Chat Transcript

Well here it is friends… The first post in a long time and I’ve been waiting on something worthy. The same old, same old gets to be tired plus with summertime here and business actually increasing, I’ve been less inclined to write. I did start the Miami Beach Photo Blog last month and will be posting the very best of real estate photography for all to see.

This post looks at the last remaining 5 Miami Beach & Sunny Isles developments that broke ground yet didn’t survive the real estate storm from the past 5 years. Only 5?! That’s correct and if I may have missed another development then let me know and I’ll get it added here. I am open minded and would love to hear your thoughts & knowledge as to “the truth” from each of these developments.

Seville

So starting in South Beach, the old Seville tops my list with Ritz Carlton pulling out and removing the sales center, all the signs and from what I gather, completely scratched this condo hotel development which offered fractional ownership.

Terra Beachside Villas

The second on the list is Terra Beachside Villas at 6000 Collins Avenue. One of the best known developments to go under. It appears Terra Beachside Villas were getting very close to finishing when it went to a standstill. The big cone eyesore was repainted to a less tacky blue and all the workers seemed to disappear. There were also concerns from the underground parking garage which by the way might double to a swimming pool when it rains (Miami Beach is only 5′ above sea level right).. These will be picked off fast when they hit the market at correct pricing. A great location (besides street traffic) and cool 2 story concept. Accurate pricing is ~$300k by my book.. not the $600k that once was.

NoBe Bay

Third on the list is a beautiful building known as NoBe Bay located at 6700 Indian Creek Drive. What happened here?! Sales center is still stationed at the Deauville Hotel Miami Beach yet all stopped months ago as the first few levels of hurricane impact glass began to arrive. This will be a winner soon enough..

Regatta 2

Directly beside NoBe Bay is the Regatta 2 development which cleared the land, kept the remaining concrete structure of the old hotel and simply stalled construction. What a complex this will be when it does finally finish. The Regatta is a “nice” building with small floor plans and the combination of the 2 created a cool community environment. Three recent sales in Regatta Indian Creek range from $315 to $450k far less than the $800k that once was.

Solis

Last on the list is Solis Sunny Isles Beach. There were a few workers on site so I’m not completely pessimistic on the success however it’s been an eyesore for MONTHS!

And that’s all folks! With limited space and high demand it’s only a matter of time before these 5 bounce back into action. For more information please contribute your knowledge here or call me at 1.888.383.7326 or Miami Beach FL Real Estate.

10 Cities Leading the Market Recovery
Here’s more evidence that housing is turning around. Forbes magazine identified 161 of the country’s largest metro areas where sales activity has increased compared to 2008, and where foreclosure sales as a percentage of total sales, are low.

The magazine considers these markets as on the road to recovery.
1. Miami -Ft. Lauderdale, Fla.
2. Lincoln, Neb.
3. Colorado Springs, Colo.
4. Salem, Ore.
5. San Luis Obispo, Calif.
6. Bremerton, Wash.
7. Denver, Colo.
8. Redding, Calif.
9. Santa Barbara, Calif.
10. San Jose, Calif.

Source: Forbes, Matt Woolsey (08/13/2009)

2 Story Penthouse at Ocean One Sunny Isles Beach

Lifestyles of the Rich & Famous (Part 5) brings us to a very desirable 4 bedroom, 5.5 bath Penthouse residence at Ocean One. This extraordinary mansion in the sky offers only the finest appointments, woodwork, marble, cabinetry and fixtures which make this one of a kind beach penthouse a work of art.   This Ocean One Sunny Isles Beach home includes state of the art smart electronics, electric shades, entertainment system, private elevator, three car enclosed electric door garage deeded to the unit, private Russian sauna, steam room, rooftop hot tub and additional spacious roof top garden overlooking Miami, the ocean and Fort Lauderdale.  Partial ocean views from the south terrace while city lights come to life at night!

Ocean One Condo Development is a well established

30 story condominium with large reserve fund, built in 1999 with only 13 condos for sale out of 240 (5% Inventory). The building includes all of the luxury services along the northern coast of Sunny Isles Beach including an amazing salt water swimming pool with fountains, a beachfront restaurant, fitness center & yoga classes. The land parcel is one of the largest stretches of coastline at approximately 800 linear feet with large green areas, a child’s play area, BBQ grills for cookouts and much more including stellar security as you enter the building. Call for a easy showings (qualified buyers) or additional information at 1.888.383.7326, your Sunny Isles Real Estate resource.

