South Beach Condo Index – October 2007
October 15, 2007 by Lucas Lechuga
The data for the October South Beach Condo Index was collected last Thursday. I didn't have time to actually post the statistics until now because it is quite time consuming and I kept procrastinating.
Actually, I had time, but I instead decided to enjoy my weekend by consuming much of what Miami and South Beach has to offer and sleeping in late each day. It was a much needed vacation time, especially after experiencing the frustration of my site being down for three days. The joy of not having a boss to which to answer!
The average price per square foot of condos currently listed in the following 19 condo developments in South Beach actually went up. It went from $887.60 per square foot, in September, to $889.83, for this month. The weighted-average, however, slid from $774.23 per square foot to $773.73.
- 1500 Ocean Drive - 1500 Ocean Dr | 33139 | $1,164.39
- Bentley Bay - 520 & 540 West Ave | 33139 | $783.84
- Hilton Bentley Miami Beach - 101 Ocean Dr | 33139 | $1,177.94
- Continuum South Tower - 100 S Pointe Dr | 33139 | $1,246.76
- Cosmopolitan - 110 Washington Ave | 33139 | $597.18
- Courts at South Beach - 140 Jefferson Ave | 33139 | $537.55
- The Decoplage - 100 Lincoln Rd | 33139 | $652.02
- The Floridian - 650 West Ave | 33139 | $565.22
- Grand Venetian - 10 Venetian Wy | 33139 | $593.40
- Icon South Beach - 450 Alton Rd | 33139 | $903.54
- Il Villaggio - 1455 Ocean Dr | 33139 | $1,592.94
- Meridian Lofts - 2001 Meridian Ave | 33139 | $600.36
- Mirador 1000 & 1200 - 1000 & 1200 West Ave | 33139 | $440.47
- Murano at Portofino - 1000 S Pointe Dr | 33139 | $1,119.86
- Murano Grande - 400 Alton Rd | 33139 | $844.90
- Portofino Tower - 300 S Pointe Dr | 33139 | $887.55
- Setai South Beach - 101 20 St | 33139 | $1,977.39
- Waverly at South Beach - 1330 West Ave | 33139 | $526.87
- Yacht Club at Portofino - 90 Alton Rd | 33139 | $694.54
The average price per square foot of condos sold over the previous six months has gone up from $783.25 per square foot to $787.01, but for a good reason. Meridian Lofts didn't have any closed sales within the last six months which is why you will find the "N/A" below. Meridian Lofts is a sub-$500 per square foot condo building, so by excluding it from the average it actually made the overall average rise. Most of the other condo buildings included in the South Beach Condo Index are priced much higher than $500 per square foot. If Meridian Lofts were included in the average this month, at its previous average price per square foot, then the average price of condos sold in this index would have dropped from $783.25, last month, to $768.47, this month. That's the real number to watch.
- 1500 Ocean Drive - 1500 Ocean Dr | 33139 | $921.32
- Bentley Bay - 520 & 540 West Ave | 33139 | $610.03
- Bentley Beach - 101 Ocean Dr | 33139 | $1,056.76
- Continuum South Tower - 100 S Pointe Dr | 33139 | $1,034.46
- Cosmopolitan - 110 Washington Ave | 33139 | $534.33
- Courts at South Beach - 140 Jefferson Ave | 33139 | $456.52
- The Decoplage - 100 Lincoln Rd | 33139 | $533.56
- The Floridian - 650 West Ave | 33139 | $545.93
- Grand Venetian - 10 Venetian Wy | 33139 | $465.92
- Icon South Beach - 450 Alton Rd | 33139 | $806.22
- Il Villaggio - 1455 Ocean Dr | 33139 | $1,217.60
- Meridian Lofts - 2001 Meridian Ave | 33139 | N/A
- Mirador 1000 & 1200 - 1000 & 1200 West Ave | 33139 | $418.35
- Murano at Portofino - 1000 S Pointe Dr | 33139 | $1,040.34
- Murano Grande - 400 Alton Rd | 33139 | $752.03
- Portofino Tower - 300 S Pointe Dr | 33139 | $998.35
- Setai South Beach - 101 20 St | 33139 | $1,655.73
- Waverly at South Beach - 1330 West Ave | 33139 | $478.47
- Yacht Club at Portofino - 90 Alton Rd | 33139 | $640.19
The first number below directly to the right of each development name represents the total number of active listings. The second number, in parentheses, is the number of currently listed condos expressed as a percentage of the total number of condos in the development. The third number represents the number of pending sales while the fourth is the number of closed sales within the past month.
