Category Archives: Murano at Portofino

Miami Beach Real Estate: 2012 South of Fifth Condo Stats

What a year it’s been. Sorry for the lag on this report.

Miami Beach real estate, Continuum South Beach, South Beach real estate

2012 was a crazy time for Miami luxury real estate, homes and condos alike. In 2011, this South of Fifth (SoFi) condo index added a new luxury building, Ocean House, an ultra-posh, low-rise, 28-unit property in the completely renovated Walburne Hotel. It’s located at 125 Ocean Drive and was originally built in 1946.

The South of Fifth condo index is comprised of ten buildings, including Ocean House: Apogee, Continuum North, Continuum South, ICON South Beach, Murano at Portofino, Murano Grande, Portofino Tower, South Pointe Tower and Yacht Club at Portofino.


Number of Miami Beach Condos Sold in 2012

Miami Beach real estate


2012 set a record for the number of Miami Beach luxury condos sold. 241 units were traded, up from 198 condos in 2011, which broke a record as well. Here’s how the last five years look:

  • 2012: 241
  • 2011: 198
  • 2010: 149
  • 2009: 129 (nadir)
  • 2008: 153


South of Fifth Condos: Average Days on Market in 2012

Miami Beach Condos. Days on market 2012

As a Miami Beach Realtor for 20 years +/-, my thought is that unless a property is really special in some way, good or bad (floor plan, location, condition, etc.), if it shows well and is priced right, there is really no reason for it to be on the market more than 120 days.

Buildings such as Murano Grande have come back very strong from an oversupply of units – in this case, practically since the building was finished in 2003. The backstory on Murano Grande is that it’s a perfect example of the condo investor frenzy in Miami. The condos sold out very quickly… all to investors. When the building went to close on the units, almost every one was put back on the market as a resale. That’s pretty hard to snap back from.

Further hampering the absorption, the Miami Beach real estate market started to downturn in 2005. Up until now, Murano Grande has always had an oversupply of units. Then in 2008, the financial crisis came. As of today, there are only 14 units available for sale at Murano Grande, which is about 5% of the building. I’ve mentioned before that a balanced market (neither a buyers’ nor sellers’ market) happens when about 10% of the total number of units in a building are for sale. So for the first time in ten years, Murano Grande is enjoying a sellers’ market.


South Beach – SoFi Condos:
Average 2012 List Price / Sale Price

Miami Beach and South Beach real estat


CONDO 2010 2011 2012
Apogee $1,303 $1,779 $2,080
Continuum South $832 $1,081 $1,331
Continuum North $1,009 $1,157 $1,254
ICON South Beach $510 $615 $816
Murano at Portofino $756 $761 $863
Murano Grande $573 $548 $641
Ocean House N/A N/A $1,272
Portofino Tower $567 $590 $741
South Pointe Tower $580 $582 $624
Yacht Club $452 $502 $575


I could do a compare and contrast analysis, but I believe the trend is pretty clear. I’m a numbers guy, so I’m going to let the data speak for itself.

What’s interesting about 2012 is the extraordinary number of ultra-luxury, mega real estate sales:


Sale Price Date
ICON South Beach PH 2 $20,963,054 12/31/2012
Apogee #1504 $10,500,000 12/27/2012
Continuum North PH 2 $11,152,500 12/27/2012
Continuum South PH 3 $15,750,000 6/12/2012
Continuum South PH 1 $25,000,000 5/18/2012
Continuum North PH 1 $16,200,000 2/17/2012


Miami Beach Condo Sales Volume Skyrockets

  • 2012 – $513,282,638
  • 2011 – $333,517,200
  • 2010 – $231,130,331
  • 2009 – $215,988,310
  • 2008 – $243,668,138

Inventory is at an all-time low, and buyers are just hovering. It’s unnerving, actually. Miami Beach has already had a few huge, record-breaking sales in 2013. I will cover those in my next post.

Related Reading:

The Quick-Change Artist [The New York Times]

Stratosphere: 2012 Miami Beach Waterfront Real Estate Sales Soar to Heights Unseen-UPDATED [SBCB]

Miami Beach Real Estate: 2011 South Beach-South of Fifth Condo Market Index [SBCB]

Miami Beach Real Estate: 2011 South Beach-South of Fifth Condo Market Index

I know, I know. I’m sorry. It’s time for mid-year stats, and here I am just getting to last year’s analysis! It’s been crazy, crazy, crazy here.

Continuum South Beach

“The Music Started Playing Again” – Peter Zalewski

Last year was totally nuts. I could write a lot in hindsight, but that wouldn’t really be fair, so I’ll just give you the Miami Beach condo stats for luxury real estate in the South of Fifth (SoFi) neighborhood. I’ll also do some analysis, and compare and contrast numbers from prior years.

