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
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.
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.
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:
|S. Pointe Tower||$529||$580|
- Miami Beach Real Estate: 2009 South Beach Condo Market Index
- Miami Beach Real Estate: 2008 South Beach Condo Market Index
- A Six-Year Retrospective of the Miami Beach Condo Market
Search Miami Beach real estate here