This new luxury project sits on Atlantic Boulevard in Sunny Isles Beach. Only 20 homes each with private elevator, rooftop terrace, 2 car parking garage, private backyard and private swimming pool. Resident features include a wine cellar, steam shower & spa, Wolf Appliances & Gas cooking stove and building generator. Average Interior Square Footage will be at 3,900 with a total area of 5,870 and 5 spacious & customizeable bedrooms. The styles are known as the Salonika, Santorini and Mikonos. Reservations have just begun and payments are made as $25,000 or $35,000 with contracts and condominium documents due this month. 3 of the 20 are already reserved and the buzz about is about to sell out. The price ranges average only $415 per square foot. Did I mention these were across the street from the ocean?

The developer is Oceanic Development making a new mark in Miami Dade County. The architect is brilliant and know as Trio-Design Consultants. Project completion is scheduled for 2009. Click here for the available Oceanika brochure & floor plans! Questions, Comments? Coming soon…additional Condo Index for Bal Harbour. I continually add to this blog so if you’d like new updates once available, you can be notified by email (automatic) or by RSS feed (see upper right column) each time a new posting occurs. 1-888-38-DREAM

This morning I was running the stats and trends report as I do on the 20th of each month. I noticed a positive trend from February to March where inventory seems to be going down while pending & closed sales are slowly increasing. Here is what I found… Studying South Beach real estate in February, there were 2401 condos for sale. In March there are 2370. Not significant yet closed sales went from 33 to 55. Of the Sunny Isles real estate trends, there were 1664 condos for sale in February while today there are 1366 with 19 closing last month and 23 closing in March. Bal Harbour real estate showed noticeable improvement with 724 condos for sale in February while 599 condos are for sale today. Even the small island of North Bay Village real estate dropped from 432 condos for sale, to today’s figures at 401 condos on the market. Maybe insignificant but in the right direction when looking for the bottom of the market is concerned. If these trends continue, then it won’t be long before we start to see a single digit appreciation along Dade Beaches. Note this does not include Downtown Miami or anywhere on the mainland only specific to THE BEACHES. Today’s buyers, many of which are International (Hello Canada!), want oceanfront. Enough said.

“Be scared when everyone is greedy and be brave when everyone is scared”… Warren Buffet

Check out this information received today from my good friend up in Flagler County…

1.   The number of Realtor assisted sales pending for single family homes in Lee County was 1,088 on Feb. 14, up 33 percent from 821 a month earlier.

2.   The Realtor® Association of Greater Fort Myers and the Beach (Lee County) had an 85.4 percent upswing in pending single family home sales in the last 10 weeks.  The number of months it takes to sell all residential properties has dropped to 12 months from a high of 22.98 months in December 2007.

3.   In Martin County, there were 182 pending sales on January 1.  Today, there are 345 pending sales, representing an increase of 90 percent.

4.   The Emerald Coast Association of Realtors® (Okaloosa County) reports their pending home sales were 383 in January and rose to 473 for February, representing a 23 percent increase.

5.   Pinellas County reported 600 single family units under contract in February, up 23 percent from 489 a month earlier.

6.   Marco Island (Collier County) reports pending sales numbers on March 1, 2008 at 135 while a year ago (March 1, 2007) this number was 104.  Their pending sales on January 1, 2008 were 77 and in March 1, 2008, pending home sales were 135, up 75 percent.

7.   The Realtor® Association of Greater Ft Lauderdale (Broward County) has a forecast of pending sales that is quite impressive.  Their single family pending sales (which includes condos and townhomes) totaled 529 in January but their pending inventory forecast for the month of February is 871.  That is an increase of 65 percent.

8.   Palm Beach County has seen a drastic increase in single family homes sold between January and March this year.  Between January 14 and February 14, 2008, 672 homes were sold.  Between February 15 and March 10, 2008, 827 homes sold for an increase of nearly 30 percent month to month.

9.   The Pensacola Association of Realtors® (Escambia County) reported pending sales at 297 (includes single family homes and condos) in January 2008.  In March 2008, this number rose to 345, an increase of 16 percent.

10. The Heartland Association of Realtors® (Highlands County) had 10 pending home sales in January 2008 and 43 in February 2008.  This is an increase of over 300 percent.

11. The Venice Area Board of Realtors® (Sarasota County) reported 110 pending sales in February 2008 compared to 85 in January 2008.  This is an increase of 29 percent.

12. Naples Area Board of Realtors® (Collier County) had 513 pending sales in February 2008 compared to 413 pending sales in January 2008, an increase of 24 percent.  Also, the pending sales for February 2008 are 10 percent higher than pending sales in February 2007 (464).

13. Flagler County Association of Realtors® (Flagler County) did not have any pending sale in January 2008 but had 20 pending sales from February 1, 2008 until now.

14. The West Volusia Association of Realtors® MLS (Volusia County) shows a 34 percent increase in home sales in February 2008 over January 2008.

