Yes, it’s true with South Beach Lincoln Road showcasing a new parking garage “masterpiece” hailed as one of the best architectural designs of the year. This new garage is news worthy in the fact of its artistic curb appeal and excellent addition to the North West gateway to Lincoln Road’s pedestrian promenade across from the Lincoln Theater. Featuring ground level retail with shopping, dining, residential living and an open space (300 car) parking experience for Miami’s residents and visitors. Constructed of concrete & glass, 1111 Lincoln Road is described by architect Jacques Herzog as pure Miami Beach; “all muscle without cloth.”
The condo residences offer immediate access to Lincoln Road within a peaceful retreat plus an urban energy like no other. Residential interior square footage consists of 2,500 light filled, Lincoln Road condos. The ground level retail boasts 40,000 square feet for 11 well positioned, street level concept stores, three restaurants as well as a 5th floor retail store. There is additional office space, offering 110,000 square feet of commercial space for creative businesses. This structure was developed with an awesome rooftop floor area for large events and outfitted with 25,000 square feet including catering & audio visual equipment for outstanding entertainment when hosting world class events.
The Lincoln Road garage which cost $65 million to build and opened earlier this year, can be rented out for parties & weddings. For more information contact me today to provide you with more information on whatever aspect of 1111 Lincoln Road interests you the most… 1.888.383.7326. On a good note, you don’t have to worry about parking!
The Seville on Miami Beach was listed as one of the last remaining distressed properties back in September 2009. As of August 2010, Ian Shrager’s taking it over through a recent partnership with Marriott turning the now shuttered oceanfront hotel into a luxury boutique ‘Marriott Edition’ brand over these next 3 years. The 278,000 square foot Seville was built in 1955 with a previous attempt at a comeback in 2005, when developers announced new plans to turn it into a condo and fractional ownership complex under the Ritz-Carlton brand. Part of the old property would have been knocked down to make room for two 21 story towers, but the project couldn’t get off the ground as lenders balked in an unfriendly credit market of 05. Marriott acquired the property in July 2010 in a $57.5 million short sale from owner 2901 Beach Ventures, a partnership between Lionstone Group led by Alfredo Lowenstein and Fortune International Management, County records show, which is nearly $10 million less than a foreclosure lawsuit that had been filed on the property which has since been dismissed.
Ian Schrager Revisits The Beach
Schrager left Miami Beach a few years ago with the sale of his interest in the Morgans Hotel Group which started in 1984. Ian Schrager is well known for the Delano’s “urban resort” style & success (along with Studio 54 and Palladium) introducing the concept of a “boutique hotel” to the world. In recent years, Schrager has focused on luxury residences and a hotel in New York City along with creating the Edition brand, aimed at sophisticated travelers.
“Mr. Schrager’s latest venture, a partnership with Marriott International, intends to create a new brand of as many as 100 hotels that will combine the personal, intimate, individualized and unique lodging experience that he created with the operational expertise that Marriott is known for on a global scale.” -IanSchragerCompany.com
Marriott’s portfolio includes the luxury brand Ritz-Carlton, the upscale JW Marriott, quality brands including Marriott and Renaissance and moderate hotels Courtyard by Marriott and Fairfield Inn by Marriott. In addition to Edition, it also recently created the Autograph Collection, currently featuring 10 hotels with an individualistic ambience. Edition seeks to set itself apart by creating individualized hotels in busy markets that reflect the cultures of their surroundings with an emphasis on sophistication and service. Other planned Edition locations include Mexico City, Bangkok, Istanbul and Barcelona. Schrager and Marriott announced the partnership three years ago. Initially, plans called for the South Beach Marriott at 161 Ocean Dr. to become an Edition, but that failed to materialize as the recession hit.
Historic Seville Hotel on Miami Beach
South Florida’s historic hotel Seville, which sits on nearly three acres of beachfront property at 2901 Collins Ave., is expected to open in three years after it undergoes significant renovations during a continued market upswing. For more information check back here regularly or sign up for emailed updates or the RSS feed in the upper right column.
