Edition #6 of the 2010 Sunny Isles Condo Index

I’ll be reviewing the latest  trends & comparing the luxury oceanfront market from the 3Q 2009 Sunny Isles Condo Index to today’s updated 3Q 2010 Sunny Isles Condo Index including premier oceanfront towers such as Turnberry Ocean Colony, Acqualina, JADE Ocean, JADE Beach, Trump Palace, Trump Royale, Ocean Four, Sayan, Trump Towers, Pinnacle & Millennium. I’ve excluded condo hotel properties from this research including the Trump International Beach Resort, Merenas Resort, Ocean Point and Sole.

Sunny Isles Beach Condo Index (3Q 2010)

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
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 8 of 130 or 6%| Ave List Price $2.526M | Ave PPSF $812
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 17 of 130 or 13%| Ave List Price $2.3M | Ave PPSF $765
• 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 | 8 Closed 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.

If you’d like to receive local Miami Beach FL real estate news via these valuable blog posts, you can easily be notified by RSS feed (see upper right column) or by email each time a new real estate news post occurs. Visit JADE Condos Sunny Isles website & JADE Condo Blog relaying great information on JADE Beach & JADE Ocean along with Turnberry Ocean Colony Sunny Isles website & Ocean Colony Condo Blog for intimate luxury condo knowledge! The truth is in the numbers 1.888.383.7326 and I welcome your knowledge, opinions, comments & feedback.

Showing You the Very Best from Sunny Isles to South Beach!

Good news regarding Miami real estate.

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.

South Beach Condo Sales -Pricing Band Analysis

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.

$249k less – 225 (642)

$250-$399k – 136 (308)

$400-$499k – 29 (104)

$500-$599k – 19 (68)

$600-$699k – 12 (49)

$700-$799k- 5 (18)

$800-$899k – 5 (20)

$900-$999k – 2 (19)

$1M-$1.299M – 15 (45)

$1.3M-$1.499M – 10 (21)

$1.5M-$1.799M – 8 (26)

$1.8M-$1.999M – 1 (6)

$2M-$2.299M – 1 (6)

$2.3M-$2.5M – 1 (4)

$2.5M-$3M – 6 (14)

$3M – $5M – 9 (25)

$5M+ – 2 (10)

Are you trying to sell your South Beach luxury condo?

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.

South Beach Lofts

• Ilona Lofts South Beach
• Sundance (townhome) South Beach
• Absolut Lofts South Beach
• Alliage Lofts South Beach
• Manhattan Lofts South Beach
• SoBe Bay Lofts South Beach
• South of Fifth Lofts South Beach
• Meridian (Loft Style) South Beach
• Montclair (Loft Style) South Beach
• Neville (Loft Style) South Beach
• Nine 45 Lofts South Beach
• The Lofts at South Beach
• El Cyclon Lofts South Beach
• Industry (Loft Style) South Beach

Miami Beach Lofts

• Bay View Lofts Miami Beach
• Vilasol Lofts North Miami Beach (NoBe)
• Vilamur Lofts North Miami Beach (NoBe)
• Vilazul Lofts North Miami Beach (NoBe)

North Bay Village Lofts

• Space 01 (Loft Style) North Bay Village (island)
• Adagio Lofts North Bay Village (island)

For additional Miami Beach Loft information or to inquire on purchasing or leasing call or write 1.888.383.7326

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..

Sunny Isles Beach (159th to 193rd Streets) MIAMI Condo Pricing Trends:

2008 (559 total sales | Average SP/PSF $414)

2009 (668 total sales | Average SP/PSF $235)

2010 (so far.. 265 sales | Average SP/PSF $234)

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!

