Update: Canyon Ranch Living Miami Beach

Canyon Ranch Miami Beach

“What’s up at Canyon Ranch Miami Beach?”  It appears to be very complicated, according to an article in WSJ.
 

What Went Wrong at Canyon Ranch

It’s no secret that I’ve been a big believer in the Miami Beach project.  We could have a big, macro-economic dialogue about theories, but the best answer is probably the simplest:  It just came to market at the worst possible time.

Miami Beach Condos: Caribbean South Beach is First Major Bulk Sale

Caribbean Miami Beach

Caribbean South Beach-3737 Collins Avenue, Miami Beach, FL

Caribbean South Beach has been purchased by a New York entity, Melohn Properties.  Caribbean South Beach is not quite in South Beach, but close enough.

According to the Miami-Dade real estate tax records, only about six units have closed in the 103 unit condo.  The project was ripe for investors because of it’s oceanfront location and low number of closings.

The units themselves are very well done with top-line finishes and appliances.  I hate the master bathrooms, though.

Caribbean Miami Beach master bathroom

How’s this bathroom for privacy?  Imagine the glass walls with water spots and finger prints.  Arrgh.

Caribbean kitchen

  Continue reading Miami Beach Condos: Caribbean South Beach is First Major Bulk Sale

Setai South Beach Penthouse Back on the Market: $24M

Setai South Beach Penthouse

One of the most talked about Penthouses has returned to the market for $24,000,000. 

Setai South Beach Located at 101 20th Street, Miami Beach

Penthouse “B” at Setai South Beach has been on and off the market for more than a few years now.  It was originally purchased from the developer in 2004 for $9,500,000.  It came back on the market for $24.9M in August 2005 and in June of 2006 the price was raised to $34M, but was reduced to a “more reasonable” $29M, just three months later.

The property languished on the market until December 2008.  During that time it was widely accepted that it was actually under contract for $19M, but the deal fell through.  

 “Penthouse B” encompasses the entire 40th floor of the World-famous Setai.  A one of a kind sky-residence with 6,000 interior sq. ft., 4 bedrooms, 4 bathrooms;  the one-story condo comes completely furnished by a well-known designer, a 4,000 sq. ft. terrace with private pool, garden, and outdoor dining areas, all overlooking the majestic Atlantic and sexy South Beach.

The owners are Andrew and Elyse Barroway from the Philadelphia area.

Other South Beach Penthouses on the Market:

Related Posts:

Miami Beach real estate Home

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 mean in relation to something.  So many agents are now reporting real estate numbers, ad nauseum, with no insight–and therefore, offers little or no value to the reader.

So now we get to pin ’08 against ’09–and REALLY get a good look at where these ultra-luxury condo prices in Miami Beach are headed.

Miami Beach Condo Sales Thru 6/30/2009

Miami Beach real estate statistics for South Beach luxury condos

2008 Miami Beach Condos Sales thru 6/30/2008

Average Days of Market 1/1/2009 – 6/30/2009

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  • Apogee: 58
  • Continuum South: 187
  • Continuum North: 101
  • ICON South Beach: 201
  • Murano at Portofino: 175
  • Murano Grande: 150
  • Portofino: 220
  • South Pointe Tower: 126
  • Yacht Club at Portofino: 155

South Beach luxury condos statistics

2008 Percent of Total Miami Beach Condos on the Market

  • Apogee: 19
  • Continuum South: 12
  • Continuum North: 21
  • ICON South Beach: 12
  • Murano at Portofino: 10
  • Murano Grande: 19
  • Portofino: 12
  • South Pointe Tower: 7
  • Yacht Club at Portofino: 8

 

Miami Beach real estate condo statistics

2008 Average $/Square Foot – List Price/Sale Price

  • Apogee: $1,340.23/$1,239.02
  • Continuum South: $1,187.76/$1,078.11
  • Continuum North: $1,121.08/$1,073.63
  • ICON South Beach: $811.63/$733.72
  • Murano at Portofino: $1,057.21/$865.09
  • Murano Grande: $780.57/$674.19
  • Portofino: $736.53/$660.82
  • South Pointe Tower: $697.95/$616.89
  • Yacht Club at Portofino: $604.35/$552.91

What Does This Mean to You?

In short, the number of sales have fallen by 39% Y-o-Y; and average $/psf has fallen 20% Y-o-Y, to $735 psf.

Data is based on information from the Southeast Florida Regional (SEFR) MLS or from the associations participating in the SEFR: for the period of 1/1/2009-6/30/2009

Kevin Tomlinson -Plum TV with Anne Owen at 6396 North Bay Road in Miami Beach [Video]

I had the opportunity to be interviewed by the beautiful and articulate Anne Owen, Publisher of Miami Modern Luxury Magazine.

We had a chat about Miami Beach real estate at a stunning estate on North Bay Road.  The newly constructed estate is available for a cool $15M.

Special thanks to Wendy Chernin and Marlon Johnson at Plum for making us look good (or as good as we could have possibly looked).

 

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