15.  The Orlando Regional Realtor® Association report s an increase in pending sales in both Orange and Seminole Counties.  In Orange County, pending home sales increased by 29 percent from February to March and in Seminole County, pending home sales went up from 331 to 404, a 22 percent increase.

16. The Tallahassee Board of Realtors® (Leon County) reports an increase in their pending sales both from a year ago and from January 2008.  Today, the pending home sales in Leon County are 410 compared to 325 in January 2008, an increase of 26 percent.  A year ago, pending home sales in Leon County was 283.

17. Amelia Island Nassau County Association of Realtors® (Nassau County) MLS shows pending home sales at 150 in March 2008, up 83 percent from 82 pending sales in January 2008.

18. The Sarasota Association of Realtors® MLS (Sarasota County) reported 654 sales pending (single-family and condo) in February 2008, an increase of 27 percent over the 516 sales reported pending in January 2008.  In addition, Sarasota had 418 closed sales in February 2008, up 28 percent from the 327 closed sales in January 2008.

John M. Sebree Vice President Public Policy Florida Association of REALTORS®

P.O. Box 1853 Tallahassee, FL 32302 850.224.1400 (Office)

http://media.floridarealtors.org/GreatTimeToBuy

This one of a kind Penthouse has to be showcased on the MiamiBeachRealEstateBlog.us. Within a boutique high rise known as Sayan, are only 88 luxury condos. Sayan Condos are located at 16275 Collins Avenue in Sunny Isles Beach. Sayan is known for the second largest interior waterfall in the United States with a beautiful Asian décor similar to The Setai in South Beach.

There is an upper level private terrace of over 900 square feet for entertaining your guests with an outdoor Jacuzzi tub and excellent views of Downtown Miami and Biscayne Bay. A Duravit Jacuzzi tub is also found in the master bathroom with an open rain shower again, with single hand inlayed tile, adjacent to the tub. The views from each room are a perfect 10 as you’re surrounded by the pleasures of the Atlantic Ocean & Biscayne Bay. If you’re in the market for an intimate and private luxury penthouse on the ocean then schedule a private showing on this special condo. It will be one of the most desired residences of Sunny Isles real estate with an optional (recommended) Steven G interior design package. The build out is currently underway and should be ready in the next few months. Call today for an appointment at 1.888-383.7326 and press extension 7..

Sunny Isles Beach, FL  - Sayan Condominium Interiors by Steven G opens a 5.5 million dollar, 5,000 sq ft Penthouse Model this weekend for J. Milton & Associates.  “The model will take your breath away” says Steven G, “it is truly an amazing Penthouse with Asian touches, just what today’s hi end buyer’s desire.  I have no doubt this unit will be sold furnished within 30 days! Imported Italian glass tiles and the most unique woods are used throughout the Penthouse.

Recently, an article by Andres Amerikaner of the Miami Herald was written highlighting my favorite city, Sunny Isles. Here are some highlights…

The surge in Sunny Isles real estate has led to an unexpected distinction as it’s shed the run down image of the past to a touristic resurgence of the future. Trip Advisor, the largest travel community online, has ranked Sunny Isles as the top emerging destination in the country for 2008. The company spokesman said this is based on changes in search activity and postings. ‘

“They are the up and coming destinations,” Ferencsik said. “It’s about emerging destinations, more so than it is the hottest or most popular destination.” Brooke Ferencsik of TripAdvisor

The City of Sunny Isles struggled with its image prior to being incorporated in 1997. With dilapidated motels lining Collins Avenue since the 1940’s, the City of Sunny Isles more than welcomes this new recognition as a tourist attraction and wonderful place to live. Now Collins is lined with Luxury Oceanfront Condos in Sunny Isles and Condo Hotels in Sunny Isles such as Acqualina, Jade Ocean, Turnberry Ocean Colony, Le Meridian M Resort and Trump International Sonesta Beach Resort. Donald Trump sees the future value of prime locations such as Sunny Isles and has now built 6 luxury high rise developments with the Trump name on each. The newest tower known as Trump Tower I has begun closings and the deals are to be had! Trump Tower II and Trump Royale will soon follow in third and fourth quarter 2008.

The Sunny Isles attraction is multifaceted. It’s close to the Miami and Fort Lauderdale airports and a short cab ride from the nightlife and restaurants of South Beach real estate. There’s enough variety in each oceanfront hotel, from the flashy to the cheap, to fit any traveler’s budget when coming to Sunny Isles. The white beaches, normally populated by a majority of snowbirds and International travelers, are low key and very family friendly. Shopping at the newly expanding Aventura Mall is a short trip over the William Lehman Causeway into the City of Aventura (approximately 5 minutes). Then there’s the quaint restaurants serving quality ethnic fare such as my favorite Russian or Argentine cuisine which populate the Sunny Isles strip malls. High end spas and food delivery services are easily available as the money has poured into this prime area of investment. Despite the fast paced development of the last decade, the city has kept a homey feel with a small post office, a diffusion of tiny stores, great public parks, the infamous boardwalk off 169^th (Newport Beach Hotel) serving some of the best fish sandwiches and a tight knit community which follows the demand.