South Beach (1st to 30th Streets) MIAMI Condo Pricing Trends:

2008 (873 total sales | Average SP/PSF $461)

January – 47 Sales at an average selling price per square foot of $515 and 92% SP/LP% (average buyer discount of 8%)

February - 48 Sales at an average selling price per square foot of $472 and 90% SP/LP% (average buyer discount of 10%)

March - 76 Sales at an average selling price per square foot of $467 and 91% SP/LP% (average buyer discount of 9%)

April - 86 Sales at an average selling price per square foot of $487 and 90% SP/LP% (average buyer discount of 10%)

May - 103 Sales at an average selling price per square foot of $492 and 91% SP/LP% (average buyer discount of 9%)

June - 98 Sales at an average selling price per square foot of $513 and 92% SP/LP% (average buyer discount of 8%)

July - 90 Sales at an average selling price per square foot of $468 and 92.5% SP/LP% (average buyer discount of 7.5%)

August - 80 Sales at an average selling price per square foot of $418 and 89% SP/LP% (average buyer discount of 11%)

September - 69 Sales at an average selling price per square foot of $470 and 92% SP/LP% (average buyer discount of 8%)

October - 62 Sales at an average selling price per square foot of $377 and 91% SP/LP% (average buyer discount of 9%)

November - 39 Sales at an average selling price per square foot of $364 and 91% SP/LP% (average buyer discount of 9%)

December - 75 Sales at an average selling price per square foot of $419 and 90% SP/LP% (average buyer discount of 10%)

2009 (912 total sales | Average SP/PSF $368)

January - 49 Sales at an average selling price per square foot of $457 and 88% SP/LP% (average buyer discount of 12%)

February - 55 Sales at an average selling price per square foot of $348 and 93% SP/LP% (average buyer discount of 7%)

March - 69 Sales at an average selling price per square foot of $368 and 91% SP/LP% (average buyer discount of 9%)

April – 71 Sales at an average selling price per square foot of $346 and 91% SP/LP% (average buyer discount of 9%)

May - 82 Sales at an average selling price per square foot of $381 and 89% SP/LP% (average buyer discount of 11%)

June - 104 Sales at an average selling price per square foot of $370 and 91% SP/LP% (average buyer discount of 9%)

July - 77 Sales at an average selling price per square foot of $356 and 90% SP/LP% (average buyer discount of 10%)

August - 80 Sales at an average selling price per square foot of $334 and 89% SP/LP% (average buyer discount of 11%)

September - 80 Sales at an average selling price per square foot of $396 and 92% SP/LP% (average buyer discount of 8%)

October - 75 Sales at an average selling price per square foot of $364 and 93% SP/LP% (average buyer discount of 7%)

November - 88 Sales at an average selling price per square foot of $334 and 90% SP/LP% (average buyer discount of 10%)

December - 82 Sales at an average selling price per square foot of $388 and 92% SP/LP% (average buyer discount of 8%)

2010 (so far.. 640 sales | Average SP/PSF $355)

January - 69 Sales at an average selling price per square foot of $353 and 92% SP/LP% (average buyer discount of 8%)

February - 75 Sales at an average selling price per square foot of $328 and 93% SP/LP% (average buyer discount of 7%)

March - 132 Sales at an average selling price per square foot of $335 and 94% SP/LP% (average buyer discount of 6%)

April - 89 Sales at an average selling price per square foot of $408 and 92% SP/LP% (average buyer discount of 8%)

PS. 2007 Sales Totaled 867 at an average PPSF of $504!

Check out more Miami Beach & Sunny Isles Real Estate juice here on Facebook! YouTube, Twitter, etc. Or you can easily reach me toll free at 1.888.383.DREAM (37326).

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.

So far this year, there have been 120 condo sales out of 1,061 total Sunny Isles Beach condos. Last year there were 665 total sales. What I’m looking at with you here are the number of buyers given certain pricing bands from January 1st 2009 to March 15th 2010. It’s simply used to show us where the activity is concentrated on “real” buyers.

$249 less – 469

$250-499k – 126

$500k-799k – 93

$800k-$999k – 34

$1M-$1.499M – 37

$1.5M-$1.999M – 14

$2M-$3M – 8

$3M-$4M – 1 with the record high sale at Acqualina #3003 which set a Sunny Isles Beach condo sales record at $3.1M (cash) or $702 psf (November 2009)

Are you trying to sell your Sunny Isles Beach condo? Contact me here and let’s go over the tried & true marketing plan in getting your condo sold! 1.888.383.7326

I had free passes to the largest boat show in the world at the Miami Beach Convention Center and was impressed with the “toys”.. Here’s a few of my favorite photos from the show..

Hexatech IV 3CTR Model @ Cruden.com

Miami Beach.. Bling, Bling!