Flickr Ocean One Photography

See all Condos for Sale in Ocean One

Ocean One Condos for Rent

Edition #4 of the 2009 Sunny Isles Beach Condo Index

I’ll be reviewing & comparing the luxury oceanfront market from the 1Q 2009 Sunny Isles Condo Index to today’s updated 3Q 2009 Sunny Isles Condo Index including premier oceanfront towers such as Turnberry Ocean Colony, Acqualina, JADE Beach, Trump Palace, Trump Royale, Ocean 4 and Sayan with a few older but desirable towers now added such as Ocean One, Two & Three, Pinnacle & Millennium. I’ve excluded condo hotel properties from this study including the Trump International Beach Resort, Le Meridian (M Resort), Ocean Point and Sole.

On to the Sunny Isles (3Q 2009) Condo Index…

As of today we are noting 1,276 total condos for sale in the city of Sunny Isles Beach. This year there have been 303 total closed sales (ALL figures are derived from the Multiple Listing Service MLS on July 20th, 2009). What will be analyzed in this post are statistics and 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

Sunny Isles Condo Index Summary

by jenny downing (on the run)

With an artist line up that will bring cool jazz to the beautiful city, the Sunny Isles Beach Jazz Festival will come back for the 2nd year on October 16th through the 18th.

The event, produced by the City of Sunny Isles Beach in partnership with the Sunny Isles Beach Resort Association, will benefit Joshua’s Heart Foundation. Performing will be featuring world renowned jazz entertainers, notable local jazz artists and several illustrious music groups from major universities around the South Florida area.

For more information on the Sunny Isles Beach Jazz Fest or for an updated list of scheduled artists performing visit the website at www.sunnyislesbeachmiami.com or email Ibis Romero at ibis@iimaginmedia.com.  Also visit http://sunnyislesbeachjazz.com for additional details on this event.

One Bal Harbour Resort & Spa

GOD Bless America & Happy 4th of July friends. Busy selling & unable to blog much lately but the most recent newsworthy post pertains to Regent One Bal Harbour sale which is now to be known as One Bal Harbour Resort & Spa. That’s right, WCI has sold (announced June 22nd, 2009) the Regent BalHarbour trophy property to the team behind the Eighth Wonder 8w otherwise known as Elevation Communities, LLC. The private group paid $14.6 million for the common areas of the hotel along with 51 unsold condo hotel units, according to sources.

From the $14.6M, Elevation Communities LLC with Jorge E. Arevalo and Thomas D. Sullivan in South Miami paid $2.6 million for 41,047 square feet of the saleable space in the 124 unit Regent Hotel tower located on the west side of the 26 story, trophy complex in exclusive Bal Harbour. Smart Buyers, Exceptional timing… What a STDEAL!!

“Regent Hotels & Resorts today advised that its management of The Regent Bal Harbour Hotel will end effective today as the result of court actions related to the bankruptcy of the hotel owner, WCI Communities Inc. The United States Bankruptcy Court for the District of Delaware has approved the immediate sale of the Hotel by WCI Communities, Inc. to a new owner and the rejection of the existing management contract for the property.” - TradingMarkets.com

The word “on the inside” is WCI did a lousy job marketing the Regent Hotel & Guerlain SPA with very little marketing dollars spent and only a 20% occupancy. Remember Regent had pulled out of their other condo hotel at 15th & Ocean Drive in South Beach, two years ago. The new owners have extraordinary plans to take One BalHarbour Resort & Spa to a whole new ‘6 Star’ level in the coming year in direct competition with St. Regis Bal Harbour Resort Hotel & Spa, currently under construction. One Bal Harbour Resort & Spa was built in 2007 and located at 10295 Collins Avenueright at the HauloverInlet with quite possibly the best views (& location) in all of Miami. The condo offers hotel services with a world class oceanfront restaurant, two private oceanfront swimming pools, private jacuzzis, beach & poolside treatment, high tech theater, fitness center, social room, business center, linen service, pet care service and an amazing 10,000 square foot spa operated by the famous L’Institut de Gurlain Paris: Massage, skin treatment, hand and foot therapies, lifestyle, nutritional and anti aging programs, health reviews and seminars. Simply the best in services and amenities.

Current MLS resale inventory shows us 24 residences for rent ranging from $5,500 to $20,000 month. 51 Resales range in values from $369,000 (510 SF studio) to $6.299M (4 BR 5,266 SF residence). In the last 6 months, 8 units have sold through the Multiple Listing Service with sale prices ranging from $1.3M to $2.4M. Average time on the market for a One Bal Harbour property to sell is 211 days with an average selling price per square foot at $706 and an average list price of $939. The average sale to list price ratio is at 85%.

