Retail addicts around the world know the Bal Harbour Shops as one of the greatest destinations in the world — a true Shopper’s Paradise.

Now, truly dedicated shoppers are about to be presented with an opportunity to have this world-class shopping destination…as their neighbor.

Located directly across the street from the shops on Collins Avenue, the St. Regis Bal Harbour Resort will offer the ultimate home base for dedicated shoppers and luxury lovers.

Developed by Starwood Hotels & Resorts, the St. Regis Bal Harbour Resort is located right on the ocean (for those times when you want to concentrate on pursuits other than shopping) at the northern tip of Bal Harbour. It will be made up of three separate, 27-story towers, each housing ultra-luxurious one, two, three and four-bedroom residences complete with huge balconies, floor-to-ceiling windows and amazing views of the Atlantic and the bay.

The 268 residences will share the space with 37 condo-hotel suites, 183 hotel rooms and 24 fractional suites.

Because mundane tasks like grocery shopping, driving and housekeeping take away from valuable shopping time, the St. Regis will offer its lucky residents the same amenities as hotel guests, including grocery shopping service, room service, housekeeping, a chauffeur and more. There’s also a health spa, several swimming pools, sculptures, water features, lush gardens and more.

No wonder these luxury condos and homes start at a cool $1.9 million!

Modern technology will be featured throughout the resort, including a state-of-the-art air conditioning system that uses chilled water instead of heat pumps to cool the air.

It all adds up to a shopaholic’s dream home. But you can’t put one on your AmEx card just yet. While top off of the final tower is just around the corner, construction isn’t scheduled for completion until 2011.

by Lisa Canfield

Thanksgiving has come and gone. Across the United States, trees twinkling with lights and jolly, waving Santas dot the landscape. The days are getting shorter, the weather is getting colder. It’s difficult not to notice that the Christmas season is in full swing.

Believe it or not, the same is true here in sunny South Florida. Okay, so we may not experience frosty mornings or watch the sun go down at 4pm (not that we would want to!), but we have our own unmistakable sign that the holiday season is here.

I’m talking, of course, about the return of the Snowbirds.

The Snowbirds’ annual migration south is greeted with mixed emotions by those who view their piece of Miami Beach real estate is their primary place of residence.

Suddenly, the beaches are a lot more crowded – and often with pasty, pale looking people with nary a tan line to be found. There may be a wait to get in to your favorite nightspot – the same place where you could just wander in on a whim last July. And as for the traffic – it’s like the number of cars on the street suddenly quadruples.

Even for party-happy South Floridians, staying in and ordering a pizza might look like a more viable option than a night on the town.

But as once-empty luxury condos and homes across the Miami Beach area fill up once again, not everyone is suffering. For local businesses all over town, this truly is the season to be jolly – especially since it lasts until next spring. The Snowbirds are what keep our South Florida economy humming. And for that, we all hope that they never face extinction.

So if you happen to be a Snowbird, let me personally welcome you back for another warm and toasty winter enjoying our beaches and nightspots. Who knows? With Aventura real estate and Bal Harbour real estate prices so low – along with the rest of our beautiful beach cities — you might buy in and decide to stay year round!

by Lisa Canfield

461 Ocean Boulevard

Rich and Famous Flock to Golden Beach.

Celebrities such as Bill Gates, Ricky Martin, Benjamin Rose, Paul Newman are just a few of the many past and present rich and famous residents of Golden Beach. Let’s not forget that famous Eric Clapton album and photo of 461 Ocean Boulevard, which was named after the Golden Beach house located at that address.

In fact, people from all over the world flock to Golden Beach, known not only for its luxury real estate and opulent life style, as well as its pristine sandy beaches with turquoise crystal clear waters, but also for the security and seclusion this community has to offer.

Did you know that Golden Beach has the largest police force of all the surrounding communities? Boy do they do a great job monitoring the streets and main road running through Golden Beach, Collins Avenue (also known as State Road A1A and Beachfront Avenue). This stretch of Collins Avenue does not even have sidewalks. If you want access to the beach, you need an invitation from a Golden Beach resident. There is no high rise construction or commercial development even permitted within the town limits.

Golden Beach is bounded by the Atlantic Ocean to the East, the Intracoastal Waterway to the West, and the coastal cities of Hallandale Beach on the North and Sunny Isles Beach to the South. Just a short drive to Miami or Ft. Lauderdale as well.

Located next to Golden Beach, you will find the famous Shoppes of Bal Harbour and some of the finest area dining, cultural centers and sports venues. You will also find the historic beach pavilion, three parks and much more. Golden Beach real estate consists of some of the most exclusive, upscale oceanfront luxury properties in the area as well as Intracoastal and dry lot homes. Prices are hefty starting in the million range up to $18,000,000+.

If you are looking for the life of luxury, then Golden Beach real estate, Bal Harbour real estate,  Sunny Isles Beach real estate, Miami Beach real estate and South Beach real estate are some of the best places to start. Golden Beach is centrally located and convenient to local area local airports. Only 18 miles from Miami International Airport and 15 miles from Ft. Lauderdale International and the Everglades.