Ibis Romero of the Sunny Isles Beach Resort Association has been working diligently to make this city what it is today by promoting Sunny Isles to travel agents and tour operators. The Global reach is in full effect with Latin Americans from Argentina, Brazil and Chile, and Europeans from France, England, Germany and Italy form the core of the city’s international visitors, Romero said. These days, French streams from under umbrellas staked on the beach, sometimes more often than Spanish or Russian, two of the largest immigrant communities in the city. ‘It’s buzzing louder every day,” she said. “They’re comparing us to Hawaii.”

With all of the excitement comes a price… With all the extra income and development, the city’s tax base climbed from $1.1 billion in 1997 to about $6 billion in 2007. That is the new dilemma faced by the city, which is poised to start going after the big dogs, like Miami Beach FL real estate, in the battle for tourist dollars. ”You know what? Everything grows,” Romero said. “At the same time, I want to keep it our own little secret.”

And to Andres Amerikaner, Thank you for sharing this positive article on Sunny Isles as a landmark destination. Sunny Isles real estate is a well kept secret with very limited space to build and excellent buying opportunities in each luxury oceanfront condo tower along the Atlantic coastlines. I always welcome positive articles, feedback and area information on Sunny Isles. Feel free to add your comments, knowledge and thoughts pertaining to this post and the Sunny Isles you know of.

I’m simply curious to see the differences in selling price per square foot in various locations along the Miami Dade Beaches. I’m including recent sales data and statistics in South Beach, Miami Beach, Bal Harbour and Sunny Isles. Strictly Oceanfront Condo Sales in Miami Dade County that occurred through the Southeast Florida MLS in the last 30 days.

South Beach real estate shows as having 6 closed sales at an average of 90% sale price to list price ratio. The average selling price per square foot (psf) is at $511. The highest closed sale was at the Bentley Hotel (510 Ocean Drive) selling at $979 psf.

Miami Beach oceanfront condos

Miami Beach FL real estate shows as having 11 closed sales at an average of 90% sale price to list price ratio. The average selling price per square foot (psf) is at $418. The highest closed sale was at the Green Diamond (4775 Collins Avenue) selling at $555 psf.

Miami Beach FL oceanfront condos that have sold…

Bal Harbour real estate shows as having 13 closed sales at an average of 89% sale price to list price ratio. The average selling price per square foot is at $642 (psf). The highest closed sale was at the Bellini Condo (10225 Collins Avenue) selling at $759 psf.

Bal Harbour oceanfront condos that have sold…

Sunny Isles real estate shows as having 16 closed sales at an average of 89% sale price to list price ratio. The average selling price per square foot is at $464 (psf). The highest closed sale was at the Acqualina (17875 Collins Avenue) selling at $638 psf.

Sunny Isles oceanfront condos that have sold…

Feel free to leave a reply or add any additions to this posting!

I took a tour inside the new Sayan Condo residences in Sunny Isles yesterday and was very impressed with the finished product. A very exclusive boutique style building with only 88 condo residences, 29 floors and simply the best finishes as expected. The lobby has the second largest interior waterfall in the United States. It’s a towering display of Asian inspired decor similar to the Setai in South Beach but at a half the price and much less in & out traffic as seen in the condo hotels in South Beach. The Developer J. Milton is well known for other Sunny Isles real estate landmarks like the new Saint Tropez, Pinnacle, Sand’s Pointe, and King David. The amenities are up to par with other fine towers along the Atlantic coastline yet simple and elegant including a Zen inspired Spa with steam room and sauna. Each residence comes with 2 valet parking spaces and is fiber optic wired for the best of today’s internet services.

The condo units at Sayan in Sunny Isles are all very spacious with a unique finished furniture package available for the buyer who doesn’t want the hassle of the normal “designer ready” flooring and walls needing a lot of attention. I first went into a spacious 1 bedroom at 1200 square feet and very reasonable priced in the $500′s. It was complete and turn key ready with Steven G interior design finishes and top of the line Snaidero kitchens. The next post will showcase a very unique Sayan Penthouse for sale just over 6,000 square feet which is in the works of being finished with the turn key furniture package! Two elevator banks allow for the utmost in privacy and a quiet community feel, yet with a lot less neighbors than the normal 300 to 400 unit residences found in most towers along the ocean.

