recently, is further evidence that premier waterfront properties continue to draw buyers willing to pay a premium price for the right location, amenities, and especially in a boutique ultra-luxury building.

A particularly noteworthy sale at Apogee is highlighted below. This condominium, although spectacular with many ultra-luxury features and amazing views of Fisher Island, Government Cut, the Ocean, and the city of Miami Beach, was sold "Decorator Ready" but still needed to be finished out with flooring, window treatments, paint, etc.

Apogee #1801- High floor Eastern Exposure corner condominium with four bedrooms / four baths estate in the sky type residence. The extra large living room even has a fireplace! Large master suite with midnight kitchen. Media room and outdoor kitchen. Top of the line line appliances, exceptional woodwork in closets, sunken bathtub/ rain showers. Panoramic views of Fisher Island, Atlantic Ocean, Government Cut, South Beach. 2400 sf wrap-around terrace. 2.5-car enclosed private garage.

Sold Price: $5,900,000
Original “For Sale” Price : $6,795,000 (5/2009)
Original “Sold” Price (7/2008) : $5,390,000
Bedrooms: 4
Bathrooms: 4
Interior S.F.: 4,154 ($1,420/SF)
Total S.F.: 6,554 ($900/SF)
Closed Date: April 16, 2010
APPRECIATION from Previous Sales Price in 2008: 9.5%

Below are the last 90 days worth of closed sales data from the entire Apogee Condominium Building: