2009 Trophy Property Sales from South Beach to Sunny Isles Beach.

Amazing to see 199 (733 for sale today) luxury condo sales over $1M for the YTD MLS (Multiple Listing Service) records covering the Miami Dade oceanfront communities of Sunny Isles Beach, Bal Harbour, Surfside, Miami Beach & South Beach. Over $4M there were 11 sales, $6M there were 6 and $8M there was 1 luxury condo sales in 2009.

South Beach Luxury Condo Sales

With 871 total YTD 2009 sales, South Beach had 93 closed sales over $1M. South Beach set the area records with high sales at Continuum (PH-1) selling at $9.9M, Il Villaggio (PH 6&7) selling at $7M and Murano at Portofino (3801) selling at $7.450M

Continuum PH-1 – LP$/SF=$2,027 SP$/SF=$1,342, DOM 562, Closed 05/15

Il Villaggio PH 6&7 – LP$/SF=$2,438 SP$/SF=$1,228, DOM 107, Closed 02/12

Murano at Portofino – LP$/SF=$2,508 SP$/SF=$1,557, DOM 714, Closed 01/21

Bal Harbour Luxury Condo Sales

One Bal Harbour had 16 sales alone over $1M with a record high for Bal Harbour real estate at $5.2M along with The Palace & Bellini right behind selling at $2.6M & $2.3M respectively.

One Bal Harbour 2008 – LP$/SF=$1,196 SP$/SF=$987, DOM 182, Closed 09/29

The Palace at Bal Harbour 15F – LP$/SF=$799 SP$/SF=$705, DOM 266, Closed 10/08

Bellini 1601 – LP$/SF=$654 SP$/SF=$602, DOM 75, Closed 02/13

Sunny Isles Beach Luxury Condo Sales

With 623 total YTD 2009 sales, Sunny Isles Beach had 49 closed sales over $1M and a record high sale over $4M which was Acqualina (PH4506) selling at $4.999M, Trump Palace selling at $2.875M and Turnberry Ocean Colony which sold at $2.1M.

Acqualina PH4506 – LP$/SF=$1,231 SP$/SF=$779, DOM 40, Closed 09/02

Trump Palace 1009 – LP$/SF=$862 SP$/SF=$710, DOM 106, Closed 07/10

Turnberry Ocean Colony 2604 – LP$/SF=$629 SP$/SF=$562, DOM 582, Closed 10/13

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Yes, the Miami Beach Real Estate Blog .us was down for 3 days as I work to update this site and add new pages, graphics and anything else I find useful & amazing. You’ll now see 3 new additions at the top bar and always working to make this a better blog site. A new contributor starts this week and surely to add value and substance to the ins & outs of Miami Beach “juice.” Until then, thank you for the notices and we should have the kinks out by Monday!

Have an amazing day, Ashton

So what’s happening this year with luxury homes in Miami Beach? Well today we have 77 homes on the market above $5M with 11 closed sales above $5M so far this year. The areas I’m covering are South to North include Fisher Island to Golden Beach and only West enough to include the Venetian Islands, plus Star, Palm & Hibiscus Islands. What I plan to do with this blog post is to go over statistics, trends and show you what’s in demand along our beautiful islands and waterways.

In review of homes that have already sold ‘year to date’, we see 11 sales ranging from $5.5M to a record 2008 sale (April 15th) at $13,100,000on the prestigious North Bay Road at 50th. It was on the market for 234 days and sold at only 69% of list price (Asking Price $18.9M).

In review of these luxury waterfront homes that have sold above $5M we find an average square footage at 7,381(sf), an average list price of $9.471M, an average price per square foot of $1,310(psf), an average selling price of $7.750M, an average selling price per square foot of $1,091(psf), an average Sale Price to List Price at 83.37% and average days on market at 273(DOM).

In review of these luxury waterfront homes active available above $5M we find an average square footage at 8,362(sf), an average list price of $11,610M and an average price per square foot of $1,372(psf). If we were to correlate the average selling price per square foot on the recent 11 sales ($1,091psf), we find a $281 per square foot difference on asking price vs. selling prices.I use Sale Price to List Price and Days on Market as valuable indicators for gauging real estate market improvement. As we see sale price to list price ratio increasing (SP/LP), we should notice an improvement in our luxury waterfront real estate market. (continue reading…)

Miami Beach will soon have it’s walkway extended North covering the entire coastline!

