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:
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.]
1707 Direct oceanfront at Continuum South for under $1k psf. A good buy.
2703 2/2.5 short sale. $1.55M
3402 2/2, nice high floor. $1.65M
Unit 802 is a direct oceanfront southeast corner unit priced at $2.6m
Unit 2001 is a direct oceanfront northeast corner unit priced at $2.8M
Unti 2405 is a northwest corner unit with a great open floor plan. Very desirable line. $2.35M
Unit 2410 is a 2/2 corner unit on a higher floor. $1.099M
Unit 1502 3/3.5. Orignally came to market at $3.1M. Recent comp at $2.6M. Current price is $2.495M
Unit 1405 2/2. $798K. Just reduced about $200K in the last week. Originally started over $1M.
unit 1506 2/2+den. $1.395M
South Pointe Tower- 400 S. Pointe Drive, Miami Beach, FL 33139
Unit 1902 2/2. 1169 sf. High floor. $699,000
Yacht Club at Portofino- 90 Alton Road, Miami Beach, FL 33139
1703 2/2. Short-sale. Eastern exposure and ocean views.