One Bal Harbour Bulk Sale UPDATE August 5th:

The amount of visitors has tripled because of the latest news on the bulk sale purchase as One Bal Harbour. This is not something “normal” by any means andit was in some way tied in with the new management. Anyone and everyone would have bought here for investment under $100 bucks PSF so this sale was not the ‘average Joe’ deal that came along. It was a factor of supreme leverage andtiming of which the buyer DID get a steal. You will not see this PPSF again and don’t believe this is the common bulk sale discount. I do believe price per square foot will come down slightly at One Bal Harbour over the next year as $1,100 PSF was above the market norm at the peak setting records for the area of Bal Harbour real estate. I see One Bal Harbour hovering in the $550-$650 PSF these next 12 months asjust last month (7/17/09), 2 units closed at $642 & $629 PSF. This is One Bal Harbours “norm” and still setting records. Any One Bal Harbour bulk sale updates or insights from you related to this would be greatly appreciated… The media has had a loose way of sensationalizing this sale.

Of the top One Bal Harbour Resort & Spa residences,

there are 7 to compare here.. Use the arrows within the link ‘One Bal Harbour Resort & SPA’. If you’d like an updated inventory report, additional stats or other solid deals don’t hesitate to reach out at 1.888.38.DREAM for all your Bal Harbour real estate & Dade County ‘Beach’ needs.

New ways are being created to impress tourists and locals with the opening of the Sunny Isles  Beach Visitors Center located in the Sunny Isles Beach Government Center at 18070 Collins Avenue. Staff members will be there to answer questions on what to do, where to eat, shop & party while visiting this popular tourist town. Maps & brochures of all Miami attractions are free to the public with expert local assistance on the ideal hotel or restaurant to suit your needs. Sunny Isles Beach now has over 10 hotels and 20+ restaurants with a world cuisine available. Information is also provided on the local shuttle bus which will span Collins Avenue offering the public free transportation. There are plans in the works which will soon be running a free shuttle into South Beach for additional Miami Beach fun.

The visitors center will also be selling Sunny Isles Beach merchandise including T-shirts, travel clocks, beach towels, and posters of this great city. For rainy days stop in for a cool Sunny Isles Beach umbrella! The visitors center doubles as a welcome center for new residents and a mecca for history fans wanting to learn all they can about Sunny Isles Beach. This new visitors center is open Monday through Saturday from 10-4pm and located on the west side of Collins & 180th Street. For information, call 305.792.1952 or stop in and say hello!

“In partnership with the Greater Miami Convention and Visitors Bureau, the visitor center also sells The Go Miami Card — an all-attractions pass that allows entry into some of Miami’s touristy spots like the Metro Zoo, Miami Seaquarium, Vizcaya and Jungle Island.” - artcle via MiamiHerald

Bal Harbour residents have long advocated for improvements to their beach, which has shrunk to small dunes in some places thanks to natural erosion and several active hurricane seasons.

Bal Harbour real estate is placing a band-aid on its beaches which have seen major erosion in the past few years. Currently the replenishment project is underway with the city dumping money ($8.2 million!) and truck loads of sand to assist prior to the hurricane season in an effort to remedy the problem and prepare for any additional erosion. Congress woman Ileana Ros-Lehtinen has been working diligently with the US Army Corps of Engineers to allow foreign sand to be brought in thus speeding up the re-nourishing process. Last week, one of many Caterpillar trucks hauling beach quality sand from Orlando to Miami Dade began dumping it’s cargo on Bal Harbour’s beach. The sand is being dumped to add height and width to beaches in Bal Harbour, Sunny Isles Beach and Miami Beach. State and county funds are being used for the re-nourishment project, which will cost an estimated $10 million and expected to last six more weeks. The beaches are open to the public except for the immediate areas where dumping is taking place.

Are you a resident concerned on the erosion of Bal Harbour? I’ve noticed Bal Harbour beaches have it the worst out of all Miami Dade Beaches with very little room for additional erosion as you can see in the picture above. An additional concern is seeking quality sand and where this source may be found. Let the readers hear your thoughts and suggestions on the erosion remedy.. Inquiring minds would like to know!

Space 01 Package Sale.

The name says it all with 1,800+ loft area living space and the type of raw, open real estate you either love or hate. I’ve always been a fan of this property so thought it would be informative to promote it here… I came across an incredible deal at Space 01 last week and it’s not yet (until now) being marketed… Either a single unit sale on a 7th floor (2/2) just under $200k or an investor package deal at 5 units for $200k each ($1M).  This is a really great opportunity that appears to be a distressed sale with the owner ready to let them go at a low ‘package deal’ price. True creative loft space that many developers tried to immitate during the boom and priced to sell even at the $250,000 (today’s market value price) yet has the potential to be purchased at this solid discount. One is on the 5th floor (corner), a very desirable unit offering a huge terrace (~400 SqFt) and asking $275k (not yet on market). Rental income per unit is a very fast $1,700 month income to $2,000 month when finished correctly inside!

• 2008 Taxes ~$9,353 (Taxes pro-rated year 1 at 2008 figures and lowered substantially on year 2 at ~2% sale price plus factoring neighboring sales ie. $4,200-5,800/year estimate)
• Maintenance $675 x 12 = $8,100 year
• Total Est. Yearly Expense = $17,453
• Rental Income $1,900 x 12 = $22,800
• Immediate ‘flip potential’ at $250k-$259,000

Space 01 Condos.