Call for further information on the Golden Beach residential oceanfront community! 1.888.383.7326

New Tax Credits for Home Buyers

Some good news for a change! Congress approved the extension of the $8,000 federal first-time home buyer tax credit, and President Obama signed the law into effect on November 9, 2009. The tax credit was supposed to expire December 1, 2009, and has now been extended through April 30, 2010.

Even better, there has been an addition to the law allowing existing homeowners who want to move up or down to another home to receive a tax credit in the sum of $6,500.00, so long as they have owned and lived in their previous home for five consecutive years out of the last eight years.

Whether you are looking for Miami Beach real estate, South Beach real estate, Sunny Isles Beach real estate, Bal Harbour real estate or Golden Beach real estate, you should take advantage of these great tax credits, the current low interest rates and affordable prices these communities have to offer.  Those of who have been sitting patiently on the sideline waiting, you no longer have any reasons to delay the purchase of your Miami Beach and surrounding area luxury condos and homes.
Here are some highlights of the new tax credit law:

First Time Home Buyer Credit

• First time home buyers who purchase a home on or after January 1, 2009 and before April 30, 2010, are eligible to receive an $8,000 tax credit. If your purchase and sales contract is signed on April 30, 2010, and you complete your transaction by June 30, 2010, you will qualify for the credit.

• The IRS definition of first-time home buyer is a buyer who has not owned a principal residence during a three year period prior to their purchase.

• The tax credit does not have to be repaid.

• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

• The tax credit applies only to homes priced at $800,000 or less that are primary residences. No investment properties or second homes qualify.

• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Long-Time Residences/ Same Residences  (Move Up/ Down) Buyers

• Buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

• The tax credit does not have to be repaid.

• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

• The tax credit applies only to homes priced at $800,000 or less that are primary residences. No investment or second homes are eligible.

• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. If your purchase and sales contract is signed on April 30, 2010, and you complete your transaction by June 30, 2010, you also will qualify for the credit.

• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

In order to avoid fraud, the IRS will require a copy of the HUD-1 closing statement from all buyers.

Military Buyers

If a Military member is deployed outside of the United States for a minimum of 90 days between December 31, 2008 and May 1, 2010, the tax credit is extended on purchases to on or before April 30, 2011.  If a purchase and sale contract is signed on April 30, 2011, the transaction must close on or before June 30, 2011 in order to qualify for the tax credit.

The new law is expected to further boost and help strengthen our recovering real estate market because it is beneficial to buyers, sellers and the entire real estate industry.

Thank you Coldwell!

Let’s Go!

Mocha Shakes Miami

The mystery begins this year on November 7, 2009, at 6:00 p.m. with the Mocha Shakers Mystery event. This Mystery Dates charity fundraiser is organized by the MOCA Shakers, the museum’s young international patrons. The proceeds will benefit MOCA exhibitions of new and experimental artists.

Expect an evening of art, fabulous food and mystery guests. Festivities start with a party at Museo Vault, a state of the art storage facility located in Wynwood at 349 NW 29 Street, Miami, FL 33127. You can enjoy specialty Grey Goose Vodka cocktails, great music and terrific appetizers.

From there the party moves on to a post modern home in Coral Gables, a MiMO Morningside home,  and then to a beautiful South Beach condominium.  The mystery is what glamour surprise dinner guest will attend each dinner. Guests will learn which dinner they will attend as well, as the festivities move on from there.

Tickets for the event range from $125.00 – $1,000.00. For seating information contact address is http://www.mocanomi.org/mystery-dates/#, and the phone number is 305 893-6211. Chair Persons, Ivonne Ronderos and Erin Newberg.

Experience the Excitement and Beauty of Miami Beach and Surrounding Areas

This is just one of many exciting charity events, festivals and music events held in the Miami Beach and surrounding areas throughout the year. There is also the Miami Beach Dance Festival held in April each year, the Jazz Roots Larry Rosen concert series, and don’t forget the Festival of Miami music festival, which is the opening of Miami’s Art Season.  The festival closes this year on October 30, 2009 at 8:00 p.m at the  Gusman Concert Hall at the University. of Miami Frost School of Music with the “Open Me First” with Jeff Hamilton and John Clayton concert series.

That’s why so many buyers choose to live, work and play here.  International buyers and celebrities recognize that  Miami Beach real estate, South Beach real estate, Bal Harbour real estate, Sunny Isles Beach real estate and Golden Beach real estate is some of the most gorgeous and affordable real estate found anywhere in the world. With luxury condos and homes at today’s affordable prices, there are no better bargains than here.

If you are looking for an international flair with great cuisine, shopping and beaches and a luxurious and exciting Florida lifestyle, you won’t be disappointed by the many area attractions, outstanding architecture and beautiful eco surroundings of the Miami Beach, South Beach, Bal Harbour, Sunny Isles Beach and Golden Beach areas.

Bal Harbour is a lot like the rest of the Miami Beach area.

It’s packed with plenty of luxury condos and homes, including waterfront and oceanfront condos. It’s got sunny skies, white, sandy beaches, warm turquoise waters and cool ocean breezes, along with plenty of beautiful people. In other words, it’s paradise.

