South Beach Closed Condo Sales – November 2009 – There were 78 closed condo sales in South Beach last month. The average sales price of these condos was $342 per square foot.
Miami Beach Closed Condo Sales – November 2009 – 59 condos in Miami Beach closed in November. One of the sales did not include the final sales figure. The average price per square foot of the other 58 closed sales was $251.
I received a very interesting phone call from a Realtor ® this afternoon. He told me that a client of his placed a contract on a condo in the North Tower of Flamingo South Beach a while back. Now that the North Tower will not be converted, his client is requesting his deposit back. However, the developer is telling the agent that his client’s deposit will not be refunded unless the agent’s broker gives back the front-end commission it was paid in the past. I called another agent who sold a condo in the North Tower of Flamingo South Beach and he is going through the same ordeal.
This is a bunch of B.S. if you ask me. These contract holders are not the ones looking to cancel their contract. It is the developer who is canceling their plans to convert the tower. The agents did their job in bringing the developer a willing and able buyer. I’m not an attorney but I would think that the developer doesn’t have a strong argument. Besides, real estate brokerages are struggling these days. How many brokers will want to fork over the commission that was spent long ago? What happens to contract holders who bought a condo in the North Tower through a brokerage that is now out of business? Do these contract holders simply lose their deposit money?
It’s a dog-eat-dog world I tell you!
Earlier this week, I received an email from someone stating that they had heard rumors that the North Tower of Flamingo South Beach had been canceled. I asked around and it seems that, while nothing has officially been announced, there are plans to give deposit money back to contract holders of units in the North Tower of Flamingo South Beach and to maintain it as a rental building. I’m assuming that the option to convert the Center Tower will not be exercised by MCZ/Centrum and that it too will remain as a rental building.
This is actually great news for owners of condos in the South Tower at Flamingo South Beach, as well as for owners of condos located in the surrounding neighborhood. There will now be much less condo inventory hitting the market. The three towers comprising Flamingo South Beach have a total of 1,688 units. I’m not sure how many of these are situated in the North and Center Towers, but my guess would be that it is something close to 1,100 units. That’s 1,100 less condos that would have otherwise become available on the market (if my estimate is accurate).
I’m just wondering if this will mean that the plans for the courtyard will now be scrapped. The renderings for the courtyard looked fantastic! I’m sure this additional element calculated into the decision-making process of someone who purchased a condo in the South Tower of Flamingo South Beach.
Correction: I’ve been told that the picture above is from the 1920s and is of the old Flamingo Hotel.
I viewed the above picture a few days ago. I found it simply amazing to see what Miami Beach and Flamingo South Beach looked like in the 1960s. There were so many parcels of land still untouched back then. What a world of change 40+ years can bring to a city.
Flamingo South Beach became the largest condo-conversion in the state of Florida in early 2006. It is composed of three towers with 1,688 total units and is in the process of undergoing a multi-million dollar restoration. Currently, the south tower has been fully sold and Chicago-based MCZ Development is now working to sell out the north tower. The center tower, which rises above the two others and has more modern finishes and better views, will likely be available for sale in late 2008 if MCZ Development exercises their rights to it.
What is interesting to note about the picture above is that a swimming pool didn’t exist back then at Flamingo South Beach. Nowadays, the swimming pool area is where the party is each sunny weekend afternoon.
Of course, the picture directly above wasn’t taken on a weekend afternoon. In fact, I took it in August of 2006 on a Tuesday afternoon. The topless and G-string clad beauties at Flamingo South Beach usually bask under the South Florida sun on the weekends.
Flamingo South Beach is well known for its great amenities. It is the closest that you’ll come to resort-style living in South Beach. Investors love Flamingo South Beach because rental rates are high and the development allows short-term rentals. A gorgeous place to stay while on vacation in South Beach.
Truth be known, prices likely won’t appreciate at Flamingo South Beach for 2-3 years sheerly based on the high number of units that have been and will eventually be fully converted. The long-term outlook, however, for Flamingo South Beach is great. It’s a little piece of paradise within a paradise city.
A 1 bedroom pre-foreclosure unit at Flamingo South Beach has recently been listed in the MLS. I think this is going to be the first of many pre-foreclosures and foreclosures that we’ll be seeing at Flamingo South Beach in the next 12 months. In my opinion, Flamingo South Beach will turn out to be a solid investment in the long-term, but with 1,688 total units in the three towers that comprise Flamingo South Beach and current real estate market conditions, it is going to take a long while for the demand to catch up with the supply.
Flamingo South Beach is the largest condo-conversion ever to occur in the United States. MCZ Development Corp has completed the conversion of the south tower, which total 562 units, and has recently begun the sale of the 614 units in the north tower. MCZ Development Corp will likely begin the sale of the remaining 512 units in the center tower early next year, if they choose to exercise their option to purchase that tower.
Unfortunately, the recently listed 1 bedroom pre-foreclosure at Flaming South Beach is grossly overpriced. At a list price of $369,000, and an average price per square foot of over $500, it isn’t even close to being the best priced resale in the south tower. With minimal views from the third floor facing the open courtyard, I think we’ll see this unit move once the owner becomes truly motivated to avoid foreclosure.
Prediction…a list price of under $300K will get it sold. View all South Beach condos.
The video below will show you a typical 2 bedroom at Flamingo South Beach to give you an idea of how the interior of the units look. This is NOT the pre-foreclosure unit. The unit in the video is much larger and has fantastic views of Biscayne Bay, Star Island and the Miami skyline from a much higher floor.
One of best amenities at Flamingo South Beach is the 15,000 square foot, state-of-the-art fitness center. It has recently become the newest addition to the David Barton Gym chain and has been renamed accordingly. The video below will show you the fitness before the transition was made from being called the Flamingo Athletic Club to David Barton Gym.
