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 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

This question was asked on Trulia real estate search here and answered to my best ability below.

700 credit score but thinking of foreclosure and wondering how long will it take for my credit to recover?

Q: My 1/1,5 condo in NMB Fl was purchased for $137K in 2006 BUT the complex now has units selling for $17K-$24K. We also have about 25% units in foreclsoure and almost 65% of the owners are not paying HOA fees. I am thinking of sending the keys to the bank because the builiding will probably be shut down by the city because the HOA cant pay its monthly bills and it was already sitting on $180K in unpaid HOA fees at the start of 2009 . I hate to see my credit go in the toilet but I cant wrap my brain around holding onto a property that has decreased 85% in value in the last year. I am a responsible person and paying all other bills on time. I was never late with my mortgage payment in the 3 years since I purchased. The bank wont consider lowering the principle which in my opinion would be the TRUE way to help in part save the economy. But that is just my 2 cents which is now valued at -$5 due to depreciation. Thanks for any advice!

A: Whew, that’s a tough call. Where’s the Suze Orman of real estate when a good question like this one pops up!? It seems as though the association/condo board have failed at going after delinquent fees needed to maintain the building. Delinquent payments are very common in all condo buildings yet at this high level of 65%, it a surprise the water is still on. The new Fannie Mae guidelines from January 2009 would not allow financing so it would have to be geared to cash investors yet no investor would take on the liability of covering everyone elses slack with inevitable assessments on the horizon.

A Deed in Lieu of foreclosure may be the most viable option although speak to your bank(s) in all honesty on the current circumstances and be sure to negotiate DOWN the deficiency lien. Do not take no for an answer and keep climbing the peon ladder until the manager can help. I say this only because I’m afraid a short sale just won’t fly from lack of a ready willing & able buyer. IF you could find a buyer, then please jump on the short sale option making sure there are no deficiency liens or 1099′s if it’s an investment property. I assume this is your “home.” I also heard an interesting concept yesterday where it MAY be that FICO (credit) scores will be weighted in favor of owners such as yourself who are forced into foreclosure or hand over their properties between the years of let’s say 2005-2009. Meaning less likely to greatly “break” the FICO instead weighted and factored in favor on the years of trouble down the road when you feel it’s time to borrow again. Just an idea that may make sense in the future because of the current circumstances (not a fact but likely).

It’s been a tough battle over the last 4 years for a large majority of owners in similar circumstances as property values tumbled. This building WILL eventually turn around after a financial correction and an efficient condo board is established. Miami Dade residential sales are up 67% over this time last year and 20% over March! Stay positive & strong no matter how bad it gets and remember this simple (& odd) advice from my father when I’ve have hard problems to swallow… “they can’t kill you!”

I am open to more ideas & opinions and my answers can be wrong as a fallible sales associate.. This is only opinions and advice from today’s knowledge/understanding and I welcome any further insights I may be unaware of.

2 Story Tower Suite at the Prestigious Portofino Tower

Lifestyles of the Rich & Famous (Part 4) brings us to a very desirable 2 story home in the sky. This palace residence is #3105 at Portofino Tower South Beach located in SoFi (South of Fifth) at 300 South Pointe Drive and was just reduced by $1M USD this month for a motivated sale, to a new asking price of $4.9M  or $891 PSF.

With a recent purchase price of $5.250M (06/2007), this luxury South Beach condo residence is comprised of 4 large bedrooms and 4.5 baths with just under 5,500 interior square feet and boasting 270 degree views of the Atlantic ocean, Biscayne Bay and stellar South Beach real estate. The private elevator opens directly onto the second floor and into the living areas and kitchen with maids quarters and floor to ceiling windows encompassing all of South Beach. The stairs circle down into the master bedroom suite with his & hers bathrooms and massive closets. This one of a kind trophy property is for the buyer ready to enjoy their lifetime successes.

Portofino Towers South Beach

is the tallest luxury highrise built in 1996 and what a great year it was! Today there are 28 condos for sale (MLS derived) out of ~220 total or 13% as this is a well established “healthy” building with very happy residents. Statistics also show an average asking price per square foot at $895PSF, average selling price per square foot at $627 PSF, average days on market at 68 DOM and a sale to list price ratio at 87%. The average Portofino Tower list price is $2.3M (2,515 SF). Last year there were 10 closed sales at an average selling PPSF at $676 for a 7% depreciation so far. Portofino Tower full featured amenities include 24 hour concierge with valet service, 2 tennis courts, world class spa & fitness center, 2 pools, hot tub, sauna, billiards and community rooms.