But all that idyllic, outdoorsy stuff isn’t the only reason people think of Bal Harbour as heaven on earth.

For some people, the best, most wonderful, most amazing thing about Bal Harbour…is a mall.

But then again, the world-famous Bal Harbour Shops isn’t just any mall. There’s not an Old Navy in sight. There’s no food court offering greasy pizza or fast food. And the only Gap in the place is for kids.

Instead, the Bal Harbour Shops is a very different kind of mall. Think less “mall” and more “temple.” If shopping is your passion, a visit to the Bal Harbour Shops is more like a pilgrimage than a shopping trip — kind of like taking in the Sistine Chapel, the Pyramids and the Taj Mahal all at once.

The reason? The Bal Harbour Shops is a mecca devoted solely to the very best in fashion. Anchored by top end department stores Saks Fifth Avenue and Nieman Marcus, this collection of over 80 shops reads like a Who’s Who of the biggest names in design – from (dare I say it?) Armani to Zegna.

While prices are all definitely perched at the high end of the spectrum, there’s something for just about every taste, with legendary brands like Chanel, Dior, Prada and Versace standing side by side with new industry stars like Tory Burch and Custo Barcelona. There are jewelry stores like Bulgari and Tiffany, shoe stores including Jimmy Choo and Tod’s, and just about everything else a fashionista could ever desire.

Okay — except, maybe, a bargain.

by Lisa Canfield

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.

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!

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.

Harbour House 10275 Collins Ave.

News came through South Florida Business Journal that the Related Group managed a bulk sale of 101 condo units at the desirable Harbour House. A package deal that came together for each party at a $27M ticket price and included a nice mix of 101 Bal Harbour oceanfront condos at the legendary Harbour House… This translates to ~$270 psf in 2009 values whereas in 2007 (only 1 sale at $849 psf) these condo conversion asking prices were at $601 psf  while in 2008 (only 4 sales), asking prices averaged $596 psf while closed sale prices averaged $464 psf or a 55% drop in market values since 07.

“Units in the beachfront condo conversion sold for an average of $268,000, or about half of what Related sold 276 units for in 2007. Related Group CEO Jorge Perez helped close another bulk deal in one of his buildings last year. He launched a buying fund that made two deals in the 528 unit 50 Biscayne, which Related built in partnership with Atlanta based Cousins Properties. That bulk deal sold out the project and closed out its loan.”

Today via MLS, there are 87 condos for sale out of 457 (19% inventory) in the new Harbour House condos with an average asking price at $600 psf with prices ranging from $250,000 (0/1 at 530 SqFt) to $1.125M (2/2.5 at 1462 SqFt.). Today, there is only 1 Harbour House condo under contract with an asking price at $550,000 (7th Floor 2/2). I would imagine the smart investor who made this bulk purchase will be placing these Harbour House condo units back on the market at an incredible prices based on “new” building values and location.  Whether it be for rent or for sale, we should see excellent pricing in one of my favorite condominiums of Bal Harbour. Please keep in mind this buyer had far more leverage with a bulk sale and even today Bal Harbour SOLD market values average $476 psf for the last 90 days!

If you don’t know the Harbour House of Bal Harbour, it was built in 1964 and converted in 2005 to an amazing redevelopment of an iconic building. The resort style amenities are endless with a movie theater, sports lounge, tiki bar, heated oceanside pool, beach service, billiards room, SPA (massage & steam), juice bar, restaurant, concierge, valet and an amazing fitness center with pilates, aerobics & personal trainers.

Harbour House Billiards Room

Let us know what you think?!?! South Beach to Sunny Isles Real Estate Consultant, Micro Economist. If you’re thinking of placing your luxury condo residence on the market, contact me for a marketing overview and pricing band analysis to determine the proper selling price and get started with marketing. 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 website & Blog is now available! Have a great week and call any time toll free 1.888.383.7326 or view new condos here.

10201 Collins Bal Harbour

A 5.5 Acre site on the world famous Bal Harbour real estate strip just set a historic listing record for the East Coast with a listing price of $225,000,000. This premier location will be only 2 parcels down from the Bal Harbour shops and the new St. Regis Residence & Resort (completion date of 2011). The beachfront parcel located at 10201 Collins Avenue, has 400 feet along the Atlantic Ocean (x 600′ Depth) and now houses an oceanfront country club called Bal Harbour Club (how original) from 1976. Thorpe Sotheby’s International Realty out of Vero Beach is handling the marketing and sale as they are targeting the International buyer’s in the Middle East, Russia, the United Kingdom and Canada and marketing it as qualifying for 675,350 Square Feet of Condominium or Hotel use with restaurant and other uses with rezoning adding another 225,000 Square Feet of buildable space.