Space 01 Condos were built in 2006 on the Miami Beach island of North Bay Village. Compromised of only 54 total units and a unique 12′ ceiling loft concept, Space 01 is a true Miami loft building. These large loft spaces come with 2 garage parking spaces and boasts 1,880 square feet with open & unobstructed Biscayne Bay views, Snaidero kitchen cabinets, Miele & Subzero appliances plus an elevated jacuzzi bathtub gazing over Biscayne Bay’s exceptional water views. When you walk into the residence, there is a small room to with the second bathroom in which many unit owners turn this into a childs room, den or office. The large hurricane impact glass windows span the interior and open up (see below) to the breezes outside. Amenities include a large fitness center with a rooftop pool & hot tub overlooking the entire Island vicinity. There are 2 personal negatives on the Space 01 property which include a catwalk style entryway to your condo and no terraces other than these special 5th floor units which offer ample terrace space. As for the project itself, a major turnaround has occurred since it’s 2006 inception with speculators losing their “space” and riding high in foreclosure reality from $500k-$650,000 as original purchase price, now down to $250,000 which is where the recent bank owned (sold & pending comps) have turned. The board recently hired Keystone management so Space 01 should have corrected itself as there have been foreclosed units (now absorbed) and delinquent maintenance fees (Maintenance increased to $675 to compensate) for some time. I’m very confident in this property producing great returns as long term hold with $106 per square foot being WAY below reproduction costs. The interior seems to make up for this terrace discrepancy as you see in these photographs.

See More Photos Here on Flickr |  See a Google Map of Space 01

1.888.383.7326 or Info@MiamiDreamRealty.com

Trump Royale North East Views

Hello friends.. I would imagine the famous Miami problogger is doing a stellar business even with the start of the summer months as regular blog postings from my favorite Downtown expert Lechuga have gone from daily to… every so often. I do wonder the state of the Downtown Miami market? I can attest the consumer confidence is much higher along the beaches with fantastic deals from $50k to $10M. I’ve been very busy promoting real estate package deals to my database, selling great properties, listing new buys and leasing with very little time to post. I’ve also had writers block yet have new ideas on great posts to implement soon. Most of my posts include research, statistics, analysis plus my opinions & outlook on the data while I also like to throw in the pretty photos to entice the right brain thinkers. There are a few new trophy properties that I’m looking forward to promoting here soon such as a luxurious 4,000 SqFt. oceanfront townhome  and another distressed sale on a luxurious 4,000 SqFt 2 Story Penthouse property along with a 5 unit package deal with immediate flip potential.

I do believe resort towns such as Miami Beach FL & Sunny Isles Beach attract a more affluent crowd as we have a tremendous amount of wealth here with many “locals” coming for 6 months each year (winter) and staying at their other homes during the rest of the year. Just a decade ago, higher income earners were concentrated in counties with large numbers of financial, real estate and professional jobs. But the Internet & wireless technology, plus the ability to fly in and out of almost any airport in the country have freed the entrepreneur to move where they like in significant numbers. With condo values going down 30% to 50% since 2005, many are now finding awesome oceanfront opportunities for a new life and business operation at a distance. It’s great to bring your clients down here, when you say you’re in South Beach, Miami Beach, Bal Harbour or Sunny Isles Beach and your clients are up north, it’s not too hard to get them to come visit you to see what your offer is. People from all over the globe choose to live here with the average tropical temperature at 80 degrees, orange sunshine, blue skies & green palms. This paradise is topped with an amazing lifestyle offering just about anything the affluent could want from golf, boating, fine dining, arts & entertainment galore. When earning an income significantly above the norm, why not live in the most desirable locations to enjoy life’s successes.

Write in and Speak Your Mind…

Luxury Condo Sales of Sunny Isles Beach (YTD 2009)

In review of what’s closed in the upper tier sales of Sunny Isles Beach luxury condos, we find 16 sales this year in Sunny Isles Beach over $900,000.  Closed Sale prices range from $925k (Ocean One) to the record sale of $1.980M. The luxury buildings relaying these sales include Acqualina, Turnberry Ocean Colony (both N & S), Trump Palace, Millennium, Ocean Two & Ocean One. Closed Sale Averages reflect a Selling Price Per Square Foot at $524, Average Days On Market at 307, Average List Price Per Square Foot at $605 and Average Sale to List Price Ratios at 86.46%. Interesting to note this time last year (5.20.08) there had been 47 closed sales for a 66% decrease in sales volume.

