Earlier this week, I arrived back in Miami from a 5-day cruise and was able to take some nice pictures of several of the luxury condo buildings in South of Fifth as the cruise ship departed. Just wanted to share them with everyone.
Continuum South:
Continuum South and Continuum North towers:
The beautiful beaches in South Beach:
South of Fifth luxury condo buildings:
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.
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.
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.
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.
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:
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.
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:
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 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.
2. The Club at Brickell Bay – 1200 Brickell Bay Drive #2114 | Miami, FL 33131
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.
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.
The video above is of the construction progress at Apogee South Beach located in the neighborhood of South Beach known as South of Fifth. South of Fifth has become the most luxurious neighborhood in South Beach. Apogee is situated at the southern tip of South Beach, along South Pointe Drive at 800 South Pointe Drive. As you can see above, Apogee is almost complete. Closings for condo units at Apogee are scheduled to begin in September 2007. Apogee rises 22 stories high with only 67 private residences (4 units per floor).
Apogee South Beach will be THE ultra-luxury condo building of South Beach. Celebrities from all over have purchased residences at Apogee. When sales began at Apogee prices started at $3M. The list below will show you information pertaining to the resale units that are currently available at Apogee. Original buyers were given the option of modifying the floor plan of their residence which means that some of these units may be modified versions of the original floor plan. Apogee is known for having very large and spacious residences with top-of-the-line appliances and fixtures.
Take a look at level of quality that will go into the luxurious residences at Apogee South Beach:
