Hello friends and only 5 days until 2012! As KT would say, I am a ‘Realtor first and a blogger second’ so please forgive the delay in posting new local information. What we’re reviewing below is the Miami Beach condo sales & trends for 2011 compared to prior years. I plan on doing an updated Sunny Isles Beach condo index soon so stay tuned!

Miami Beach Condo Sales vs. Selling Price Per Square Foot (SP$/SF):

• 2011 – 4,067 Sold at $315 SP/SF (UP 10% YTD)
• 2010 – 3,220 Sold at $282 SP/SF (Down 3% YTD)
• 2009 – 2,515 Sold at $290 SP/SF (Down 30% YTD)
• 2008 – 2,100 Sold at $415 SP/SF (Down 7% YTD)
• 2007 – 1,922 Sold at $448 SP/SF

Available condo inventory today rests at 2,819 with 248 sales last month for an 11 month supply.

All figures derived from the South Florida MLS (Multiple Listing Service) including Miami Beach, South Beach, Bal Harbour, North Bay Village and Sunny Isles Beach.

In the midst of Miami summertime fun and things are somewhat quiet yet both foreign & domestic buyers are still in weekly scouting the good buys from lingering inventory. Speaking of condo inventory, we see it decreasing consistently showing us a 34% (YTD) drop from July of 2010 and another 4% over the prior month. Luxury condo towers such as Jade Ocean, Jade Beach, Ocean Four and Turnberry Ocean Colony are noticing only 2 to 3 condos for sale on the most desirable floor plans and to top it off, asking 25% premiums over 2009 & 2010 closed sale comparables. Other luxury towers such as Trump Royale have sold the most desirable floor plans while Trump Tower III, the remaining Trump tower to sell out, holds firm on the final inventory that remains specific to the 3 bedroom (A model) which hovers $1.8M.

Besides uptick indicators mentioned above & below, selling prices are setting new area records in 2011. South Beach record setting Apogee just sold the most desirable Miami Beach Penthouse at $11.5 Million. This Apogee condo sale is number 10 on the list of 2011 sales records for South Miami Beach of $1,678 per square foot while the highest sale goes to W Penthouse 6 which sold on July 1st for $2,602 PSF. Miami Beaches most desirable Bath Club 3002 sold on July 20th for $1,000 PSF. Bal Harbours 2011 record condo sale went to One Bal Harbour 1501 which sold at $1,053 PSF, while Sunny Isles Beach shows us the JADE Ocean Skyloft Penthouse condo which sold for $3.5M or $1,020 per square foot.

Statistics for the month of JULY reflect 2,884 total condos for sale along the Miami-Dade County oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Villageand Sunny Isles Beach with condo inventory levels down 34% year to date; again this month condo inventory is down 4% over last with what is now an 11 month supply based on the previous 30-day closed sales:

** South Beach Condos: 1,036 for sale | 99 Sales in last 30 days | Average Days on Market 124 | Average Buyer Discount 5% | Average PPSF Asking $445 / Sold $413

** Miami Beach Condos: 760 for sale | 69 Sales in last 30 days | Average Days on Market 143 | Average Buyer Discount 5% | Average PPSF Asking $297 / Sold $278

** Bal Harbour Condos: 199 for sale | 7 Sales in last 30 days | Average Days on Market 188 | Average Buyer Discount 8% | Average PPSF Asking $543 / Sold $482

** North Bay Village Condos: 88 for sale | 19 Sales in last 30 days | Average Days on Market 141 | Average Buyer Discount 2% | Average PPSF Asking $129 / Sold $123

** Sunny Isles Beach Condos: 801 for sale | 61 Sales in last 30 days | Average Days on Market 138 | Average Buyer Discount 5% | Average PPSF Asking $308 / Sold $280

Miami Beach | Sunny Isles Real Estate Summary

Miami Beach condo inventory continues decreasing month over month, sale-price to list-price ratios have maintained an average 5% buyer discount while active days on market have decreased to ~ 4 months to sell. Each of these indicators prove to be good signs for market improvement. Still I’m watching and beginning to note the selling price per square foot in many cases trending upwards especially since 2009 and depending on the location & type of condo along the beaches.

Sunny Isles Beach selling prices (Ave. per square foot) decreased 2% over the prior month while Bal Harbour and South Beach condo sale prices increased 4% and 6% respectively.  Over the prior 90 day period, selling price per square foot has increased an average 4% along the beaches. For the prior month, Miami Beach (REO) Bank Owned foreclosures made up only 2% of our inventory and have sold at 101% sale to list while Miami Beach short sales made up 13% of our condo inventory and sold at 99% sale to list. 77% of all closed sales last month were cash transactions! Miami’s warm climate is most desirable and the market shift is noted as trends move in favor of a new balanced market by the end of the year. Many buyers are in to enjoy the great values of Miami Beach luxury condos and to explore what remains to be a vast amount of buying opportunity along Miami-Dade County Beaches. For more information on oceanfront locations, luxury buildings or statistics & trends simply email, find me on ‘Live Chat’ or call me toll free at 1.888.383.7326. For detailed monthly Miami Beach condo statistics emailed each month, sign up for the e-Newsletter on the right side – ‘Join Our Mailing List.’

