South Beach Condos Blog

I’ve done a round-up of all the short-sales, foreclosures, and bank-owned luxury condos in Miami Beach.  I’m sure there are more, but not all of these types of properties get listed in the MLS, which is what I’m using for my source.

First off, AQUA Allison Island Condos has four units available for sale:

1. 6103 Aqua Avenue #201 - 1/1.5, 1380 sf, $369,000
2. 6103 Aqua Avenue #901 - 4/4.5, 2766 sf, $1,200,000 (no balcony)
3. 6103 Aqua Avenue #704 - 3/3.5, 2203 sf, $970,000
4. 6103 Aqua Avenue #601 - 3/3.5, 2203 sf, $899,900

Next, Murano Grande in South Beach, has three condos listed for sale:

1. 400 Alton Road #2309 - 2/2, 1437 sf,  $874,900
2. 400 Alton Road #2209 - 2/2, 1437 sf, $850,000
3. 400 Alton Road #605 - 2/2, 1437 sf, $850,000

The Green Diamond Condo in Millionaires’ Row has two units:

1. 4775 Collins Avenue #1804 - 2/2 + den, 1550 sf, 2 parking spaces, $765,000
2. 4775 Collins Avenue #1505 - 2/2, 1380 sf, $750,000

Bel Aire on the Ocean in North Beach has one unit:

1. 6515 Collins Avenue #703 - 2/2, 1126 sf, $630,900 

6000 Indian Creek in Millionaires’ Row:

1. 6000 Indian Creek #1801 - 2/2, 1300 sf, $650,000  

Oceanside Plaza in Millionaires’ Row:

1. 5555 Collins Avenue #16Y - 2/2, 1350 sf, $470,000

To search for more Miami Beach real estate, click here

I was watching Channel 7 News last week when a special segment about real estate foreclosures in South Florida aired.  I felt badly for the people in this story that are losing their homes but there are two messages in the video segment below which I feel may be beneficial to some.

It is my feeling that foreclosures in general ARE NOT the best buys for one reason:  the majority of the foreclosures that are available were originally purchased at or near the “peak” of the market—and the banks have lent too much money on these properties.  Since the banks are owed so much money on a typical foreclosed property, they don’t have the ability to sell it at today’s market price.  From WSVN’s Foreclosure Forced Out

Auctioneer: “Welcome to the mortgage foreclosure sale.”

Each week, hundreds of properties in foreclosure are auctioned off.

Auctioneer: ”Home Equity Mortgage Corp. vs. Butler.”

On this day, for the first time in 21 years, not a single property sold, the banks had to keep them all.

Luis Valdeon: “The banks lent too much money. They did first mortgage and second mortgages, and they’re completely off of what the price really are, and that’s why everything is so high; you can’t sell them.”

And the foreclosed properties are piling up.

Click Above to Play Video

Why The Miami Beach Real Estate Market Isn’t That Bad

This is a five year history for the South Beach condo market for area code 33139.  The dark green bar represents condo sales and the light green bar represents condo units on the market.

I know that some of the numbers are a bit hard to read but they really don’t matter anyway.  What matters is the incredible amout of inventory (light green bar) that started to accumulate in May 2005.  The number of sales are off from the peak, but nothing alarming.  The real story here is the amount of inventory on the market.  People have not stopped buying here and Miami Beach real estate continues to sell if it is priced right.  If you need to sell your Miami Beach condo, PRICE IT RIGHT.  If you don’t need to sell your condo, now is NOT the time to sell and you should take it off the market until some of the inventory gets absorbed.  More from Foreclosure Forced Out

Barry Habib: “There’s no simple solution.”

Barry Habib is a nationally known mortgage expert. His advice? Get out before you get in trouble.

Barry Habib: “If they have equity in it, they’ve got to find a way to protect that equity. Put the house up for sale. Don’t be greedy. Don’t try and put it up at an unrealistic number. Homes sell, and they sell very quickly if they’re priced right in every market.”

Foreclosure at 1440 W. 23^rd Street, Miami Beach

It is very rare for a home in a neighborhood like this to be in foreclosure.  The home has four family bedrooms and one maids room, 6,121 interior square foot and a 18,813 square foot lot.

Built in 1957, the home was completely renovated approximately seven years ago by Wallace Tutt, whose credits include Cher and Gianni Versace’s Miami residences.  Unassuming style and understated elegance resonate throughout the one-story waterfront home.

For boaters, the house has 107.5 feet of water frontage and an oversized dock with lift.

The Sunset Islands are gated islands popular for their proximity to South Beach and Lincoln Road. 

This home has always been a favorite of mine because of its high ceilings, voluminous rooms, and quality of finish. 

Click here for more info on 1440 W. 23rd Street