The record high sale goes to unit #2703 at Turnberry Ocean Colony (decorator ready) which was an exceptional price compared to the 2007 & 2008 values. At only $569SPSF the buyer bought right on the Martinique Model. Last year these units were selling from $2.1M to $2.6M, while in 2007 they were selling for $2.5M to $2.750M. Today there are 3 pending sales in Turnberry Ocean Colony. In 2007, the Martinique (03 line) was selling at $761PSF for a 25% depreciation over the last 2 years. Turnberry Ocean Colony is very traditional in design and has superior features such as the community restaurant, the enormous fitness center & Spa plus the limosine service and complimentary valet for your guests.

Second in line for Sunny Isles Beach high closed sales of 09 was found at Trump Palace PH#5507 and sold at an extraordinary price of $1.582,700 after 61 days on the market. This translates to $579PSF not including the unique rooftop terrace (915SF) with a spiral staircase. Trump Palace has 3 luxury sales so far this year ranging from $1.150-$1.2M ($531 PSF & $554 PSF on 06 line) to $1.583M (PH). This 06 line sold for an average price per square foot of $572 in 2008 and $630PSF in 2007 for a 2 year depreciation of 14% (specific to the 06 line with 2 sold in 2008 and 2 sold in 2007). Trump Palace offers the best value in my opinion with a gated entryway, 4 pools and full access to the resort amenities next door. Trump Palace also relays the healthiest turnover rate with fewest days on market in Sunny Isles Beach. The building is well established, friendly and financially stable.

Third & final review of highest sales this year were the 2 closed sales at Acqualina which sold at $1.450M ($714PSF on 03 line)  & $1.550M ($689PSF on 05 line). Last year these 03 line units were selling from $1.250M to $1.320M, while in 2007 these 03 line units were selling from $1.275M to $1.365M. The 05 line were selling in 2008 from $1.250M to $1.450M, while in 2007 the 05line units were selling from $1.360M to $1.5M. We see a surprising appreciation in Acqualina {based on the 2 highest closed sales} of 2009 reflecting a 9% increase over 2007 values. There are 3 condos currently pending sale today in Acqualina. High $600’s are a good reference point for future owners of Jade Ocean. True, the Jade Ocean development is uber-modern in design and superior in some aspects while Acqualina is very contemporary in design and has additional superior features including the resort amenities, restaurant and spa. However in an apples to oranges comparison, it’s still a fruit and both developments, including Turnberry Ocean Colony, offer superior residences dependant on personal preferences.

So where are the best buys today in Sunny Isles Beach?

Strictly based on new towers under $600PSF, we find oceanfront condos that I believe are the few positioned to sell as ‘NON’-Short Sales…Review Sunny Isles Beach Condos:  Luxury Oceanfront Condos Here

The truth is in the numbers, 1.888.383.7326. Let me know of any future posts you’d like to see here.

In researching Miami Beach condo inventory Q2 2009

including the Dade County entities of South Beach, Miami Beach, North Bay Village, Surfside, Bal Harbour and Sunny Isles Beach we have an inventory on May 11th 2009 at 5,677 (6,073 from May REO analysis and down 7%) total condos.

Out of those, how many would you guess are REO (Real Estate ‘Bank’ Owned)?….  only 80 (Bank Owned Down 27% from March 109 selection)  along the Dade County beaches or 1%. How many are short sales…? Miami Dade “beaches” short sales reflect 1,068 (Down 6% from May’s short sale selection of 1,131) or 19% of total condo inventory. These figures are derived from the South East Florida MLS (Multiple Listing Service).

MLS STATS show the Average REO (Real Estate Owned) Miami Beach List price is at $287,608 (Down 2% from March figures averaging $294,389) ~ Ave. list price per square foot cost at $260PSF (Up 13% over March $226PSF “asking“ prices) and average square footage at 1,069 SF.

These are the Best 20 MIAMI BEACH BANK OWNED (REO) DEALS.

I assure you I know local inventory and relay the very best… Miami Beach, Sunny Isles condo deals here {REO Miami Beach Bank Owned Condos Here} Click on any photo to enlarge. Feel free to post a comment with insights or questions pertaining… You will see ‘Pending’ in the upper left corner as these desirable condos soon go under contract fast! First Time Home Buyers are taking advantage of the new affordable selection plus $8,000 tax credit while Miami Beach Investors Note 2% to 5% ROI when owned outright. The truth is in the numbers, 1.888.383.7326.

You go Kris!

