Luxury Condo Sale at Continuum South Beach North Tower – $6.5M
Another luxury condo sale in the books for 2011! A 4 bedroom + den/4.5 bath condo at Continuum South Beach North Tower closed yesterday for $6.5M. The 5,300 square foot condo has a private elevator, wide-planked wood floors throughout, 5 assigned parking spaces and offers views of the Atlantic Ocean and beach from the 8th floor. The condo sold at approximately an 18 percent discount from its initial asking price of $7.9M and closed in just 28 days after being listed.
Three Bank Owned Condo Foreclosures Worth Pursuing
The foreclosure forefront has been quite slow ever since several U.S. banks initiated a voluntary freeze in October. The freeze on foreclosures was implemented after banks had acknowledged using “robo-signers” to approve hundreds of foreclosure documents a day without first verifying the information in them. Bank of America, the largest U.S. financial institution, announced the week of December 6, 2010 that it would lift its national foreclosure freeze and resume taking possession of properties. Despite the announcement, I had not seen any foreclosure condos in Miami or Miami Beach hit the market that I felt would be of any interest to my readers for quite some time. That is, until yesterday. The following are three Miami or Miami Beach condo foreclosures along with my commentary detailing why I feel they are deals worth pursuing.
One Miami #3103 – This 31st floor, 1 bedroom/1 bath bank owned foreclosure has 868 square feet and is asking $182,000 or $210 per square foot. The unit faces south overlooking the Miami River with views of Biscayne Bay from the balcony. Taking a look at recent sales at One Miami, one can see that unit 803 which is in the same line but located 23 floors lower sold for $188,000 on November 9, 2010. This is the only 03 line that has sold within the past six months. Unit 3103 at One Miami is currently the second best priced condo in the building, second only to a short sale by $2,000. If you’re looking for a quick purchase without the hassle of a short sale then this is a great condo to look into right away.
Vue at Brickell #2115 – With an asking price of $159,900, or $143 per square foot, this 2 bedroom/2 bath corner unit is an exceptional deal but I expect it to sell well above asking price. Of the recent sales at Vue at Brickell, units 1415 and 815 are by far the best comparables because, once again, they are in the same line as the subject property. Unit 815, residing 13 floors lower sold for $180,000 on October 28, 2010 while unit 1415, just seven floors lower sold for $185,000 on August 5, 2010. You also have to take into account that unit 2115 appears to be an upgraded unit from the pictures. It has hard wood floors throughout the living areas while units 815 and 1415 both had carpeting.
The Cosmopolitan #2213 – If you’ve been waiting for a well priced condo foreclosure in South Beach, then look no further. The Cosmopolitan is located at 110 Washington Avenue in the South of Fifth neighborhood of South Beach which is one of the most sought after neighborhoods in Miami Beach. This 1 bedroom/1 bath condo has 861 square feet and comes with 2 parking spaces, a rarity in the Miami Beach condo market. The asking price is $241,433, or $280 per square foot, which is an unbelievable deal for a 1 bedroom condo at The Cosmopolitan. Notice that next best priced 1 bedroom condo currently available at The Cosmopolitan is asking over $75,000 more than unit 2213. For some reason, our website isn’t showing any of the seven condos that have closed at The Cosmopolitan over the past six months. Three of the seven closed sales were one bedroom units which ranged from $270,000 to $349, 500.
iStar Financial Takes Ownership of South of Fifth
Earlier today, iStar Financial announced that it will now have full ownership of the luxury beachfront condominium project known as South of Fifth. iStar Financial had recently filed and won a foreclosure action against the developer of South of Fifth, BR Villa Luisa. Completed in 2008, South of Fifth is located at 125 Ocean Drive in the South of Fifth neighborhood of Miami Beach, Florida. 25 units remain unsold in the 28-unit luxury building along the picturesque beaches of South Beach.
Two Recent Luxury Beachfront Condo Sales
Two luxury beachfront condos closed within the past two days. The first, located at Continuum South Tower, closed yesterday for $6,750,000, or $1622 per square foot. The 3 bedroom/3.5 bath condo is located on the 18th floor and has 4,161 square feet of interior. Not my taste at any price but I’m sure there’s someone out there who appreciates this type of decor.
The second condo sale took place at Acqualina in Sunny Isles Beach. The sales price was $4.8M, or $837 per square foot, for a penthouse located on the 46th floor. The unit has 4 bedrooms, 5 full baths and 2 half bath with 5,735 square feet of interior and 1,990 square feet of exterior.
Trump Towers 3 condos in Sunny Isles Beach are now available for sale
1800 Club announces a developer blow-out sale of their last 30 remaining condos
Media towers passes final vote
The developer of Artecity, a South Beach condo development, filed for Chapter 11 bankruptcy protection
Penthouse B at The Setai Sells for $15M
Last Friday, Penthouse B at The Setai sold for $15M, or $2416 per square foot. No word yet on who acquired the breathtaking, South Beach luxury penthouse. The previous owner purchased the unit directly from the developer in 2004 for $9.5M. From my knowledge, the recent sale is the highest priced condo sale to ever take place in Miami-Dade County.
Pictures and an e-brochure of Penthouse B at The Setai
For inquiring minds, Penthouse A at The Setai came onto the market this past April. The unit has the same square footage as Penthouse B. The asking price is $27M, or $4349 per square foot, which currently makes it the second highest priced condo listing in Miami-Dade County.
Miami Real Estate Review FaceBook Fan Page
Yesterday afternoon, we launched the Miami Real Estate Review FaceBook Fan Page. We have big plans for the fan page so be sure to add us. Starting next week, we will provide daily updates in regards to the Miami real estate market. Important market news, recently closed sales and the best real estate deals currently on the market will be highlighted. The information will be provided in an abridged, concise manner to allow daily updates to be made possible. Of particular note to some, the Miami Real Estate Review Fan Page will have a discussion forum. Participants will be able to create discussion topics and provide their input.
Apogee South Beach Unit 2001 – Video Tour
Below, you will find a video tour of unit 2001 at Apogee. Apogee is located at 800 South Pointe Drive in the South of Fifth neighborhood of South Beach. Apogee is considered to be one of the finest condo buildings in all of South Florida. Unit 2001 is a 4 bedroom + media room/3.5 bath condo with 4,154 square feet of interior and 2,441 square feet of terrace. The asking price of this 20th floor corner unit is $7.75M, or $1866 per square foot. Unit 2004, a 4 bedroom of the same size located on the opposite corner, closed in July 2008 for $7.3M, or $1757 per square foot. It was sold decorator ready just as unit 2001 is being sold. Contact us at 305-428-3860 if you have any questions or would like to visit unit 2001 in person.
Penthouse B at The Setai is one of the most visually stunning pieces of real estate in South Florida. The 10,000 square foot penthouse was reduced last month to $19,999,999 from a previous asking price of $22M. In February 2006, the sellers were asking a whopping $34M. The fully furnished 4 bedroom/4.5 bath penthouse has approximately 6,200 square feet of interior space and 3,800 square feet of terrace which includes a lavish private pool and hot tub. Encompassing the entire 40th floor at The Setai, Penthouse B offers 360 degree views.
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.