Click here to preview all Portofino Tower condos for sale

Portofino Tower Condos for Rent

This is not my listing but worth proper exposure here and I’d appreciate earning your business if this is what suits your real estate desires. For more details or to schedule a showing call 1.888.383.7326

Trump Palace Penthouse #5507 just sold in an unsurprising 10 days. This Trump Palace gem has a 915 Square Foot Terrace for that special “unique factor” required for a fast sale in today’s market. Another special unique factor is the spiral staircase leading to the private Master Bedroom and entertainment terrace with rooftop jacuzzi.  The asking price was set at $1.925M for a 3 bedroom, 4.5 bath  or $705 per square foot ($527 PSF including the terraces).

Trump Palace PH Entertainment Terrace

Trump Palace Penthouse Views South

An amazing price considering it was sold in 2007 at $2.8M!

BUYER UPDATE: #TS5505 is also a 2-story and is listed here for $1.890M, purchased in 2007 for $2.750M, this one’s sure to sell soon.. It was just listed (Exclusive Waterfront) on March 14th!!

Trump Palace condos were built in 2006 and is one of the more desireable developments found on Sunny Isles Beach today.  Great features of the Trump Palace condo development are the gated entryway with stellar security, resident privacy yet with access to the Trump Int’l Beach Resort next door, a private lap swimming pool, tennis courts,  child care facilities, restaurant and bars along with other luxury services found within this three tower development. Average days on the market from the last 90 days has dropped to only 63 DOM with an increase in inventory reflecting a high 21% of 275 total Trump Palace condos.. excellent deals are being made with 1 bedrooms as low as $400k! Other average sold values from the last 90 days reflect $510PSF with a $606PSF asking price. 2 bedroom deals are to be had with a turn key 2 Bedroom (1,600 SqFt) #1005 hovering the ocean here. Other great Trump Palace condos for sale can be found on MiamiDreamRealty.com along with other great Sunny Isles Beach real estate. 1.888.383.7326

Canyon Ranch Miami Beach has opened its doors to the long awaited North tower (6899 Collins Avenue) within this distinguished development. I’ve added some of today’s photographs for you to see the beauty in it…

Here’s the amazing SW View from the 22nd floor. Notice the historic Carillon hotel sign maintained with the Canyon Ranch project. Just below the Downtown skyline is La Gorce Island then the new NoBe on the Bay condos (which seems to have come to a standstill), Aquasol and the King Cole far off to the right.

The Canyon Ranch North tower pool was inviting with a large jacuzzi and beach access & services. There’s far less setback from the other tower and hotel. All amenities are included throughout this health conscience complex

The hallways were bright, elegant and spacious..

A slick uber modern Canyon Ranch kitchen with Miele & Sub Zero appliances

The lobby was classy and well done with beach accents including shell chandeliers along with modern bamboo style columns and a waterfall

The front entryway had valet with a great big smile and an immediate attention at the front from concierge. An Excellence in service..

Welcome home to Canyon Ranch Living Miami Beach. This great new development plus the addition of MEi Condos add a new dimension to this Miami Beach real estate market. To preview all Canyon Ranch condos for sale click here or Rent for details on updates & availability call me at 1.888.383.7326.

First of all I want to say, it’s not about the agents double ending commission, it’s about the seller’s best interest = Selling.

I’ll give you a topic… High end luxury sales associates & broker’s do not prefer their listings be advertised by other agents. ie) Free additional marketing/property promotions from the real estate community in a strong buyer’s market where every source of promotion helps; “like butter.” Out of 1,550 South East Florida condos over $1M, only 55% of brokers allow advertising on their “exclusive listings.” Out of  90 luxury Miami Beach condos over $5M, 46% allow outside advertising. I’m getting a little vaklempt, talk amongst yourselves.

Edition #3 of the 2009 Sunny Isles Beach Condo Index. We will be comparing the luxury oceanfront market from the 1st Quarter Sunny Isles Condo Index to today’s updated 1Q 2009 Sunny Isles Condo Index including premier luxury towers such as Turnberry Ocean Colony, Acqualina, JADE Beach, Trump Palace, Trump Royale, Trump Towers I, II & III, Ocean 4, Sayan and a few select others. For various reasons, I’ve left out excluded other great residential oceanfront towers from this Index such as Ocean III, Ocean II, Pinnacle, Millennium and the oceanfront condo hotel properties including the Trump International Resort, Le Meridian (M Resort) and the newest Sonesta Sole.

