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’ve always said it and now it’s in print! It all about location, baby. There’s no denying that South Beach is now so big it is a BRAND. According to Forbes:

In some cases, a premium neighborhood was an area’s most lucrative. Take Miami Beach. The city’s ritzy downtown area has appreciated exponentially since 1990, as beach-front mansions and luxury condos have drawn upper-class buyers seeking space to soak up the sun and the sizzling social scene. Parts of the city center have increased in value 1,532% since 1990; the median property there is now worth a whopping $1.64 million.

You’re probably saying to yourself, “oh gawd, here goes another crazy real estate agent telling me the market is doing great.” Nope, not doing that. Here’s my issue with this article: Forbes is reporting that Miami is the “lucrative” neighborhood when, in fact, they mean Miami Beach and more specifically South Beach. For those readers outside of the area, South Beach is not a city, it is a neighborhood, much like SoHo is a neighborhood in New York City.  I’m not trying to distance Miami Beach from Miami, but comparing Miami Beach/South Beach real estate to Miami real estate is like comparing SoHo to the Bronx.

So, while this news is nothing new to me, I’m happy to see that real estate here continues to operate on basic market fundamentals like location, location, location.

Interesting side note (please discuss amongst yourselves): Miami Herald never ran this story. I’m not implying anything here, I just find it very interesting, that’s all.

Check out South Beach real estate here.

As you know, I am fascinated with 740 Park. Curbed is reporting that #4/5 A has traded at $32M to an unidentified buyer.

In the past, I have compared 740 Park to Apogee South Beach. I know from being inside Apogee South Beach that it is without peer in Miami Beach real estate, and apparently 740 Park has no peers as well. According to Curbed:

…those looking at 740 Park as a gauge of the luxury market are being quite foolish. This building plays by its own rules.

UPDATE: Ira Rennert is the buyer of #4/5 A and is rumored to have purchased another spread at 778 Park for “around $30M.”  Both apartments are said to be purchased for his daughters.  Sweet! [NYO]

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