“We’re looking for someone with a lot of capital looking to get out of paper investments so they can buy a real estate development asset of this kind of value.” - TCPalm.com

My opinion for highest and best use on this oceanfront land parcel is as a mixed use, high end condominium with retail

Bal Harbour Parcel

space suitable for the Bal Harbour lifestyle and positioned to coincide with the Bal Harbour shops. An oceanfront restaurant is what we need to see with a celebrity name to back it up and a price per square foot to match the condo residences similar to St. Regis Bal Harbour yet without the hotel aspect. I believe St. Regis Bal Harbour Resort will be a great success and there are only so many tourists who will utilize Bal Harbour as a vacation destination instead of the desirable South Beach FL real estate with now an exorbitant amount of hotels. Bal Harbour is missing this key ingredient that may make sense to build after 2011. 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. Have a great week and call any time toll free 1.888.383.7326 or view new condos here.

Bal Harbour Atlantic & Inlet

Well finally a new blog post. I’ve noticed where even the elite bloggers of Miami are slowing down a bit on frequency including the ever so consistent colleague Lucas Lechuga of MiamiCondoInvestments. Could be due to sales and increased business in the last few months which is my excuse and I am blessed to be extremely busy with sales & rentals along Miami Beaches. With this blog posting I wanted to look at the superior oceanfront towers and see what has been selling in the last 90 days and what is likely to sell in the next month or so. If you look at the absolute best of the beaches from Bal Harbour North to Sunny Isles real estate, there is only a handful of premier oceanfront residences based on personal preferences and taste. For those seeking a modern development, One Bal Harbour residences has much to offer with superior Inlet & Atlantic views. We see a total of 8 sales in the last 90 days (MLS results only) ranging from $1.550M (2229 SqFt) to $3M (5262 SqFt). The buildings average days on the market is 197 based on all 8 sales with an average selling price per square foot at $746 and an average asking price per square foot at $955. Today there are 37 One Bal Harbour condos for sale ranging from $599k (515 SqFt) to $6.5M (5262 SqFt) and there is 23% of available inventory. IMPORTANT NOTE: Regent One Bal Harbour operates the hotel suites (18 floors) from the western side while the private residences on the Eastern One Bal Harbour tower (26 floors) are separate from the hotel entryway and pool yet with full access to all amenities including the SPA. There is a private entry and ocean side pool for the residents.

Turnberry Ocean Colony

Moving further North into Sunny Isles Beach we see a superior development consisting of 2 towers known as Turnberry Ocean Colony and consisting of a traditional design with a connecting private restaurant, fitness center, SPA and cocktail lounge. There are 130 private residential units at 37 floors high. There have been 6 closed sales at Turnberry Ocean Colony over the last 90 days ranging from $1.975M (2772 SqFt) to $2.625M (3735 SqFt) and there is 22% of available inventory. The buildings average days on the market is at 279 based on all 6 sales with and average selling price per square foot at $739 and an average asking price per square foot at $783. Active available residences range in price from $1.375M (2235 SqFt) to $4.8M (3735 SqFt). Just 10 blocks north of Turnberry Ocean Colony Condos is the new Jade Beach & Jade Ocean Towers which is a blog post in its own. Simply AMAZING! The architect has created an ultra modern cutting edge design and enabling smart features such as a computer controls built into the residences which handle all aspects from lighting to child care, dry cleaning & valet. Closing have begun and the appraisers are having success on some and difficulties on the other appraisals. I am looking for sellers interested in selling as this condo is a career goal to work towards. Acqualina Sunny Isles Beach is a comparable property that need not be left out…More to Come! Here’s the video:

Acqualina – Watch more Videos at Vodpod.

JADE Beach Condos

Average selling prices at Jade Beach Condos range from $750 to $800 while Jade Ocean supposedly ranges around $1000 to $1100 per square foot and is SOLD OUT as per developer with only a small count of defaults. I am certain that Jade Condos are here to set local area records and there are 3 story penthouses that must be worth $11M+ (I am guessing here). I’m seeing the smallest units appraising above sales prices while the larger units are coming up a couple hundred thousand short ie.) $2M appraisal with a $2.2M sales price..hmmm. Based on outside comparables these larger Jade Beach condo units are under priced for the product being delivered.

Well let’s continue moving north up Sunny Isles Beach and to some I may be stretching it here yet I am overly optimistic on Trump Palace and the soon to be released Trump Royale. Why?… well the number one distinction is the gated entryway suitable for the Russian Mafia to feel protected. It’s one of the most secure buildings around and you must be on “the list” just to make it to the elegant lobby. The second reason I like the Trump Palace and Trump Royale is the proximity to the new A Rated school (K through 8th) and solid retail outlets across the street. The third reason is privacy yet access to the Resort Amenities next door at The Trump International Beach Resort.

Trump Palace

The prices at Trump Palace & Trump Royale today are excellent and we see 7 closed sales in the last 90 days ranging from $680,000 (1348 SqFt) to $1.240M (2143 SqFt). The buildings average days on the market is at 105 based on the 6 closed sales with an average selling price per square foot at $539 and an average asking price per square foot at $672. Active available units at Trump Palacerange from $515k (1197 SqFt) to $3.9M (4200 SqFt) and there is 16% of available inventory.

Best Deals at One Bal Harbour

Best Deals at Turnberry Ocean Colony

Best Deals at JADE Beach

Best Deals at Trump Palace

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. Have a great weekend and call any time toll free 1.888.383.7326 or view new condos here.

