South Beach Condo Blog

Miami Beach Real Estate: A Six-Year Retrospective of the Miami Beach Condo Market

I haven’t been around much lately; the reason for that will become apparent very soon. In the meantime, this post was inspired by an email from a consumer who wants to buy a Miami Beach condo and asked me for some insight. Since I didn’t readily know the answer to the question (and I usually do), I figured it was time [...]

Miami Beach Real Estate Statistics: Distressed Properties & Diana Olick

Miami Beach is a really unique place.  That’s why I get a tad frustrated with the media for lumping Miami Beach into Greater Miami’s real estate statistics on foreclosures, short sales and shadow inventory. Now there’s new phrase du jour, “double dip.”  I liken Miami Beach to Manhattan or Beverly Hills.  Manhattan real estate operates on its own from the greater [...]

Miami Beach Real Estate: 2009 South Beach Condo Market Index

2009 luxury real estate statistics for condos in the SoFi neighborhood of South Beach. The 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 the condo index in 2009 vs. 153 in 2008, a drop of 16%.

Miami Beach Luxury Real Estate: Waterfront Homes PPSF Falls 25% Y-O-Y

In 2009 there were 42 waterfront sales in Miami Beach. The average Miami Beach waterfront home sold for $702/ square foot. The high sale for 2009 was Shaq's Star Island home which sold in June for $16M, and the low sale was a home in mid-beach for $1M. Coincidentally, the high and low sales in 2008 were just about the same.

Miami Beach Luxury Real Estate: Reduction of the Day -1350 S. Venetian Drive

I believe the high-end waterfront home sector in Miami Beach will be the story of 2010. Here's why: Inventory is way up, homes have been sitting on the market for record amounts of time, and number of real estate transactions are way down. Miami Beach condos have been pummeled in the media for years. Prices have dropped big time, except for the South of Fifth neighborhood. Inventory is decreasing and number of transactions are up---way up. Not the same for waterfront Miami Beach homes...

Miami Beach Real Estate: Luxury Waterfront Stats for 3Q 2009

Much like the high-end condos, Miami Beach waterfront homes had a tough go of it in the early part of this year. But, all told, the impact of the real estate correction will be most felt in the luxury waterfront sector. Our first 'big' sale didn't come until June, and still stands unrivaled. Venetian Islands: Whaaa? What really raised my eyebrow was the lack of sales on the Venetian Islands for the first half of the year. During the first half of 2008

Miami Beach Real Estate: 3QT 2009 Stats for Condos in South of Fifth Neighborhood

This has been a very interesting year. I've said before that the SoFi neighborhood in South Beach has weathered the real estate storm like a champ. Our busiest time of the year begins with Art Basel at the beginning of December and continues well into June. For the previous few years, the week of Art Basel has been incredible. Last year was the year of NO action; and it only got worse from there. While inventory languished on the market for the first half of the year, sellers seemed to hear the message. List prices dropped, and dropped fast.

Miami Beach Real Estate: North Bay Road Waterfront Sells For Over $7M LESS than Original Ask

On market for over three years, 2046 North Bay Road sells for $9,750,000 Originally listed for $17M, 2046 North Bay Road is sited on a 38,314 sq. ft. lot.  The newly-constructed  14,582 sq. ft. home sold for $668.63 psf.  The estate has seven bedrooms, nine bathrooms, two half-baths, and a four car garage. Prior to this sale, there [...]

South Beach Real Estate: SoFi Condo Stats for 2QT 2009; Apogee Continues Reign; Price Declines and Huge Drops in Sales

Since starting this blog which, which seems like it’s been going on and on for years now, I was really excited to find out that I did a stats post for the EXACT same time period last year.  When doing stats, my goal is to not just give the numbers but to show what they [...]

Miami Beach Real Estate:Waterfront Home Sales Down a Shocking 50%

Miami Beach waterfront real estate sales activity off by 50% as compared to the same period last year    This post started out as a 2Q 2009 report on Miami Beach waterfront home sales.  As I started to gather the info, the first thing that I noticed was that there wasn’t a lot of info to gather.  [...]