I've noticed a fascinating trend lately - the relative price points which waterfront luxury condos are selling for in Miami Beach's South of Fifth District. What's intriguing about the latest sales is that I've noticed parallel trends occuring in this Buyer's market, which is happening even within the SAME building. I'm going to use the Murano Grande as an illustrative example here, although the same divergent sales/price point pattern can be seen in other nearby buildings such as The Continuum on South Beach, The Murano at Portofino, Icon, and even in the Portofino Tower, where we are currently marketing an exceptional deal.
There have been some short sales and bank-owned foreclosure sales in Miami Beach's South of Fifth Street District, which are generally consistent with 2009 Tax Appraisal values. The 2009 Miami-Dade County Tax Assessor has made a strong effort in the past eight months (which I previously wrote about here) on behalf of Miami Beach property owners so that 2009 tax bills reflect today's reduced market values. For example, at the Murano Grande last year's short sales prices accurately reflect the 2009 Tax Appraisal values, an example sale:
Murano Grande #1211 (Ocean & Bay Views)
Closed Sales Price: $675,000
2009 Tax Assessed Value: $758,000
Condo S.F.: 1,649 ($409/SF)
Closing Date: October, 2009
Interior Decor / Overall Condition: Poor, needed new flooring/paint
However, what's especially interesting here is that within the SAME building we are seeing recent sales significantly ABOVE the 2009 Tax Appraisal values for premier turnkey luxury condos, a few examples:
Murano Grande #2310 (Ocean & Bay Views)
Closed Sales Price: $950,000
2009 Tax Assessed Value: $848,000
Condo S.F.: 1,548 ($613/SF)
Closing Date: December 16, 2009
Interior Decor / Overall Condition: Spectacular designer appointed finishes.
Murano Grande #3003/3004 Combined Condos
Closed Sales Price: $4,200,000
2009 Tax Assessed Value: $3,621,000
Condo S.F.: 6,032 ($696/SF)
Closing Date: December 30, 2009
Interior Decor / Overall Condition: Amazing designer appointed finishes + custom floorplan.
We're currently marketing Portofino Tower #2602 as a short sale, with an asking price of $1,090,000. This is an incredible opportunity for the knowledeable, ready / financially able, and savvy Miami Beach condo buyer! Why? The current owners purchased this condominium in 2008 for $1,500,000 and we are working with ONE lender to close the deal for a qualified buyer at the final bank approved price. We expect the bank to approval the sale shortly.
Latest Comparable Sale Miami Beach's Portofino Tower #2102
Closed Sales Price: $1,275,000
2009 Tax Assessed Value: $1,042,000
Condo S.F.: 2,040 ($625/SF)
Closing Date: February 9, 2009
Interior Decor / Overall Condition: New Kitchen with Miele Appliances + custom wall finishes.
Short Sale Portofino Tower #2602
Short Sale Asking Price: $1,090,000
Previous Closed Sales Price: $1,500,000
2009 Tax Assessed Value: $1,089,000
Condo S.F.: 2,040
Interior Decor / Overall Condition: Italian Stone floors, impeccable condition.