What an amazing price on Bal Bay Drive. The gated single family home community of prestigious Bal Harbour just

224 Bal Bay Drive

sold a waterfront estate (4 BR/3.5 Bath) at only 73% of list price ($8.9M). The property was on the market only 101 days and was originally purchased for $4.160 in late 2003. Substantial renovations & improvements went into the 1953 home sitting on a 20,100 sq ft (.46 Acre) waterfront lot in one of the most desirable communities of Bal Harbour real estate. The home itself was 5,783 square feet and was equipped with new kitchens & baths, marble floors, an onyx bar, 28′ ceilings, heated pool and BBQ pit with spectacular wide open Biscayne Bay Views and private dock.

224 Bal Bay Drive

Oh btw, if you’d like to receive blog updates once available, you can easily be notified by RSS feed (see upper left column) or by email every time a new posting occurs. If you’d like a detailed list of other fine waterfront homes in Bal Harbour, Miami Beach, North Bay Village or Sunny Isles simply call or write. Reach out toll free 1.888.383.7326.

This morning I was running the stats and trends report as I do on the 20th of each month. I noticed a positive trend from February to March where inventory seems to be going down while pending & closed sales are slowly increasing. Here is what I found… Studying South Beach real estate in February, there were 2401 condos for sale. In March there are 2370. Not significant yet closed sales went from 33 to 55. Of the Sunny Isles real estate trends, there were 1664 condos for sale in February while today there are 1366 with 19 closing last month and 23 closing in March. Bal Harbour real estate showed noticeable improvement with 724 condos for sale in February while 599 condos are for sale today. Even the small island of North Bay Village real estate dropped from 432 condos for sale, to today’s figures at 401 condos on the market. Maybe insignificant but in the right direction when looking for the bottom of the market is concerned. If these trends continue, then it won’t be long before we start to see a single digit appreciation along Dade Beaches. Note this does not include Downtown Miami or anywhere on the mainland only specific to THE BEACHES. Today’s buyers, many of which are International (Hello Canada!), want oceanfront. Enough said.

“Be scared when everyone is greedy and be brave when everyone is scared”… Warren Buffet

Check out this information received today from my good friend up in Flagler County…

1.   The number of Realtor assisted sales pending for single family homes in Lee County was 1,088 on Feb. 14, up 33 percent from 821 a month earlier.

2.   The Realtor® Association of Greater Fort Myers and the Beach (Lee County) had an 85.4 percent upswing in pending single family home sales in the last 10 weeks.  The number of months it takes to sell all residential properties has dropped to 12 months from a high of 22.98 months in December 2007.

3.   In Martin County, there were 182 pending sales on January 1.  Today, there are 345 pending sales, representing an increase of 90 percent.

4.   The Emerald Coast Association of Realtors® (Okaloosa County) reports their pending home sales were 383 in January and rose to 473 for February, representing a 23 percent increase.

5.   Pinellas County reported 600 single family units under contract in February, up 23 percent from 489 a month earlier.

6.   Marco Island (Collier County) reports pending sales numbers on March 1, 2008 at 135 while a year ago (March 1, 2007) this number was 104.  Their pending sales on January 1, 2008 were 77 and in March 1, 2008, pending home sales were 135, up 75 percent.

7.   The Realtor® Association of Greater Ft Lauderdale (Broward County) has a forecast of pending sales that is quite impressive.  Their single family pending sales (which includes condos and townhomes) totaled 529 in January but their pending inventory forecast for the month of February is 871.  That is an increase of 65 percent.

8.   Palm Beach County has seen a drastic increase in single family homes sold between January and March this year.  Between January 14 and February 14, 2008, 672 homes were sold.  Between February 15 and March 10, 2008, 827 homes sold for an increase of nearly 30 percent month to month.

9.   The Pensacola Association of Realtors® (Escambia County) reported pending sales at 297 (includes single family homes and condos) in January 2008.  In March 2008, this number rose to 345, an increase of 16 percent.

10. The Heartland Association of Realtors® (Highlands County) had 10 pending home sales in January 2008 and 43 in February 2008.  This is an increase of over 300 percent.

11. The Venice Area Board of Realtors® (Sarasota County) reported 110 pending sales in February 2008 compared to 85 in January 2008.  This is an increase of 29 percent.

12. Naples Area Board of Realtors® (Collier County) had 513 pending sales in February 2008 compared to 413 pending sales in January 2008, an increase of 24 percent.  Also, the pending sales for February 2008 are 10 percent higher than pending sales in February 2007 (464).

13. Flagler County Association of Realtors® (Flagler County) did not have any pending sale in January 2008 but had 20 pending sales from February 1, 2008 until now.

14. The West Volusia Association of Realtors® MLS (Volusia County) shows a 34 percent increase in home sales in February 2008 over January 2008.

15.  The Orlando Regional Realtor® Association report s an increase in pending sales in both Orange and Seminole Counties.  In Orange County, pending home sales increased by 29 percent from February to March and in Seminole County, pending home sales went up from 331 to 404, a 22 percent increase.

