2008 August | South Beach Condos Blog

Aug 24

JUST IN: Miami Beach Luxury Homes Real Estate Statistics

I like when I get interviewed by the media on the Miami Beach real estate market. The reason I like it is because it forces me to review and analyze the Miami Beach real estate market statistics. Sometimes it is hard to do it when I am busy.

The following statistics are compiled not only from the Southeast Florida Regional MLS but from scouring the tax rolls as well as my intimate knowledge of the Miami Beach luxury market; so the recap below will be a very accurate representation of the complete Miami Beach luxury real estate market for 1/1/2008 thru 8/24/2008.

Miami Beach Luxury Home Sales: 5 Million plus:

Indian Creek Island

30 Indian Creek Drive 3/2008 $7,000,000
36 Indian Creek Drive 5/2008 $7,050,000

Miami Beach

5790 N. Bay Road 2/2008 $16,750,000 Old Gibb house
4567 Pinetree Drive 8/2008 $12,100,000 Land. 122,400 sq. ft. lot
4420 N. Bay Road 7/2008 $9,000,000 New Mediterranean
5050 N. Bay Road 4/2008 $13,100,000 Spectacular Palm Beach-style
16 Palm Avenue 3/2008 $11,500,000 Palm Island. Built 1930
24 S. Hibiscus Drive 5/2008 $10,600,000 Mediterranean built in 2003
1401 W. 27th Street 1/2008 $10,000,000 Sunset Island II. Mike Piazza’s home
4 Palm Avenue 5/2008 $6,900,000 Palm Island
5396 N. Bay Road 8/2008 $6,800,000 Renovated-JUST CLOSED
1425 W. 27th Street 5/2008 $5,700,000 Sunset Island II
6380 N. Bay Road 5/2008 $5,700,000 Home featured in Miami Vice movie
2012 N. Bay Road 7/2008 $5,400,000 On market for 20 days
214 W. San Marino 4/2008 $5,000,000 San Marino Island (Venetian)
1374 S. Venetian Way 5/2008 $6,250,000 San Marco Island (Venetian)

Miami Beach Homes Under Contract: 5 Million Plus

130 Palm Avenue List Price: $10,000,000 Palm Island
93 Palm Avenue List Price: $6,800,000 Original Al Capone home

I’m not going to do an analysis of $ psf because it, in this case, would be inaccurate. When “comps” are done they are typically compared against comparable homes. The Miami Beach home sales above vary widely from:

size of lot
location
level of renovation
view

So, it is impossible to make all things equal.

Waterfront home sales on Miami Beach range from about $700-$1200 psf depending on the factors above.

Incredible Miami Beach Waterfront Home

Master Bedroom

This incredible home located at 6431 Pinetree Drive Circle is one of my favorites. This home has no peers when it comes to the level of quality and finish. A flawless renovation of this 1935 Mediterranean estate perfectly blends old-world charm with today’s conveniences, including a whole-home generator. Best home on the market. Check ot 6431 Pinetree Drive Circle, Miami Beach, FL, here

Browse all luxury homes in Miami Beach, here

Search for the entire MLS for Miami Beach real estate, here

Posted by Kevin Tomlinson | Permalink | 2 Comments | Leave A Comment Categories: Market Statistics

Aug 06

Miami Beach Real Estate Stats: South Beach Condo Market Index

This data is based on information from the Southeast Florida Regional (SEFR) MLS or from the associations participating in the SEFR: for the period of 1/1/2008-6/30/2008.

Starting with this installment of South Beach condo statistics, I am adding two new buildings to the mix: Apogee South Beach and Continuum South Beach (North Tower).

Miami Beach Real Estate

Comparing these stats to my most recent stats post, it seems that ICON South Beach and Yacht Club are having a good year. Over the past year, ICON carried a large inventory and it seems that the owners have been reducing their prices more towards market value.

From the graph above, what I see is the time on the market is definetely increasing, most notably, Murano at Portofino and Continuum (South). ICON South Beach has always been on the high side, so nothing really new there. Many sellers were caught off-guard this past season. It is common for sellers to wait through season before adjusting their prices, but, the problem with that is the activity dried up as well. So, their-in lies the problem: inventory sits creating lots of availability and little or no sales activity happens during the summer.

Above: It is accepted that 10% of the building inventory could be available for sale at any one time; the average condo inventory for all nine buildings is 13.3%. While the average of 13.3% is not alarming, Murano Grande has almost double what would be considered healthy. Additionally, Continuum North and Apogee South Beach, whose numbers are high, are typical because the buildings have recently opened, so it’s normal for a high number of units to be on the market.

If I took Continum North and Apogee South Beach out of the mix, the average would drop to 11.42%, which is very good. From my stats post in September, 2007, the average of the original seven buildings was 12.9%

Lots to note here. Right off the bat, Apogee South Beach comes in at number one. Not a surprise. What is a surprise is that ALL of the original seven of the building’s “Sold $ PSF” have gone UP (excluding Apogee and Continuum North)! That’s right, everyone.

What’s the Best Real Estate Buy in South Beach/South of Fifth Condos?

I would focus on Portofino Tower and Continuum North (the new one). There is a lot of inventory at Continuum North and the owners must be starting to get a little anxious. Please note: to be on the oceanside of Continuum North is rather pricey because all of the oceanfront units are larger.

Here is a list of what I believe are good real estate buys in each of these buildings:

Apogee South Beach- 800 S. Pointe Drive, Miami Beach, FL 33139

Unit 902 is a flow-through unit priced at $3.99M. It is the lowest priced unit in the building and actually a good value for the height of the unit. Next unit jumps to $4.3M

THE PENTHOUSE OF APOGEE. $22M. The biggest and most prestigious Penthouse ever to come to market in Miami Beach and South Beach. This is truly one of the best pieces of real estate in, not only Miami, but possibly the world. Three levels, over 17,000 sf of total area, elevator, rooftop palazzo with pool. Perfect for Brad and Angelina. Privacy and exclusivity reign supreme. [Full Disclosure: this is my listing.]