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5 Highest Condo Sales Closed in January 2010

February 17, 2010 by Lucas Lechuga
The following are the 5 highest condo sales in Miami-Dade County that closed in January 2010 through the MLS:

  • Acqualina PH4501 - 5 bedroom/6.5 bath (6,353 square feet) - This penthouse sold for $4,700,000, or $740 per square foot, on January 27, 2010.

  • Continuum South Beach North Tower #TH6 - 4 bedroom/4.5 bath (2,901 square feet) - This townhouse sold for $3,482,400, or $1200 per square foot, on January 29, 2010.

  • Santa Maria #3805 - 4 bedroom/3.5 bath (4,030 square feet) - This unit sold for $2,700,000, or $670 per square foot, on January 4, 2010.

  • Asia Brickell Key #1903 - 4 bedroom/5.5 bath (3,813 square feet) - This unit sold for $2,288,000, or $600 per square foot, on January 15, 2010.

  • Grovenor House #2601 - 4 bedroom/6 bath (4,026 square feet) - This unit sold for $2,190,000, or $544 per square foot, on January 15, 2010. mich

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Richard

Put those agents on a mailing list–lots of $$$

Bill Wong

Sounds like more FRAUD….all over again!!!!

Drew

Whoever paid almost $3.5M for a townhouse <3 ,000 sf is an idiot.

Renter Tom

Bill Wong — I can show you other even more outrageous “sales” that were then used as comps….it wouldn’t surprise me. It is stuff like this that makes buying a condo more difficult and holds the market back. It certainly cause me pause to want to just jump in and buy….so I have to do a lot more homework in this market unfortunately.

Kramer

$3,482,400. or $1200. per square foot – Continuum North. – Well Joe it looks like you can forget about ever seeing what really does go on behind that locked door on the roof 🙂

Bill Wong

ALL THIS PROVES IS THAT ……THERE ARE MORE IDIOTS THAN I THOUGHT OUT THERE….and FRAUD IS STILL RUNNING RAMPANT!!!!!! I’m with RENTER TOM. (I’m going to research who ,what and who the Salesperson was) I smell a RAT!!

Drew

Kramer: Hilarious

southbeachsand

Those townhouses at Continuum are dreadful. You can barely see top of the ocean and the tower balconies behind them look right over into your patio. No privacy at all.

GoodNews

Here is why hardest-hit markets (Miami, LV) are poised for 20%/yr price appreciation starting later this year:
http://www.businessinsider.com/this-is-the-most-bullish-thing-weve-seen-for-housing-in-a-long-time-2010-2

Gixxer 1000

GoodNews, you sound just as ridiculous with your overly optimistic bullish predictions as some other do with their overly pessimistic bearish predictions.

If prices started to appreciate rapidly then a large amounts of inventory would enter the market counteracting the appreciation.

We’re most likely looking at price stabilization followed by minimal appreciation.

Visionary

Lara,

Any news about the “Quantum smell” ?

GoodNews

Gixxer,
I’m not surprised by your remark. They fit nicely into that chart… Nobody can even imagine real estate being strong right now, which means exactly that it’ll be strong. It’ll hit 2006 high by 2015, then flatline for 7-10 years until long-term trendline catches up with prices.

Miami2009

Wow, I can’t believe Continuum North @1200/sqf…Who would pay that much for a building where you can get a daily rental! The area is one of the best but something is just not right with this…

Miami Skeptic

Goodnews, other than your chart, are there any fundamentals to support Miami seeing 20%/year appreciation?? Without massive mortgage fraud and easy credit, the boom never would of happened. Those days aren’t coming back, Miami doesn’t have the income/population growth numbers to support such appreciation.

I don’t always agree with Mr. Gixxer, but his prediction of “price stabilization followed by minimal appreciation” is about right.

Nothing wrong with being a contrarion (my contrarion view points during the housing bubble/bust made me plenty of $$), but need to have some reason to support your viewpoint.

DJ

Goodnews, you’re actually predicting the real estate market all way out to 2025? Wow, can you also tell who will win the next world series?

Lara

Visionary, no news about Quantum smell. I spoke to my tenant. He seems to be happy with everything. I also wrote to the management of the building and they responded that the rumors were extremely exagerated. The also mentioned that they are trying to clarify the situation and once it is done they will issue a letter to all owners. That is it.