As of July 14th, we are noting 1,089 total condos for sale in Sunny Isles Beach down 15% from the July 2009 Condo Index. So far in 2010, there have been 391 total closed sales (Figures are derived from the South Florida Regional Multiple Listing Service on July 14th, 2010) this year. In the last 90 days, 176 condos have sold averaging $256 per square foot with a 93% Sale to List Price Ratio and 164 days on market. In the same 90 day period of July 14th 2009, there had been 163 condos sold averaging $225 per square foot (Sold values up 12% YTD) with a 90% Sale to List Price Ratio and 168 days on market. What will be analyzed more specifically in this post are luxury oceanfront condo building statistics & new trends for the most desirable luxury towers along the coastline of Sunny Isles Beach.
Percentage Available Inventory, Average List Price & Average Price Per Square Foot for leading luxury condo towers currently listed & Active on the MLS
Acqualina- 17875 Collins Avenue | 9 of 247 or 4%| Ave List Price $2.581M | Ave PPSF $832
JADE Beach – 17001 Collins Avenue | 40 of 248 or 16%| Ave List Price $1.367M | Ave PPSF $636
JADE Ocean – (190 rec. deeds per County records) – 17121 Collins Avenue | 9 of 250 w/Developer units remaining | Ave List Price $1.935M | Ave PPSF $744
Trump Palace – 18101 Collins Avenue | 32 of 275 or 12%| Ave List Price $1.170M | Ave PPSF $595
Trump Royale – 18201 Collins Avenue | 20 of 384 or 5%| Ave list Price $1.018M | Ave PPSF $538
Trump Tower I- 16001 Collins Avenue | 23 of 271 or 8%| Ave List Price $1.217M | Ave PPSF $524
Trump Tower II – 15901 Collins Avenue | 7 of 271 w/Developer units remaining | Ave List Price $1.062M | Ave PPSF $459
Trump Tower III – 15850 Collins Avenue | Not Yet Released to Public
Sayan- 16275 Collins Avenue | 22 of 88 or 25%| Ave List Price $1.075M | Ave PPSF $538
Ocean Four – 17201 Collins Avenue | 45 of 281 or 16%| Ave List Price $922k | Ave PPSF $468
Ocean Three – 18911 Collins Avenue | 27 of 215 or 13%| Ave List Price $1.110M | Ave PPSF $449
Ocean Two – 19111 Collins Avenue | 20 of 254 or 8%| Ave List Price $1.071M | Ave PPSF $460
Ocean One – 19333 Collins Avenue | 8 of 241 or 3%| Ave List Price $862K | Ave PPSF $368
Millennium – 18671 Collins Avenue | 6 of 120 or 5%| Ave List Price $1.082M | Ave PPSF $498
Pinnacle – 17555 Collins Avenue | 28 of 244 or 11%| Ave List Price $984k | Ave PPSF $484
La Perla- 16699 Collins Avenue | 39 of 326 or 12%| Ave List Price $614k| Ave PPSF $412
Ave. Price Per Square Foot on Condos SOLD within the last 6 months, Sale Price to List and # Days On Market
Acqualina- 17875 Collins Avenue | 4 Closed Sales at $677 PSF (1% increase in PPSF since 3Q 2009) | 86% SP/LP | 426 DOM
JADE Beach- 17001 Collins Avenue | 5 Closed Sales at $427 PSF (14% increase in PPSF since 3Q 2009) | 86% SP/LP | 196 DOM
JADE Ocean- 17121 Collins Avenue | Released (TCO) June 2009 with No Closed MLS resales
Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 5 Closed Sales at $679 PSF (23% decrease in PPSF since 3Q 2009) | 92% SP/LP | 291 DOM
Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 3 Closed Sales at $648 PSF (23% increase in PPSF since 3Q 2009) | 95% SP/LP | 207 DOM
Trump Palace- 18101 Collins Avenue | 8Closed Sales at $490 PSF (8% increase in PPSF since 3Q 2009)| 90% SP/LP | 118 DOM
Trump Royale – 18201 Collins Avenue | 6 Closed Sales at $496 PSF (9% increase in PPSF since 3Q 2009) | 91% SP/LP | 227 DOM
Trump Tower I- 16001 Collins Avenue | 4 Closed Sales at $399 PSF (3% increase in PPSF since 3Q 2009) | 86% SP/LP | 206 DOM
Trump Tower II – 15901 Collins Avenue | 3 Closed Sales at $385 PSF | 87% SP/LP | 174 DOM
Trump Tower III – 15850 Collins Avenue | No Closed MLS Sales
Sayan- 16275 Collins Avenue | 5 Closed Sale at $331 PSF | only 1 resale last year at $308 PSF | 92% SP/LP | 416 DOM
Ocean Four – 17201 Collins Avenue | 9 Closed Sales at $365 PSF (1% decrease in PPSF since 3Q 2009) | 100% SP/LP | 128 DOM