Overall, I would say Sayan Condos is one of my favorite buildings of the Sunny Isles real estate portfolio for the ultimate in luxury oceanfront living with a private community feel. The staff was also very friendly and helpful. Today we see the largest Corner unit closing at $1.125M and was 2,600 square feet (3BR DEAL!!) Other deals found today include a NE Corner 3BR priced at $1.3M and another 2 BR priced at $699,000.  If you’re looking for the Sayan Condo deals contact me today to preview the very best of Sunny Isles. Take a look at my web site for additional information and floor plans at Sayan. If you have a condo unit at Sayan that is not selling, let’s discuss what it will take to get it sold. Feel free to comment below on anything related to Sayan condos in Sunny Isles.

A new article has just been released by the South Florida Business Journal showing Bank United’s “Condo Blacklist.” These are the high risk condo properties that this bank will not be issuing loans to now and possible ever. Many of Miami Dade’s condo properties and homes witnessed a 25 percent increase in their overall value year over year from 2003 to 2005.  By 1Q 2006, things began to change and now a 25% to 40% depreciation has occurred.  And here we are now limping out of 2007 with the worst yet to come apparently in 2008 for the mainland of Miami Dade including Downtown Miami, Brickell condos and the Miami River. Property values continue to crash in these areas, foreclosures are at an all time high and now comes word that now over 100 condos in the Downtown Miami area are being blacklisted. Interested buyers looking for mortgages to buy units in Miami’s Opera Tower, Everglades on the Bay or Four Ambassadors shouldn’t bother approaching Bank United. The Miami based bank has included them on a list of 191 condo projects it will not be writing loans for.The Business Journal obtained a list of “non permissible” projects used internally at Bank United (BKUNA) and updated as of Jan. 14. Most of the forbidden properties were in Downtown Miami and were added at the last update. It wasn’t clear who at the bank wrote the list, but the author stated a reason for almost every project declared off limits.

Declining market value was the biggest culprit, followed by high investor concentration as much as 70 percent in some cases. Bank United’s decision is also based on numerous foreclosures, delinquent condo association dues and structural based litigation. Bank United spokeswoman Melissa Gracey said the list is based a similar guidelines used by Fannie Mae and Freddie Mac. The key point of this mess, not even mentioned in the article, is the domino effect. Anyone who purchased a unit and has closed on it is now trapped into what may occur. There is no one to sell to because no financing is available so speculators are left on the sidelines with heavy carrying costs. By publicly posting the exclusion list, other lenders are sure to follow suit. It will become difficult if not impossible to purchase a unit in any of those 119 projects. The implication is a substantial number of those projects will fail. Whatever banks financed those towers are going to end up owning them. Those who have a placed a down payment on a unit but have not yet closed may wish to seek legal advice to see if the shutdown of bank financing is somehow material to the purchase agreement. Some no doubt will simply decide to walk away regardless of the answer. Bank United just started a domino effect. The dominoes will keep falling until they reach the banks lending money to these projects. Undercapitalized banks funding these projects may likely fail.

Bank United’s Non Permissible Condo List (Miami’s condo heavy hitters in alphabetical order) 50 Biscayne in Miami, 600 Biscayne, 1650 Biscayne, 900 Biscayne Bay, 500 Brickell, 1390 Brickell Key, 1600 Club, Asia, Atlantis Condo, Axis on Brickell, Bay Lofts, Biscayne Tower, Blue, Brickell Bay Club, Brickell Bay Tower, Brickell on the River, Brickell Place, Brickell Station, Bristol Tower, Capital at Brickell, Carbonell, Cima Condo, Cite, City 24, Club at Brickell, Commodore Bay, Costa Bella, Courts Brickell Key, Courvoisier Courts, Cynergi, Downtown Lofts, Emerald at Brickell, Epic Dupont, Espirito Santo Plaza, Everglades on the Bay, Filling Station Lofts, Fortune House, Four Ambassadors, Four Seasons Hotel & Tower, Golden Bay Club, Icon on Brickell, Infinity at Brickell, IOS on the Bay, Ivy, Jade Residences at Brickell, Latitude on the River, Marina Blue, Marquis Miami, Mary Brickell Village, Met 1, Metropolitan, Midtown Miami, Mint at Riverfront, Neo River Lofts, Neo Vertica, Oasis on the Bay, One Miami, One Tequesta Point, Opera Tower, Paramount on the Bay, Paramount Park, Parc Lofts, Park Place, Platinum, Plaza on Brickell, Point at Brickell, Quantum on the Bay, River Oaks, Sail Boat Cay, Seacoast Towers, Skyline Mary Brickell Village, Skyline on Brickell, Soleil Miami, Solaris Brickell Bay, Summit Brickell, Star Lofts, Sunset Harbour, Ten Museum Park, The Carriage House, The Jade Condominium, The Mark on Brickell Bay, Three Tequesta Point, Two Tequesta Point, Uptown Lofts, Villa Brickell, Villa Magna, Villa Regina, Vue at Brickell, Wind by Neo, Yorker. Brought to you by the South Florida Business Journal

Whew, what a list! Many on the list were outside of Miami Dade (included Las Vegas) and we find the majority blacklisted are located in Downtown Miami including Brickell and the Miami River. Notice something crucial from above…Banks have faith in Oceanfront Condos of Miami Dade including Sunny Isles real estate, Bal Harbour real estate, Miami Beach FL real estate and South Beach FL real estate! I’m reaffirmed that the demand is and always will be based on location, location, location. ie) Oceanfront Luxury Condos where there is limited space to build and continued demand. Through increased tourism (currently the Miami Boat Show), National and International buyer’s seeking the Miami oceanfront Deals and Low interest rates and even in this great Buyers market. You’re invited to leave any thoughts, opinions and comment below.

