Miami Beach Real Estate: South Beach Luxury Condo Outlook 2008

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This month I have started to feel that Miami Beach condo sellers are coming to terms with the reality of the “new” market. The impending wave of new condos “across the bridge” will no doubt bring down the market as a whole. Don’t worry, the best properties in the best locations are the LAST to go down and the FIRST to come up!

Three new luxury buildings will be added to the Miami Beach real estate mix: Continuum II, Apogee South Beach and Canyon Ranch Living Miami Beach. It will be interesting to see how many speculators place their units on the market at Continuum II.  Since Apogee South Beach has so few units (67), I think that any inventory that comes to market will be quickly absorbed.

So….You Want to Buy a Condo in South Beach?—What to Do

Always be guided by your gut instinct. Never let anyone talk you into something that you don’t feel is quite right. Even in this wobbly market, I would have NO problem buying a unit a Continuum, NONE! Here’s why: Location and supply and demand.

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Continuum I. I believe it is actually a steal. Yup, UNDER-PRICED!

Apogee South Beach. This building is very pricey but will no doubt become the most prestigious condominium in ALL of South Florida. To be delivered later this year.

Canyon Ranch Living Miami Beach. One of the only projects along with Setai South Beach that is actually a destination.

One Bal Harbour. Arguably one of the two best locations in all of South Florida.

ICON South Beach. This one is all about timing. There is a lot of inventory on the market and not many condo sales. The owners that need to sell will be in reality VERY SOON.

Miami Beach Real Estate Condo Buying Tips:

  • East and Southeast exposures are the most desired. If the condominium is on the bay, then the Southwest exposure would be the preferred exposure.
  • Two bedroom units are better than three bedroom units (larger pool of buyers)
  • If you can find a luxury condo on the ocean with one bedroom units with eastern exposure, those are rare. Continuum II has some and so does Canyon Ranch Living. They are gold. Developers typically give the larger units the preferred east exposure.
  • Never buy a “flow-through” unit without seeing it or taking a tour of others. Some people like them—some people don’t.
  • Corner “flow-through” units (three exposures) are rare. Apogee has them and so does Canyon Ranch Living. Great on paper, GREATER in reality.

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Miami Beach Condos, Miami Beach real estate, One Bal Harbour, South Beach real estate, South Beach condos, Continuum II South Beach, Canyon Ranch Living Miami Beach

 

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  • chandler

    Excellent post. It’s great seeing some of the conclusions that I’ve come to own my own over the years be included in your tips…I guess I’m good.

    I’ve been keeping a close eye on Icon South Beach and Murano Grande and I’m wondering how low they can go. They are turning into deals.

    One thing I’ve noticed, though, is that in newer buildings downtown (like ten museum, 50 Biscayne) and to be completed ones (like Icon Brickell) have far superior amenities (pool areas, gyms, restaurants, etc.) than pretty much anything available on the Beach.

    Although it’s not a “deal,” I think Continuum II is one of the best looking buildings that I’ve seen in Miami. Everyone seems to be doing curves – I’m glad Continuum has those Gothic peaks.

  • http://www.kevintomlinson.com Kevin Tomlinson

    Chandler,
    One thing I have learned about amenities while selling condos for the last 15 years: everybody wants them and nobody uses them.

    As for “lack” of amenities in the buildings you mentioned, the developers “have” to load up on that stuff because they know the locations are not AAA.

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