This Miami Beach real estate index is comprised of nine (soon to be 10) buildings in the SoFi neighborhood of South Beach. The index is very stable and is also a good representation of the luxury condo market in Miami Beach for the following reasons:

1. The condos are all in the same neighborhood.

2. They were all built during the same period (1998-2008).

3. They are all waterfront properties.

Miami Beach luxury condos

So, here’s how 2011 fared. As I provide the info, I realize that I have yet to see this analysis elsewhere (whew!) and am quite surprised by the numbers.

Number of Miami Beach Condos Sold

2008: 153

2009: 129 (bottom of the market for Miami Beach)

2010: 149

2011: 198

In terms of number of units sold in 2011, we are up 33% from 2010 and 53% from 2009 (market bottom)!

south beach real estate condo statistics

Usually this is the most boring chart of the analysis. Not this time. Continuum North and Continuum South are nailing it. Inventory is at an all-time low, and units are selling very quickly. The Days on Market (DOM) for both Continuum North and South are way down.

In 2010, the DOM for Continuum South was 242 and Continuum North was 252. Additionally, Portofino Tower, which had been lagging, has moved some units (2010: seven units sold; 2011: 19 units sold), and DOM has dropped DRAMATICALLY from 284 to 139! BAM!

Apogee South Beach: $PSF Up 37% Y-O-Y

Luxury South Beach condos

Below you have 2010’s average SOLD $PSF vs. 2011’s. The information reflects what the market at large is saying:  the biggest gains are in the ultra-luxury niche. The $PSF at Apogee is up 37%. Other notable movement: Continuum South is up 30%, and Continuum North is up 15%.

CONDO 2010 2011
APOGEE $1,303 $1,779
Continuum South $832 $1,081
Continuum North $1,009 $1,157
ICON South Beach $510 $615
Murano at Portofino $756 $761
Murano Grande $573 $548
Portofino Tower $567 $590
South Pointe Tower $580 $582
Yacht Club $452 $502


Here is a Video from CNBC’s Diana Olick from March

(I know, not fair… but it’s my blog)

That’s it. I’m done. I’m sorry it took so long. Even six months later, I was surprised by the insight I gained writing this post.

Related Reading:

Miami Beach Condos: Mid-Year Luxury South Beach Condo Market Report

Miami Beach Real Estate Roars Back

Apogee South Beach

I knew this was a really good year, but it wasn’t until I started to pull the stats that I realized HOW good a year it’s been – and continues to be.  We regularly track nine condos in South Beach’s South of Fifth (SoFi) neighborhood for a few reasons:

  • Location
  • Types of buildings
  • Buyer profile

These to me are the most important factors for really gauging the luxury condo market here in Miami Beach.

South Beach-South of Fifth Condos We Track

“I Have a Friend, and He Told Me…”

I’ve had many (oodles) clients during the last few years who wanted “deals.”  Of course, because I do these stats regularly, I know the numbers in my sleep.  (For the record, I’ve encouraged them ALL to pull the trigger.)  I’ve had to explain, ad nauseam, that Miami proper is NOT Miami Beach/South Beach.  I would liken Miami proper to Los Angeles and the Miami Beach/South Beach luxury condo market to, say, Beverly Hills.

You Want a “Deal?” It May Be Too Late.

Some bought, some didn’t.  It was ALWAYS their choice.  I must admit, I do get a certain sense of satisfaction knowing that my clients are making smart moves.

Okay… on to the stats.

Number of Miami Beach/South Beach Condos Sold

  • 2008: 153
  • 2009: 129
  • 2010: 149
  • 2011: 128 thru June 30

South Beach real estate condo market

A few notes on the graph above.  The Apogee Penthouse closed in Q2 for $11.5M.  I thought it was a very unremarkable price for the property, but I’ll leave it at that.  Apogee South Beach tends to sell in waves.  One wave was May-July of 2010.  The last wave started in March 2011.  The current all-time high PPSF sold is Apogee unit #1404 at $1,769.  I’m particularly proud of this because #1404 was my listing.  The penthouse sold for $1,678/SF.  Ahem.

Continuum South has really impressed this year with 17 sales, and unit #3603/04 traded for $10.576M for a PPSF of $1,643!

Well, it’s clear that we are on track to get back to pre-2008 numbers.  Madoff and that whole economic “bizness” affected SoFi, and Miami Beach luxury real estate in general, more than that “other” stuff (sub-prime loans, jobs losses, etc.).

The Miami Beach/South Beach real estate market is a cash market.  There were a few peeps who had to do a short sale or foreclosure, but those deals were the exception, not the rule.  I would venture to guess that 80% of the 2,000+ units in this index were purchased with cash. (I’m so not doing THAT research.)

