Call For Offers Issued On Miami Beach’s Historic Bath Club

A call for offers has been issued on Miami Beach’s historic Bath Club, according to an offering memorandum we have received. The property was built in 1926 as an oceanfront estate, then converted to a private club. It is comprised of over 15,000 square feet of interior space with a total of 5 acres of land and 500 linear feet of ocean frontage at 60th Street and Collins Avenue.

While the terms of the deal are not defined, a new owner would have several options of income streams including:

A club operation with membership plans. A charter remains that allows up to 200 members and their families. This would allow income through equity memberships, initiation fees, annual dues and food/beverage..

Private event space. The property is currently being used as this function. They have recently hosted events for corporations including HBO, Macallan, Pandora and Bacardi. A one night event currently runs $13,500 per night, give or take some depending upon the season and availability.

Restaurant or lounge. The large commercial kitchen is designed to accommodate simultaneous banquet service and restaurant operations. Several of the rooms are well-suited for dining and lounge areas with a historic setting and the food and drink service can run until 5am.

Cabana sales. There are 60 cabanas on site, of which the usage rights of 14 have been sold at prices up to $90,000. The new owners could sell the remaining cabanas or lease them to generate recurring revenue.

The club was purchased in 2000 for $10 million and a portion of the lot was developed into The Bath Club condominium in 2004. Prices of the condominiums currently range from $1.6 million up to $8.4 million, or $1335/square foot. Owners of the condo units have access to the shared amenities of the club.

Offer terms and letters of intent are due to the seller by May 19 at 5pm. The seller anticipates that the offers will fetch north of $25 million. Please contact us for the full offering memorandum.

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.

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.

South Florida Luxury Condo Short Sales

Currently, there is only one foreclosure condo listed in the MLS that is priced at $1M or above.  That is a 3 bedroom/4.5 bath double corner unit at The Setai South Beach with 3,691 square feet of interior space.  The list price is $4.2M, or $1,138 per square foot.  However, there are currently 48 short sale condos listed in the MLS priced at $1M or above.  Below is a list of what I feel are the 10 best luxury short sale condos that are currently available:

• Aqua Allison Island #6111 – Asking $1.69M.  Property was purchased for $3.15M in June 2005.
• Mosaic #TH-3 – Asking $1.7M.  Property was purchased for $3.2M in February 2007.  Bank approved at $1.7M.
• Oceanside Fisher Island #7941 – Asking $1.85M.  Property was purchased for $3.9M in November 2006.
• Oceanside Fisher Island #7735 – Asking $1.85M.  Property was purchased for $2.4M in September 2005.
• Oceanside Fisher Island #7761 – Asking $1.95M.  Property was purchased for $3.2M in September 2005.
• The Bath Club #1004 – Asking $1,999,999.  Property was purchased for $3.5M in January 2007.  Bank approved.
• Turnberry Ocean Colony #2804 – Asking $2,295,000.  Property was purchased for $3.27M in January 2008.
• Bayview Fisher Island #5123 – Asking $2.3M.  Property was purchased for $3.7M in March 2007.
• Acqualina #4201-2 – Asking $2.8M.  Sales history not found.
• Oceanside Fisher Island #7821 – Asking $2.8M.  Property was purchased for $3.92M in November 2006.