Miami Beach Real Estate: 2009 South Beach Condo Market Index

The real estate condo index is comprised of nine waterfront high-rise condos: 
Apogee South Beach, Continuum South Beach:  North & South, Portofino Tower, South Pointe Tower, Murano at Portofino, Yacht Club, Murano Grande and ICON South Beach.  There were 129 sales in 2009 vs. 153 in 2008, a drop of 16%.

Luxury real estate statistics for condos in the SoFi neighborhood of South Beach




It’s very clear that the days on market [DOM] for all the condominiums has increased.  2009: 188; 2008: 148.

Toward the end of 2009, Miami Beach condo sellers started to hear what the market was telling them.  Many reduced prices and real estate sales really picked up toward the end of the year.

SoFi Condos–Some insight

  • This was probably the LEAST affected real estate sector of any market in the United States.
  • A vast majority of these luxury South Beach condos were purchased cash
  • Most of these condos are 3rd, 4th, & 5th homes.
  • A very, very small amount of distress sales.  The majority of distress sales/foreclosures were a result of mortgage fraud.


The amount of condos on the market 2009 vs. 2008 has decreased in condominiums.  The general rule of thumb is that “healthy amount” ( approximately 10% of the total number of units in the condo) could be on the market for sale  at a time.


Apogee clearly wins, again.  But Apogee is down about $100 psf, or 7.8%, on average from 2008.  ICON South Beach had the biggest decrease, 27.7%, from 2008.  Portofino Tower had the third largest decrease with a 26.3% drop in $ psf from 2008.  Here are the rest of the results:

Building % decrease/$ psf
Continuum South 21.8
Continuum North 10.3
Murano at Portofino 1.4
Murano Grande 19.1
South Pointe Tower 14.5
Yacht Club 13.6


Miami Beach Luxury Statistics for South Beach Condos

Check out the nifty little graph below to see how the market has performed over the last three years.   I’d like to say that there was something really interesting to point out–but that’s not the case.  There are some ups and downs, but nothing to raise an eyebrow. Weathering the storm quite well.


South Beach Deals

Continuum North, 50 S. Pointe Drive, #3402, Miami Beach, FL 33139. This condo has three exposures: east, south and west. It priced very, very well at $3.6M.

Continue Browsing Miami Beach Luxury Real Estate Here

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  • jimolenbush

    Sounds like the market for luxury condos is not too bad if you are in the right neighborhood.

  • pattiherrington

    Location..location…location…Love Miami…Our market in mississippi has been pretty steady. Will keep reading your blog. Will use you to refer clients to Miami!!

  • ayiorgo

    i am interested in a price range for 650 square foot condo in ocean front condo building on fifth and ocean drive…any recent closings?

  • rickkaminski

    I just finished reading that South Beach Luxury Condo have sold at 58% – 68% discounts and the market is still almost dead. Just means that the market was way over priced and bought up by speculators. I feel really bad for the non-savy speculators who purchased at the peek prices in 2005 and 2006. I hope they were smart enough not to commit any of their other assets as collateral for the purchase of their little beachfront condos. That would certainly negatively impact their net worth for some time into the future.

  • beach shorts

    I must say, I can’t complain lately. Things have gotten really cheap. If only I had the money to get a house, I’m sure I would be able to get something very nice for a price that would really be worth it.

  • Miami Beach hotels

    There are lot of people in Miami can only afford hotels and condo because they can't afford the price of a house and lot which is to be near the city. It's quite expensive than the price in staying on those hotels.

  • Jersey City Condo

    yeah great,this is good Miami Beach Real Estate

  • Jersey City Condominium



    real estate condo index is comprised of nine waterfront high-rise condos


  • Jersey City Real Estate


    These are best Miami Beach Real Estate. it is good 2009 South Beach Condo Market Index.

    I liked it..