South Beach Condos Blog

I’ve been thinking about the idea of having a regular post that highlights what I feel are really great real estate buys here in Miami Beach.  There is no exact science that goes into selecting them, just my intimate knowledge of each building and their respective values.

Miami Beach Condo Buys

ICON South Beach:  450 Alton Road #1601.  This is a three bedroom corner unit with southwest exposure.  It was reduced to $1.59M from $1.9M on 1.24.08.

Canyon Ranch Living Miami Beach Condo Hotel:  6801 Collins Avenue #C 404.  This direct oceanfront condo-hotel unit at $875K is a steal.  Most of the one bedroom condo-hotels NOT on the ocean are in this price range.

Green Diamond:  4775 Collins Avenue #1804.  2/2 + den has been converted to a three bedroom.  Two parking spaces.  Short-sale.  Need I go on?  $589K

1500 Ocean Drive:  1500 Ocean Drive #504.  Great unit with great ocean and Ocean Drive views in South Beach.  AAA building.  Bank-owned.  $1.2779M

La Gorce Palace:  6301 Collins Avenue #TS 7.  Penthouse-level unit (32nd floor) with 9 feet ceilings.  Beautifully updated.  Best value in oceanfront building.  $649K

Bath Club Miami Beach:  5959 Collins Avenue #1503.  3640 sq. ft. of luxury.  Priced very well for height of unit and view.  AAA building with spa-like amenities.  $2.399M

This month I have started to feel that Miami Beach condo sellers are coming to terms with the reality of the “new” market. The impending wave of new condos “across the bridge” will no doubt bring down the market as a whole. Don’t worry, the best properties in the best locations are the LAST to go down and the FIRST to come up!

Three new luxury buildings will be added to the Miami Beach real estate mix: Continuum II, Apogee South Beach and Canyon Ranch Living Miami Beach. It will be interesting to see how many speculators place their units on the market at Continuum II.  Since Apogee South Beach has so few units (67), I think that any inventory that comes to market will be quickly absorbed.

So….You Want to Buy a Condo in South Beach?—What to Do

Always be guided by your gut instinct. Never let anyone talk you into something that you don’t feel is quite right. Even in this wobbly market, I would have NO problem buying a unit a Continuum, NONE! Here’s why: Location and supply and demand.

Kevin’s Recommendations

Continuum I. I believe it is actually a steal. Yup, UNDER-PRICED!

Apogee South Beach. This building is very pricey but will no doubt become the most prestigious condominium in ALL of South Florida. To be delivered later this year.

Canyon Ranch Living Miami Beach. One of the only projects along with Setai South Beach that is actually a destination.

One Bal Harbour. Arguably one of the two best locations in all of South Florida.

ICON South Beach. This one is all about timing. There is a lot of inventory on the market and not many condo sales. The owners that need to sell will be in reality VERY SOON.

Miami Beach Real Estate Condo Buying Tips:

• East and Southeast exposures are the most desired. If the condominium is on the bay, then the Southwest exposure would be the preferred exposure.
• Two bedroom units are better than three bedroom units (larger pool of buyers)
• If you can find a luxury condo on the ocean with one bedroom units with eastern exposure, those are rare. Continuum II has some and so does Canyon Ranch Living. They are gold. Developers typically give the larger units the preferred east exposure.
• Never buy a “flow-through” unit without seeing it or taking a tour of others. Some people like them—some people don’t.
• Corner “flow-through” units (three exposures) are rare. Apogee has them and so does Canyon Ranch Living. Great on paper, GREATER in reality.

Miami Beach Condos, Miami Beach real estate, One Bal Harbour, South Beach real estate, South Beach condos, Continuum II South Beach, Canyon Ranch Living Miami Beach

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Canyon Ranch Living is a three-phase project that is located on the ocean at 6801 Collins Avenue in Miami Beach. This perfect address encompasses more than 1,000 linear feet of oceanfront and is just minutes north of world-famous South Beach and minutes south of the Bal Harbour Shops.

Phase one is the South Tower (condo residences) and the Center Tower, also called the Carillon Tower (condo-hotel units and condo residences). The second phase will be the North Tower, and the third phase will be the historic Golden Sands Hotel property at 6901 Collins Avenue (no details yet on how the Golden Sands will fit into the project). The first two phases of the project will have 581 units total:

• 143 in the South Tower (phase one)
• 151 condo-hotel units in the center Carillon building (phase one) on floors 2–10; floors 10–16 in Carillon Tower are condominiums
• 80 condo units in the center Carillon building on floors 11–16
• 207 condos in the North Tower (phase two), including seven direct oceanfront beach houses

The developer is expecting the T.C.O. (temporary certificate of occupancy) for the South Tower any day. Closings will begin ten days after a T.C.O. is obtained. Closings for the Center Tower (Carillon) should begin 30 to 60 days after the South Tower, and the Canyon Ranch Living Miami Beach Resort should open in the first part of 2008.

Restaurants at Canyon Ranch Living Miami Beach

Cabana Grill – Offers healthy meals served in the pool area exclusively for Canyon Ranch guests and residents.

Café Vida – Casual dining and tasting room offering creative cuisine, fine wines, and to-go items.

Juice Bar – Here you can sample locally-fresh and seasonal juices and smoothies in the ocean-view Juice Bar located on the 4th floor Spa Lobby.