16. The Tallahassee Board of Realtors® (Leon County) reports an increase in their pending sales both from a year ago and from January 2008.  Today, the pending home sales in Leon County are 410 compared to 325 in January 2008, an increase of 26 percent.  A year ago, pending home sales in Leon County was 283.

17. Amelia Island Nassau County Association of Realtors® (Nassau County) MLS shows pending home sales at 150 in March 2008, up 83 percent from 82 pending sales in January 2008.

18. The Sarasota Association of Realtors® MLS (Sarasota County) reported 654 sales pending (single-family and condo) in February 2008, an increase of 27 percent over the 516 sales reported pending in January 2008.  In addition, Sarasota had 418 closed sales in February 2008, up 28 percent from the 327 closed sales in January 2008.

John M. Sebree Vice President Public Policy Florida Association of REALTORS®

P.O. Box 1853 Tallahassee, FL 32302 850.224.1400 (Office)

http://media.floridarealtors.org/GreatTimeToBuy

I’m simply curious to see the differences in selling price per square foot in various locations along the Miami Dade Beaches. I’m including recent sales data and statistics in South Beach, Miami Beach, Bal Harbour and Sunny Isles. Strictly Oceanfront Condo Sales in Miami Dade County that occurred through the Southeast Florida MLS in the last 30 days.

South Beach real estate shows as having 6 closed sales at an average of 90% sale price to list price ratio. The average selling price per square foot (psf) is at $511. The highest closed sale was at the Bentley Hotel (510 Ocean Drive) selling at $979 psf.

Miami Beach oceanfront condos

Miami Beach FL real estate shows as having 11 closed sales at an average of 90% sale price to list price ratio. The average selling price per square foot (psf) is at $418. The highest closed sale was at the Green Diamond (4775 Collins Avenue) selling at $555 psf.

Miami Beach FL oceanfront condos that have sold…

Bal Harbour real estate shows as having 13 closed sales at an average of 89% sale price to list price ratio. The average selling price per square foot is at $642 (psf). The highest closed sale was at the Bellini Condo (10225 Collins Avenue) selling at $759 psf.

Bal Harbour oceanfront condos that have sold…

Sunny Isles real estate shows as having 16 closed sales at an average of 89% sale price to list price ratio. The average selling price per square foot is at $464 (psf). The highest closed sale was at the Acqualina (17875 Collins Avenue) selling at $638 psf.

Sunny Isles oceanfront condos that have sold…

Feel free to leave a reply or add any additions to this posting!

A new article has just been released by the South Florida Business Journal showing Bank United’s “Condo Blacklist.” These are the high risk condo properties that this bank will not be issuing loans to now and possible ever. Many of Miami Dade’s condo properties and homes witnessed a 25 percent increase in their overall value year over year from 2003 to 2005.  By 1Q 2006, things began to change and now a 25% to 40% depreciation has occurred.  And here we are now limping out of 2007 with the worst yet to come apparently in 2008 for the mainland of Miami Dade including Downtown Miami, Brickell condos and the Miami River. Property values continue to crash in these areas, foreclosures are at an all time high and now comes word that now over 100 condos in the Downtown Miami area are being blacklisted. Interested buyers looking for mortgages to buy units in Miami’s Opera Tower, Everglades on the Bay or Four Ambassadors shouldn’t bother approaching Bank United. The Miami based bank has included them on a list of 191 condo projects it will not be writing loans for.The Business Journal obtained a list of “non permissible” projects used internally at Bank United (BKUNA) and updated as of Jan. 14. Most of the forbidden properties were in Downtown Miami and were added at the last update. It wasn’t clear who at the bank wrote the list, but the author stated a reason for almost every project declared off limits.

Declining market value was the biggest culprit, followed by high investor concentration as much as 70 percent in some cases. Bank United’s decision is also based on numerous foreclosures, delinquent condo association dues and structural based litigation. Bank United spokeswoman Melissa Gracey said the list is based a similar guidelines used by Fannie Mae and Freddie Mac. The key point of this mess, not even mentioned in the article, is the domino effect. Anyone who purchased a unit and has closed on it is now trapped into what may occur. There is no one to sell to because no financing is available so speculators are left on the sidelines with heavy carrying costs. By publicly posting the exclusion list, other lenders are sure to follow suit. It will become difficult if not impossible to purchase a unit in any of those 119 projects. The implication is a substantial number of those projects will fail. Whatever banks financed those towers are going to end up owning them. Those who have a placed a down payment on a unit but have not yet closed may wish to seek legal advice to see if the shutdown of bank financing is somehow material to the purchase agreement. Some no doubt will simply decide to walk away regardless of the answer. Bank United just started a domino effect. The dominoes will keep falling until they reach the banks lending money to these projects. Undercapitalized banks funding these projects may likely fail.