Gixxer 1000

How does my opinion fit into that chart. From my past comments you can easily see that I still think housing is a good investment. But I fail to see where you getting this if your using long-term trends. The historical trend for appreciation has been about 4%. If you go back to 2001 pricing and apply 4% appreciation you should be at about $193k now when were about $197, so I’d say were close to the bottom. Inventories are decreasing however we’ll have a steady supply of foreclosures and REO’s probably for the next 3 years. If anything you… Read more »

Elvis

@Gixxer: that is real logic…4% appreciation over time and we are close to bottom now. Also as @Miami Skeptic says there is no income and mortgages to support these high prices. I have been saying for almost a year who can realistically afford these $1M+ deals? There is a reason why homes that were on the market last year for $1.2M ended up selling for $750K. Most of these $500K condos require a larger down payment and a salary well into the 6 figures. A lot of people can ‘afford’ the $500K condo, but without easy mortgages good luck. Many… Read more »

DJ

What bank is offering 7%?!?!?!

Elvis

I should have said invested at 7%. It is not too difficult to get 5%+ tax free muni bonds which depending on your tax bracket could be a higher value than 7%.

moretroops

Goodnews said housing will go back to 2006 prices in five years.

Seriously. That was said.

So that leaves us all with two options: (1) Write goodnews off as a blithering moron who fundamentally misunderstands what just happened in Miami and around the world; or (2) write goodnews off as another salesman on commission, willing to outright lie regardless of the consequences to the buyer.

Take your pick. I say it’s No. 2.

RAM

Elvis,

Those 5%+ tax free muni bonds have maturities of over 15 years (with the exception of California Munis).

Do you really want to buy long term muni bonds in an inflationary period?

Elvis

@RAM, I was just using an example. There are other investment vehicles out there which have better yields. And no chance of dipping into California munis! Maybe @Goodnews could make an argument why it is important to invest in California right now:) I will be more than happy to sit on the sidelines and give my congrats to people making money hand over fist in the next couple years in the Miami market. I don’t see enough signs that point to Miami doubling in value in 5 years and will accept my poor slumdog status since I am not buying… Read more »

Joe

Some of these sales reek of fraud. Over a third of Continuum North is on the market right now, with more available for rent. Who in their right mind would pay $1,200/sf for a ground-level townhouse?

By the way, I don’t want to get into another big Continuum North debate with the trolls and morons, but is it true that there are daily rentals available there? I had heard the security there was very tight. Hard to imagine people coming and going on a daily basis.

Renter Tom

The Fed best resource is predicting about an average of a 1% decline in housing prices through April of this year from December. That is the national average. Might be safe to say that Miami condos would be possibly double that??? Say you have a 4% decline in prices, in Miami that would be 8% if double on a $500K condo, that is another $40K. For the year if the price decline continued for 12 months, would be $120K. Just saying…we aren’t at THE bottom here yet, much closer, but not there yet. With Florida having the highest foreclosure rate… Read more »

Continuum North Front Desk

Yes, Mr. Joe. We have a nightly rate. With free continental breakfast 6-10am. And all rooms equipped with HBO and premium adult pay-per-view.

AJ

looks like the arse holes are back. Their (his) 2 week absence was too good to be true. Squash this roach. Lucas, please remove #26 and show them (him) you mean business. Even if you are unable to block his IP address as he is a master of the concealing game, you can zap these foul posts as and when they appear and hopefully they (he) will get the message. I think a lot of people will agree with this. If anyone thinks contrary then please tell all of us why posts like this which has absolutely nothing to do… Read more »

AJ

Lucas, Same goes with #85 in a look at the Margaret Pace Park thread.
You are getting spammed. It is annoying but you have to take a minute to obliterate these posts.
I am 100% sure, that the IP address of “Aj’s friend” and “Continuum North Front Desk” is the same. Please block this guy and if he changes his IP, then continue to frustrate his efforts.

If you want to retain serious bloggers on your site, you must do this.

Drew

Condo Vultures. Literally.

http://www.cnbc.com/id/35460133

Renter Tom

Drew – You should see the hundreds of real vultures flying around and perching on Trump Tower III (which is vacant)….hundreds of them, sorta spooky.

gables

I actually like the continuum town houses. but then i really prefer a townhouse to highrise condo. we just dont have many options for such housing here in miami.
but those big loft windows at continuum townhomes are fantastic. light up the unit at night and parade around naked, so all the folks walking on the boardwalk are forced to see me in all my glory, up close and personal, disgusted at the site and yet insanely jealous of the house they cannot afford! life would be grand! 🙂

jcrimes

wanted to comment on the parc lofts sale.

thoughts…

1. yes, the location sucks.
2. i still love the building. frankly, it’s top 5 favorite project in miami.
3. $122k is an amazing price (3 years ago, the tool owning this place would have listed it for $450-500k).

final take…decent deal (the location, safe or unsafe, still blows).

jcrimes

and btw AJ, no to EPIC…

i’m staying on the beach, closing shortly on a great place. slightly overpaying but the buyer is coming to close with 50k out of her own pocket to make the deal work.