The Restaurant at Canyon Ranch – A fine-dining oceanfront restaurant with indoor & outdoor seating will offer award-winning and nutritionally-balanced gourmet cuisine and will be open to the public. Open for breakfast, lunch, and dinner daily, the restaurant sits adjacent to the hotel lobby and borders the beach. The terrace features dining with superb ocean views. Sensual and experiential dining venues include an exhibition kitchen, tapas area and private dining for up to 40 guests – all serving signature, nutritious Canyon Ranch gourmet cuisine. Lobby level.

The food at the Canyon Ranch Restaurants will be organic, seasonal, delicious, and healthy!

Amenities for Hotel Guests & Residents of Canyon Ranch Living

• 73,000 sq. ft. spa for residents and hotel guests only
• 22 treatment rooms with nine different “experiences”
• The Health & Healing Center will have full-time physicians and health practitioners offering integrative medical consultations and will focus on a preventative approach to health
• Complimentary fitness classes
• Four pools within the Canyon Ranch Living Miami Beach resort, including an adults-only pool above the spa
• Additional 7,000 sq. ft. fitness area in the North Tower
• Two-story indoor rock climbing wall with ocean view

Condos for Sale in the Canyon Ranch Living Miami Beach North Tower

It is no secret that I am a huge fan of this project. Here’s why: Canyon Ranch Living will NOT be just another condominium; it will be a destination. Guests will come specifically for the Canyon Ranch experience. They want to de-stress, unwind, get healthy, meet new people, and eat beautifully prepared, organic healthy meals.

Even in today’s real estate market, Canyon Ranch Living Miami Beach is doing exceedingly well. The first phase of the project, the South and Center Towers, has been sold-out for two years or more. With the introduction of the North Tower, sales continue to be brisk because Canyon Ranch is selling more than real estate-they are selling lifestyle, wellness, and well-being.

North Tower Beach House Availability

• Direct oceanfront southeast corner, two-story beach house, 3 bedroom/3.5 + den, 3,555 sq. ft., $4,950,000
• Direct oceanfront 2 bedroom/2.5 + den, two-story beach house, 2,450 sq. ft., $3,500,000

North Tower Condo Residences Availability

• Direct oceanfront, 18^th floor 2/2, 1,290 sq. ft., from $1,548,000
• Flow-through 2/2.5, 2,050 sq. ft., direct ocean and bay views, from $2,300,000
• North Tower condo units facing west, 22^nd floor 2/2, 1,280 sq. ft., from $1,400,000
• Flow-through, wraparound corner unit, 3/2.5, 2,150 sq. ft. with east, north and western exposures, from $2,750,000

The North Tower is scheduled for completion in early 2008.

These are the beach houses for the South Tower at Canyon Ranch Living.

Click here for condo residences and condo-hotel re-sales in the South and Center Towers.

Canyon Ranch Living Miami Beach condos and condo-hotels and real estate

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Today I went to a presentation by the Canyon Ranch Miami developer. To give you a little background on me and my history of this project, I have been a fan of this project since BEFORE the project was launched over three years ago. The project consists of three towers on OVER 6 acres of oceanfront property which encompasses 1100 linear feet of prime Miami Beach ocean frontage. The 21 story south tower, which are condo residences only, has 143 units, the 16-story center tower, which is the historic Carillon building, has 151 condo-hotel units (floors 2-10) and 80 condo residences (floors 11-16). The north tower, which is the tallest building at 35 storys, has 207 units including 7 direct oceanfront townhomes

Canyon Ranch: More Than Just Real Estate

Since the inception of this project, my focus has been on the real estate side of the project for the obvious reasons. After today’s presentation, I am even more excited about this project and what it brings to Miami Beach because it is SO much more than just another condo or condo-hotel. Canyon Ranch Living Miami Beach, which is dubbed “where the wealthy get healthy”, is more about the amenities and healthy lifestyle than the real estate.

The “Power of Possibility” is their slogan and today I learned exactly what it means. Many people come to “The Ranch” to change their lifestyle, to de-stress, get in shape and learn healthy living habits. I saw this incredibly interesting video where a 54 year-old man went to Canyon Ranch in Tucson, AZ and Lenox, MA for four months. They tested him at the beginning of his stay and determined that two of his arteries were 70% clogged, he had numerous ailments and he said he was taking about 17 Advil a day! The doctors estimated that this 54 year-old man had the body of an 84 year-old. After his four month stay at Canyon Ranch, his arteries showed NO SIGNS of blockage, lost 30 lbs. and doctors estimated that the 54 year-old NOW had the body of a 52 year-old man. Fascinating!

Update: Closings to Begin in Late July

The south tower (condo residences) is estimated to begin closings in late July. The center (Carillon) tower closings are estimated to start in September. The hotel and spa will have a soft opening by year’s end.

Back to Business

The reason why I continue to like this project so much is because throughout Miami and Miami Beach the branded projects like Setai, ICON and W South Beach continue to do well even in today’s market. Comparing other branded projects to Canyon Ranch is not fair because Canyon is so much more than just a brand it is a destination! The south and center (Carillon) towers have been SOLD OUT for about two years! There are re-sales available in south & center towers and the developer has great buys on the remaining units in the north tower. Prices in the north tower are about $1000-$1100 p.s.f. for western exposure, and $1100-$1200 p.s.f. for oceanfront units, which is a very fair buy for direct oceanfront luxury property.