Beachfront Condo Foreclosure with Direct Ocean View at The Bath Club
For those not familiar with the South Florida condo market, The Bath Club is a luxury, beachfront condo development located at 5959 Collins Avenue in Miami Beach. The Bath Club, completed in 2005, offers spectacular amenities such as a tennis court, swimming pool, spa, fitness center, beach service, clubhouse, on-site restaurant, 24-hour concierge and valet parking.
Currently, the only foreclosure available at The Bath Club is unit 607. It’s a 2 bedroom/3.5 bath condo with 2,959 square feet of interior and a direct view of the Atlantic Ocean. The asking price is $1.15M, or $389 per square foot, which is the lowest price per square foot offered at The Bath Club. The next lowest priced 07 in the building, a unit just one floor higher, is asking $2.2M. Over the past six months, only one 07 unit has sold. Unit 1707 sold for $2M, or $676 per square foot. Contact us at 305-428-3860 or [email protected] if you would like to learn more about unit 607 at The Bath Club or schedule a showing.
3 Bedroom Foreclosure at Mosaic in Miami Beach
A 3 bedroom/3 bath foreclosure condo at Mosaic Miami Beach came onto the market earlier today. The condo has 1,507 square feet of interior space and 333 square feet of balcony. The list price is $702,900, or $466 per square foot. The flow-through unit is located on the 15th floor and has direct ocean and city views with a balcony on each side. The next best priced 3 bedroom in the building is listed for $949,000. That condo happens to be in the same line but located four floors lower.
Mosaic is a beachfront luxury building located in Miami Beach at 3801 Collins Avenue.
South Beach & Miami Beach Closed Condo Sales – November 2009
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.
2 Bedroom Foreclosure at Murano Grande Sells for $331 Per Square Foot
I was looking through the recently closed sales in South Beach and came across a 2 bedroom/2 bath foreclosure condo at Murano Grande that sold for $475,000, or $331 per square foot on February 9, 2009. This is by far the lowest that a 2 bedroom condo in the Murano Grande has sold through the MLS. Grant it, the recently closed condo, unit 609, is on a very low floor but from the looks of the pictures it appears to have been in pretty good shape.
Previously, the lowest sales price for a 2 bedroom condo at Murano Grande was $650,000. That unit was located directly two floors above unit 609 and closed in April 2008.
Unit 609 appears to have been the victim of mortgage fraud. It previously sold for $1,100,000 in September 2006. What’s interesting is that the list price at the time was intially $949,999. After being listed at that price for about seven months, the list price was increased to $1,100,000 a month before the condo closed and, of course, the listing agent was able to get both sides of the deal.
Beachfront Foreclosure "Steals" Just Aren’t Happening in South Beach
I receive a number of phone calls each week from nonlocals looking to “steal” a condo in South Beach directly on the beach. I tell them every time that it’s just not happening. Beachfront property is still in very high demand.
Case in point is a foreclosure condo at Hilton Bentley Miami Beach that became available towards the beginning of February. It’s a 1 bedroom/1 bath with 620 square feet, fully furnished and listed at $379,900. I never posted about this foreclosure because I wanted my best clients to jump on this opportunity before other agents in town knew about it. I took a look at the condo and it was in prestine shape. Great views, plasma TVs in the living room and bedroom, stainless steel appliances and furniture that was in like-new condition. I submitted a few offers but I was told that 8 other offers were submitted and none of mine were the highest. One of my clients has contacted me a few times within the last couple of weeks, out of curiosity, to find out for how much the condo eventually closed. The foreclosure condo at Bentley Beach closed for $459,900 on March 26, 2008. Again, it was listed for $379,900. Someone bid through the asking price by $80,000!
This is not just one instance. I’ve been seeing a number of South Beach foreclosures and short-sale condos being bid through their offers. As the old adage says, if it looks too good to be true then it usually is.
The Floridian 3 Bedroom Condo Foreclosure in South Beach – A Fantastic Deal at $444,900
A 3 bedroom/2 bath condo foreclosure was listed earlier today for $444,900 at The Floridian located at 650 West Avenue in South Beach. The condo is located on the 28th floor and faces west with direct views of Biscayne Bay, the Downtown Miami skyline and Star, Palm and Hibiscus Islands. The bank is also offering a $7,000 credit at closing to the buyer. Take a look at the MLS details of this condo foreclosure at The Floridian.
The following three bedroom units have sold on the MLS within the last 12 months at The Floridian:
Unit 2008 (faces east) – closed April 26, 2007 – $695,000
Unit 3007 (faces west) – closing June 15, 2007 – $725,000
My guess is that there will be multiple offers on this condo by the end of the week.
2 South Beach Loft Foreclosures on Meridian Avenue
Within the past week, I’ve come across two great bank-owned lofts on Meridian Avenue in South Beach. The first is located at 1700 Meridian Avenue in a development called Montclair Lofts. It is a bi-level 3 bedroom/3 bath loft with 2,300 square feet. The unit looks to be in great condition judging by the pictures that accompany the MLS listing. The bank is asking $749,900, or about $326 per square foot. According to public records, the judgment amount on this foreclosure was $1,050,855.