  New Listing at Terra Beachside Villas #312

May 2011 – Real Estate Statistics for the Miami Beaches

March 2011 - Real Estate Statistics for the Miami Beaches

February 2011 – Real Estate Statistics for the Miami Beaches

November 2010 – Real Estate Statistics for the Miami Beaches

October 2010 – Real Estate Stats for the Miami Beaches

September 2010 - Real Estate Statistics for the Miami Beaches

June 2010 – Real Estate Statistics for the Miami Beaches

The seasonal slope since December shows figures on their way UP and Miami Beach real estate sales are looking very good. Inventory continues to fall while Pending Sales and Selling price per square foot are up over January 8% and 5% in the neighborhoods of Bal Harbour and Sunny Isles Beach respectively.. A steady confidence builds along the beaches, while news sources such as the Miami Herald & Wall Street Journal relay now is the time to own (if not last year) for the record real estate lows of the Miami Beaches.

Statistics for the month of February reflect 3,928 total condos for sale along the Miami-Dade County oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village and Sunny Isles Beach with condo inventory levels down 9% year to date; again this month condo inventory is down 2% over last month with what is now an 18.27 month supply based on the previous 30-day closed sales:

** South Beach Condos: 1,401 for sale | 81 Sales in last 30 days | Average Days on Market 139 | Average Buyer Discount 5% | Average PPSF Asking $401/Sold $371
** Miami Beach Condos: 1,044 for sale | 64 Sales in last 30 days | Average Days on Market 136 | Average Buyer Discount 5% | Average PPSF Asking $241/Sold $222
** Bal Harbour Condos: 217 for sale | 6 Sales in last 30 days | Average Days on Market 124 | Average Buyer Discount 7% | Average PPSF Asking $440/Sold $399
** North Bay Village Condos: 192 for sale | 15 Sales in last 30 days | Average Days on Market 99 | Average Buyer Discount 2% | Average PPSF Asking $123/Sold $119
** Sunny Isles Beach Condos: 1,074 for sale | 49 Sales in last 30 days | Average Days on Market 124 | Average Buyer Discount 6% | Average PPSF Asking $249/Sold $231

Miami Beach | Sunny Isles Real Estate Summary

Miami Beach condo inventory has decreased consistently 2-6% each month, sale-price to list-price ratios have reflected an average 4-6% buyer discount while active days on market have decreased to 4.13 months to sell. Each of these indicators prove to be good signs for market improvement. What I’m watching closely this year and beginning to see is the selling price per square foot jumping about depending on the location. Over the prior 90 day period, selling price per square foot has increased an average 3% along the beaches. For the prior month, Miami Beach (REO) Bank Owned foreclosures made up only 3% of our inventory and have sold at 101.58% sale to list while Miami Beach short sales made up 16% of our condo inventory and sold at 94% sale to list. 78% of all closed sales last month were cash transactions! Seasonal demand is huge, Miami’s warm and the market shift is noted as trends move in favor of a new balanced market by years end. Many buyers are in to enjoy the warmth (& coolness factor) of Miami Beach luxury condos and to explore what remains to be a vast amount of good opportunities along Miami-Dade County Beaches. For more information on oceanfront locations, luxury buildings or statistics & trends simply write, find me on ‘Live Chat’ or call me toll free at 1.888.383.7326.

November 2010 – Real Estate Statistics for the Miami Beaches

October 2010 – Real Estate Stats for the Miami Beaches

September 2010 - Real Estate Statistics for the Miami Beaches

June 2010 – Real Estate Statistics for the Miami Beaches

Miami Beach Real Estate Blog Postings have been few & far between and I plan to post a lot more in 2011. This year has been another record setting year for MiamiDreamRealty.com with more sales than in prior years and a Google dominance noted daily as the 4 niche websites and 4 blogs outperform others with customer inquiries growing by the month. I’ve started a large referral business in 2010 with very competent agents handling transactions and will be adding to this Miami Dream Team in 2011. I’ve added more great real estate information and new waterfront listings to the monthly e-Newsletter by MailChimp and encourage you to sign up for local monthly updates.

This annual report will be the 2010 year in review comparing this year’s condo sales to 2009 & 2008 for a 3-year snapshot on sales & trends.

As of December 31st 2010, there are 4,216 total Miami Beach condos for sale via MLS (S.E. Florida Multiple Listing Service) including all Miami-Dade oceanfront communities (plus North Bay Village). For general purposes, we’ll review all price ranges and in the coming weeks, I’ll post an updated pricing band analysis for select beachfront locations such as South Beach & Sunny Isles Beach condos.

