Apogee South Beach – Now That’s a Master Bathroom!!!
Yesterday morning, I had the opportunity to visit a few condo units at Apogee South Beach located at 800 South Pointe Drive in South Beach. The word “sensational” doesn’t even come close to fully encompassing the quality that has gone into this condo development. Apogee South Beach is in a league of its own, with quality that is unmatched by any condo development in South Florida.
The following are a few shots of the master bathroom that I took yesterday inside one of the two condos at Apogee South Beach. Trust me, the kitchens are equally as impressive, if not more so. I’ll likely share the photos of the kitchen at Apogee with everyone in a future post.
New Construction Condo Deals in the Arts District, Brickell, Downtown Miami, and South Beach
As closing dates for some of South Florida’s newest condo developments quickly approaches, the motivation from contract holders to sell is becoming increasingly apparent. I’ve been receiving a lot of phone calls and emails from contract holders, within the past couple of weeks, who are looking for me to help them find a replacement buyer.
In some cases the contract holders are willing to accept a loss on their contract price in order to retain a portion of the deposit that was made 3-4 years ago. Below you will find some of the better deals that I’ve come across:
Edgewater
- The 1800 Club
- Unit 2×04 – 1 bedroom/1 bath – 842 SF – $235,000
- Unit 3×06 – 1 bedroom/1 bath – 822 SF – $240,000
- Unit 3×03 – 2 bedroom/2 bath with direct bay view – 1,142 SF – $418,000
- Unit 4×03 – 2 bedroom/2 bath with direct bay view – 1,142 SF – $428,000
- Quantum on the Bay
- Unit 15+ floor B (south tower) – 1 bedroom/1 bath – 651 SF – $198,000
- Unit 35+ floor D (south tower) – 1 bedroom/1.5 bath – 780 SF – $212,000
- Unit 40+ floor B (south tower) – 1 bedroom/1 bath – 651 SF – $252,350
- Unit 40+ floor J (south tower) – 2 bedroom/2 bath – 1,239 SF – $399,000
- Unit 40+ floor J (south tower) – 2 bedroom/2 bath – 1,239 Sf – $409,000 obo
- Unit 10+ floor L (north tower) – 2 bedroom + den/2.5 bath – 1,460 SF -$550,000
Brickell
- 1060 Brickell
- LF Loft – 1 bedroom/2 bath – 972 SF – $360,000
- 30th Floor (K floor plan) -866 SF – $290,000
- Unit 3×07 – 2 bedroom/2 bath – 1,103 SF – $467,000
- Axis
- 1x04S (C1 floor plan) – 2 bedroom/2 bath – 1,076 SF – $340,000
- Plaza on Brickell
- Unit 2×09 (901 tower) – 1 bedroom/1 bath – 683 SF – $250,000
- Unit 2×05 (901 tower) – 2 bedroom/2 bath – 1,185 SF – $339,000
Downtown Miami
- Marina Blue
- Unit 4×04 – 2 bedroom/2 bath – 1,208 SF – $470,000
South Beach
- Continuum South Beach North Tower
- Unit ??? – 2 bedroom/2.5 bath NW corner unit – 1,491 SF – $1.86M
- Unit ??? – 2 bedroom/2.5 bath NW corner unit – 1,922SF – $3.35M
- Unit ??? – 3 bedroom/3.5 bath NE corner – 3,497 SF (4 balconies) – $4.2M
If you’re a contract holder and you’re motivated to sell then feel free to email me details of your condo and the price that you are willing to accept. Most developer contracts do not allow you to market your unit outside the sales center, so I will post general information here on the blog to see if a buyer emerges.
I’ll match buyers and sellers together. The sales centers are in some cases charging higher than normal sales commissions and transfer fees which make it virtually impossible for contract holders to get their units into the hands of end-users. I’m hoping that this blog will help contract holders to get some of their money back, end-users to find a great deal and developers to have less defaulted units. The way I see it is a win-win-win situation for everyone involved.