Miami Beach‘s Epicure market is about to take it’s fresh baked breads, homemade soups and prepared foods on the road. This gourmet market, a Miami Beach institution for more than 60 years, is taking over as the ground floor anchor tenant in the newly approved 14 story mixed use facility with 20,500 square feet of retail, 77,400 square feet of office space and 243 Sunny Isles condos at 17150 and 17190 Collins Avenue where the famous Rascal House sits today. The request was made by restaurateur Ike Starkman, proprietor of the Rascal House, Epicure Market in South Beach and Jerry’s Famous Deli chain. The fate of The Rascal House has not yet been decided or whether it has a future in the new building or elsewhere.

“We feel it’s time to grow Epicure,” said Jason Starkman, one of the Epicure owners, which was purchased 10 years ago from the original founder’s of Jerry’s Famous Deli. “The one thing we don’t want to do is open up stores that are not like the original. It has to be exact. It has to have the same feeling.”

Epicure typically draws in 1,500 to 1,700 customers daily with sales growing from $10 million each year to $23 million today. The couple with two jobs is becoming more the norm with the person in charge of putting dinner on the table looking for an easy solution and time saving convenience by picking up the foods already prepared. Starkman said details are being worked out for this new project however the mixed use project’s gourmet Epicure market will include a cafe’ component.

News of the potential Rascal House closure took some longtime patrons by surprise. “I hope it’s not true, and they are able to keep it open. Every year our friends come down to stay, and they always ask us to take them there,” said Sammie Basile, who said she has frequently gone to the restaurant since she and her husband retired more than 20 years ago from New York. “There is no other place like it down here“. MiamiSunPost

Let me know your thoughts on the new Epicure Market moving into Sunny Isles real estate by leaving your comments below!

So what is selling these days in Miami Dade County? Everyone is asking… We will review the sales of Sunny Isles real estate along with Miami Beach FL real estate to see what buyer’s are finding as HOT buys along the ocean..

Sunny Isles oceanfront condos have 6 closed this month worth reviewing. Acqualina, Ocean One, Oceania I, Trump Palace and Turnberry Ocean Colony (2). These selling prices range from $500k (Oceania I) to $2.595M (Turnberry Ocean Colony) and what we see is the sale price to list price ratio ranges from 94% to 81% (both at Turnberry Ocean Colony). The best price per square foot was only $397.26 psf at Oceania I while the highest was $796.51psf at Turnberry Ocean Colony. Much has to do with building age and amenities as Oceania I is from 1990 while Turnberry Ocean Colony is the premier 2008 South Tower. Both Acqualina and Trump Palace sold at $663.39 and 576.37 psf. respectively. What is worth mentioning is the Pending Sales of 2008 are already at 11 which proves a slower holiday season as people travel and families join together. This month each of the above buildings have additional accepted offers but also luxury oceanfront condos including Ocean Two, Ocean Four, Trump Grande, Pinnacle and La Perla. Asking prices ranged from $2.499M to $549k and we will soon see what they’ve sold for. On average, sale price to list price ratios are at 88% for a great 12% off reduced asking prices starting off 2008 right for buyers. Each real estate transaction is different so it’s important to analyze each condo on an independent basis. This real estate blog is only to get an idea of what’s happening in Sunny Isles real estate.