Where's my bathing suit at the Miami Beach Boat Show 2010?

News is arriving of a new proposal to add a mega aquarium known as the Wometco Aquatic Center and a destination park in the vicinity of Sunny Isles Beach Boulevard & Collins Avenue. The arrangement is between the City of Sunny Isles Beach and the highly reputable real estate developer J. Milton & Associates which is the mastermind behind Sunny Isles Beach projects such as Pinnacle, King David, Sayan and the new St. Tropez. J. Milton came up with the idea and this Sunny Isles Beach aquarium would give the city a mega boost as a tourist destination plus the St. Tropez condo tower will boast a major new amenity.

J. Milton is a visionary developer.. He sees the finalization of the St. Tropez luxury condominium, the high-end retail shopping it will attract below, this new Wometco Aquatic Center and the magnitude for Sunny Isles Beach. J. Milton knows what this desirable combination will do for the St. Tropez demand and the growing City of Sunny Isles setting a new milestone for the resort destination and premier location. St. Tropez opened with the C.O. last year on waterfront land across from the ocean and adjacent to the proposed park offering 3 intimate towers at approximately 60% sold with developer financing and great buyer incentives. The park, aquarium and complex should be finalized by 2013.

“St. Tropez residents would be steps away from a lush park elevated high enough to afford water views. The plan commissioned by the Coral Gables developer would transform a strip mall near Collins Avenue and Sunny Isles Boulevard into an elevated park with shops, restaurants and an aquarium run by the owner of the Miami Seaquarium. Sunny Isles spent about $20 million acquiring the land over the last two years, including a $1.5 million parcel owned by J. Milton. Sunny Isles expects to spend an additional $15 million building the park and a 350 car underground parking garage. An open air movie theater would mark the western end of the complex, with broad steps resembling a Mayan temple leading to the glass walled aquarium and retail center. Plans call for street level shops and two restaurants. A three-story reef tank would be the main attraction inside. The two upper floors would house enough banquet space for 1,000 people, said architect Eduardo Castiñeira of Miami’s Axioma3.” - MiamiHerald

St. Tropez Condos for Sale | St. Tropez Condos for Rent

Related Group was bought out by Dezer Properties selling at new, discounted prices..   I decided to take the forbidden tour of the Trump Towers Sunny Isles Beach in January after years of stressful phone calls from speculators trying to sell & get out. To top it off, the news came from every direction of the Dezer family buying out Related’s stake in the entire project assuming the remaining debt after paying off Tower I. After seeing the finishes both condo interior and throughout, noting the well appointed amenities & hearing what had occurred with financial backing by the lender for the next 4 years, I’m now promoting it with all the other Sunny Isles Beach ”greats“ to clients & customers looking for the very best values on new oceanfront construction. Here are the interesting facts on the buyout..

Following months of negotiations with lenders, Dezer Properties assumed the former partnership’s $265 million loan on Dec. 31, 2009 with the bank then renegotiating the construction loan with Dezer Properties directly after seeing successful performance from Tower I sales allowing Dezer to then lower the prices by 30% and now causing a success of new sales in Trump Tower II.  Tower II was relaunched to the public as the premier tower of the three offering an onsite restaurant with an oceanfront setting and great food along with 2 swimming pools to choose from depending on which side of the bed you wake up on.

 The Dezer’s are the real estate moguls & godfather of Sunny Isles Beach condo development. The Dezer family owned business holds 45 acres of oceanfront land in Sunny Isles Beach, with sites for eight more buildings. Gil and father Michael Dezer have also developed and almost sold out Trump Grande in Sunny Isles Beach, a three building premium oceanfront enclave that includes the Trump International Beach Resort built in 2003, the Trump Palace (2006) and the latest Trump Royale (2008) which is now 60+ percent sold out. In addition to their South Florida properties, the Dezers’ holdings include 27 buildings in New York.

