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

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

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

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

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

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

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

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

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

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

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.

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.