I believe it best to analyze the local entities instead of feeding into the media’s fear of the National real estate market or even the reports on Miami Dade County. WHY? When you check the temperature outside, do you look at the National temperature or do you look at YOUR local temperature? That’s right and same with local real estate markets… not even Miami in general but instead, it’s dependant on the Sunny Isles Beach ”Local Market” and this is what I relay herein the Miami Beach Real Estate Blog so check back often for new condo updates in the entities of Bal Harbour, North Bay Village, Miami Beach & SoBe. Last year was a record year for business with luxury sales in Trump Palace (4806) and Turnberry Ocean Colony (2401), an invitation to the Million Dollar Guild (CLHMS) and the creation of JadeCondosSunnyIsles.com. Miami Dade seems to have set the National trend of a downward real estate market back in 4Q 2005 and we are now in the 4th year of a depreciating market seeing approximately 35 to 40% depreciated real estate values and in some buildings more. On the flipside, total entity inventory is decreasing month over month slowly since early 2008 (although in insignificant numbers).

On to the Sunny Isles 1Q 2009 Condo Index… As of today we are noting 1,469 total condos for sale in Sunny Isles Beach. This year, there have been 52 total closed sales (ALL figures are derived from the Multiple Listing Service MLS on February 24th, 2009). What we will be analyzed in this post are statistics and trends for the most desirable luxury towers along Sunny Isles Beaches.

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 | 29 of 247 or 12% | Ave List Price $2.470M | Ave PPSF $805
• JADE Beach- 17001 Collins Avenue | 26 of 248 or 10% | Ave List Price $1.428M | Ave PPSF $700
• JADE Ocean- 17121 Collins Avenue | Released 1Q 2009 with No MLS records
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 24 of 130 or 18%| Ave List Price $2.185M | Ave PPSF $734
• Turnberry Ocean Colony South Tower- 16047 Collins Avenue | 32 of 130 or 25% | Ave List Price $2.234M | Ave PPSF $749
• Trump Palace- 18101 Collins Avenue | 54 of 275 or 20% | Ave List Price $1.188M | Ave PPSF $635
• Trump Royale (Just Released NOV08) – 18201 Collins Avenue | 15 of 275 or 5% | Ave list Price $782,700 | Ave PPSF $513
• Trump Tower I- 16001 Collins Avenue | 37 of 271 or 14% | Ave List Price $1.267M | Ave PPSF $524
• Trump Tower II – 15901 Collins Avenue | 13 of 271 or 5% | Ave List Price $1.296 | Ave PPSF $575
• Trump Tower III – 15850 Collins Avenue | Released 1Q 2009 with No MLS records
• Sayan- 16275 Collins Avenue | 20 of 88 or 23% | Ave List Price $983k | Ave PPSF $481
• Ocean Four – 17201 Collins Avenue | 69 of 281 or 25% | Ave List Price $1.056M | Ave PPSF $512
• La Perla- 16699 Collins Avenue | 47 of 326 or 14%| Ave List Price $636k| 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 | 6 Closed Sales at $627 PPSF (6% decrease since 1Q 2008) | 94% SP/LP | 256 DOM
• JADE Beach- 17001 Collins Avenue | Just Released with No Closed MLS Sales
• JADE Ocean- 17121 Collins Avenue | Released 1Q 2009 with No Closed MLS Sales
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 4 Closed Sales at $527 PSF (25% decrease since 1Q 2008) | 83% SP/LP | 224 DOM
• Turnberry Ocean Colony South Tower- 16047 Collins Avenue | 3 Closed Sales at $671 PSF (6% increase since 1Q 2008) | 90% SP/LP | 189 DOM
• Trump Palace- 18101 Collins Avenue | 12 Closed Sales at $555 PSF (4% increase since 1Q 2008)| 90% SP/LP | 85 DOM
• Trump Royale – 18201 Collins Avenue | Just Released in NOV08 with No Closed MLS Sales
• Trump Tower I- 16001 Collins Avenue | 1 Closed Sales at $399 PSF | 98% SP/LP | 127 DOM
• Trump Tower II – 15901 Collins Avenue | Just Released with No Closed MLS Sales
• Trump Tower III – 15850 Collins Avenue | Released 1Q 2009 w/No Closed MLS Sales
• Sayan- 16275 Collins Avenue | 1 Closed Sale at $389 PSF (10% decrease since 1Q 2008) | 78% SP/LP | 220 DOM
• Ocean Four – 17201 Collins Avenue | 5 Closed Sales at $387 PSF (20% decrease since 1Q 2008) | 93% SP/LP | 184 DOM
• La Perla- 16699 Collins Avenue | 5 Closed Sales at $360 PSF (13% decrease since 1Q 2008) | 91% SP/LP | 307 DOM