“Prices now range from $350 per square foot for most units to $600 a square foot for penthouses. Each of the three 45 story towers has 271 units. Tower I has 260 units sold, and Tower II is about 40 percent sold with 105 sold, Dezer said. During the next two to three months, Dezer will send out closing notices to those who put down deposits on Tower III, and give them the option to move over at a reduced price to Tower II. Tower III was sold out at an average price of $720 per square foot, with some sales at more than $1,000 a square foot!“    - MiamiHerald

 We’re seeing the very best value on a price per square foot basis at $350-$600psf as the low end price point of the luxury oceanfront condos are now reflective along the Miami Dade Beaches.. Sunny Isles Beach real estate specific to condo inventory, has seen a decrease in inventory consistently with 1,053 total condos on the market (Southeast Florida Regional MLS) with 272pending contracts, 96 of which went pending in the last 30 days. Our Sunny Isles Beach short sales are comprised of 193 (18%) condos down from 33% a year ago. Bank owned REO’s make up only 13 Sunny Isles Beach foreclosures or 0.01%. Call to chat 1.888.383.7326 or Contact me here.

Trump Towers Sunny Isles Condos for Sale | Trump Towers Condos for Rent

Shaky but Worthy; Sunny Isles Beach Video (2008)

The Real Estate Channel reported this week that the Caribbean Tower South Beach bulk sale (August 2009) is showing great returns for the investor that took on the risk. The bulk buyer, 3737 Caribbean Group LLC, has sold a combination of 35 units in the 107 unit complex consisting of two towers both the new 19 story tower and the original 35 unit Art Deco Caribbean. The bulk sale was reported to be between $50-55M averaging $323-355 psf for each unit which are now selling from $550-650 psf many of which are under contract today. Prior to this new positioning on price the units were asking around $865 psf so for South Beach real estate, there is a solid demand at these new values.

South Beach luxury condos – Last 90 day comp sales report Caribbean Stat Report

Caribbean Condos for Sale | Caribbean Condos for Rent

Golden Beach Single Family Homes – Trends & Stats 2010 Q1

Golden Beach Single Family Homes are limited along the ocean & bay and today’s inventory show us an excellent selection with 62 homes on the market in this small community ranging from $579k to $27,500,000 while there are only 39 on the water for sale ranging in values from $1.7M & up. In review of waterfront homes of Golden Beach, we see 2 homes under contract today ranging from $1.375,555M to $3.2M. What we see in these attachments below are what appears to be the local market values of Golden Beach peaking in 2007 with the average list price per square foot at $1,635 psf with a selling price per square foot of $1,222 and boasting the lowest number of days to sell at 297. As of 2009, the average selling price per square foot was only $625 psf for a 62% decrease in selling values since the peak and a 41% decrease over 2008! Preview the very best Golden Beach homes for sale in 2010.

• As of 2009 – 9 Golden Beach Home Sales & Sold Statistics
• 2008 – 5 Golden Beach Home Sales & Sold Statistics
• 2007 – 5 Golden Beach Home Sales & Sold Statistics
• 2006 – 9 Golden Beach Home Sales & Sold Statistics
• 8 Golden Beach homes expected to sell in 2010.

I’ll report again on the local Golden Beach real estate market changes in 6 months so stay posted if you have an interest in this premier location… contact me for more information 1.888.383.7326!

Edition #5 of the 2010 Sunny Isles Condo Index

I’ll be reviewing & comparing the luxury oceanfront market from the 1Q 2009 Sunny Isles Condo Index to today’s updated 1Q 2010 Sunny Isles Condo Index including premier oceanfront towers such as Turnberry Ocean Colony, Acqualina, JADE Beach, Trump Palace, Trump Royale, Ocean 4, Sayan, Ocean One, Two & Three, Pinnacle & Millennium and now including JADE Ocean. I’ve excluded condo hotel properties from this study including the Trump International Beach Resort, Le Meridian (now known as Merenas Resort), Ocean Point and Sole.