Luxury Condo-Hotel Analysis South Beach to Sunny Isles Beach. I was contacted yesterday by a research division aiming to find out more insights to the luxury condo hotel market of South Forida specifically South Beach. I’ve done the numbers for condos and thought it would be helpful to follow up with figures for South Beach condo hotels, Miami Beach, Bal Harbour & Sunny Isles Beach condo hotels. As per MLS (S.East Florida Multiple Listing Service) database. I recently reported a blog post noting Miami Dade as #2 tourist destination with an average room rate at $177/night and occupancy around 68%. I would love to know the “beach” stats regarding this and would expect averages to come closer to $250/night and occupancy closer to 85%.. Anyone know? So here’s the research…

Mondrian at 1100 West Avenue (Bayside South Beach)- As of 2009 STATS, 12 units for Sale out of 354 (3% Inventory) with 5 closed in 11/2007. I would imagine the MLS figures are skewed as the developer is sitting on inventory and has the in-house sales office. Average DOM (Days On Market) 24. Sale to List Price Ratio (77%) appears to be a package deal as the 5 that closed all closed at a package price of $410k each (same date of closing). Average List Price Per Square Foot $887. Average Sales Price Per Square Foot (think “package deal”) $653psf. Just released 4Q last year so relatively new with only 4 County recorded Deeds.

Setai at 101 20 Street (Oceanfront South Beach)- As of 2009 STATS, 47 units for Sale out of 163 (29% Inventory) with 2 closed sales in 2009 and 1 pending contract. Average DOM (Days On Market) reflects 224. Sale to List Price Ratio (84%) with the Average Selling Price Per Square Foot  reflecting $982.. This is skewed as one of the sales, a 2 BR closed at $1,252 PSF while the Studio sale closed at $711 PSF. Average List Price Per Square Foot today is $1,697. As of 2008 Sales STATS, we find 17 closed sales occurring with an Average Selling Price Per Square Foot at $1,543, Average List Price per Square Foot at $1,770, Average DOM at 170, Average Sale to list Price Ratio at 88.4%. As of 2007 Sales STATS, we find 12 closed sales occurring with an Average Selling Price Per Square Foot at $2,049, Average List Price per Square Foot at $2,286, Average DOM at 178 and Average Sale to list Price Ratio at 90%. Built in 2004, the Setai is still desirable yet plenty of condo hotel units to choose from today with selling prices coming down 52% over the last 2.5 years…It was a buying frenzy here in 2005 with speculators clearing $600k to $1M within the first 3 months of ownership. Today there is parallel competition on the table as room prices have also dropped. There was to my surprise, a bank owned (REO) unit for sale here Setai #1701 at $1,138 PSF.

Bentley Beach Hilton at 101 Ocean Drive (Oceanfront South Beach) As of 2009 STATS, 5 units for Sale out of 114 (13% Inventory) with 1 closed sales in 2009 and 3 pending contracts. Average DOM (Days On Market) reflects 75. Sale to List Price Ratio (84%) with the Average Sales Price Per Square Foot  reflecting $637..  Average List Price Per Square Foot is $989. As of 2008 STATS, we find 5 closed sales occurring with an Average Selling Price Per Square Foot at $737, Average List Price per Square Foot at $827, Average DOM at 351, Average Sale to list Price Ratio at 91%. As of 2007 Sales STATS, we find 5 closed sales occurring with an Average Selling Price Per Square Foot at $1,067, Average List Price per Square Foot at $1,137, Average DOM at 195 and Average Sale to list Price Ratio at 94%. Built in 2003, Bentley Beach Hilton is a posh condo hotel in a prime location SoFi (South of Fifth), with excellent services and amenities. Prices have come down significantly over the last 2.5 years depreciating 40% (since 2007) and Hilton is now running the show!

Fontainebleau Resort at 4391, 4401, 4441 Collins Avenue (Oceanfront Miami Beach). As of 2009 STATS, 110 units for Sale with 4 closed sales this year and no pending contracts. Average DOM (Days On Market) reflects 96. Sale to List Price Ratio is at 84% with the Average Sales Price Per Square Foot  reflecting $652..  Average List Price Per Square Foot is $914. As of 2008 STATS, we find 15 closed sales occurring with an Average Selling Price Per Square Foot at $745, Average List Price per Square Foot at $823, Average DOM at 245, Average Sale to list Price Ratio at 91%. As of 2007 Sales STATS, we find 20 closed sales occurring with an Average Selling Price Per Square Foot at $802, Average List Price per Square Foot at $896, Average DOM at 224 and Average Sale to list Price Ratio at 91%. Newly developed towers in 2005 & 2008, Fontainebleau is a historical destination with style & class being a sought after condo hotel with excellent in house services. All inclusive amenities including the resort pools, restaurants and nightclub ‘LIV’. Prices today are attractive with the vast amount of inventory to choose from! Because of the latest addition, Tresor tower, the numbers could be skewed if we were to calculate sales over the last 2.5 years however the depreciation reflects 19%.