Miami Beach FL oceanfront condos (including South Beach FL real estate) have 9 closed this month worth reviewing. Continuum, Setai (2), Decoplage (2), Roney Palace, The Collins and Fountainebleau II. These selling prices range from $417k (Decoplage) to $2.5M (Continuum) and what we see is sale price to list price ratios ranging from a low 69% (Decoplage) to a high of 101% (Setai Resort). The best price per square foot was only $426.92 psf at The Collins while the highest was $1,500 psf at The Setai Resort. Much has to do with location and building demand & amenities. The Collins is an excellent oceanfront condo conversion in mid beach while the Setai is the sought after and highly desired South Beach Resort. Akoya and Continuum each sold at $581 psf and $1220 psf respectively. The infamous Kevin Tomlinson of EWM sold The Continuum unit after 280 days on the market and saving his customer 16% off the asking price! I’m always inspired by the SoBe Realtor elite and learn a lot when reviewing their sales figures. On average, sale price to list price ratios are at 89% saving today’s buyers 11% off the already greatly reduced asking prices. This month pending sales for Miami Beach FL real estate are very low at only 3 currently under contract (2 at Blue Diamond)! Why is this? My opinion is location vs. selling price per square foot. South Beach is and will always be HOT real estate and in demand. The difference is Sunny Isles real estate sells for a much better price per square foot ($824psf SoBe vs. $569psf SIB) and has a lot to offer new residents with it’s convenience to Aventura, Bal Harbour real estate and both Ft. Lauderdale and Miami International Airports! If it’s the action you desire, I strongly recommend Miami Beach FL real estate yet Sunny Isles real estate is only 20 minutes to all the SoBe excitement. Today’s end users and even investors are penny wise to make smart investment decisions on South East Florida real estate. International Buyer’s are taking advantage of a soft real estate market and the weak dollar offering VERY aggressive prices today on Sunny Isles luxury condos. The new Sunny Isles Millionaires Row is just tremendous with Trump going all out like he did in NYC when the values were down. Trump now has 4 new signature towers finishing this year on into 4Q 2009 along with both Jade Ocean and Jade Beach which I’m super excited about. The selection today for buyers is great but at times may be confusing. The help of a Realtor assisted sale makes the work, time and stress so much less for today’s Southeast Florida Buyers. Contact me to discuss this blog by commenting below or call anytime to talk Miami Beach FL real estate sales.

Seeking the best of oceanfront luxury, an unrivaled lifestyle in exquisite surroundings, complemented by world class amenities? This new development located on Sunny Isles Beach is Turnberry Ocean Colony… the premier address for quality, prestige and service. Arriving to the gated entryway of your home, you will find lush tropical landscaping surrounded by Palms and Fountains. Turnberry Ocean Colony offers you 5 Star amenities which are second to none such as an elite 35,000 square foot health club with trainers, Pilates and spa life. The service personnel and personal trainers are among the best. Walk out to the clubhouse and find heated pools, hot tubs, the beauty salon, sports lounge & bar along with beach attendants for Evian water and towel service. The elegant bars and private dining room are also found in the Turnberry Ocean Colony clubhouse with an oceanfront ambiance & atmosphere for the most convenient community lifestyle. When it’s time to leave your home, Turnberry Ocean Colony has on site limousine, concierge & valet service provided for all residents.

Today the selection for buyers is very good as pricing trends from 2006 & 2007 trickled downward with inventory on the rise. The best values and deals may be found in the new premier South Tower at Turnberry Ocean Colony. Enter your Private Elevator & entry foyer with flow through floor plan and above average living space in your residence. 26 resident condo homes are on the market today with 260 total units in each Tower. Turnberry Ocean Colony #2401 is one of my top choices as an excellent buy in Sunny Isles real estate. This Abaco model has spectacular Northeast panoramic ocean views and already a 16% reduction off the list price, the seller has this one priced to sell! This 3 bedroom, 4.5 bath home comes with every fine detail you would expect with a name like Turnberry. The state of the art Snaidero kitchen with Giallo granite overlooks the ocean and comes with appliances like SubZero refrigeration, Gaggenau Gas cook top and Bosch… Entering into the Master Bathroom we find intricate rooms detailed in marble and open windows showcasing the Biscayne Bay and city of Sunny Isles. The Master is also equipped with a Jacuzzi Hydrotherapy tub with built in TV and Steam shower for the ultimate in relaxation.

Let me know if you have any additional requests for luxury condos on the ocean or for Turnberry Ocean Colony such as detailed floor plans or to preview this fine development.

Want to have a positive cash flow with the minimum 20% down? Today’s $1M investment (3BR at 2400 Sq Ft) will return around $6,000 in monthly rental income. When you take into account Taxes $1,500 and a Maintenance fee (Ave.) $1,200 with today’s interest rate at 5.75% (Principal & Interest) at $4,700 totals $7,500! The Miami Beach investor is putting down 40 to 50% to have a break even or goes negative if choosing to leverage money as the gamble on appreciation at a 3+ year hold is likely. Other points of interest are the bottom of this Miami real estate bubble on oceanfront condos which may likely have already occurred. Across the board on oceanfront condos in the Sunny Isles area and Miami Beach FL real estate, we’ve seen average 25% depreciation in the last 24 months. In the last 90 days there have been 71 closed sales in Sunny Isles and 70 in Miami Beach. The aggressively priced condos are selling well at an average of 95% of the asking price.+A recent article on Cory Fritzlers investment portfolio shows he is concentrating now on Dallas and Miami Beach FL real estate. “Despite record foreclosure rates and declining property values in 2007, there is evidence suggesting the worst may be over, providing significant opportunities for investors and home buyers in 2008 and 2009. As a result, Cory Fritzler, real estate investor and entrepreneur, has increased his portfolio in the South Florida market and continues to hold and manage over 40 rental properties in the Dallas Fort Worth area. In addition to the Dallas market, Cory Fritzler has strengthened his company’s position in the Miami Beach area. As the recipient of multiple awards for his work in real estate, Cory Fritzler is known for his innovative real estate investing, unique financing programs, charitable work and benevolence. Moving into 2008, Fritzler anticipates more investment opportunities, with a focus solely on the Dallas and South Florida markets.” WebWire Jan 17th 2008