That’s right, from South Point Park all the way to the open space park in North Beach. With the major draw to Miami being the sand & Atlantic ocean, just a few feet away are the stretches of pedestrian friendly walkways that include the winding ocean walk in South Beach, the mid island boardwalk, and now the North Beach area finishing off it’s six million dollar makeover with the new beach walk.

By the end of this year

you will have the walkway along the entire coastline of Miami Beach. People can start in South Pointe and walk, run, jog, bike & roller blade all the way down to North Beaches open space park. Approximately 77+ blocks of entertaining sunshine & exercise readily available.

“We are trying to get all the beach like this so people can start in South Pointe and walk all the way to the end to the open space park in North Beach,” said Miami Beach Mayor Matti Herrera Bower.

This has been 10 years in the making with local developers like Eric Sheppard, donating funds ($300,000) to make the finished walkway a reality. Sheppard is just finishing up his multi million dollar Canyon Ranch development. Once completed, this will boast the largest fitness spa facility on the East Coast. This new walkway extension will be bringing a healthy lifestyle to the average Joe.

“This is the whole lifeblood of the entire Miami Beach. I call it the Miami Beach connection… this enables us to connect all of Miami Beach through this boardwalk. We’ve invested the money. We hope people invest their time and their brain knowledge to really capitalize and embrace and utilize the health and fitness and utilize this beautiful boardwalk because it’s going to change their life,” said Sheppard.

One of the main reasons I was drawn to Miami Beach real estate back in January of 2001 was the fitness minded people & healthy lifestyle so abundant here. I’ve always been adamant on being surrounded by fitness minded people and with tropical weather year round, we do have the ultimate in living the healthy lifestyle so greatly missed by the majority of Americans. On a regular basis, you’ll find me rollerblading or skateboarding down South Beach’s oceanfront walkway. Now we will soon have the ability to enjoy the entire coastline with bikers, walkers, runners and the in between moving up & down the Miami Beach coastline!

From the bikini beach babes to the Grandpas in black knee high socks, we not only have Americas Cleanest City (by Forbes) but also the ideal environment for fitness and health all available for you to enjoy. I continually add to this Miami Beach real estate blog so if you’d like new updates once available, you can be notified by email(automatic updates) or by RSS feed (see upper left column) each time a new posting occurs. Have a wonderful Memorial Day Weekend -1.888.38.DREAM

In keeping up with the latest blog postings for Miami Dade County, I came across Lucas Lechuga’s excellent blog posting on ‘Brickell Condo Index’ and in reviewing his comments, realize we really do need this for the oceanfront communities of Miami Dade. So here is the first Sunny Isles Beach Condo Index showing stats and trends for the most desirable luxury towers along the ocean. This data was collected from the Multiple Listing Service (Live MLS Here) on May 3rd, 2008.

Percentage Available Inventory, Average List Price & Average Price Per Square Foot for leading luxury towers currently listed on the MLS:

• Acqualina – 17875 Collins Avenue I (26 of 247 or 11% active) I $2.375M I $759 psf
• Jade Beach – 17001 Collins Avenue I (7 of 255 or 3% active) I $1.724M I $874 psf
• La Perla – 16699 Collins Avenue I (55 of 326 or 17% active) I $655K I $447.44 psf
• M Resort – 18683 Collins Avenue I (35 of 210 or 17% active) I $581K I $518 psf
• Ocean Four – 17201 Collins Avenue I (93 of 281 or 33% active) I $1.108M I $536 psf
• Ocean Three – 18911 Collins Avenue I (28 of 215 or 13% active) I $1.344M I $531 psf
• Ocean Two – 19111 Collins Avenue I (23 of 254 or 9% active) I $1.117M I $494 psf
• Pinnacle – 17555 Collins Avenue I (62 of 244 or 25%) I $1.101M I $576 psf
• Sayan – 16275 Collins Avenue I (26 of 88 or 30% active) I $1.201M I $570 psf
• Trump Int’l Beach Resort – 18001 Collins Avenue I (83 of 374 or 22% active I $400K I $579 psf
• Trump Palace – 18101 Collins Avenue I (51 of 275 or 19% active) I $1.234M I $664 psf
• Trump Tower I – 16001 Collins Avenue I (30 of 271 or 11% active) I $1.389M I $579 psf
• Turnberry Ocean Colony North – 16051 Collins Ave I (31 of 130 or 24% active) I $2.661M I $814 psf
• Turnberry Ocean Colony South – 16047 Collins Ave I (29 of 130 or 22% active) I $2.332M I $780 psf

