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

I recently had a client who purchased a large condominium in South Beach.  While doing my research on available inventory of like/kind units in the neighborhood, I came to dissect each one of the luxury buildings to find out how many units were comparable to my buyer-client’s unit.  Here are some interesting real estate tid-bits about large units (over 2500 sq. ft.) in luxury condos in South Beach:

There are a total of 173 units with over 2500 sq. ft. in a total of six buildings:

Portofino Tower-13

Now, in just a few weeks, Apogee South Beach will add 67 condos and Continuum South Beach-North Tower will add approximately 40 condos over 2500 sq. ft. to the South Beach real estate condo inventory.

Use the following links to learn more about available condos for sale at Miami Beach’s most luxurious condos

I have seen a number of condominium decorations this season and I think this one “takes the cake.”

ICON South Beach went ALL OUT on a professionally decorated, 25 foot, live Christmas Tree.

When I was interviewed last month by The New York Times for a piece Miami Beach real estate, specifically luxury condos, I was asked to research the condo market going back two years. 

 What I decided to do, since SO many people have asked me, was to do a three year snapshot of the market, specifically for the SoFi neighborhood in South Beach, which includes Continuum South Beach, Murano at Portofino, Murano Grande, ICON South Beach, Portofino Tower, Yacht Club at Portofino, and South Pointe Tower.  When doing this type of analysis, I really like using this neighborhood because it has a high concentration of units, which provides accurate insight into the luxury condo market activity of Miami Beach condos. 

I used one time period: January 1st-October 3^rd of three years (2005, 2006, and 2007).  It is very interesting to see how the market has progressed during the last three years.  Here is a great Miami Beach neighborhood map

The graph above represents number of sales for each building in the SoFi neighborhood.  Most would think that the number of sales would be highest in 2004–2005.  Even though 2007 is down from 2006, in ALL cases the number of sales are higher than in 2005.

This graph shows the issue for condos in general—with the exception of Continuum South Beach, the average days on market have all substantially increased from 2005.

The graph above shows a three year history of average $ p.s.f.  SOLD prices for all the condos in the South of Fifth neighborhood.  Continuum South Beach continues to climb without any fluctuations.  Overall,  each building is holding its own and the neighborhood in general continues to do well.

This graph represents the list price ($ p.s.f.) to the sold price ($ p.s.f.) for each year.  It basically tracks the list price to sale price ratio for each building for all three years.  The blue bar is the list price (in $ p.s.f.) and the green bar represents the sold price (in $ p.s.f.).  Things to note from this graph:  ICON South Beach peaked in 2006 and Continuum South Beach continues to march onward and upward. 

I have to admit I was not surprised by the numbers.  Most of what I see here only re-inforces my recommendations from my South Beach Luxury Condo Outlook 2008 post.

Miami Beach real estate, Continuum South Beach, ICON South Beach, South Beach condos, South Beach real estate, Miami condo statistics, Miami luxury condos, 33139

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