More positive news coming as this year shows a new outlook on Miami Beach FL Real Estate. What do residents, tourists and International buyers really want? Oceanfront living, a great climate and an active lifestyle are the major attractions for year to come. Let me know what you think by leaving your thoughts and suggestions below…

Where is the bloodbath in Miami Beach FL and Sunny Isles buyers want to know!? Today’s buyers are now placing frequent offers and soon find that seller’s are only accepting 5 to 10% off the asking prices. What about 30 to 40 cents on the dollar? Where are the foreclosures, bank owned and desperate seller’s the media is portraying along our South East Florida Coast. Well I’m here to tell you that the blood bath has already occurred along the Atlantic, there are properties going under contract and demand is on the rise again. A lot has to do with the winter season, weak dollar, and end users wanting a piece of oceanfront and willing to pay market value. I expect a rebound on Oceanfront by 4th quarter yet a continued lag with new inventory like the new Trump Tower I, II & III and Jade Beach & Jade Ocean. Look for great deals coming up!

In the past 2.5 years property inventory went sky high as speculators took a big step back and the media beat up on S.E. Florida real estate. The mortgage market went south with the subprime crisis as seller’s soon noted the smoke & mirrors that they succumbed to… Prices on average dropped 25% since 4th Q 2005 after a strong 2 years at 29% appreciation. The most recent stats show sale price to list price ratio at 95%! The seller’s (the 1% ile) who are aggressively priced to the market are in fact getting offers with Pending sales on the rise in 2008. Trump Palace 4806 is getting an offer each week. Well it’s a steal at $1.199 with new marble floors going in and now we see the serious offers rising from 29% to now 13% requested off the asking…(it’s in line to sell 1Q at full price)! My forecast is a clear separation between the mainland and the oceanfront as Downtown Miami takes a continued tumble. International buyer’s are taking advantage of oceanfront real estate that softened, the weak dollar and tend to move fast with cash offers. We welcome the loving Canadians and Europeans who look for Florida sunshine and the strengthening Loonie and Euro (now 33% off USD). It’s a strong Buyer’s market in Miami Beach FL real estate and Sunny Isles real estate and those that gamble on the market pay today’s market prices and are in it with a positive 3 year + outlook. Let me know what you think and I appreciate your responses and personal opinions.

A new report from the Attorneys’ Title Insurance Fund Inc. finds that Florida’s housing market slowed in 2007 in nearly every county it analyzed. The report also showed that real estate markets flattened out in spring 2007, before the subprime mortgage crisis in August knocked markets down another 10 percent across the state. Since then, the state’s housing market has flattened and is expected to begin to recover during the next several years. The 2008 Fund Florida Real Estate Forecast, commissioned by Florida based Attorneys’ Title Insurance Fund’s Consumer Education Campaign, created by economist Dr. Hank Fishkind using deed data for more than 30 Florida counties. The report provides us a snapshot of the national economic outlook and 33 county specific forecasts for 2008 through 2010.

“Florida is one of the leading states for job creation and outperformed the rest of the country despite the housing market meltdown,” Fishkind says. ‘The state’s population growth also slowed, but is still nearly greater than all of the other Southeastern states put together. Florida has a very large and powerful economy that has gone through a cyclical downshift, but Florida’s economy is still outperforming compared to the rest of the nation. Florida has created a tremendous amount of wealth and despite many of the problems that loose lending practices and subprime mortgages have caused the state now has the highest level of homeownership ever. The market has had some indigestion now, but housing markets will return to normal during the next few years. The damage for some is significant, but in the aggregate, Florida still had some significant economic gains.”

Florida is netting 750 new residents each day. Since November 2007, I’ve been experiencing an increase in inquiries and sales from both International and National customers. In attempting to time the bottom of the market, there may be greater risk by waiting too long with the could have, should have mentality. If you love Miami’s excitement and waterfront lifestyle today is a great time to get a bargain deal. I advise customers to have a 3 to 5 year outlook as a place to love & enjoy with family and friends. I believe there are bottom line bargains each week and promote them regularly to my direct clients.

In studying Sunny Isles real estate to South Beach real estate for the last 30 days, there have been 30 closed sales on Collins Avenue (partly because of the Holiday season). In the last 90 days there were 117 closed sales and 286 closed units in the previous 6 months. Today’s Collins Avenue inventory stands at 2172 total condos over a 15 mile stretch (Jan 8^th, 2008). The condos priced in the top 1% are selling on average at 95% sales price to list price ratio. The deals are exciting as my buyer clients are saving sometimes 10 to 20% off. The seller’s I represent are pricing there’s competitively (in the top 1% range) and the luxury condos of Sunny Isles are getting serious offers accepted. In the next 18 months my forecast is a distinct separation between the mainland of Downtown Miami Dade and the Miami Beach FL real estate market. Think about this as tourists and International customers want the luxury oceanfront living the beaches of Miami offer. It’s a great big part what makes Miami so amazing! Let me know if you have any thoughts or a suggestion on this topic of Florida’s rebound occurring in the following years. I will be updating new statistics and trends after this first quarter 08. Best regards!

