South Beach Condos Blog

This data is based on information from the Southeast Florida Regional (SEFR) MLS or from the associations participating in the SEFR: for the period of 1/1/2008-6/30/2008.

Starting with this installment of South Beach condo statistics, I am adding two new buildings to the mix: Apogee South Beach and Continuum South Beach (North Tower).

Miami Beach Real Estate

Comparing these stats to my most recent stats post, it seems that ICON South Beach and Yacht Club are having a good year. Over the past year, ICON carried a large inventory and it seems that the owners have been reducing their prices more towards market value.

From the graph above,  what I see is the time on the market is definetely increasing, most notably, Murano at Portofino and Continuum (South). ICON South Beach has always been on the high side, so nothing really new there. Many sellers were caught off-guard this past season. It is common for sellers to wait through season before adjusting their prices, but, the problem with that is the activity dried up as well. So, their-in lies the problem: inventory sits creating lots of availability and little or no sales activity happens during the summer.

Above: It is accepted that 10% of the building inventory could be available for sale at any one time; the average condo inventory for all nine buildings is 13.3%. While the average of 13.3% is not alarming, Murano Grande has almost double what would be considered healthy. Additionally, Continuum North and Apogee South Beach, whose numbers are high, are typical because the buildings have recently opened, so it’s normal for a high number of units to be on the market.

If I took Continum North and Apogee South Beach out of the mix, the average would drop to 11.42%, which is very good.  From my stats post in September, 2007, the average of the original seven buildings was 12.9% 

Lots to note here. Right off the bat,  Apogee South Beach comes in at number one.  Not a surprise.  What is a surprise is that ALL of the original seven of the building’s “Sold $ PSF” have gone UP (excluding Apogee and Continuum North)!  That’s right, everyone.

What’s the Best Real Estate Buy in South Beach/South of Fifth Condos?

I would focus on Portofino Tower and Continuum North (the new one).  There is a lot of inventory at Continuum North and the owners must be starting to get a little anxious.  Please note: to be on the oceanside of Continuum North is rather pricey because all of the oceanfront units are larger.

Here is a list of what I believe are good real estate buys in each of these buildings:

Apogee South Beach- 800 S. Pointe Drive, Miami Beach, FL 33139

Unit 902 is a flow-through unit priced at $3.99M.  It is the lowest priced unit in the building and actually a good value for the height of the unit.  Next unit jumps to $4.3M

THE PENTHOUSE OF APOGEE.  $22M.  The biggest and most prestigious Penthouse ever to come to market in Miami Beach and South Beach.  This is truly one of the best pieces of real estate in, not only Miami, but possibly the world.  Three levels, over 17,000 sf of total area, elevator, rooftop palazzo with pool.  Perfect for Brad and Angelina.  Privacy and exclusivity reign supreme. [Full Disclosure:  this is my listing.] 

Continuum South- 100 S. Pointe Drive, Miami Beach, FL 33139

 1707 Direct oceanfront at Continuum South for under $1k psf.  A good buy.

2703 2/2.5 short sale. $1.55M

3402 2/2, nice high floor. $1.65M

Continuum North- 50 S. Pointe Drive, Miami Beach, FL 33139

Unit 802 is a direct oceanfront southeast corner unit priced at $2.6m

Unit 2001 is a direct oceanfront northeast corner unit priced at $2.8M

Unti 2405 is a northwest corner unit with a great open floor plan.  Very desirable line.  $2.35M

ICON South Beach- 450 Alton Road, Miami Beach, FL 33139

Unit 2410 is a 2/2 corner unit on a higher floor. $1.099M 

Murano at Portofino- 1000 S. Pointe Drive, Miami Beach, FL 33139

 Unit 1502 3/3.5.  Orignally came to market at $3.1M.  Recent comp at $2.6M.  Current price is $2.495M

Murano Grande-450 Alton Road, Miami Beach, FL 33139

 Unit 1405 2/2. $798K.  Just reduced about $200K in the last week.  Originally started over $1M.

Portofino Tower South Beach-300 South Pointe Drive, Miami Beach, FL 33139

unit 1506 2/2+den. $1.395M

South Pointe Tower- 400 S. Pointe Drive, Miami Beach, FL 33139

 Unit 1902 2/2. 1169 sf.  High floor. $699,000

Yacht Club at Portofino- 90 Alton Road, Miami Beach, FL 33139

1703 2/2. Short-sale.  Eastern exposure and ocean views.

It was a truly spectacular day here in Miami Beach.  I’d guess it was about 74 degrees, no humidity –perfect. I had just dropped my Italian clients off at the Delano Hotel and I hear fire sirens –lots of them.  I turn and look up and I see flames shooting from the roof of the newly opened Gansevoort South Beach.  I have no idea what caused the fire, but I do know that it was on the roof.  The Gansevoort has a pretty sexy roof “thing” going on; pool, bar, and members only, of course.  The fire looked more like it was coming from mechanical area of the roof.  I’ll watch the 11 o’clock news and see what happened.

The Gansevoort Hotel and Residences South Beach opened a few weeks ago and is located at 2301 Collins Avenue.  The hotel has 334 rooms and 259 residential condos.  The finished resort will have an outpost of the Meatpacking district’s STK steakhouse, and a David Barton Gym.

UPDATE:  I just received an e-mail from, I believe, the PR firm for the Gansevoort:

Hi Kevin, I saw your blog posting and wanted to update you on the fire at Gansevoort South Hotel, Spa and Residences yesterday. Here is the official statement from Robert Van Eerde, Managing Director of the hotel:“There was a small, contained fire on the unoccupied terrace at the penthouse level at Gansevoort South yesterday afternoon. The Fire Department responded immediately and extinguished the fire within 15 minutes. No one was injured and damages were minimal. The hotel is fully operational.

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

Finally, the wait is over.   Apogee South Beach, destined to become Miami’s most prestigious condominium, is here.  Closings began a few weeks ago and sources say that approximately 40 percent of the units are closed.

I’ve been looking forward for Apogee to be completed.  I recently toured the building with my clients and their design and architectural team.  During our conversation, a comparison was made between Apogee and a Park Avenue-type building.  The designer quickly responded “Park Avenue should be this nice.”  

The summer kitchen, a bare necessity

The master bath at Apogee South Beach.

Click here to view more pics of Apogee South Beach

Click here to view available condos for sale at Apogee South Beach at 800 South Pointe Drive, Miami Beach