Most Expensive Condo for Sale in Miami Beach

Average Days on Market [DOM]

2008: 148

2009: 188

2010: 193

2011: 161 thru June 30th

Wow. Wow. Wow.  A market is considered “normal” when approximately 10% of its total inventory is available for sale at any given time.  It is definitely a sellers’ market.  Continuum North has fairly substantial inventory available because the developer held back and dumped about 40 units on the market at one time.  Although it seems like there are plenty of units left in this condo — the oceanside of the building is basically sold out.  Now, let’s take a look at available units in the rest of the South of Fifth buildings:  all hover around 5% of inventory.  That’s nothing.

Miami Beach real estate

Apogee is clearly the most expensive condominium in South Florida on a PPSF basis.  In six months, the average PPSF rose from $1,303 to $1,659.  All buildings are enjoying a nice increase in PPSF from 2010’s numbers.  I’ll end my post with one little nugget: low inventory and high demand only mean ONE thing.  Draw your own conclusions.

Related Reading:

Search Miami Beach Condos Here

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

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

Related Reading:

Search Miami Beach real estate here


Miami Beach Celeb Real Estate: Seikaly and Piazza Sell

Wow.  Ok. Two (former) professional athletes sell their Miami Beach real estate.

Rony Seikaly, a retired basketball player, sold his stunning lower North Bay Road manse to Brightstar CEO, Marcelo Claure.  The approximately 9,300 sf home, built in 2005 and sited on a 26,500 sf lot, was sold to Claure for $11.5M.  The house was not listed with a broker but it was widely known that it could be for sale. Asking price:  $15M.

Rony Seikaly Sells North Bay Road for $11.5M

The deal also included a condo at Murano Grande in South Beach, that Seikaly now owns.  The Murano Grande condo was completely redesigned by a renowned interior design firm.  At one point, Claure was asking $5M; the unit traded for $2.5M.

Mike Piazza Sells Condo at Murano at Portofino in South Beach

In other sports related and real estate news, former baseball great, Mike Piazza, closed on his unit at Murano at Portofino condominium in South Beach.  The unit has been rented for the last year.  The property was listed for $3.8M and closed for $2.88M.  Piazza has been trying to sell the unit ever since he and his wife purchased their home on guard-gated Sunset Island II in 2008 for $10M.

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Related Reading

Miami Beach Real Estate: 2009 South Beach Condo Market Index

The real estate condo index is comprised of nine waterfront high-rise condos: 
Apogee South Beach, Continuum South Beach:  North & South, Portofino Tower, South Pointe Tower, Murano at Portofino, Yacht Club, Murano Grande and ICON South Beach.  There were 129 sales in 2009 vs. 153 in 2008, a drop of 16%.

Luxury real estate statistics for condos in the SoFi neighborhood of South Beach




It’s very clear that the days on market [DOM] for all the condominiums has increased.  2009: 188; 2008: 148.

Toward the end of 2009, Miami Beach condo sellers started to hear what the market was telling them.  Many reduced prices and real estate sales really picked up toward the end of the year.

SoFi Condos–Some insight

  • This was probably the LEAST affected real estate sector of any market in the United States.
  • A vast majority of these luxury South Beach condos were purchased cash
  • Most of these condos are 3rd, 4th, & 5th homes.
  • A very, very small amount of distress sales.  The majority of distress sales/foreclosures were a result of mortgage fraud.


The amount of condos on the market 2009 vs. 2008 has decreased in condominiums.  The general rule of thumb is that “healthy amount” ( approximately 10% of the total number of units in the condo) could be on the market for sale  at a time.


Apogee clearly wins, again.  But Apogee is down about $100 psf, or 7.8%, on average from 2008.  ICON South Beach had the biggest decrease, 27.7%, from 2008.  Portofino Tower had the third largest decrease with a 26.3% drop in $ psf from 2008.  Here are the rest of the results:

Building % decrease/$ psf
Continuum South 21.8
Continuum North 10.3
Murano at Portofino 1.4
Murano Grande 19.1
South Pointe Tower 14.5
Yacht Club 13.6


Miami Beach Luxury Statistics for South Beach Condos

Check out the nifty little graph below to see how the market has performed over the last three years.   I’d like to say that there was something really interesting to point out–but that’s not the case.  There are some ups and downs, but nothing to raise an eyebrow. Weathering the storm quite well.


South Beach Deals

Continuum North, 50 S. Pointe Drive, #3402, Miami Beach, FL 33139. This condo has three exposures: east, south and west. It priced very, very well at $3.6M.

Continue Browsing Miami Beach Luxury Real Estate Here

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