The second foreclosed loft is located at 2001 Meridian Avenue in a building called Meridian Lofts. It is a 1 bedroom/1 bath loft with 1,046 square feet of interior space. This loft also appears to be in great shape judging by the pictures accompanying the MLS listing. The bank is asking $391,900, or about $375 per square foot.
Both developments were built in 2005 and are within walking distance of world-famous Lincoln Road. I think both of these lofts represent good deals, even in this market.
Bentley Bay – 1 Bedroom Bank-Owned Foreclosure – $449,900
A 1 bedroom/1 bath bank-owned foreclosure with 777 square feet of interior space at Bentley Bay recently had a $100K price drop. At this point, it fell onto my radar as being a good deal. It is currently being offered at $449,900. The condo is located on the 12th floor.
The unit faces west which, in my opinion, offers a better view than those facing east. The units facing west have a view of Biscayne Bay, Star Island and the Miami skyline. I haven’t viewed this unit in person but from the MLS pictures it appears that the appliances are still in place. I’ve noticed in a lot of other foreclosures that the appliances are oftentimes removed from the unit.
A unit in the same line sold for $550,000 in June 2007. That unit was sold furnished, however. There’s usually a price difference of $3,000 per floor in Miami and Miami Beach. If the foreclosed condo is in good shape then I think acquiring it in the low $400K’s would make for a great deal.
The following units in the same line at Bentley Bay North are currently listed at the prices below in the MLS:
Unit 1013 – $526,500
Unit 713 – $529,999
Unit 1613 – $599,000
Unit 1713 – $599,000
Unit 1213 – $650,000
Unit 2313 – $679,500
2 Bedroom/2 Bath Bank-Owned Foreclosure at Murano Grande in South Beach
A 2 bedroom/2 bath bank-owned condo at Murano Grande just became available yesterday. The unit has 1,437 square feet of interior space, with marble floors throughout, and is listed at $899,000, or $626 per square foot. The price is negotiable. The condo is located on the 23rd floor and has panoramic views of Biscayne Bay, the city and the Atlantic Ocean.
The latest South Beach Condo Index reveals that units at Murano Grande have sold for an average price per square foot of $752 over the past six months.
The following are other 09 units currently listed in the building:
Unit 809 – $875,000
Unit 709 – $885,000
Unit 1009 – $944,000
Unit 1909 – $999,999
Unit 1109 – $1,025,000
Unit 1709 – $1,199,500
There have been two 09 line condos at Murano Grande that have closed within the past 12 months. The first is unit 2109 which closed for $950,000 on December 21, 2006. The second is unit 1809 which closed on November 11, 2006 for $1,150,000. None have closed within the past six months.
Click on the following link to view the MLS information pertaining to unit 2309 at Murano Grande. Contact me if you or someone you know has an interest in viewing this bank-owned foreclosure in person.
Foreclosure at Yacht Club at Portofino – 2 Bedroom/2 Bath – $669,900
There’s a 2 bedroom/2 bath condo foreclosure at Yacht Club at Portofino in South Beach. It has 1,090 square feet of interior space and faces west towards Biscayne Bay, Fisher Island and the Miami city skyline. The condo also has a view of the swimming pool deck at Yacht Club at Portofino. The unit is listed at $669,900, or $615 per square foot. The South Beach Condo Index for July revealed that Yacht Club at Portofino had an average price per square foot of $745.27 for units listed in the building. The average price per square foot of units sold over the preceding six months was $665.19. According to the Miami-Dade County website, the previous owner paid $780,000 for the unit in May of 2006. The list price is good but I think it has room to come down quite a bit.
The unit looks to be in great shape. Take a look at the picture slideshow below to view a variety of pictures that accompanied the MLS listing.
This is not a short sale. It is a bank owned property. From my experience, buying a bank owned property is much easier than buying a short sale. When you purchase a short sale the bank usually takes 4-6 weeks to respond to any offers received. Just because the seller signs the contract does not mean that the bank is going to accept the submitted offer. In the past two months I had two short sale deals fall apart because the bank was not willing to negotiate. They wanted market value for the unit and would take nothing less. I find it shocking, that with foreclosure rates soaring, that banks are so inflexible. It will end up costing them more in fees if they end up repossessing the property. Bank owned properties are much easier to deal with because you usually get an answer back from the bank regarding your offer within 2-3 business days.
Yacht Club at Portofino is a luxury high-rise condo building located in the South of Fifth neighborhood of South Beach. It is arguably the best and most luxurious neighborhood in South Beach.The address of Yacht Club at Portofino is 90 Alton Road. If you or anyone you know is interested in this 2 bedroom foreclosure then please feel free to contact me by phone or email.