Bank United’s Non Permissible Condo List (Miami’s condo heavy hitters in alphabetical order) 50 Biscayne in Miami, 600 Biscayne, 1650 Biscayne, 900 Biscayne Bay, 500 Brickell, 1390 Brickell Key, 1600 Club, Asia, Atlantis Condo, Axis on Brickell, Bay Lofts, Biscayne Tower, Blue, Brickell Bay Club, Brickell Bay Tower, Brickell on the River, Brickell Place, Brickell Station, Bristol Tower, Capital at Brickell, Carbonell, Cima Condo, Cite, City 24, Club at Brickell, Commodore Bay, Costa Bella, Courts Brickell Key, Courvoisier Courts, Cynergi, Downtown Lofts, Emerald at Brickell, Epic Dupont, Espirito Santo Plaza, Everglades on the Bay, Filling Station Lofts, Fortune House, Four Ambassadors, Four Seasons Hotel & Tower, Golden Bay Club, Icon on Brickell, Infinity at Brickell, IOS on the Bay, Ivy, Jade Residences at Brickell, Latitude on the River, Marina Blue, Marquis Miami, Mary Brickell Village, Met 1, Metropolitan, Midtown Miami, Mint at Riverfront, Neo River Lofts, Neo Vertica, Oasis on the Bay, One Miami, One Tequesta Point, Opera Tower, Paramount on the Bay, Paramount Park, Parc Lofts, Park Place, Platinum, Plaza on Brickell, Point at Brickell, Quantum on the Bay, River Oaks, Sail Boat Cay, Seacoast Towers, Skyline Mary Brickell Village, Skyline on Brickell, Soleil Miami, Solaris Brickell Bay, Summit Brickell, Star Lofts, Sunset Harbour, Ten Museum Park, The Carriage House, The Jade Condominium, The Mark on Brickell Bay, Three Tequesta Point, Two Tequesta Point, Uptown Lofts, Villa Brickell, Villa Magna, Villa Regina, Vue at Brickell, Wind by Neo, Yorker. Brought to you by the South Florida Business Journal

Whew, what a list! Many on the list were outside of Miami Dade (included Las Vegas) and we find the majority blacklisted are located in Downtown Miami including Brickell and the Miami River. Notice something crucial from above…Banks have faith in Oceanfront Condos of Miami Dade including Sunny Isles real estate, Bal Harbour real estate, Miami Beach FL real estate and South Beach FL real estate! I’m reaffirmed that the demand is and always will be based on location, location, location. ie) Oceanfront Luxury Condos where there is limited space to build and continued demand. Through increased tourism (currently the Miami Boat Show), National and International buyer’s seeking the Miami oceanfront Deals and Low interest rates and even in this great Buyers market. You’re invited to leave any thoughts, opinions and comment below.

So what is selling these days in Miami Dade County? Everyone is asking… We will review the sales of Sunny Isles real estate along with Miami Beach FL real estate to see what buyer’s are finding as HOT buys along the ocean..

Sunny Isles oceanfront condos have 6 closed this month worth reviewing. Acqualina, Ocean One, Oceania I, Trump Palace and Turnberry Ocean Colony (2). These selling prices range from $500k (Oceania I) to $2.595M (Turnberry Ocean Colony) and what we see is the sale price to list price ratio ranges from 94% to 81% (both at Turnberry Ocean Colony). The best price per square foot was only $397.26 psf at Oceania I while the highest was $796.51psf at Turnberry Ocean Colony. Much has to do with building age and amenities as Oceania I is from 1990 while Turnberry Ocean Colony is the premier 2008 South Tower. Both Acqualina and Trump Palace sold at $663.39 and 576.37 psf. respectively. What is worth mentioning is the Pending Sales of 2008 are already at 11 which proves a slower holiday season as people travel and families join together. This month each of the above buildings have additional accepted offers but also luxury oceanfront condos including Ocean Two, Ocean Four, Trump Grande, Pinnacle and La Perla. Asking prices ranged from $2.499M to $549k and we will soon see what they’ve sold for. On average, sale price to list price ratios are at 88% for a great 12% off reduced asking prices starting off 2008 right for buyers. Each real estate transaction is different so it’s important to analyze each condo on an independent basis. This real estate blog is only to get an idea of what’s happening in Sunny Isles real estate.

