Continuum South Beach Bulk Sale for $30 Million by Two Former Morgan Stanley Execs
In 2014, Karen Bechtel and her husband William McKinley Osborne III (former Morgan Stanley executives) purchased 3 total units at Continuum South Beach South Tower for $21 million. Records show that they purchased units 3602, 3603, and 3604 and combined it into one unit totaling 8,229 square feet on the 36th floor.
The full-floor condo was originally listed in March 2021 with an asking price of $36.5 million. The gorgeous combined units feature a total of 6 bedrooms, 5.1 bathrooms with a 2-story main suite. Two kitchens, a theater and 3,704 square feet of balconies make up the rest of the luxury apartment.
According to county records, the buyer was listed at MFTMA Holding LLC. The price per square foot totals $3,646, and is considered Miami Beach’s fourth most-expensive condo deal since 2005.
Continuum developer Ian Bruce Eichner also sold his penthouse in the building for $35 million in April 2021 that was originally listed for $48 million two year ago. Another sale for Continuum included CEO of a financial tech company purchased 2 combined units for $12.1 million.
Bechtel and Osborne were both Managing Directors at Morgan Stanley from 1980 to 1991. Bechtel is currently a senior adviser at Carlyle Group. During the pandemic, they established a non-profit organization called Meals for Heroes Miami that focused on partnering with local restaurants to provide food for health care workers and first responders. In April, the couple bought a mansion in Tahiti Beach for $28.9 million.
Continuum was built in two phases by developer by Bruce Eichner in 2002. Residents of Continuum South Beach enjoy arguably the best resort-style amenities.
BUILDING AMENITIES
Stunning landmark architecture
1,000 ft of direct beach front access
24-hour welcome desk with concierge
24-hour guest valet
Elegant resident club room
Luxury Health spa with sauna, steam room
Two lagoon-style pools
State-of-the-Art gym
Business Center
Lush and manicured landscape
3 Tennis Courts
Outdoor restaurant
Multi-story health club & spa
RESIDENCE AMENITIES
Ten foot high ceilings
Private balconies with glass railings
Floor to ceiling sliding glass doors
Imported marble countertops, backsplash, and whirlpool decks
Imported marble flooring in wet areas and shower
Designer fixtures
Whirlpool tubs
European bathroom vanity cabinets
Seamless glass shower doors
Custom European designed cabinetry
Granite Countertops
Under counter lighting
Faber “Inca Smart” integrated hood vent
Sub-zero built-in refrigerator-freezer
Miele touch-control cook top
Miele integrated dishwasher
Miele microwave oven
Single-lever faucet with pull out spray
If you or someone you know have interest in purchasing one of the units at Continuum South Beach, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Short Sales 101
We get a lot of calls from people who are interested in buying a short sale condo but aren’t exactly sure what a short sale is or what the short sale process entails. On yesterday’s show we answer several frequently asked questions regarding short sales and also discuss how a short sale differs from a foreclosure, also known as an REO or real estate owned. At the beginning of the show, we discuss three Miami foreclosure condos that came on the market recently: One Miami #1426, Courvoisier Courts #203 and Solaris at Brickell #1601. This is our longest video to date but a lot of good information is provided.
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.
Ten Recent Multi-Million Dollar Condo Closings in Miami-Dade County (Past 6 Months)
The following are the 10 highest luxury condo sales that have closed in Miami-Dade County within the past six months:
Continuum South Tower – Penthouse 1 – 5 bedroom/7.5 bath (7,374 square feet) – This penthouse sold for $9,900,000, or $1,343 per square foot, on May 15, 2009. It was listed for $14,950,000.
Apogee South Beach – Unit 1104 – 4 bedroom/5 bath (4,154 square feet) – This condo sold for $6,000,000, or $1,444 per square foot, on May 4, 2009. It was listed for $6,800,000.
Apogee South Beach – Unit 1404 – 4 bedroom/3.5 bath (4,154 square feet) – This condo sold for $6,000,000, or $1,444 per square foot, on June 17, 2009. It was listed for $6,800,000.
Apogee South Beach – Unit 1201 – 4 bedroom/3.5 bath (4,154 square feet) – This condo sold for $5,450,000, or $1,312 per square foot, on July 23, 2009. It was listed for $5,750,000.
One Bal Harbour – Unit 2008 – 4 bedroom/4.5 bath (5,266 square feet) – This condo sold for $5,200,000, or $987 per square foot, on September 29, 2009. It was listed for $6,299,000.
Acqualina – Penthouse 4506 – 5 bedroom/6 bath (6,419 square feet) – This penthouse sold for $4,999,000, or $779 per square foot, on August 2, 2009. It was listed for $7,900,000.
Apogee South Beach – Unit 1101 – 4 bedroom/3.5 bath (4,154 square feet) – This condo sold for $4,800,000, or $1,156 per square foot, on July 30, 2009. It was listed for $4,999,990.
Ocean Tower I – Unit 401 – 4 bedroom/5.5 bath (5,403 square feet) – This condo sold for $4,600,000, or $851 per square foot, on June 9, 2009. It was listed for $5,490,000.
Apogee South Beach – Unit 1902 – 3 bedroom/3.5 bath (3,103 square feet) – This condo sold for $4,300,000, or $1,387 per square foot, on September 30, 2009. It was listed for $4,975,000.
Oceanside at Fisher Island – Unit 7161 – 3 bedroom/4.5 bath (3,959 square feet) – This condo sold for $3,950,000, or $998 per square foot, on June 1, 2009. It was listed for $4,500,000.
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.
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.
Four Bank-Owned Condos in Miami & Miami Beach to be Auctioned September 19, 2007
Four condos will be auctioned off Wednesday, September 19, 2007 at approximately 3pm. Three of the four condos are located in Miami while the fourth is located in Miami Beach. All four condos have gone through the foreclosure process and are currently owned by the bank.
1. Meridian Place – 325 Meridian Avenue #6 | Miami Beach, FL 33139
This is actually a townhouse. Of the four units being auctioned, it will probably hold the most interest because of its fantastic location. Some of South Florida’s most expensive condominiums reside in the South of Fifth neighborhood of South Beach. Built in 1994, this 3 bedroom/2 bath townhouse has 1,300 square feet of interior space, as well as two parking spaces (one garage space and one driveway space). County records indicate that the bank is owed $549,000. The opening bid is $100,000.
Let’s just say that I’m not surprised. I’ll leave it at that. This 1 bedroom/1 bath condo has 818 square feet of interior space. The bank is owed $610,000. I guess they’re in for a rude awakening come September 19th. The opening bid is $100,000.
3. Venetia Condo – 555 NE 15th Street #16-H | Miami, FL 33132
Venetia Condo is located at the entrance of the Venetian Causeway in Miami. The building was built in 1980. The condo up for auction is a 1 bedroom/1 bath with 800 square feet of interior space. It faces south and has views of Biscayne Bay as well as the cities of Miami and Miami Beach. The bank is owed $410,000. The opening bid is $50,000.
4. Blue Lagoon Condominiums – 5091 NW 7 Street #705 | Miami, FL 33126
Of the four condos that will be auctioned on September 19, 2007, I think the 2 bedroom/1 bath at Blue Lagoon Condominium will hold the least amount of interest from the people attending the auction. However, this makes it a great candidate to be acquired at bargain prices. Blue Lagoon Condominium is located near the airport, about 12 minutes from Brickell. It’ll make for a great investment property if it can be obtained for $175,000 or less. The unit has 862 square feet of interior space. The bank is owed $305,000. The opening bid is $50,000.
Contact me for more information regarding this auction featuring the above four condos.