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Reuters.com is a trusted source for businesses and professionals looking for industry expertise. An article came up yesterday regarding the South East Florida (Miami) market ”Florida Luxury Home Market Showing Signs of Wear” Read Here. It goes on to talk about the influx of investors from Canada and Europe pouring their strong currencies into luxury properties and how Donald Trump lowered his Palm Beach mansion by 20% as housing woes now touch the wealthy.

“The surprisingly healthy market for oceanfront mansions and palatial condos in Florida, one of the most toxic states in America’s housing meltdown, may finally be showing some cracks.”

They go on to quote local Miami brokers and FAR (Florida Association of Realtors) sales figures relaying that Miami is overbuilt and overpriced for the United States… but really though, for a major metropolitan city with the Forbes vote on the cleanest City in America along with perfect 80 degree weather year round, I’d have to disagree on it being overpriced today. YES, overdeveloped and the market is and has been correcting itself with prices back to 2002 levels. DOWNTOWN MIAMI still has a lot of new inventory coming and not as desirable or in demand as the oceanfront luxury condos. Tourists, Baby Boomers, Foreign Investors and alike want what? OCEANFRONT. Enough said. There is a great selection of luxury condos in Miami available today along the Atlantic ocean but my figures show inventory going down each consecutive month since the 1st quarter 2008 along the Miami Dade oceanfront communities including Sunny Isles Beach, Bal Harbour,  North Bay Village, South Beach and Miami Beach.   (continue reading…)

The NY Times called me in early February writing an article on the Venetian Islands. The article went out last Friday March 28th and since this interview, there have been 5 closed sales this year along with 5 additionally under contract (Congrat’s Todd!). Another important difference is there are now 43 homes for sale on the Venetian Islands. The luxury home market is not suffering as the media would like to portray. This is a highly desirable location with views of the open Biscayne Bay and Downtown Miami which are inspirational and picture perfect. There are pedestrian friendly paths along the bay and each Island (Rivo Alto, Dilido, San Marino Island & San Marco), are centered between Miami Beach (Lincoln Road) and Downtown Miami.

“Sales will be stagnant much of this year,” predicted Ashton Coleman, a mortgage broker and real estate agent in Miami and Fort Lauderdale. Of over 50 homes on the Venetians listed for sale, only two have sold within the last three months, he said, one for $2.7 million and the other for $1.3 million. The 50 do not include a handful of private sales, not in his listings. But limited inventories have created a demand at the ultra-high end, Mr. Coleman noted.

I am not an agent in Fort Lauderdale. My comments were taken out of context as condo sales will be stagnant while Miami Beach homes for sale on the water will perform better than the condo market. What is this last part? “Limited inventories have created a demand“…if there are 50 for sale and 2 closed, this makes no sense. This was made up by the author for additional content although I appreciate any authors inquiries. The best homes are indeed selling as we see each month.

Feel free to comment on your thoughts related to this blog post. The many readers would love to hear from you! I continually add to this Miami Beach Real Estate blog so if you’d like new updates once available, you can be notified by email or by RSS feed (see upper right column) each time a new posting occurs.