Sunny Isles Beach (1Q 2010) Condo Index…

As of January 25th, we are noting 1,055 total condos for sale in Sunny Isles Beach down 17% from July 2009 and 28% from this time last year. So far, there have been 27 total closed sales (ALL figures are derived from the Multiple Listing Service MLS on JAN 25th, 2010) this year. What will be analyzed in this post are statistics & trends for the most desirable luxury towers along the coast 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 | 17 of 247 or 7%| Ave List Price $2.186M | Ave PPSF $775
• JADE Beach (99% Closed as per County records) - 17001 Collins Avenue | 41 of 248 or 17%| Ave List Price $1.439M | Ave PPSF $642
• JADE Ocean- (80 rec. deeds per County records) – 17121 Collins Avenue | 4 of 250 or 2% | Ave List Price $2.107M | Ave PPSF $765
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 12 of 130 or 9%| Ave List Price $2.598M | Ave PPSF $799
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 17 of 130 or 13%| Ave List Price $2.274M | Ave PPSF $747
• Trump Palace – 18101 Collins Avenue | 29 of 275 or 11%| Ave List Price $1.329M | Ave PPSF $629
• Trump Royale – 18201 Collins Avenue | 19 of 384 or 5%| Ave list Price $1.124M | Ave PPSF $565
• Trump Tower I- 16001 Collins Avenue | 29 of 271 or 11%| Ave List Price $1.135M | Ave PPSF $487
• Trump Tower II – 15901 Collins Avenue | 9 of 271 w/Developer units remaining | Ave List Price $927k | Ave PPSF $433
• Trump Tower III – 15850 Collins Avenue | No MLS records
• Sayan- 16275 Collins Avenue | 22 of 88 or 25%| Ave List Price $1.211M | Ave PPSF $572
• Ocean Four – 17201 Collins Avenue | 40 of 281 or 14%| Ave List Price $997k | Ave PPSF $508
• Ocean Three – 18911 Collins Avenue | 28 of 215 or 13%| Ave List Price $1.142M | Ave PPSF $459
• Ocean Two – 19111 Collins Avenue | 19 of 254 or 7%| Ave List Price $1.096M | Ave PPSF $479
• Ocean One – 19333 Collins Avenue | 8 of 241 or 3%| Ave List Price $728K | Ave PPSF $330
• Millennium – 18671 Collins Avenue | 6 of 120 or 5%| Ave List Price $1.015M | Ave PPSF $446
• Pinnacle – 17555 Collins Avenue | 45 of 244 or 18%| Ave List Price $960k | Ave PPSF $494
• La Perla- 16699 Collins Avenue | 39 of 326 or 12%| Ave List Price $654k| Ave PPSF $430

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 $673 PSF (7% increase in PPSF since 1Q 2009) | 88% SP/LP | 247  DOM
• JADE Beach- 17001 Collins Avenue | 2 Closed Sales at $427 PSF | 89% SP/LP | 89 DOM
• JADE Ocean- 17121 Collins Avenue | Released (TCO) June 2009 with No Closed MLS resales
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 8 Closed Sales at $679 PSF (22% increase in PPSF since 1Q 2009) | 86% SP/LP | 143 DOM
• Turnberry Ocean Colony South Tower – 16047 Collins Avenue | 7 Closed Sales at $499 PSF (26% decrease in PPSF since 1Q 2009) | 90% SP/LP | 195  DOM
• Trump Palace- 18101 Collins Avenue | 3 Closed Sales at $450 PSF (19% decrease in PPSF since 1Q 2009)| 86% SP/LP | 162 DOM
• Trump Royale – 18201 Collins Avenue | 3 Closed Sales at $451 PSF | 95% SP/LP | 111 DOM
• Trump Tower I- 16001 Collins Avenue | 2 Closed Sales at $386 PSF | 78% SP/LP | 493 DOM
• Trump Tower II – 15901 Collins Avenue | No Closed MLS Sales
• Trump Tower III – 15850 Collins Avenue | No Closed MLS Sales
• Sayan- 16275 Collins Avenue | 0 Closed Sale at $N/A | only 1 resale last year at $308 PSF | 86% SP/LP | 84 DOM
• Ocean Four – 17201 Collins Avenue | 15 Closed Sales at $367 PSF (5% decrease in PPSF since 1Q 2009) | 94% SP/LP | 228 DOM
• Ocean Three – 18911 Collins Avenue | 2 Closed Sales at $353 PSF | 94% SP/LP | 316 DOM
• Ocean Two – 19111 Collins Avenue | 7 Closed Sales at $384 PSF | 91% SP/LP | 175 DOM
• Ocean One – 19333 Collins Avenue | 3 Closed Sales at $291 PSF | 86% SP/LP | 288 DOM
• Millennium – 18671 Collins Avenue | 3 Closed Sales at $336 PSF | 81% SP/LP | 101 DOM
• Pinnacle – 17555 Collins Avenue | 6 Closed Sales at $351 PSF | 97% SP/LP | 234 DOM
• La Perla- 16699 Collins Avenue | 15 Closed Sales at $354 PSF (2% decrease in PPSF since 1Q 2009) | 91% SP/LP | 127 DOM

