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

Hello friends… I’m writing posting today regarding the luxury condo hotels along the Atlantic coastline from Sunny Isles Beach to South Beach. There are many great condo hotels along the Miami Dade Beaches to choose from with each having desirable characteristics such as the Trump International Beach Resort with excellent values and amenities including the lagoon pool, children’s play area  and waterfalls. Location plays a crucial role so I’ll be comparing to South Beaches exclusive condo hotels including the Setai and Bentley Beach Hilton. There are 2 new condo hotels coming very soon which may dominate all others for concierge “white glove” services and these include the St. Regis in Bal Harbour (2011) and the W South Beach Hotel (2009). These will each be a blog post in their own.. I’ll be relaying simple statistics on the very best oceanfront condo hotels in order of location below.

Sunny Isles Beach Condo Hotels

• Trump International Beach Resort | 18001 Collins Avenue | Price Range $170,000 (450 sf) to $1.090M (1477 sf) | Ave PPSF$535
• Le Meridian M Resort | 18683 Collins Avenue | Price Range $289,000 (688 sf) to $899,000 (PH 1497 sf) | Ave PPSF$502
• Acqualina Resort (Rosewood) | 17875 Collins Avenue | Price Range $700,000 (709 sf) to $12.9M (8081 sf) | Ave PPSF$830
• (Sonesta) Sole on the Ocean | 17315 Collins Avenue | Price Range $259,200 (644 sf) to $720,000 (1201 sf) | Ave PPSF$526
• Ocean Point Beach Club (DoubleTree) | 17375 Collins Avenue | Price Range $349,000 (960 sf) to $720,000 (1860 sf) | Ave PPSF$370
• Aventura Beach Club (Ramada) Marco Polo Resort | 19201 Collins Avenue | Price Range $74,000 (360 sf) $319,000 (440 sf) | Ave PPSF$403

Bal Harbour Condo Hotels

• One Bal Harbour (Regent) | 10295 Collins Avenue | Price Range $500,000 (510 sf) to $5.1M (4000 sf) | Ave PPSF$965
• St Regis Resort | 9701 Collins Avenue.. coming soon!

Miami Beach Condo Hotels

• Fountainebleau Hotel (II & III) | 4441&4391 Collins Avenue | Price Range $389,000 (516 sf) to $14.9M (5000 sf)  | Ave PPSF$958
• Canyon Ranch Living | 6801 Collins Avenue | Price Range $395,000 (960 sf) to $3.750M (2670 sf) | Ave PPSF$811

South Beach Condo Hotels

• Setai Resort | 101 20th Street | Price Range $1.199M (767 sf) to $7.785M (2354 sf)  | Ave PPSF$1861
• W South Beach | 2201 Collins Avenue .. coming soon!
• Bentley Beach Hilton | 101 Ocean Drive | Price Range $359,000 (365 sf) to $1.575M (1050 sf)  | Ave PPSF$1030
• Roney Palace (Gansevoort) | 2301 Collins Avenue | Price Range $140,000 (760 sf) to $995,000 (1488 sf) | Ave PPSF$445
• De Soliel Z Hotel South Beach | 1437&1458 Collins Avenue | Price Range $450,000 (500 sf) to $900,000 (500 sf)  | Ave PPSF$1124
• Shelbourne Hotel | 1801 Collins Avenue | Price Range $79,000 (280 sf) to $649,000 (940 sf)   | Ave PPSF$459

Condo Hotels offer an owner a care free lifestyle with everything awaiting your arrival from fresh linens to coffee filters, maid service to room service and the hotel income split is typically 50% to the hotel management in place. These conveniences allow certain yearly time usage at the owners request along with passive income and the potential for future appreciation unlike a timeshare. Miami is rated#2 in the Nation for hotel occupancy and even so the prices have been adjusted for the economy anywhere from 10-20% from last year. Business is still very good with an overall Miami Dade occupancy average at 68% and average room rate at $177 a night.

I welcome any comments you see useful and informative for the many readers. I welcome accurate information or interesting conversation on Miami Beach condo hotels…

Looking for an affordable Vacation Rental on Ocean Drive? Or do you need better management on your Ocean Drive condo ? Visit us at MiamiDreamRealty.com | 1.888.383.7326 (ext 2) and ask for Jennifer!

Trump Int

The Trump Sonesta is no longer the “Sonesta”

Sonesta moved out in APR 08 and now it’s managed by a rookie company which belongs to a powerful worldwide network Leading Hotels of the World. Based on the weak dollar, tourism is at a record high so even without Sonesta, they have done a fantastic job in their first year. However, I believe the name sells itself. Unit #1102 is in the final 30-40 days of short sale progress. The appraisal has been done and my calculations show it to be worth around $235 to $250,000 based on 2008 closed sales. This #1102 Trump Resort Jr. Suite (667 Sq Ft) faces West over the new school and Bay with very pretty sunset views.

There are other hidden miscellaneous fees such as the Trump name usage, travel agency fees, corporate/group discount fees, which add to another 12% approximately. What is most important is your net and you will soon find no one will quote you on this as it can change at any time based on season, events,

Trump Beach Resort Pool

holidays, acts of God (ie. Tropical Storm FAY). 2008 Income for 3 MO INCOME on #1102 show $2,147 – $1,172 – $1,883 (Averages $20,808 Year End NET). My understanding is a 70% occupancy for 2007 with the number estimated higher this year based on the weak dollar. Sunny Isles Beach is rated as Americas top emerging travel destination by TripAdvisor and we are seeing a great demand pent up for purchasing in this price point. When priced at today’s market value such as #1102, I do not see the Trump International Beach Resort prices dropping any more than 10% below where they are today. If you’d like to receive new blog postings & updates once available, you can easily be notified by RSS feed (see upper left column) or by email every time a new posting occurs. Have a productive day and call any time toll free 1.888.383.7326.

In reviewing an excellent condo hotel deal of Sunny Isles real estate (Click Here for Property) with a customer, I decided to relay the answer here on the MiamiBeachRealEstateBlog.us…

The maximum residency in a condo hotel (zoning) is 6 months. With the typical financing at 20 to 30% down, income MAY cover costs. The rental income through Ramada management is a good way to offset taxes and maintenance fees with a small portion of principal. Through owner management or property management outside of Ramada, net income could be slightly higher as the current owner rented this unit out at $525 weekly plus $50 cleaning plus 13% tax. On the flip side, I like the idea of Ramada’s network which may keep occupancy higher hence netting an equivalent as owner/management.

These oceanfront condo hotels are purchased by the vacationer/investor looking for passive income with stress free management in place. The potential for appreciation is great based on the price point ($110k) as anything oceanfront less than $200k, in a highly desirable area, plus high tourist area, should be rare in the coming years.

• Taxes Estimated Yearly at $2,082 or $173 month
• Maintenance fees at ~ $550 month
• At 25% down ($27,500) the remaining balance is $82,500 at 7% (example only) the monthly would be $548.87
• Total monthly expense is estimated at $1,272!