MIAMI BEACH CONDO SALES

• 2010 – 3,066 condo sales (18% increase over 2009)
• 2009 – 2,522 condo sales (17% increase over 2008)
• 2008 – 2,099 condo sales (8% increase over 2007)

AVERAGE ASKING PRICE PER SQUARE FOOT

• 2010 – $310 sp/psf (6% decrease over 2009)
• 2009 – $329 sp/psf (26% decrease over 2008)
• 2008 – $442 sp/psf

AVERAGE SELLING PRICE PER SQUARE FOOT

• 2010 – $283 (3% decrease over 2009)
• 2009 – $292 (30% decrease over 2008)
• 2008 – $416

AVERAGE BUYER DISCOUNT & DAYS ON MARKET

• 2010 – 6% | 141 DOM
• 2009 – 9% | 148 DOM
• 2008 – 10% | 151 DOM

CLOSED BANK OWNED (REO) & SHORT SALE (SS) INVENTORY

• 2010 – 695 REO | 665 SS
• 2009 – 566 REO | 466 SS
• 2008 – 85 REO | 133 SS

Conflicting evidence with positive growth indicators showing condo sales increasing, inventory decreasing and buyer discounts decreasing. On the flipside of the equation, selling price per square foot of condos are also decreasing year over year. On a pricing band analysis, I suspect we may see a different story such as properties over $1M vs. properties under $250k. I find it interesting that with 4% of our Miami Beach condo inventory as bank owned and 17% of active inventory as short sales, that 2010 proved to be a very big year for bank owned (REO) sales now surpassing short sales! I’ll be reporting on new 2011 condo sales, statistics and trends so check back often for new updates on the local Miami Beach real estate market. For more information visit the many real estate websites or call toll free at 1.888.383.7326.

Just 10 hours left until 2011.. Have a happy & safe New Year!

The summer time buyer mentality is that Miami Beach real estate sales slow down and although a steady confidence builds, the month of September again proved it to be so…

Statistics for the month reflect 4,434 total condos for sale along the oceanfront communities of South Beach, Miami Beach, Bal Harbour, North Bay Village and Sunny Isles Beach and down 5% over this time last year; down 2% over last month:

** South Beach Condos: 1,621 for sale | 58 Sales in last 30 days | Average Days on Market 138 | Average Buyer Discount 4% | Average PPSF Asking $337/Sold $311
** Miami Beach Condos: 1,205 for sale | 39 Sales in last 30 days | Average Days on Market 150 | Average Buyer Discount 6% | Average PPSF Asking $255/Sold $236
** Bal Harbour Condos: 232 for sale | 4 Sales in last 30 days | Average Days on Market 147 | Average Buyer Discount 9% | Average PPSF Asking $380/Sold $332
** North Bay Village Condos: 232 for sale | 12 Sales in last 30 days | Average Days on Market 79 | Average Buyer Discount 3% | Average PPSF Asking $136/Sold $130
** Sunny Isles Beach Condos: 1,144 for sale | 51 Sales in last 30 days | Average Days on Market 142 | Average Buyer Discount 4% | Average PPSF Asking $240/Sold $231

Seasonal demand is huge and short term luxury rentals are rare. Customers will be in for the holidays to enjoy the bliss of Miami during winter and to explore the vast opportunity along Miami-Dade County Beaches. For more information on oceanfront locations, buildings or statistics simply write, find me on ‘Live Chat’ or call me toll free at 1.888.383.7326.

September 2010 - Real Estate Statistics for the Miami Beaches

Sunny Isles Beach Lifeguard

I just closed on an Ocean Drive condo listing within (a new record) 2 weeks from start to finish. The buyer got a great deal and the seller had over $100k in equity so everyone was thrilled. I was also intrigued with the speed of sale and decided to write a short post on what it takes and so today’s conversation is centered on selling fast in the current Miami Beach real estate market. Is this possible you ask? Of course it is and here’s how…

1. Position the Miami Beach Condo in the Right Price Range.

When buyer’s search they have a specific price range in mind. If your Miami Beach Condo is priced at $1.1M you may have more traffic in the $999K price point or instead of $325K price it under the $300K mark where your buyer’ online search criteria begins.

2. Have the Adequate Knowledge and Information Available.

Whether it be knowledge of the area, building or Miami Beach condo it is crucial to have the answers to buyer’s many questions. A lack of information is a waste of valuable time when selling fast.

3. Put out Great Information.

From videos to fliers and professional photography, a buyer looks at the many marketing methods to many times fall in love site unseen or prior to previewing your Miami Beach home or condo. With the surpluss of International and out of state buyer’s it is imperative to have the best in video and photography to paint the properties features and location lifestyle expected along the Miami Beaches.

4. Market to Your Neighbors

Neighbors many times have friends and family looking in the same area or buildings along Miami Beach. The method of letting these valuable resources know that you are now selling is extremely powerful for finding a fast buyer.

5. First Offers Sometime Rule.

Don’t believe that holding out for a better offer is the right choice. The first offer has enthusiasm, energy and ense of urgency that the second offer may not have related to acquiring your Miami Beach home or condo. They typically know what they want and have had their eyes on the location or Miami Beach building for some time. Your monthly holding costs associated for waiting out a higher or better offer may ot make financial sense as each month costs you thousands. Negotiate well but make the first deal work and move on to the next goal in mind. Watch below as Ian Watt relays this well…

When timing is important and you’re ready to sell your Miami Beach Condo or Home fast, call or write me to discuss marketing and interview. 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.