- 1500 Ocean Drive - 9 (8.04%) |0 | 0
- Bentley Bay - 49 (28.82%) | 1 | 0
- Bentley Beach - 14 (12.28%) | 0 | 1
- Continuum South Tower - 44 (13.84%) | 1 | 3
- Cosmopolitan - 30 (13.45%) | 0 | 0
- Courts at South Beach - 5 (5.00%) | 0 | 0
- The Decoplage - 62 (9.92%) | 2 | 1
- The Floridian - 57 (17.07%) | 0 | 1
- Grand Venetian - 17 (12.69%) | 0 | 0
- Icon South Beach - 45 (15.57%) | 4 | 1
- Il Villaggio - 6 (4.72%) | 0 | 1
- Meridian Lofts - 17 (15.32%) | 1 | 0
- Mirador 1000 & 1200 - 100 (10.80%) | 9 | 5
- Murano at Portofino - 17 (8.99%) | 1 | 0
- Murano Grande - 53 (19.63%) | 0 | 0
- Portofino Tower - 38 (18.45%) | 1 | 1
- Setai South Beach - 33 (20.25%) | 1 | 0
- Waverly at South Beach - 47 (11.78%) | 3 | 1
- Yacht Club at Portofino - 43 (11.91%) | 1 | 1
There were a total of 13 closed sales in the 19 condo developments represented in the South Beach Condo
Index this month. Five occurred in Mirador while 3 others occurred in Continuum. The 13 closings this month are two less than last month's.
Overall pending sales have dropped from 35, last month, to 25, this month. That's a 28% drop which is pretty considerable, in my opinion. Hopefully, the tides will turn after Thanksgiving, which is around the time that business picks up.
[…] South Beach Condo Index – October 2007 Murano at Portofino – 1000 S Pointe Dr | 33139 | $1,119.86 … Portofino Tower – 300 S Pointe Dr | 33139 | $887.55 […]
Why not add Flamingo’s south tower? That tower has been sold for quiet some time, and it would be interesting to see how their resales are doing.
[…] Source: Miami Condo Investments […]
FLAMINGO!! FLAMINGO!!!
I will probably throw in the south tower of Flamingo in the index within the next month or two. So far there have only been six closings that aren’t through the developer and only one pending sale at the moment. I’d like to see a little more activity before I include them.
I’d be interested in seeing Sunset Harbor and the Townhouses @ Sunset Harbor thrown in too. I realize that SH and the Flamingo are way below the price/SF in the SoBe index – the Townhouses, perhaps not so much so. Yeah, let’s make more work for Lucas! Kidding. Lucas, I have a question on this post. If I am reading it correctly, the avg listing price/SF for Portofino Tower is $888, while the average sales price in the last six months is $998. It’s the only building listed that has a lower last-six-months’ actual sales price than the current average… Read more »
JM,
Good catch! Portofino Tower has actually been inverted like that since I started the index. It is due to a penthouse unit that sold for $6,471,555, or $1505 per square foot on June 29, 2007. The inversion became even more pronounced then in the past couple of months because a unit that sold for $604 per square foot seven months ago fell off the average.
I’ve thought about Sunset Harbour as well. I’ll have to see how much time I have next month when it comes time for then November South Beach Condo Index.
Thanks Lucas.
Looks like sales at the Flamingo are slow as well. I would expect those selling in the south tower are going to have very tough time selling against the developers units now for sale in the north tower. .. and then the middle larger tower later. Those south tower units may have to wait several years to see any appreciation, if any at all.
Thanks, Lucas, and sorry, folks, I meant, *higher* last-six-months’ sales price than listing price, not lower. It’s lucky that Lucas can read my mind, even when my English fails me.
The Flamingo is a joke. Don’t include it.