Sunny Isles Beach Condo Index Summary

Sunny Isles Beach inventory is decreasing month over month while property values have also dropped considerably causing more sales to occur. The majority of oceanfront towers now have healthy inventory figures as shown above with anything less 15%. Each building tells a different story and the bottom line is you cannot go wrong in 2010 with oceanfront real estate as long as you & the family will use it and enjoy it for at least the next 2 years.

Sellers, are you attempting to sell with little communication on values, marketing & progress…? Call me for a personalized market report for your condo and let’s get started today. Buyer’s ready for a great buy? Call or email for the very best deals along Sunny Isles Beach, Bal Harbour & South Beach. The buyer advantage is still selection & leverage but we are again seeing multiple cash offers driving up values again on the lower end residential market. As inventory decreases I believe prices will start to show favor for stabilization if it hasn’t already.. If you’d like to receive local Miami Beach FL real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper right column) or by email above each time a new posting occurs. Visit JADECondosSunnyIsles.com website & Blog relaying great information on JADE Beach & JADE Ocean and the brand new TurnberryOceanColonySunnyIsles.com website & blog! The truth is in the numbers 1.888.383.7326 and I welcome your knowledge, comments & feedback here. South Beach to Sunny Isles Real Estate Sales & Marketing.

Happy New Year friends and this will be post #1 of 2010. Here’s a shocking new thought for 2010… Just because it sold for that price in 2008 & 2009, does it mean you can buy it for that price today? It seems to be happening again and again as inventory decreases.. Will there be a tough time understanding & coping just opposite to the seller reluctancy seen in 2007 as the Miami Beach real estate market came to a standstill?

The buying window of opportunity in “catching the bottom” may be leaving in 2010. My 2010 forecast will be coming in the next few posts as I discuss market stats, trends and the direction this year could go in as relay that NOW is the time to find the bottom of South Beach to Sunny Isles Beach. Sale to List Price Ratio have jumped from 88% to 92%.

On the flipside, we will always find opportunities so if you wait this year to watch I am certain you can find the “deal.” Some buildings are already seeing appreciation. Space 01 for example went up 23% in the last 90 days! 11 Island Avenue has gone up 13% in the last 6 months. Roney Palace is on the direction up and more (FNMA Financing now Approved) to come..

Many would consider condo deals to be under ie) $250k but from $150 to $5.5M, here are my top choices for January 2010 in which I expect sales to occur within the next 60-90 days. I have previewed the majority with customers and these have been the top choices.. these links are LIVE so we’ll all soon find out once the Status changes from Active to Pending to Closed.

• #1 $199k – Indian Creek Club Marina #6F (Short Sale)
• #2 $299k – Bay View Loft #206 (Approved Short Sale)
• #3 $439k - Roney Palace #1539
• #4 $445k – Oceania V #1852 (Corporate Owned)
• #5 $480k - La Perla #3406 (Approved Short Sale)
• #6 $649k – Trump Palace PH5103
• #7 $1.350M – Trump Palace #4902
• #8 $1.399M – Ocean Four #1101
• #9 $3.690M – Jade Ocean D2 (Flow Through only 1 of 2) Penthouse
• #10 $5.395M - Il Villaggio #1405

Preview Daily Updates on Miami Beach | Sunny Isles Condo Deals & Repos

2009 Trophy Property Sales from South Beach to Sunny Isles Beach.

Amazing to see 199 (733 for sale today) luxury condo sales over $1M for the YTD MLS (Multiple Listing Service) records covering the Miami Dade oceanfront communities of Sunny Isles Beach, Bal Harbour, Surfside, Miami Beach & South Beach. Over $4M there were 11 sales, $6M there were 6 and $8M there was 1 luxury condo sales in 2009.