Well friends, here the 1Q scoop. The graph above shows us the Miami Beach condo inventory (33141 waterfront) for sale throughout 2007 into this first quarter 2008. Notice the inventory heading up then down. This may signify the market inventory improving. I’ll be watching this closely in Quarter 2, 3 and 4 to see if we really have reached the bottom and will be keeping you informed through the MiamiBeachRealEstateBlog.us

This graph above is also crucial to understand. What we are reviewing is the average time on the market for condos that HAVE SOLD. The next crucial indicator is the Sold Price to List Price Ratio which shows us an average of 90%+ of list price. The later part is important for today’s buyer’s to understand…This oceanfront entity of Miami Dade County is specifically Miami Beach. The demand is and will always be Miami Beach OCEANFRONT, Duh! This graph also includes Bay front condo sales but what I’m going to repeat over and over is that well price properties… let’s call them “Deals, Bargains, Steals, Foreclosures, Short sales,” or whatever it is that your query for a “good deal” constitutes, are indeed selling at 90%+ of the list price.

L1. It’s fairly plain and simple that there are no “good deals” at 30, 40 or especially 50 cents on the dollar unless you factor in what the value was in 2005 and then getting close. This oceanfront segment of the market has in fact depreciated 25% since the market peaked in 2005. If you think time is on your side in finding this type of mark down, then you may be waiting and may never own in Miami Beach.  You may also explore my friend Lucas at MiamiCondoInvestments.com for something great in Downtown Miami.

L2. For those that need financing… as interest rates rise, you may find yourself priced out of the building that you could afford today. With a 2% rise in the interest rate, your $400,000 loan just went from $2,359 (5.85%) to $2,893 (7.85%) for an additional $534 monthly expense. Will this happen? You better count on it as the Fed’s are placing a band aid on an open wound.

L3. If you are previewing the 1 to 3 of the very best ”Deals, Bargains and Steals” of a condominium meeting your overall criteria and the best priced condos are at $450,000 to $500,000 range while recent comparable closed sales are showing 3 sales at, let’s say $550,000, $565,000 and $599,000, it will be very unlikely (sometimes insulting) that the owner will take $300,000! The best I’ve seen around the block and saved my customers this year is 16% and it was a cash offer with 7 day closing.

L4. You MUST first know it’s a BARGAIN when previewing the building by reviewing a comparable closed sale report provided by an area expert and proving it’s a great buy. Understand this last part and make sure your agent shows you both MLS and privately closed sales.

The moral of this blogory is Miami Beach real estate has great opportunity with today’s excessive Miami Condo inventory to get a you a “Deal, Bargain, Steal” on your terms when a “reasonable” offer is presented. Reasonable is 10 to 20% off the asking price at best depending on your financial capabilities, sale contingencies and closing time frame. Feel free to comment on your thoughts related to this blog. Myself and the many readers would love to hear from you! I continually add to my Miami Beach real estate blog, and once you visit, you can be notified by email or by RSS feed (upper right column) each time I post a new article.

Having to bribe building officials of Miami Beach… No way! It’s so easy to get permits and work completed in Miami (isn’t it?) Well if you’ve experienced the process you’ll know it’s a big problem with Miami Beach FL real estate. A recent story from the Miami Herald told of The Coral House owner bribing three building officials having paid over $110,000 to get his projects expedited. Over the last year, the Coral Rock House owner Michael Stern wore a wire to assist law officers in this public corruption case. The Coral Rock House owner had also paid bribes of a Rolex watch and a Ford Crown Victoria in exchange for advice on how to demolish the Miami Beach landmark at 900 Collins Avenue in Miami Beach. Authorities charged the three officials with bribery and racketeering while Stern was not charged having received immunity from prosecution for the great cooperation.

Stern declined to comment Wednesday. His attorney, Michael R. Band, said his client had paid the three men because “his dealings with inspectors were nightmarish. Basically, if you needed to get your site inspected, you had to pay them,” he said. –MiamiHerald.com

Last year Stern met with a building official to discuss ”the demolition of the Coral Rock House.” When Stern expressed concern about getting city approval, the official told him that ”everything is approvable” but urged Stern not to tell anyone that he was making suggestions on how to tear down the house. As of January Stern and co owner Ivor Rose agreed with preservationists to substantially preserve this historic 1915 house in Miami Beach.

Feel free to comment on your thoughts related to this Miami Beach real estate blog. Myself and the many readers would love to hear from you! I continually add to my blog, and, once you visit, you can be notified by email or by RSS feed (upper right column) each time I post a new article.