Executive Summary-

Taking only the above luxury oceanfront towers into account, we see an average selling price per square foot for Sunny Isles Beach real estate reduced to $489 ($524 1Q) psf “oceanfront” VS. an average asking price of $604 ($603 1Q) psf for a $1 psf increase since 1 Quarter 2008. Simply put, a 7% reduction in selling price per square foot since the previous 1st quarter 2008… we see an average ‘asking’ price per square foot at $604 with a  ’selling’ price per square foot for Sunny Isles Beach real estate at $489 psf for a $115 psf (19%) difference in selling price from the asking price.

Average Days On Market is showing an average closing time of 199 DOM or 6.63 months to sell compared to 170 DOM 1st Quarter 2008 or 5.68 months to sell an oceanfront condo for a 1 month increase. In looking at the health of a building we first look at available inventory. I typically relay a healthy inventory level of  less than 15%. We see unhealthy inventory levels in the majority of these new luxury oceanfront towers. Inventory has increased in the premier luxury towers of Sunny Isles including Turnberry Ocean Colony (both N & S Towers), Trump Palace, Sayan and Ocean 4. On a positive note, Trump Palace is still trading a lot of real estate with, in my opinion, the best building for the value (Gated. Established. Resort Access. Location.). Trump Palace also sells the fastest with an average of only 85 days on the market when priced correctly.

Any questions please ask and I am fallible although I went through MLS numbers over 5 times to confirm. 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. 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 selection & leverage. 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 all new information for JADE Beach & JADE Ocean! Have a great week and call any time toll free 1.888.383.7326 or view new luxury condos here. South Beach to Sunny Isles Real Estate Sales & Marketing.

What happened in 2008 and what might be expected for real estate in 2009…? In 2008, Sunny Isles Real Estate had 1,001 active condos listed on the MLS while 487 condos sold for the entire year. Today, in 2009, there are a total of 1,464 condos for sale in Sunny Isles Beach with 27 closed sales in January 09 and 54 Sunny Isles FL condos currently under contract. I’ll be watching and reporting the stats & trends closely each month to see… these pricing bands differ so please note the gaps.

(continue reading…)

Canyon Ranch Miami Beach

News came across the internet via PR Newswire this week relaying unhappy buyers who are now suing the developer of the famous mid-beach Canyon Ranch Living development for alleged deceptive and unfair trade practices in the promotion & sales of condominium units. Apparently, it is not permissible to use the Canyon Ranch name upon the purchase of the new Canyon Ranch residence in Miami Beach. According to the projects website CanyonRanchMiamiBeach.com, Canyon Ranch Living Miami Beach was designed to meet very high quality standards of its destination resorts.

The lawsuit asserts that the Canyon Ranch brand name is temporary at best and that purchasers were induced into purchasing units at the project due to the alleged deception that it was part of the Canyon Ranch brand and family, when in fact, there was nothing more than a phantom management agreement through which Canyon Ranch partially operates the project for a limited term and unit owners are restricted from trading on the Canyon Ranch name. - SOURCE Aaron Resnick www.recovermydeposit.com

The complaint filed by Resnick notes that the developer spent millions of dollars advertising and promoting Canyon Ranch Living Miami Beach to consumers with the expectations of purchasing an exclusive Canyon Ranch unit. The article goes on the mention the developers attorneys refusing to turn over the management contract with Canyon Ranch yet did provide a written statement that the management contract only applies to “spa related services” and is not a “management agreement.”

Hmmm, I was under the impression these are exclusive Canyon Ranch units with the management operation, similar to Canyon Ranch in Arizona, and functioning as a Canyon Ranch Resort. However, in this current real estate market, buyer remorse is abundant with unhappy flippers speculators looking for any way out and seeking legal advice for contract loopholes. I’ve heard mostly great things about the new Canyon Ranch Living Miami Beach development and know the values, location and amenities to be improving. I’d like to hear from other residents or anyone “in the know” on the opinions and facts related to this great new Miami Beach FL real estate development.

Here’s the real estate scoop at Canyon Ranch Miami Beach.

