South Beach record setting Apogee just sold the most desirable Miami Beach Penthouse at $11.5 Million and was slowly reduced 48% from the original list price of $22 Million back in 2008. This sets a 2011 sales record of $1,678 per square foot while Sunny Isles Beach sold (auctioned) an Acqualina condo for $3.630M or $822 per square foot.

Statistics for the month of MAY reflect 3,210 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 26% 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: 1,158 for sale | 97 Sales in last 30 days | Average Days on Market 145 | Average Buyer Discount 6% | Average PPSF Asking $414 / Sold $379
** Miami Beach Condos: 838 for sale | 89 Sales in last 30 days | Average Days on Market 152 | Average Buyer Discount 5% | Average PPSF Asking $265 / Sold $247
** Bal Harbour Condos: 213 for sale | 11 Sales in last 30 days | Average Days on Market 151 | Average Buyer Discount 9% | Average PPSF Asking $469 / Sold $418
** North Bay Village Condos: 120 for sale | 27 Sales in last 30 days | Average Days on Market 162 | Average Buyer Discount 1% | Average PPSF Asking $130 / Sold $128
** Sunny Isles Beach Condos: 881 for sale | 66 Sales in last 30 days | Average Days on Market 142 | Average Buyer Discount 3% | Average PPSF Asking $265 / Sold $248

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 see the selling price per square foot trending upwards depending on the location 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.’

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

Fontainebleau II located at 4441 Collins Avenue, has a trophy Penthouse worth making it to the top of the luxury list of all time best properties on Miami Beach. Showcasing unobstructed Northern views of Miami Beach, this 4,500 interior square feet (4 bedrooms and 5 baths) luxury Miami penthouse is for sale today at $13.5M and was just recently reduced in February09 from $16M (16% reduction) coming with 5 parking spaces for your collection or guests. Maintenance fees are approximately $1 per square foot and covers everything including valet, high speed internet services, cable, phone, electric plus the owner’s lounge with daily breakfast and afternoon hors d’oeurves!

The Northern penthouse property was purchased new in 2005 for $3.6M and was completely renovated throughout for a turn key residence dominating the entire northern half of Fontainebleau II (Tresor) with high ceilings, an open floor plan plus windows and light throughout… Fit for a successful superstar looking for an amazing Miami Beach Penthouse residence.

Truly a celebrities trophy penthouse with an amazing skyline span over the blue skys of Miami Beach real estate. The terraces add an additional 2,500 square feet of outdoor living and entertainment area with complete Penthouse privacy. The Fontainebleau hotel & Spa services are are around the clock and essential with easy & private access to the 40,000 square foot spa, excellent restaurants, a nightclub, fitness center, tennis courts, multiple pools, waterfalls, children’s play room, owners lounge area all wrapped into the 22 acres of famous resort amenities including the enjoyment of the recent billion dollar renovation. Rent it with ease while away…

Fontainebleau II aka Tresor Building, was built in 2005 and consists of 37 stories and made up of 460 condo hotel units. Today, there are 57 units for sale or 12%as resales with 8 closed MLS sales in the last 6 months ranging from $315,000 to $700,000 for the average studio suites (520 SqFt) and 1 bedrooms (1,000 SqFt). Last year there were 14 sales with 12 in 2007 selling on an average price per square foot of $714 at 91% of list price.

Fontainebleau II Penthouse Views

Buyer’s, ready for a luxury Miami Beach Penthouse? This isn’t my exclusive listing but I’d love to represent you on the purchase. Call or email for the very best properties along Sunny Isles Beach, Bal Harbour & South Beach. 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 condos here. South Beach to Sunny Isles Real Estate Sales & Marketing at MiamiDreamRealty.com.