South Beach Condos Blog

Here it is:

Unit #501 is available for $999,000.  This unit is completely finished and ready to move into.

Unit #901, which was a foreclosure,  closed in June, 2007 in the Gorlin Building at AQUA at Allison Island for $1,065,000.  The unit had a beautiful view and was unfinished.

So, for all who ask me about a “good deal,” here it is.

Miami Beach real estate, AQUA Allison Island, Gorlin Condos, Foreclosures, South Beach condos

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Sorry about the late update of the October installment of the South Beach condo statistics. I just re-launched my new website. The new website, www.kevintomlinson.com, has incredible and first-ever features like the ability to track changes of the list price of all Miami Beach condos (or at least the ones represented on the site).

South Beach Real Estate Blog: Your Miami Beach Real Estate On-line Newsroom

Ok, so historically, August and September are the slowest months of the year with regard to Miami Beach real estate sales activity. The numbers from last month’s post don’t really reflect anything earth-shattering.

This data is based on information from the Southeast Florida Regional (SEFR) MLS or from the associations participating in the SEFR for the period 1/1/07 through 10/3/2007.

This South Beach condo analysis covers the South Beach condos: Continuum South Beach, Murano at Portofino, Murano Grande, ICON South Beach, Portofino Tower, Yacht Club at Portofino, and South Pointe Tower

Here are some of the highlights:

Continuum had five closings from 9/4/2007–10/3/2007. That is impressive given the time of the year.

Miami Beach Condo Sellers: Time Is NOT Your Friend

Here, surprisingly, the average days on market has actually fallen in every condominium except Murano Grande from the previous months stats. ICON South Beach and Portofino Tower are continuing to choke on their own inventory. Every building except for Murano at Portofino and Continuum has problems with their amount of inventory and time on the market.

I sense that many owners are waiting for “season” before adjusting their prices where they need to be. Being “on the ground,” I know that there are buyers out there, it is just that so many sellers are not being realistic or hearing what the market is telling them.

Kevin’s advice: If you are a serious Miami Beach condo seller, don’t wait until after the “season” (“season” typically is December-June) to re-evaluate your pricing, DO IT NOW! If you plan on re-evaluating your list price, here is a guide to help you do it, the right way.

A normal real estate market dictates that about 10% of the condominium’s units could be available for sale at any given time. Murano Grande, ICON South Beach, and Portofino Tower have way too much inventory. Real estate market fundamentals, like location and supply and demand, are more important than ever.

Here is a quick run-down of the Miami Beach real estate activity in the SoFi neighborhood of South Beach from 9/4/07 thru 10/3/07:

Nine units closed, four of which were in Continuum South Beach

Two units pended (awaiting closing, under contract); both of which were in ICON South Beach

40 units came on the market

• Continuum: 7
• Murano at Portofino: 6
• Murano Grande: 7
• ICON South Beach: 5
• Portofino Tower: 2
• Yacht Club at Portofino: 9
• South Pointe Tower: 4

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Canyon Ranch Living is a three-phase project that is located on the ocean at 6801 Collins Avenue in Miami Beach. This perfect address encompasses more than 1,000 linear feet of oceanfront and is just minutes north of world-famous South Beach and minutes south of the Bal Harbour Shops.

Phase one is the South Tower (condo residences) and the Center Tower, also called the Carillon Tower (condo-hotel units and condo residences). The second phase will be the North Tower, and the third phase will be the historic Golden Sands Hotel property at 6901 Collins Avenue (no details yet on how the Golden Sands will fit into the project). The first two phases of the project will have 581 units total:

• 143 in the South Tower (phase one)
• 151 condo-hotel units in the center Carillon building (phase one) on floors 2–10; floors 10–16 in Carillon Tower are condominiums
• 80 condo units in the center Carillon building on floors 11–16
• 207 condos in the North Tower (phase two), including seven direct oceanfront beach houses

The developer is expecting the T.C.O. (temporary certificate of occupancy) for the South Tower any day. Closings will begin ten days after a T.C.O. is obtained. Closings for the Center Tower (Carillon) should begin 30 to 60 days after the South Tower, and the Canyon Ranch Living Miami Beach Resort should open in the first part of 2008.