South Beach Luxury Condo Sales

With 871 total YTD 2009 sales, South Beach had 93 closed sales over $1M. South Beach set the area records with high sales at Continuum (PH-1) selling at $9.9M, Il Villaggio (PH 6&7) selling at $7M and Murano at Portofino (3801) selling at $7.450M

Continuum PH-1 – LP$/SF=$2,027 SP$/SF=$1,342, DOM 562, Closed 05/15

Il Villaggio PH 6&7 – LP$/SF=$2,438 SP$/SF=$1,228, DOM 107, Closed 02/12

Murano at Portofino – LP$/SF=$2,508 SP$/SF=$1,557, DOM 714, Closed 01/21

Bal Harbour Luxury Condo Sales

One Bal Harbour had 16 sales alone over $1M with a record high for Bal Harbour real estate at $5.2M along with The Palace & Bellini right behind selling at $2.6M & $2.3M respectively.

One Bal Harbour 2008 – LP$/SF=$1,196 SP$/SF=$987, DOM 182, Closed 09/29

The Palace at Bal Harbour 15F – LP$/SF=$799 SP$/SF=$705, DOM 266, Closed 10/08

Bellini 1601 – LP$/SF=$654 SP$/SF=$602, DOM 75, Closed 02/13

Sunny Isles Beach Luxury Condo Sales

With 623 total YTD 2009 sales, Sunny Isles Beach had 49 closed sales over $1M and a record high sale over $4M which was Acqualina (PH4506) selling at $4.999M, Trump Palace selling at $2.875M and Turnberry Ocean Colony which sold at $2.1M.

Acqualina PH4506 – LP$/SF=$1,231 SP$/SF=$779, DOM 40, Closed 09/02

Trump Palace 1009 – LP$/SF=$862 SP$/SF=$710, DOM 106, Closed 07/10

Turnberry Ocean Colony 2604 – LP$/SF=$629 SP$/SF=$562, DOM 582, Closed 10/13

(continue reading…)

New studies by Yahoo Travel show that Miami is the number one tourist destination and the number one holiday destination in the world. 

The study focused on consumer interest and activity and found that Miami came in second only to Las Vegas as a tourist destination. 

Cancun was number three, and Miami beat out Orlando and all its theme parks; it came in at number eight. 

Tourists say they love the beaches, the food, the cultural flair, and of course the amazing weather of the Miami Beach area. There aren’t many places the US where you can wear flip flops shorts and a t shirt outside in December. 

And if you sometimes get annoyed by the influx of slow driving tourists, remember that tourism is Miami’s number one industry, providing jobs and hotel taxes. 

Though tourists are flocking here in high numbers despite the bad economy, room rates in hotels have dropped, meaning less tax dollars for South Florida. 

YAHOO TRAVEL STUDY RESULTS: 

1.) Las Vegas, NV 

2.) Miami, FL

3.) Cancun, Mexico 

4.) San Diego, CA 

5.) Cabo San Lucas, Mexico 

6.) New York City, NY 

7.) San Francisco, CA 

8.) Orlando, FL 

9.) Honolulu, HI 

10.) Paris, France

Bay View Loft

Happy Holiday as we enter the day before thanksgiving with excitement & amazement both how much food we can stuff ourselves with plus the unfolding of the new year. Rounding off the final weeks of 2009, I am Very Thankful for all of you and my direct clients that have made this business thrive in a market that many would claim is quite challenging. So much will be unfolded in January with 2 new web sites and 2 new blogs surely to add value, substance and knowledge to the local Miami Beach real estate market. I end this week before leaving to see family with a blog post “deal of the month” that is under the radar because of it’s asking price yet will be a stellar beach pad (or should I say loft) for the savvy buyer. If you would like to see a new deal posted each month like this one, please comment below and let us know. Any questions pertaining, I’m easy to reach at 786.273.7326.

Welcome to Bay View Loft 206

Located in Miami Beach at 2000 Bay Drive right off the Kennedy Causeway as you enter East into the Miami Beach welcome sign. The loft complex is comprised of only 22, 2 story lofts with the vast majority facing out to the direct bay offering unobstructed bay views and the Grand View Palace Marina across the waterway. As of September, the association was financially healthy with a reserve fund in tact and a very low maintenance fee of only $435 monthly. It is unfortunately an owner occupied short sale so will take 3 to 7 months before possession occurs but for the patient buyer, should show great returns over the years. The rental income is $2,000 month and $2,500 for a seasonal lease (permitted at 3 month intervals).