Canyon Ranch at 6799, 6801, 6899 Collins Avenue (Oceanfront Miami Beach). As of 2009 STATS, 57 units for Sale out of 450 (~13% Inventory) with 3 closed sales this year and 4 pending contracts. Average DOM (Days On Market) reflects 129. Sale to List Price Ratio is at 85% with the Average Sales Price Per Square Foot  reflecting $677..  Average List Price Per Square Foot is $774. As of 2008 STATS, we find 5 closed sales occurring with an Average Selling Price Per Square Foot at $673, Average List Price per Square Foot at $759, Average DOM at 212, Average Sale to list Price Ratio at 89%. Built new in 2007-2008, Canyon Ranch Living Miami Beach is a top destination with services and amenities catering to the healthy lifestyle. A condo hotel located on (mid) Miami Beach, with exceptional services and amenities including a Spa plus gym and restaurant surely to redirect a life devoted to fitness and longevity.

Regent One Bal Harbour at 10295 Collins Avenue (Oceanfront/Inlet). As of 2009 STATS, 56 units for Sale out of 300 (~19% Inventory) with 5 closed sales in this year and 3 pending contracts. Average DOM (Days On Market) reflects 176. Sale to List Price Ratio is at 82% with the Average Sales Price Per Square Foot  reflecting $727..  Average List Price Per Square Foot is $958. As of 2008 STATS, we find 51 closed sales occurring with an Average Selling Price Per Square Foot at $753, Average List Price per Square Foot at $828, Average DOM at 185, Average Sale to list Price Ratio at 89%. Built in 2007, One Bal Harbour Resort & Spa has the private tower and amenities while the adjacent hotel tower (Regent) overlooks the Bal Harbour Inlet and Atlantic. Location Destination; backed with the prestigious Bal Harbour location. Truly a masterpiece and amongst the BEST of all Condos/condo-hotels with only a 3% depreciation over the last year. Inventory selection looks attractive if this is the condo hotel product your after. {St. Regis Bal Harbour completion date 2010-2011 and will be a story all its own}

Trump International Beach Resort at 18001 Collins Avenue (Oceanfront Sunny Isles). As of 2009 STATS, 74 units for Sale out of 374 (20% Inventory) with 12 closed sales this year and 4 pending contracts. Average DOM (Days On Market) reflects 141. Sale to List Price Ratio is at 91% with the Average Sales Price Per Square Foot  reflecting $424..  Average List Price Per Square Foot is $517. As of 2008 STATS, we find 49 closed sales occurring with an Average Selling Price Per Square Foot at $475, Average List Price per Square Foot at $522, Average DOM at 162, Average Sale to list Price Ratio at 91%. As of 2007 Sales STATS, we find 11 closed sales occurring with an Average Selling Price Per Square Foot at $584, Average List Price per Square Foot at $635, Average DOM at 105 and Average Sale to list Price Ratio at 96%. Over the last 2.5 years, 27% depreciation has occurred. Built in 2003, Trump Sonesta International Beach Resort (Sonesta Mgt. Contract Expired in April 08) is one of the best resorts for families looking for on-site excitement, activities and class. An excellent location in Sunny Isles, Trump Beach Resort offers concierge services, restaurants, a lagoon styled pool and lap pool with waterfalls, jet skis, sailing and more. Child care on site.

Le Meridian/M Resort at 18683 Collins Avenue (Oceanfront Sunny Isles). As of 2009 STATS, 45 units for sale out of 210 (21% Inventory) with 2 closed sales this year and no pending contracts. Average DOM (Days On Market) reflects 78. Sale to List Price Ratio is at 87% with the Average Sales Price Per Square Foot  reflecting $375..  Average List Price Per Square Foot is $490. As of 2008 STATS, we find 10 closed sales occurring with an Average Selling Price Per Square Foot at $471, Average List Price per Square Foot at $511, Average DOM at 128, Average Sale to list Price Ratio at 93%. As of 2007 Sales STATS, we find 12 closed sales occurring with an Average Selling Price Per Square Foot at $500, Average List Price per Square Foot at $540, Average DOM at 151 and Average Sale to list Price Ratio at 93%. Over the last 2.5 years, 25% depreciation has occurred. Built in 2005, M Resort Sunny Isles Beach offers 5 Star living with Bice restaurant, liquor lounge and full concierge services expected in a luxury condo hotel.

whew! This research took awhile.. Want more, just ask on whatever topic pertains to the beaches… Have a great weekend. Toll free 1-866-427-4224

In review of the top condo deals in Sunny Isles Beach today, here are the selected buys..