MLS data: 59 condos for sale (ranging $400k – $3.750M) out of ~431 total condos (14% inventory) {+150 Canyon Ranch Hotel Suites} with average asking price per square foot at $788 and average (6 month history) selling price per square foot at $658. It takes 80 days on average for a condo to sell at Canyon Ranch and they’re selling at (sale price to list price ratio) 92.2% of list! There are 2 condos under contract today, each above $1M.

My personal opinion on the 3 best deals at Canyon Ranch Miami Beach

1. 6801 COLLINS # 1604
2. 6801 Collins Avenue # C1217
3. 6801 Collins Av # 1505

Let the readers know what you know!?! If you’re thinking of placing your luxury condo residence on the market, contact me today for a pricing band analysis and marketing overview to determine the proper selling price & let’s get started marketing your condo. Ready to buy? Call me for the very best deals in Sunny Isles & South Beach. 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 left column) or by email above every time a new posting occurs. Visit JADE Condos Sunny Isles.com website & Blog relaying all new information for JADE Beach & JADE Ocean! Have a great week and call any time toll free 1.888.383.7326 or view new condos here. South Beach to Sunny Isles Real Estate Consultant, Micro Economist.

Miami Beach & Bal Harbour Single Family Home Closed Sales and Single Family Home Buys

Venetian Islands

In review of amazing Miami Beach homes & Bal Harbour Home Sales from 2008, there are 4 sales mentioned below and another few Miami Beach FL waterfront homes I expect to sell soon and worth your preview. Click on the Addresses below to see property details..

224 Bal Bal Drive- 4BR, 4.5 Bath, 5,783 Square Feet, Sale Price at $6.5M ($1,124 psf) Asking Price $8.9M (73% of List), 101 Days On Market

5959 Collins Avenue- 5BR, 5.5 Bath, 5,685 Square Feet, Sale Price at $6.7M ($1,178 psf) Asking Price $6.950M (96% of List), 332 Days On Market (Villa Residences at The Bath Club)

235 E Rivo Alto Drive- 6BR, 6.5 Bath, 6,000 Square Feet, Sale Price at $4.6M ($767 psf) Asking Price $5.9M (78% of List), 432 Days On Market

1215 N Venetian Way- 7BR, 6.5 Bath, 7,653 Square Feet, Sale Price at $4.5M ($588 psf) Asking Price $5.7M (79% of List), 84 Days on Market!

La Gorce Island Single Family Home

Looking for the perfect Miami Beach Estate?

Here are ideal Miami Beach FL waterfront homes painting the perfect picture for luxurious living along the Miami Beaches, Bal Harbour & Aventura waterfront communities. For a private “qualified” tour or more real estate information on one of your favorite homes, let me know.

1420 Biscaya Drive- 6BR, 5.5 Baths, 7,570 Square Feet, Asking Price $5.4M ($713 psf), 186 Days on Market

3914 Island Estates Drive – 5BR, 7 Baths, 6,708 Square Feet, Asking Price $5.999M ($894 psf), 116 Days on Market

1249 Biscaya Drive- 5BR, 4.5 Baths, 7,916 Square Feet, Asking Price $6.299M ($795 psf), 167 Days on Market

1215 N Venetian Way- 7BR, 6.5 Baths, 7,653 Square Feet, Asking Price $7.9M ($1032 psf), 119 Days on Market

98 La Gorce- 7BR, 7.5 Bath, 7,848 Square Feet, Asking Price $11.5M ($1,465 psf), 12 Days on Market

56 Bal Bay Drive- 9BR, 10.5 Bath, 12,000 Square Feet, Asking Price $12M ($1,000 psf), 36 Days on Market

38 Indian Creek Drive- 6BR, 6.5 Bath, 7,295 Square Feet, Asking Price $14.9M ($2,042 psf), 92 Days on Market

6396 N Bay Road- 7BR, 8 Bath (2 half), 11,800 Square Feet, Asking Price $15M ($1,271 psf), 193 Days on Market

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 left column) or by email above every time a new posting occurs. The new JADE Condos Sunny Isles.com is now available! Have a great week and call any time toll free 1.888.383.7326 or view new condos here.