By the way, I’ve added a link to this post on my “Deals” page and will be adding to the list above intermittently.
There’s Never Been a Better Time to Throw a Party
Three years ago, it seemed like every week that there would be a party thrown to commemorate the launch of sales for a new pre-construction condominium project. The parties were grand – open bar, all-you-can-eat buffets, firework shows, flamingos walking around, synchronized swimmers, half-naked cocktail servers, the finest wines, talking parrots – you name it and it was there.
Nowadays, it seems like hardly any developers want to throw a party and I personally think that this is the best time to throw a party. Three years ago, parties were thrown because it was expected (even though people would have signed contracts regardless if there was a party or not). These people signed contracts based on developer reputation, architectural renderings, and merely because the market was hot! It’s no secret that the market has cooled considerably since that time.
Why not stand behind your development and launch a party to show the public that you’re delivering a great product? Get potential buyers inside the building and let them reminisce about the party and how great your building is to other potential buyers. In my eyes, it sends a strong message to the consumer that you feel that you are delivering a great development to the public and that you are confident that they will feel the same way.
Even the best condo developments will have at least a 15% default rate in this market. Once this becomes a reality, why not hold a weekly open house to showcase your building and available units to the general public? I’ll even personally do it for you if you don’t have anyone on staff to do it.
The Related Group of Florida is the only developer that I know of that is throwing grand-opening parties for their developments. As I said before, this shows me that they stand behind their product. In fact, their latest development, Apogee South Beach, is having a grand-opening party on December 19. Unfortunately, I won’t be in town to catch the party, but the fact that they are having one shows me that they are confident that they will be delivering a spectacular product.
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
South Beach Condo Index – November 2007
The following data was collected on Sunday, November 11, 2007. The average price per square foot of condos currently listed in the following 19 developments in South Beach dropped from last month’s average. In fact, it even dipped below September’s average. It went from $889.83 per square foot, in October, to $886.71, for this month. The September average price per square foot was $887.60. The weight-adjusted average also slid slightly to $773.67 from last month’s weighted average of $773.73. Below, you will find the average price per square foot of condos listed in the following 19 condo developments in South Beach:
The average price per square foot of condos sold over the previous six months has gone down from $787.01 per square foot to $775.74. Once again, Meridian Lofts didn’t have any closed sales within the last six months which is why you will find the “N/A” below. If Meridian Lofts were included in the average this month, at its previous average price per square foot of $434.78 in September, then the average price of condos sold in this index would have dropped from $768.47, last month, to $757.80, this month. Below, you will find the average price per square foot of condos that have sold within the last six months in the following 19 developments in South Beach:
- 1500 Ocean Drive – 1500 Ocean Dr | 33139 | $946.39
- Bentley Bay – 520 & 540 West Ave | 33139 | $654.75
- Bentley Hilton – 101 Ocean Dr | 33139 | $1,056.76
- Continuum South Tower – 100 S Pointe Dr | 33139 | $1,050.00
- Cosmopolitan – 110 Washington Ave | 33139 | $521.61
- Courts at South Beach – 140 Jefferson Ave | 33139 | $456.52
- The Decoplage – 100 Lincoln Rd | 33139 | $508.06
- The Floridian – 650 West Ave | 33139 | $551.03
- Grand Venetian – 10 Venetian Wy | 33139 | $465.92
- Icon South Beach – 450 Alton Rd | 33139 | $777.97
- 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 | $397.71
- Murano at Portofino – 1000 S Pointe Dr | 33139 | $1,040.34
- Murano Grande – 400 Alton Rd | 33139 | $721.85
- Portofino Tower – 300 S Pointe Dr | 33139 | $1,014.26
- Setai South Beach – 101 20 St | 33139 | $1,494.92
- Waverly at South Beach – 1330 West Ave | 33139 | $475.99
- Yacht Club at Portofino – 90 Alton Rd | 33139 | $611.65
As with the Brickell and Brickell Key condo indices, I have provided the graph below to make it easier for everyone to make sense of the statistics above. If you can’t read the numbers below then you need to upgrade your glasses to a set of binoculars. Otherwise, right-click and save the graph below and blow it up to as big as you’d like.