Recently I decided to work with a serious foreign client who needed a lot of education on today’s inventory, value and location advantages. After previewing many condo units with the buyer the ultimate decision was made to go with oceanfront of Sunny Isles real estate. The buyer had both an emotional and an investment outlook and went with the multiple offer plus low ball offer tactic to see who was desperate. After fast negotiations and getting the very best deals on each, I realized that out of the 1,134 total condos for sale in Sunny Isles that most of todays sellers are in fact desperate based on the current market conditions of Miami. The only difference is what I call the 1%ile (1 percentile). The 1% lowest priced unit owners have listened to good advice and positioned their condo to sell. The 1% of the market who have priced there condo ahead of the curve and are at the bottom of the stairs waiting for the slinky! Ladies & Gentlemen properties are in fact selling!! There have been 258, 2007 sales while today there are 1134 waterfront condos available. Yes, this is not the sellers market that it was in 2004 & 2005 but with what the latest 24 months have provided us, there are great deals to be had and 258 people have taken advantage of a 20 to 30% discount in Dade county pricing.

In studying todays “low ball offers” and what we may discover reviewing factual data on closings, today’s average sale price to list price ratio is 95%. This tells us the best priced properties are taking off an additional 5% off list price in most cases in order to complete the transaction. Ranges seem to be from 15% to 97% and alot has to do with negotiation skills and motivations of each party.

Offer #1 Ocean III #1603 (seller paid $495,000 in 2003)

*asking $659,000 *offered $550,000 (17% off) *counter came back at $630,000 (4% off) ***closed comps show:#1003 closed at $690,000 on 2/2007 #703 closed at $655,000 on 4/2007 #1703 closed at $625,000 on 8/2007

Offer #2 Ocean 4 #1502 No Tax Records yet… possibly b/c of new construction

*asking $699,000 *offered $599,000 (14% off)”wants it in writing to show sincerity” … buyers test the seller motivations/bottom line so this tactic simply tests the sincerity of the offer. ***closed comps show:#2602 closed at $765,000 on 6/2007 #1802 closed at $720,000 on 6/2007#1702 closed at $700,000 on 5/2007Factor in the floor height which delivers a premium.

Offer #3 Ocean 4 #3903

*asking $759,000 *offered $650,000 (14% off) *counter came back at $695,000 (8% off). ***closed comps show:#2803 closed at $820,000 on 5/2007#1803 closed at $782,000 on 3/2007#2603 closed at $680,900 on5/2007 Michelle tells me “this is a developer unit from pre construction”!!?!!At 10 floors higher 3903 should be a great buy.

Offer #4 Sands Point #PH02 (seller paid $299,000 in 1997)

*asking $599,000 *offered $509,000 (15% off)*countered at $560,000 (7% off). ***closed comps show:#1601 closed at $700,000 10/2007#PH-6 closed at $610,000 9/2007#2001 closed at $550,000 4/2007

This is a review of todays best oceanfront deals in Sunny Isles real estate from December 2007

In determining value at Trump Tower I from a Banks perspective, they will send out someone who may or may not even know the local market. They research similar units in the same tower that have already closed and take into account floor height, view direction and finishes (detail) such as marble floors vs. carpet or raw & unfinished. If 3 to 5 other units have closed b.w $1.1 & 1.5 price range they will make the adjustments so that yours fits into the puzzle and come up with an estimated value. Because of the mortgage market situation today’s banks are more conservative than ever. If not enough resales have yet occurred in the new Trump towers they will research and look outside the building but in the immediate vicinity of Sunny Isles real estate such as Trump Palace of Sunny Isles (or similar units & square footage ) to determine value.

I believe as we get closer to closing units at Trump Tower I, prices and values will go downward for a short time as we find 2% sellers extremely motivated. The most motivated speculators try and get theirs sold first with pricing wars usually occurring b.w unit owners of similar units such as #2903, 1703, 503, 4003 and so on…Today’s value in my mind, is somewhere around $1.1M for a high floor 2700 sq feet. With a $30K or so investment into finishing the property, I find it to be very cost effective and almost mandatory as today’s buyer(s) do not like the hassle of ‘what it might take to finish it themselves’. The return for finishing each unit at Trump Tower condos should at least cover the expense if not add $50-$100K additional (first come first serve so act fast) but again it comes down to active competition and what the most motivated are doing at that time.

Hope this helps,

Ashton