Restaurants at Canyon Ranch Living Miami Beach

Cabana Grill – Offers healthy meals served in the pool area exclusively for Canyon Ranch guests and residents.

Café Vida – Casual dining and tasting room offering creative cuisine, fine wines, and to-go items.

Juice Bar – Here you can sample locally-fresh and seasonal juices and smoothies in the ocean-view Juice Bar located on the 4th floor Spa Lobby.

The Restaurant at Canyon Ranch – A fine-dining oceanfront restaurant with indoor & outdoor seating will offer award-winning and nutritionally-balanced gourmet cuisine and will be open to the public. Open for breakfast, lunch, and dinner daily, the restaurant sits adjacent to the hotel lobby and borders the beach. The terrace features dining with superb ocean views. Sensual and experiential dining venues include an exhibition kitchen, tapas area and private dining for up to 40 guests – all serving signature, nutritious Canyon Ranch gourmet cuisine. Lobby level.

The food at the Canyon Ranch Restaurants will be organic, seasonal, delicious, and healthy!

Amenities for Hotel Guests & Residents of Canyon Ranch Living

• 73,000 sq. ft. spa for residents and hotel guests only
• 22 treatment rooms with nine different “experiences”
• The Health & Healing Center will have full-time physicians and health practitioners offering integrative medical consultations and will focus on a preventative approach to health
• Complimentary fitness classes
• Four pools within the Canyon Ranch Living Miami Beach resort, including an adults-only pool above the spa
• Additional 7,000 sq. ft. fitness area in the North Tower
• Two-story indoor rock climbing wall with ocean view

Condos for Sale in the Canyon Ranch Living Miami Beach North Tower

It is no secret that I am a huge fan of this project. Here’s why: Canyon Ranch Living will NOT be just another condominium; it will be a destination. Guests will come specifically for the Canyon Ranch experience. They want to de-stress, unwind, get healthy, meet new people, and eat beautifully prepared, organic healthy meals.

Even in today’s real estate market, Canyon Ranch Living Miami Beach is doing exceedingly well. The first phase of the project, the South and Center Towers, has been sold-out for two years or more. With the introduction of the North Tower, sales continue to be brisk because Canyon Ranch is selling more than real estate-they are selling lifestyle, wellness, and well-being.

North Tower Beach House Availability

• Direct oceanfront southeast corner, two-story beach house, 3 bedroom/3.5 + den, 3,555 sq. ft., $4,950,000
• Direct oceanfront 2 bedroom/2.5 + den, two-story beach house, 2,450 sq. ft., $3,500,000

North Tower Condo Residences Availability

• Direct oceanfront, 18^th floor 2/2, 1,290 sq. ft., from $1,548,000
• Flow-through 2/2.5, 2,050 sq. ft., direct ocean and bay views, from $2,300,000
• North Tower condo units facing west, 22^nd floor 2/2, 1,280 sq. ft., from $1,400,000
• Flow-through, wraparound corner unit, 3/2.5, 2,150 sq. ft. with east, north and western exposures, from $2,750,000

The North Tower is scheduled for completion in early 2008.

These are the beach houses for the South Tower at Canyon Ranch Living.

Click here for condo residences and condo-hotel re-sales in the South and Center Towers.

Canyon Ranch Living Miami Beach condos and condo-hotels and real estate

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Photo courtesy of Boston Globe

A reality of today’s market are price reductions.  While most real estate agents try to educate their clients on the state of the current real estate market in Miami Beach, sometimes condo sellers do not heed the advice of their agent for multiple reasons.  What I have found is that most of my seller clients DO understand the reality of the market in general, but their hope usually “gets the best of them” and want to believe that they may be the “lucky one.” 

Today in my email I received NO LESS than 30 emails touting the following:

• 1. Price Reduced. I think “yeah and so?”
• 2. Owner Says Sell.  This is my personal favorite.  I say: “No duh!”
• 3. Motivated Seller.  So I call the agent and they tell me, “the owner wants full price.”  Now that’s MOTIVATED.
• 4. Below appraisal.  I think:  “Man, those people need to give up on that appraisal from 2005!” 

Ok, so you’ve tried the higher price.  Nothing happening.  The silence of the market is deafening.  You call your agent and say, “it’s time to reduce,” (they should have called YOU, but that is the subject of another post), what should you do now?