The first column, to the right of each condo development’s name, is the difference in the average sales and list prices for the statistics at the top, expressed as a percentage. With the exception of Portofino Tower and The Floridian, the average sales prices are well below the average list prices in these 19 developments. Portofino Tower had a condo sell for $1,505 per square foot on June 29, 2007. Once that transaction falls off the average in January, we shall see Portofino Tower begin to show its true colors. Average list and sales prices at The Floridian are merging together because the high number of short-sales that are available at The Floridian. Once a few of these actually close, the average sales price will fall well below the average list price.
The second column is the number of active listings in each development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those developments that have active listings that represent less than 10 percent of the the overall units in the building. I find this to be a very healthy number. 1500 Ocean Drive, Courts at South Beach, The Decoplage, Grand Venetian, Il Villaggio and Murano at Portofino fall into this territory.
The 10-15 percent range is considered average while the 15-20 percent range is beginning to approach dangerous levels. The ones highlighted in red reveal those developments that have active listings that represent over 20 percent of the overall units in the building. This indicates that the danger zone has been breached and caution should be heeded. Of the 19 condo developments in the South Beach Condo Index, Bentley Bay, Murano Grande and Setai South Beach fall into this red zone area.
The fourth column shows the number of pending sales while the fifth column displays the number of closed sales since October’s South Beach Condo Index. As you can see, there are 31 pending sales in South Beach. There’s been a total of 13 closed sales within the last month, which matches last month’s figure. Icon South Beach, with 3 closed sales, is beginning to show some spirit. There was a recent article in the papers that stated that former NFL quarterback Michael Vick, recently acquired a pricey condo at Icon South Beach. I’m pretty sure that the neighbors won’t be pleased by all of the dog barking until he begins to serve his time. Woof, woof!!!
The sixth column shows you the difference in the average list prices from this and last month’s, expressed a percentage. Those highlighted in red reveal those condo buildings which had a drop in their average list price, those highlighted in green show those that had an increase while those highlighted in yellow reveal a stalemate from last month’s figures. As you can see, Meridian Lofts had an 11.44 percent drop. That’s probably because it hasn’t had any closed sales within the last six months. Time to drop prices!
The seventh column reveals the difference in average sales prices from this and last month’s, expressed as a percentage. The color scheme remains the same. Sales prices at Bentley Bay spiked up 7.33 percent because a transaction that took place on May 8, 2007 at $476 per square foot fell off the average. The Setai South Beach took a beating this month, with a 9.71 percent drop from last month’s average. This is mainly attributed to a Penthouse unit that sold for $1,851 per square foot falling off the average this past month.
Pending sales have increased to 31 from last month’s figure of 25. It looks like the off-peak months have begun to knock boots with the on-peak months. Just wait until January. I promise that you’ll begin to see more pending and closed sales during those months.
Flamingo South Beach: Then & Now
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.
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.
South Beach Condo Index – October 2007
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.
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 – September 2007
As with the Brickell Key Condo Index in August, I have included some key statistics about each of the 19 developments that comprise the South Beach Condo Index. The third set of statistics below will reveal the number of available listings in each development, the percentage that those listings represent of the total number of condos in the development, the number of pending sales as well as the number of closed sales within the past month.
The average price per square foot of condos currently listed in the following 19 developments in the South Beach Condo Index has once again dropped. The August South Beach Condo Index revealed that the average price per square foot of available condos was $892.32. This month, the figure dropped to an average price per square foot of $887.60. The weight-adjusted average has also dropped from $777.86 in August to a weight-adjusted average for the month of September.
The average price per square foot of condos sold over the previous six months has gone up slightly despite very little activity. The figure has increased from $776.55 in August to $783.25 for the month of September. The weight-adjusted average is now $693.71 which is also higher than last month’s weight-adjusted average of $689.30. A significant jump in the average price per square foot of units sold at Murano at Portofino over the past six months has much to do with the increase. A closed sale seven months ago that held its average down has fallen off, thus bringing its average higher.