Terra Beachside Villas

A recent news article by the South Florida Business Journal relays that Regions bank has filed new foreclosures against the Miami Beach FL Real Estate projects Terra Beachside Villas and Terra Beachside Villas II completing three foreclosures against BSG Development. The previous foreclosure was filed in October on BSG’s Cabana on Collins project with the developer taking $98.2 million in mortgages from Regions Bank. These three projects were planned and sold within a 3.7 acre construction zone off 6000 Collins just one block from the ocean. These were sold in 2004 & 2005 at a premium and the construction progress seemed to be moving along just fine with punch out work and final finishes before the C.O. & closings. What happened after they repainted the ugly blue front entry cylinder…? A few months ago, I noticed the workers hadn’t been around for awhile and the construction came to a standstill. Apparently, over a dozen contractors have filed liens on the subject properties and this is true proof of the downside to this real estate downturn based on over development, overpricing and smoke & mirrors as these were primarily sold to speculators.

Based on the Article, BSG had $46.4M in loans from Regions with Terra Beachside Villas plus $8M from Miami based Royale World Metropolitan which sold the property to BSG in 2004. Additionally through Regions, $11.6M was secured on Terra Beachside Villas II and $40.2M on the 210 unit project Cabana on Collins.

BSG was cofounded by Sieger and Suarez, of the Miami based Sieger Suarez Architectural Partnership, which has designed buildings such as Fort Lauderdale’s Las Olas River House, Miami Beach’s Portofino Tower and Sunny Isles Beach’s Trump Ocean Grande. The architecture firm is also a defendant in Regions Bank’s lawsuits. SFBJ Article December 8, 2008

I’ve always wondered how they planned to prevent flooding from the basement underground parking garage?! As a matter of fact, Terra Beachside Villas is a great new development if you like the neighborhood and being in the center of two busy streets. Hey it is across the street from the ocean. I see the Terra Beachside Villa property eventually being finished and selling these 2 story townhomes around $300k. Because of the scarred reputation, Terra Beachside will have to change their name like Regions did! Remember Union Planters Bank…? Yes Regions, we didn’t forget you either.

South Beach to Sunny Isles Real Estate Consultant, Micro Economist. 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 left column) or by email above every time a new posting occurs. The new JADE Condos Sunny Isles.com is now available! Have a great week and call any time toll free 1.888.383.7326 or view new condos here.

Il Villaggio on Ocean Drive

Il Villaggio on Ocean Drive is arguably the best residential tower on South Beach. Owning the premier position at the northern parcel of Lummus Park and Ocean Drive, Il Villaggio offers the very best in services and amenities to its celebrity unit owners such as Jerry Bruckheimer which owns two combined Penthouses at Il Villaggio.

Today, there are 18 active Il Villaggio condos (18 out of 127 total units or 14%) for sale ranging from $900,000 to $13,900,000. 4th Q 2008 stats show Il Villaggio Condos average sales price $3.914M with an average price per square foot at $1,584. There are currently no Il Villaggio Condos under contract, however 5 sales did occur in 2008 ranging in sales price from $890,000 to $5.5M with an average sale to list price at 94%, average price per square foot at $1,527 psf and averaging only 104 days on the market! This is one of the only buildings that has held it’s own during trying times in the local real estate market. These Ocean Drive condo units have appreciated very well since it’s release in 1998.

South Beach & Ocean Drive

A very desirable Il Villaggio condo line is the Tower Suite 05 which rests on the SE Corner boasting superior wrap around views over South Beach, Lummus Park and Ocean Drive. Consisting of 2,306 Square Feet (+644 terrace space) and 3 bedrooms, 4.5 baths, this private corner line  has only 1 available on the 14th floor (#1405 Click Here) with an additional option of combining the neighboring condo which is on the market for $5.595M and $2.990M respectively. Total Square Footage of the two combined Il Villaggio residences would be a massive 4,086 Square Feet. This Virtual Open House below showcases #1405 now ready for new ownership!

Il Villaggio Tower Suite 05 Floor Plan Available Upon Request.

South Beach to Sunny Isles Real Estate Consultant, Micro Economist. 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 left column) or by email above every time a new posting occurs. The new JADE Condos Sunny Isles.com is now available! Have a great week and call any time toll free 1.888.383.7326 or view new condos here.

I’ve been curious how each city is doing when evaluating selected South Florida entities and their total Condo Inventory vs. Bank Owned (REO’s) and Short Sales. My attorney added to my curiosity so here it is below… These figures are derived from the MLS and Miami is still one of the biggest and baddest for foreclosures and short sales. The average of all selected cities below (bank owned) figure is 4.53% of total inventory. We’ll evaluate this again 1Q 2009 and see what directions & changes may have occurred.