• 1,515 Square Feet 2 bedroom 2.5 bath (fully equipped)
• 2 Parking Spaces (garage)
• Asking $324,900 (down from the $735k in 2006, $699k in 2007 $574,900 in 2008)
• Paid $469,900 in 2005
• Folio #02-32-10-059-0110
• 2008 County Assessed Value $646,800 (Assessed at $485,100 in 2009)
• 2008 Tax Bill $13,113.74
• Yours truly just sold #205 last month for only $240,000 as REO steal
• Therefore make an offer…
• More Photos here on Flickr
• MAP of Property

View Larger Map

View Larger Map

I know this is a cheesy video but had to do it along with saying HAPPY THANKSGIVING!

Capri Condos South Beach

I went with a friend this weekend to preview the latest bayside complex known as Capri South Beach. The 3 buildings are simple & posh boasting a small lap pool and enormous gym featuring high tech equipment, marina with reasonable dock space ($25 per foot) and strong attention to detail from the staff. The Capri South Beach residence interiors offer generous floor plans with special views of both the Downtown skyline plus the historic Venetian Causeway. Finished in travertine marble floors, master bath areas offering the tub enclosed within the double rain shower glass and outstanding kitchens featuring Sub Zero & Wolf appliances for those enjoying superior cooking.

Overall the complex is aiming for 1,000 per square foot and it seems Maefield Development are slowly getting it with recent sales in the $900′s. Not in desperation by any means, but enjoying a new South Beach condo project of only 72 residences worth bragging about.

View more photographs right here on South Beach real estate at Flickr! For more information or to set an appointment, call me at 1.888.383.7326.

It’s a Zoo Out There- Miami Zoo

With the holidays just around the corner, and everyone being cost conscious, here is a great way to spend an enjoyable and inexpensive family day by visiting the Miami Zoo.  The zoo offers many shows, tours and rides. Something for everyone.

The Miami Zoo is located at 12400 SW 152 Street, Miami, FL 33177, Phone: (305) 251-0400, Fax: (305) 378-6381.   A day at the zoo and interaction with the zoo’s more than 2,000 residents is a perfect way to forget about your cares and woes, and have some fun!

Miami Zoo Shows and Rides

The zoo offers more than 100 exhibits, over 400 species, of which over 40 are endangered, and for nature lovers, over 1,000 different trees, palms and plants.

Here are just a few of the shows and rides you can expect to experience at your zoo adventure:

• Questzal’s World Show
• Wildlife Show
• Meet the Zookeeper
• Z.S.I. at Mercantil Commercebank Children’s Zoo
• Asia or Africa Safari Tram Tours
• Humpy’s Camel Rides
• Wildlife Carousel
• Behind the Scenes Evening Tours
• Behind the Scenes Keeper Tours
• Guided Walking Tour
• Little Wonder Tour
• Zoo Geographic Walking Tours
• Pineland Walking Tour

Charitable Donations

With tough economic times, the zoo and its wonderful inhabitants can really use your support. The Zoological Society of Florida (ZSF) depends on charitable gifts to fund educational and outreach programs such as the summer and spring camps and just the general operation of the zoo. For more information about making a donation or zoo show times and prices, please visit the Miami Zoo’s website at  http://www.miamimetrozoo.com/visit-the-zoo.asp?Id=21&rootId=1

Miami Beach Real Estate and Surrounding Communities

For those of you who are interested in making Miami Beach and the surrounding communities your home, there is a wide variety of waterfront/oceanfront condos and Intracoastal luxury condos and homes to choose from at today’s affordable prices. In fact, prices have not been this affordable, for a long time. If you are looking for Miami Beach real estate, South Beach real estate, Bal Harbour real estate, Sunny Isles Beach real estate or Golden Beach real estate, you will be amazed at the fabulous bargains waiting for you to discover.  With low interest rates, federal tax credits, and motivated sellers offering buyer incentives, what more could you ask for?