Miami Beach FL oceanfront condos (including South Beach FL real estate) have 9 closed this month worth reviewing. Continuum, Setai (2), Decoplage (2), Roney Palace, The Collins and Fountainebleau II. These selling prices range from $417k (Decoplage) to $2.5M (Continuum) and what we see is sale price to list price ratios ranging from a low 69% (Decoplage) to a high of 101% (Setai Resort). The best price per square foot was only $426.92 psf at The Collins while the highest was $1,500 psf at The Setai Resort. Much has to do with location and building demand & amenities. The Collins is an excellent oceanfront condo conversion in mid beach while the Setai is the sought after and highly desired South Beach Resort. Akoya and Continuum each sold at $581 psf and $1220 psf respectively. The infamous Kevin Tomlinson of EWM sold The Continuum unit after 280 days on the market and saving his customer 16% off the asking price! I’m always inspired by the SoBe Realtor elite and learn a lot when reviewing their sales figures. On average, sale price to list price ratios are at 89% saving today’s buyers 11% off the already greatly reduced asking prices. This month pending sales for Miami Beach FL real estate are very low at only 3 currently under contract (2 at Blue Diamond)! Why is this? My opinion is location vs. selling price per square foot. South Beach is and will always be HOT real estate and in demand. The difference is Sunny Isles real estate sells for a much better price per square foot ($824psf SoBe vs. $569psf SIB) and has a lot to offer new residents with it’s convenience to Aventura, Bal Harbour real estate and both Ft. Lauderdale and Miami International Airports! If it’s the action you desire, I strongly recommend Miami Beach FL real estate yet Sunny Isles real estate is only 20 minutes to all the SoBe excitement. Today’s end users and even investors are penny wise to make smart investment decisions on South East Florida real estate. International Buyer’s are taking advantage of a soft real estate market and the weak dollar offering VERY aggressive prices today on Sunny Isles luxury condos. The new Sunny Isles Millionaires Row is just tremendous with Trump going all out like he did in NYC when the values were down. Trump now has 4 new signature towers finishing this year on into 4Q 2009 along with both Jade Ocean and Jade Beach which I’m super excited about. The selection today for buyers is great but at times may be confusing. The help of a Realtor assisted sale makes the work, time and stress so much less for today’s Southeast Florida Buyers. Contact me to discuss this blog by commenting below or call anytime to talk Miami Beach FL real estate sales.

Most expensive property for sale in Miami Beach FL real estate: $32 Million (December, 2007) 

  The U. S. housing market overall may be suffering from the doldrums, but wealthy home buyers continue to invest in homes at the very top of the market. Evidence of the strength of the luxury home segment was revealed by the late November with the sale of the Trinchera Ranch in Colorado for a record-setting $175 million.  This sale breaks the U.S. residential sales record of $103 million set earlier this year in New York’s Hamptons.  By comparison, the most expensive property currently on the market is $32 Million and located south of Bal Harbour real estate, according to Ashton Coleman, a real estate professional with Keller Williams Miami Beach FL Realty.  “This property is certainly more affordable than the $165 million home in Los Angles that is the priciest listing in America today,” said Coleman.

 Sellers of the Colorado property were the heirs of the late Malcolm Forbes, who acquired control of the historic Trinchera ranch in 1969.  The buyer is billionaire hedge fund manager Louis Moore Bacon, who appears as number 286 on the Forbes list of the wealthiest Americans. Trinchera is the largest ranch in Colorado and its 171,400 acres contain five residences and a Western style lodge with 16 bedrooms.  Although the Colorado sale set a U.S. sales record, it fell short of the world record residential purchase, also set this year, with Sheikh Hamad of Qatar’s acquisition of a penthouse condominium in London for £100 million – equivalent to about $200 million at the time of the sale.“Although the vast Colorado ranch, the ocean front lot in the Hamptons, and the London penthouse condominium are not apples-to-apples comparisons, they are each indicative of the health of the very top of the world’s luxury home market,” said Laurie Moore-Moore, Founder of The Institute for Luxury Home Marketing, an international organization which tracks the luxury home market and trains luxury real estate agents.   “These sales illustrate the fact that there are more rich households than ever before and the world’s wealthiest have shifted more of their investment dollars out of alternative investments like commodities and into multiple residences.  Based on this year’s World Wealth Report from Merrill Lynch and CapGemini, the world’s über rich have invested 12% of their total portfolios in homes other than a primary residence,” said Moore-Moore. 

 “In short, there is more money than ever competing for homes at the very top of the market. The US luxury residential market is the good news story in real estate.” Coleman, a member of The Institute for Luxury Home Marketing, agrees.  “In most markets across the country, the very top of the market remains healthy – luxury is the ‘sweet spot’ in real estate.”                         

St Regis Resort & Residences of Bal Harbour real estate has now commenced excavation. The St Regis Resort of Bal Harbour will consist of three towers each at 20+ stories located at the previous Sheraton Hotel across from the infamous Bal Harbour Shops. The 50 year old Sheraton hotel of Bal Harbour has been imploded and excavation crews are now prepared for ground breaking of these luxury condos.

Owned and managed by Starwood (Luxury Collection), the St Regis Resort Hotel has an intended rating of five stars. Only about 10% of the hotels managed by Starwood worldwide receive this esteemed classification. It will soon be the ultra high end resort residence right on the Atlantic Ocean adding to the prestige of Bal Harbour real estate. There will be only 36 condo hotel units while the remaining units will consist of 300 condominium residences along with 219 traditional hotel rooms. Amenities include celebrated St Regis butler service, round the clock concierge service, world class Remede spa, Bellman, Housekeeping, Personal Chef, Pet & Plant Care, Dry Cleaning, Overnight Shoe Shine, Nanny Services, Kid’s programming, Business Services, Grocery Shopping, Newspaper delivery, Preferred theatre & sports tickets, Sculptures with decorative fountains, a fine dining restaurant and more.

Construction on the St Regis Resort & Residences is planned to close units in late 2009 or early 2010 with prices on the condo hotel units beginning at $1.9 million and condominium residences starting at $2 million. This is a rare instance where pre construction of Bal Harbour condos do make sense as a wise investment…  Call toll free at 1.888.383.7326 for more information