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

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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

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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Sorry about the late update of the October installment of the South Beach condo statistics. I just re-launched my new website. The new website, www.kevintomlinson.com, has incredible and first-ever features like the ability to track changes of the list price of all Miami Beach condos (or at least the ones represented on the site).

South Beach Real Estate Blog: Your Miami Beach Real Estate On-line Newsroom

Ok, so historically, August and September are the slowest months of the year with regard to Miami Beach real estate sales activity. The numbers from last month’s post don’t really reflect anything earth-shattering.

This data is based on information from the Southeast Florida Regional (SEFR) MLS or from the associations participating in the SEFR for the period 1/1/07 through 10/3/2007.

This South Beach condo analysis covers the South Beach condos: Continuum South Beach, Murano at Portofino, Murano Grande, ICON South Beach, Portofino Tower, Yacht Club at Portofino, and South Pointe Tower

Here are some of the highlights:

Continuum had five closings from 9/4/2007–10/3/2007. That is impressive given the time of the year.

Miami Beach Condo Sellers: Time Is NOT Your Friend

Here, surprisingly, the average days on market has actually fallen in every condominium except Murano Grande from the previous months stats. ICON South Beach and Portofino Tower are continuing to choke on their own inventory. Every building except for Murano at Portofino and Continuum has problems with their amount of inventory and time on the market.

I sense that many owners are waiting for “season” before adjusting their prices where they need to be. Being “on the ground,” I know that there are buyers out there, it is just that so many sellers are not being realistic or hearing what the market is telling them.

Kevin’s advice: If you are a serious Miami Beach condo seller, don’t wait until after the “season” (“season” typically is December-June) to re-evaluate your pricing, DO IT NOW! If you plan on re-evaluating your list price, here is a guide to help you do it, the right way.

A normal real estate market dictates that about 10% of the condominium’s units could be available for sale at any given time. Murano Grande, ICON South Beach, and Portofino Tower have way too much inventory. Real estate market fundamentals, like location and supply and demand, are more important than ever.

Here is a quick run-down of the Miami Beach real estate activity in the SoFi neighborhood of South Beach from 9/4/07 thru 10/3/07:

Nine units closed, four of which were in Continuum South Beach

Two units pended (awaiting closing, under contract); both of which were in ICON South Beach

40 units came on the market

• Continuum: 7
• Murano at Portofino: 6
• Murano Grande: 7
• ICON South Beach: 5
• Portofino Tower: 2
• Yacht Club at Portofino: 9
• South Pointe Tower: 4

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