- 1500 Ocean Drive – 1500 Ocean Dr | 33139 | $921.32
- Bentley Bay – 520 & 540 West Ave | 33139 | $631.43
- Bentley Beach – 101 Ocean Dr | 33139 | $1,254.49
- Continuum South Tower – 100 S Pointe Dr | 33139 | $1,041.54
- Cosmopolitan – 110 Washington Ave | 33139 | $546.95
- Courts at South Beach – 140 Jefferson Ave | 33139 | $456.52
- The Decoplage – 100 Lincoln Rd | 33139 | $568.17
- The Floridian – 650 West Ave | 33139 | $556.38
- Grand Venetian – 10 Venetian Wy | 33139 | $465.92
- Icon – 450 Alton Rd | 33139 | $809.83
- Il Villagio – 1455 Ocean Dr | 33139 | $1,176.96
- Meridian Lofts – 2001 Meridian Ave | 33139 | $434.78
- Mirador 1000 & 1200 – 1000 & 1200 West Ave | 33139 | $431.63
- Murano at Portofino – 1000 S Pointe Dr | 33139 | $1,040.34
- Murano Grande – 400 Alton Rd | 33139 | $761.17
- Portofino Tower – 300 S Pointe Dr | 33139 | $938.87
- Setai South Beach – 101 20 St | 33139 | $1,721.27
- Waverly at South Beach – 1330 West Ave | 33139 | $473.83
- Yacht Club at Portofino – 90 Alton Rd | 33139 | $650.36
Below you will find the new statistics that I have included in this month’s South Beach Condo Index. The first number 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 – 5 (4.46%) |0 | 1
- Bentley Bay – 47 (27.65%) | 2 | 1
- Bentley Beach – 15 (13.16%) | 1 | 0
- Continuum South Tower – 40 (12.58%) | 4 | 0
- Cosmopolitan – 28 (12.56%) | 0 | 0
- Courts at South Beach – 4 (4.00%) | 0 | 0
- The Decoplage – 57 (9.12%) | 2 | 0
- The Floridian – 54 (16.17%) | 1 | 3
- Grand Venetian – 16 (11.94%) | 0 | 0
- Icon – 44 (15.22%) | 4 | 1
- Il Villagio – 6 (4.72%) | 1 | 0
- Meridian Lofts – 16 (14.41%) | 1 | 0
- Mirador 1000 & 1200 – 105 (11.34%) | 9 | 3
- Murano at Portofino – 11 (5.82%) | 1 | 0
- Murano Grande – 51 (18.89%) | 1 | 3
- Portofino Tower – 35 (16.99%) | 1 | 0
- Setai South Beach – 30 (18.40%) | 2 | 1
- Waverly at South Beach – 41 (10.28%) | 3 | 2
- Yacht Club at Portofino – 39 (10.80%) | 2 | 0
There were a total of 15 closed sales from August 12, 2007 to September 11, 2007. 11 of these transactions took place in four developments: The Floridian (3), Mirador 1000 & 1200 (3), Murano Grande (3) and Waverly at South Beach (3). Four others had one closed sale each while the rest had zero. Last month there were a total of 18 closed sales over the previous 30 days. I’ve calculated that there have been a total of 161 closed sales over the past six months in the above 19 developments. That tells me that the previous four months prior to last month had an average of 32 closings each. The recent closed sales figures reveal that there has been a huge drop-off in activity. It is difficult to say, however, how much of this is due to the market slowdown and how much is due to seasonality since the summer months are the slowest for the South Florida real estate market.
The good news is that there’s now a total of 35 pending sales in the above 19 developments. I’ve definitely seen an increase in activity within the past two of months. However, I, as well as many other Realtors that I’ve spoken with, have encountered problems with condos appraising for the full purchase price. A pending sale doesn’t hold as much relevance as it once did. I wonder what percentage of the 35 pending sales will actually close.