Ocean Three – 18911 Collins Avenue | 7 Closed Sales at $343 PSF (3% decrease in PPSF since 3Q 2009) | 91% SP/LP | 109 DOM
Ocean Two – 19111 Collins Avenue | 8 Closed Sales at $415 PSF (7% increase in PPSF since 3Q 2009) | 87% SP/LP | 128 DOM
Ocean One – 19333 Collins Avenue | 5 Closed Sales at $322 PSF (10% increase in PPSF since 3Q 2009) | 90% SP/LP | 193 DOM
Millennium – 18671 Collins Avenue | 3 Closed Sales at $464 PSF (28% increase in PPSF since 3Q 2009) | 95% SP/LP | 157 DOM
Pinnacle – 17555 Collins Avenue | 6 Closed Sales at $373 PSF (6% increase in PPSF since 3Q 2009) | 81% SP/LP | 540 DOM
La Perla- 16699 Collins Avenue | 13 Closed Sales at $331 PSF (6% decrease in PPSF since 3Q 2009) | 92% SP/LP | 102 DOM
Sunny Isles Beach Condo Index Summary
Sunny Isles Beach condo inventory is down hovering 1,000+ total condos for sale while property values have increased considerably as International & domestic buyers note the deals. The majority of oceanfront condo towers now have healthy inventory figures as shown above in blue with anything less 15% available for sale. Each building tells a different story and the bottom line is this Sunny Isles Beach condo market showing significant signs of improvement on oceanfront real estate. It’s time to buy Miami Beaches as long as you & the family will use it and enjoy it for at least the next 3+ years.
Selling or Leasing Your Condo? Are you trying to sell or lease with no results, communication, market value updates, aggressive marketing & overall progress.. Call or email for a personalized market report and global marketing plan surely to gain proper exposure for your condominium. Let’s get started today at 1.888.383.7326 or direct 1.305.978.7704.
Buyer’s ready for a great property? Call or email for the very best condo deals along Sunny Isles Beach, Bal Harbour, North Bay Village, Miami Beach & South Beach. The buyer advantage is still selection & leverage but we are consistently seeing multiple cash offers driving up values as we noted the 12% gain over a year ago today. The low-end residential condo market is accelerating with 60% of condo sales under $250k. As this year progresses and inventory continues to decrease, I believe prices will show in favor for continued improvement.
Statistic for the month reflect 4,263 total condos for sale along the oceanfront communities of South Beach to Sunny Isles, down 19% over this time last year:
South Beach Condos – 1,590 for sale | 85 Sales in last 30 days | Average Days on Market 141 | Average Buyer Discount 6% | Average PPSF Asking $385/Sold $349
Miami Beach Condos – 1,159 for sale | 58 Sales in last 30 days | Average Days on Market 143 | Average Buyer Discount 3% | Average PPSF Asking $312/Sold $285
Bal Harbour Condos – 224 for sale | 3 Sales in last 30 days | Average Days on Market 132 | Average Buyer Discount 10% | Average PPSF Asking $511/Sold $445
North Bay Village Condos – 238 for sale | 14 Sales in last 30 days | Average Days on Market 98 | Average Buyer Discount 2% | Average PPSF Asking $135/Sold $129
Sunny Isles Beach Condos – 1,052 for sale | 46 Sales in last 30 days | Average Days on Market 140 | Average Buyer Discount 8% | Average PPSF Asking $276/Sold $245
Video is related to Downtown Miami which is also improving in condo sales; see Lucas Lechuga’s MiamiCondoInvestments.com for Downtown & Brickell results. For more information along the Miami beaches call me toll free at 1.888.383.7326.
So far this year there have been 486 condo sales out of 1,566 total South Beach condos (1st to 23rd Street). Last year there were 927 total condo sales. What we’ll be examining here are the number of real buyers given certain pricing bands from January 1st 2010 to June 2nd 2010; while to the right, in (brackets), are the number of real buyers since January 1st 2009. It is used to help determine optimal pricing for sellers and where the “real” buyers exist in the local market of South Beach Real Estate.
