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.

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

Jade Beach rob2010 flickr

TODAY is the MiamiBeachRealEstateBlog.us 1 YEAR ANNIVERSARY and I’ve got something grand to pronounce & promote… ’JADECondosSunnyIsles.com’ is set to release this week and will showcase all JADE Sunny Isles Beach Development details including JADE condos for sale, statistics, VIDEO’s and related building information covering this new JADE Condos Sunny Isles Beach Development. It is a new landmark.

So what’s happening today at JADE Condos? Today there are only 20 JADE Beach luxury residences on the market ranging from 1,085 SqFt. ($749,000) to 3,211 SqFt. ($2.3M). NOTE ’JADE Beach’ Condo DEAL: There is a low floor B1 Model just over the ocean who’s lucky buyer is looking to sell at an unmatched price from pre, pre construction pricing from the VERY beginning. It is 1,085 (1BR) total square feet and is aiming for a simultaneous close saving everyone money at only $585,000 which includes your closing costs.. There is little time to delay and it’s ready to close at only $539 equivalent pricing of Trump Towers yet at a far superior building!! Also another great deal is found at ‘JADE Ocean’ and is a high floor D line (2438 Sq Ft.) with this owner looking for a simultaneous close (possibly assignable) at a JADE condo deal of $2M equivalent to the 2008 Sold Values  at Turnberry Ocean Colony!

Jade Beach Floor Plan D

Call me at 1.888.383.7326 ext 1 for additional information on these deals or the new site [JadeCondosSunnyIsles.com...coming soon!]. I’m seeking new JADE Condo listings so if your interested in selling or renting, let’s speak and interview to get your property on an efficient global marketing plan showing you great results. 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.