Miami Beach Real Estate: 2010 South Beach Condo Market Index

This Miami Beach real estate condo index is comprised of nine luxury waterfront high-rise condos in the chic South of Fifth neighborhood in South Beach:  Apogee South Beach , Continuum North (or 2),  Continuum South( or 1), Portofino Tower, South Pointe Tower, Murano at Portofino, Yacht Club at Portofino, Murano Grande, and ICON South Beach.

Number of condo sales:

  • 2010: 149
  • 2009: 129
  • 2008: 153

Luxury Condo Statistics for Condos in the SoFi Neighborhood of South Beach

Luxury Miami Beach condo statistics

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Days of Market [DOM] was 193 for the nine condos in the index.  In 2009:  188;  2008:  148.  2010 was a pretty bland year.  The number of sales and $/psf  is pretty stable.

Miami Beach Luxury Condo Statistics for South Beach

I’m going to go out on a limb and rate these condos as “healthy.”  A “normal” market is considered to be approximately 10% of the total number of units in the condo could be on the market for sale at any given time.  Continuum North has higher inventory because the developer put approximately 40 units on the market during 2010.  Currently the developer owns about 30 units which are all rented.  Portofino Tower has been the poor performer for a few reasons:

  • It’s the oldest of the “newer” luxury buildings and a tad dated
  • It is not on the ocean or bay
  • The buyer profile for a SoFi condo wants new and chic.  They are not necessarily looking for “deals”

With all that being said, I think Portofino is the BEST value to be in this expensive neighborhood.  Portofino is known for their excellent floor plans and views.  Financially speaking, the building runs like a top and maintenance is about $.70 PSF (about half of what the other condos in the neighborhood charge) and has never, to my knowledge, had a special assessment.

Apogee, South Beach condo inventory for sale

Ok.  Apogee South Beach continues to be the BMOC with average $/PSF of $1303.  Continuum North comes in 2nd at $1009 PSF.   Here is a quick and dirty of 2009 vs 2010:

Building 2009 2010
Apogee $1249 $1303
Continuum S $839 $832
Continuum N $833 $1009
ICON $523 $510
Murano $817 $756
Murano Grande $516 $573
Portofino $498 $567
S. Pointe Tower $529 $580
Yacht Club $473 $452

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