Lara

JCrimes, I also like Park Lofts building. I think though that HOA fees are too high.

Just the facts?
Samson

Renter Tom –

I think you’re right. We’re getting there but we’ve a year or so to go before we hit bottom. In the meantime, park your cash in my very favorite stock – NLY – for its big fat 17% dividend; its a great play for another 6-9 months. And why shouldn’t we try to time the bottom? We’re watching closely and we see it coming…not yet…but coming.

Samson

And so much for the Euros snapping up condos in South Beach. Of course there are always those “former” Venezuelan bankers on the run from Chavez and who can blame them? To be contrarian, isn’t now the time to pick up beachfront property in Margarita Island on the cheap? Buy low. Sell high. And I’ve a funny feeling Senor Chavez isn’t going to be around much longer. It’s all going to hell now in Venezuela – the country that God gave everything to: weather, beaches, gold, oil. And look at it now. Can’t even keep the lights on.

Drew

I know some on this blog disapprove of negative news stories, but the following is worth sharing. South Beach has (and will have) a major image problem if this type of activity continues. How many violent crimes have occurred on South Beach within the past 2 years? Several. With fatalities. Its just an example of the low-life riff raff that come here as tourists or (more likely) are local residents. How can South Beach condos/restaurants/hotels/clubs attempt to create an aura of sophistication and luxury when people are getting killed on Collins Ave in broad daylight….less than a mile away where… Read more »

scrivener

Just saw this in the Miami Herald. The issue with this online auction site is that the people whose complaints are aired in this article are the typical “unsophisticated” rookies and/or careless buyers who got caught not doing their research. No one should be surprised, shocked or astounded to learn that the luxury condo they purchased for $140K at auction is encumbered with debt obligations that remain on going because all buyers must assume that a mortgage lender’s interest is a secured. No buyer should be surprised to learn that the luxury condo he is bidding on has a lien… Read more »

southbeachsand

There have been 3 other murders out of South Beach in the last month, but the press just buries the stories.

Elvis

People come to Miami to see this type of stuff. Why would you come to Miami after watching Miami-Vice and CSI Miami? Seriously, people go to vegas to party, gamble, drink, drugs and sex. Miami isn’t much higher on the society scale.

Gixxer 1000

Its funny how people here ignore actual facts and would rather talk about speculation. Renter Tom takes a prediction that a national decline of 1% in 4 months (which would be just over 3% for a year) and turns it into a 24% yearly decline for 5ook Miami condos. But Just the Facts? posted MLS numbers showing that supply off condos in Dade county were was at 37 months in Nov ’08 and it was at 18 months in Dec ’09 and no comment. Furthermore the average price per sqft for Dade county condos was $176 in May ’09 and… Read more »

AJ

Drew, There is a difference. You are a long time poster who has posted articles of concern. You did not use a fly by night handle like “Continuum North Roof Top” etc. just to cause mischief. Jokes and crime stories are always welcome if they are somewhat relevant and not with any malicious intent. Lucas, what have you decided about such posters and such posts? You have not removed #26 and #85 in Margaret Pace Park thread. Have you tried to block his IP? At least let us know where we stand and you stand on this issue. Do you… Read more »

Gixxer 1000

AJ, calm down. If people post moronic stuff simply ignore it. One person posted a stupid thread and you’ve now posted three times complaining about it. Honestly I’d rather Lucas spend his time publishing an inventory report since the last one was published back in Jul ’09 (hint, hint).

southbeachsand

Some light humor never hurt anyone. The Pace Park pitching tents and the 1800 Murder Club posts were quite funny.

This place really needs a vBulletin forum,where members have the same name and its more difficult to change identities.

Renter Tom

Gixxer 1000 – NOOOOO, that was 1% PER MONTH. Sorry for not being clearer in my post for four months. Hence 4% or 12% IF trend continues for the year.

Gixxer 1000

Renter Tom, could you please provide a link. Only sources I have found pushing a 12% decrease in 2010 is a guy named Michael David White who is pushing some serious politically motivated ideological spin.

Renter Tom

Gixxer 1000 – It was from an article by First American CoreLogic on their home price index and forecast. Didn’t save the link but just do a google search.

gables

Gixer,
you should be using case/schiller index to examine price changes. averages per sq/ft cover the entire spectrum and are biased based upon whether high end or low end sales flucuate more. case tells you whether the trend is truly rising or falling for a specific unit in a specific town. not that case doesnt have its own faults, but it does serve a specific purpose. better than aggregate numbers from the govt and realtors.

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