Contact me with ease and let’s go over the tried & true marketing plan with great results in getting your condo sold! 1.888.383.7326 ** All figures derived from the Regional MLS (Multiple Listing Service) on June 2nd, 2010.
South Beach & Miami Beach lofts were almost unheard of until the real estate boom from 2002 to 2005. As developers looked for something fresh and unique, the loft craze took off and yet still only make up a small fraction of Miami condo inventory. Originally popular with artists, they are now highly sought-after by others looking for open “creative” space. Different than the normal boxed in condominium, a loft condo is a 2-story adaptable open space created for residential use. While some of these loft units were created by developers during the renovation of old buildings such as found in Downtown Miami, a number of them are brand new mid-rise developments as seen along the Miami beaches.
The loft term was used loosely in 2003 with loft condos becoming difficult to acquire and typically priced over $500,000 while today they begin as low as $275,000. Loft-style refers to an open space with high ceilings and typically only 1-story, while a true traditional loft is a 2-story floor plan usually opened up from the living room (as seen below) exposing the upper or lower areas. A Miami loft is not to be confused with a townhome which has the open areas enclosed adding additional interior space yet having stairs leading to the upper level of the residence. Both types of lofts offer buyers or tenants proximity to urban amenities afforded by traditional lofts, but without perceived safety risks of living in economically depressed formerly industrial areas. Below we will explore Miami Beach loft condo inventory and the differences from South Miami Beach up to the island of North Bay Village and North Beach (NoBe) and in no special order.
Have we seen the bottom of the Sunny Isles Beach condo market and when was it exactly? Is this the “bouncing bottom” or did “rock bottom” hit already with continued improvements in 2010 as Sunny Isles condo inventory decreases? I’ve been wanting to know this too and we’ll soon discover Sunny Isles Beach condo pricing trends over the past 2.5 years and onwards as this year continues..
Have we seen the bottom and when was it exactly? Is this the “bouncing bottom” or did “rock bottom” hit already with continued improvements in 2010 as South Beach condo inventory decreases? I’ve been wanting to know this too and we’ll soon discover South Beach condo pricing trends over the past 2.5 years and onwards as this year continues..
Yes, I have been absent from blogging. As KT once said, I’m a Realtor (Broker) first and blogger second (maybe third) but I will always have a passion voicing my opinions, analyzing the facts and speaking out loudly here for other to see and know. My personal business is explosive this year with normal sales, REO’s, short sales selling and buyers on an all time high with renewed confidence in the Miami “Beach” condo market since mid-2009. I believe it was the latest MiamiDreamRealty blog where I became overwhelmed, had to step back for awhile, and build a killer real estate team to handle the leads across the Miami Dade County beaches; finally finding & making time to blog here again!
Resort Certification Demonstrates Expertise in Second-Home and Resort Market
Miami Beach, Florida, April 5th, 2010 — Introduced in January 2006, the Resort and Second-Home Property Specialist (RSPS) Certification is a nationally-recognized certification awarded by the National Association of REALTORS® to real estate professionals who wish to demonstrate and promote – to consumers and their peers alike – their expertise in the varied specialty.
According to an NAR survey, more than 140,000 REALTORS currently work in resort area and second home markets. Just about every market contains second-home properties, not just obvious resort areas. In addition to classic vacation homes, the niche also includes college housing and properties for investment purposes.
“The RSPS certification program is unlike any other professional certification or designation,” said Allan ‘Dutch’ Dechert, 2008 chair of the NAR Resort & Second-Home Committee and a RSPS. “It takes specialized skills and knowledge to maximize the business opportunities in resort and second-home markets. You need to be able to communicate your proficiency in this aspect of real estate. RSPS Certification lets everyone know you’re serious about lifestyle real estate.”
The program focuses on developing the knowledge and skill base that real estate professionals need to specialize in buying, selling, or managing second homes in a resort, recreational, and/or vacation destination and properties for investment, development, or retirement. In order to achieve the RSPS Certification, REALTORS are required to take two core courses. They must also complete two electives or hold the ABR, CIPS, CPM or CRS designations. REALTORS or consumers interested in learning more about the program may log on to www.Realtor.org/Resort or contact NAR Resort Specialties at 800/874-6500, Ext. 8393.
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