Discrepancies, Questions, Inquiries? Call..  1.888.383.7326 or Ashton@MiamiDreamRealty.com

Sunny Isles Beach Florida's Riviera

The City of Sunny Isles has flourished in recent years as new Sunny Isles real estate projects have aided in the renaissance including Trump’s 6 towers, Turnberry Ocean Colony, Acqualina, Jade Ocean, Jade Beach, Ocean Four, III, II, I, Sayan, Pinnacle, La Perla and many others evolving since the late 90’s. Luxury oceanfront condos and luxury resorts span the entire coastline now while in recent years, this desirable location has seen an increase in European, Latin American, Canada and Russian visitors and residents, as well as younger residents with an upscale living environment. Sunny Isles Beach offers everything from beautiful sandy beaches and world class resorts & spas to great shopping and dining. Visitors and residents enjoy the best of both worlds having traditional conveniences and the friendliness of a small town, with the sophistication & perks of a major metro area plus the fun of being right on the beach. Today, Sunny Isles Beach is a top travel destination in the U.S. offering both luxury resort vacations as well as affordable family vacations. Local residents and tourists alike can hop over the William Lehman Causeway to discover one of the Nations top grossing shopping destinations, the Aventura Mall or drive 10 minutes south into Bal Harbour for a taste of premier shopping boutiques including Saks, Chanel, Escada, Prada, Hermes, Christian Dior, Giorgio Armani and many more at the Bal Harbour Shops. Great restaurants in Sunny Isles are abundant with Neomi’s at the Trump Beach Resort, Kitchen 305 at Newport Hotel, The Pelican at the Pier (oceanfront at 166th Street), Lotus (Russian!), San Telmo (Argentinian!), La Terrazza (Italian!) and sooo many others. Come visit Miami for a temporary vacation stay or look to find a great condo deal now being acquired for new savvy buyers looking to call Sunny Isles Beach home.

Click here to explore Sunny Isles Beach condos or call toll free 1.888.383.7326 for related information.

Sunny Isles & Miami Beach Luxury Condo Anlaysis within the price band of $500,000 to $1.2M.

In my opinion, these are the most attractive condos priced well along the ocean in April within this price band from $500k to $1.2M.

All estimates are based on asking prices with market average sale to list price at 88%. Rental service fees were not included (tax deductible expense) and range from 10% gross to 1 month rental income.

Tax estimates are derived from Miami Dade County Tax Estimate website here. Year 1 tax estimates are prorated on current owners tax amount due and reassessed on year 2 based on area sales+sale price.

All rental values are my best valuation based on recent comparable rentals a conservative estimate. Rental income can vary on building, season, competition and these figures are my best estimate for a rental occurring under the average days on market.

Figures derived from MLS (SEF Multiple Listing Service) and IMAPP Database with final estimates assuming there is no mortgage on the property. Click on the property link for more information.

• JADE Beach Condo #1208 -M1290095

• Sayan Condo #2001 -D1274485

• Trump Palace #PH5202 -M1295143

Hello friends, it’s April 15th Tax Day!! I’ve been so busy with real estate I’ve made no time for blogging… I can attest that consumer confidence is on the rise with Miami Dade “Beaches” showing sales increases at 20% over last month while Miami Dade 71% (condos YTD) over this time last year! The REO’s have become hard to catch with multiple offers and delay strategies used by the bank representatives while they collect offers. Properties that used to sell for $800k (oceanfront) priced as low as $350k (ie. La Gorce Palace). In between, I’ve also been busy finally obtaining my Broker’s license through the State of Florida, having my 32nd Birthday and doing many new deals from multiple luxury rentals to 5 pending offers on condos to even negotiating a commercial property on Biscayne Boulevard.

It’s refreshing to see strong activity and a majority of factors in favor of a stable market, I see a halt on price depreciation by 4th quarter… { Miami Beach }. I don’t relay what’s happening in Miami Dade County (Downtown Miami Blog) but more so on a local specialty area of the Miami Dade Beaches. The Jade Condos Sunny Isles website and blog are getting loads of attention but I have yet to take on a listing to market. Maybe this is a good thing as seller expectations have now (are now catching) caught up with true market values (or at least in the right direction for sales activity). JADE Beach Unit 4008 is a deal and will sell soon.  The MiamiDreamRealty.com website has climbed very high on the search engines with over 20,000 visitors each month and ranking very well organically for Sunny Isles Real Estate, South Beach FL real estate, South Beach FL Condos, Miami Beach FL Condos, Bal Harbour Real Estate and so many more keywords. I’ve got big goals and plans in store for each website and blog this year and a new collaboration with a trusted colleague as we build a blogsite for what will soon be the most desirable condo hotel… More coming this month. Here’s a short video clip of a unit which sold in 2007 for $1.450M and is now on the market at a fraction of the price (under contract).

South Beach to Sunny Isles Real Estate Consultant, Micro Economist. If you’re thinking of placing your luxury estate on the market, contact me for a marketing overview and pricing band analysis to determine the proper selling price. If you’d like to receive the latest local real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper right column) or by email above every time a new posting occurs. Preview the JADECondosSunnyIsles.com website exclusive to Jade Beach & Jade Ocean Condos! Have a great week and call any time toll free 1.888.383.7326 or view new condos here.