Almost every day, I'm getting phone calls and emails from new buyers looking to take advantage of the price declines that have occurred in the past few years here in South Beach.  I'd like to highlight a few of the key attributes to look for in a strong Miami Beach Real Estate Agent who can get you that Amazing Deal:

- They should have long-term experience working in this market / neighborhood.  Whether it's a condominium South of Fifth Street in South Beach or selling waterfront homes on Miami Beach's Venetian Islands, the agent you're working with needs to should have at least ten years of market experience.  Ten years is the minimum to have the negotiating and market skills to competently represent a buyer in this market.

- Attention to follow-up and detail.  This is perhaps an obvious one, but something that I have found sorely lacking among many local agents.  This means having a specific SYSTEM in place for following up with all due diligence items- such as title issues, inspections, lender/mortgage broker approval, title issues that may come up, closing attorneys, and potential code violations, open permits, condo association approval process, and making sure that the agent representing the seller is also doing his job.  I've seen many buyers lose out on great deals, only because the buyer's agent they were working with dropped the ball, opening the window of opportunity for another buyer to come in and "steal" the deal away.

- The agent should stay current with today's business headlines- both local, national, and international real estate and financial trends.  Your real estate agent must be current with what's happening both locally and nationally with market liquidity, local inventory levels, and the financing issues that may come up for a qualified buyer.

- The agent should be well informed as to what's happening with both short sales and foreclosures in the immediate neighborhood, whether it's a condo building, nearby condo buildings, or with sales of waterfront and non-waterfront homes in a neighborhood.  I've encountered many agents, especially in South Beach, in the recent past that pretend that somehow the condominium buildings or neighborhoods where they routintely work are not impacted by today's market realities.  This is just not true.  These agents not doing a good job on behalf of their sellers, and the buyer's agent needs to know how to navigate this situation.

- The agent should know the most recent closed sales in the specific condo buildings and single family neighborhoods that they work.  Any buyer today (and also the lender) will not be willing to overpay- this means that the agent must understand the closed sales of the past two months.  Again, many agents I've recently dealt with like to pretend that the latest sales are somehow not valid comparables.  If it's a closed sale, it's a comparable sale that must be taken into account in making an offer. 

- The agent should look, act, and conduct themselves professionally at all times.  I know of several long-time agents that do not dress professionally, much less act in a civil manner to others, and in the process poorly represent their clients.  Often times, first impressions do tell the whole story.

- The agent should embrace today's technology and business trends.  Life and business today moves at a fast pace- lenders, attorneys, title companies, clients, mortgage brokers, etc. usually expect a fast response during certain critical moments in putting a deal together.  If the agent does not, as a minimum, have a smart phone and respond to your emails and phone calls in a timely manner (within 12 hours) then this should be cause for concern.

The month of March is an exciting time for local events in and around Miami Beach!  So far in 2010 we've been seeing strong tourist traffic for events such as The South Beach Wine and Food Festival, the upcoming Winter Party Festival the culminates in a massive beachfront fund-raising party right off 12th Street and Ocean Drive.  In addition to being an important fundraiser, the Winter Party Festival is also a major contributor to Miami and Miami Beach's economy, this year the local Miami Beach tourist Board is expecting over 10,000 people from around the world!

Also, the 2010 Winter Music Conference will be taking place in and around Miami and Miami Beach from March 23 -27.  During the week, there will be over 400 parties held at dozens of venues and outdoor spaces.  This is the 25th year that this amazing music conference takes place, and each year the event attracts more visitors and the hottest music talent on the planet!

In the past few months, we've also noticed a strong increase in buyer traffic for Miami Beach's hottest real estate.  For example, we just had a young (and famous) Brazilian client of ours purchase in one of Miami Beach's most popular waterfront condo buildings- The Murano at Portofino.  This building happens to also host a variety of VIP events at the world-famous Piaggia Beach Club, which is located on the southern side of the main entrance.

Key Facts:
Murano at Portofino South Beach (Intracoastal & Fisher Island Views)
Pending Sales Price: $900,000
2009 Tax Assessed Value: $766,000
Previous Sales Price (2005): $975,000
Bedrooms: 2
Bathrooms: 2
Condo S.F.: 1,390 ($647/SF)

Interior Decor / Overall Condition:  Beautiful decorator-appointed finishes

Note that the tax assessed value is significantly lower than the pending price. This pending sale demonstrates the resilient market value of premier condos located in luxury waterfront buildings in South Beach.  If you are potentially looking to purchase, NOW is the time to take advantage of this buyer's market.  We're seeing strong buyer activity from those looking to become a part of the amazing lifestyle that Miami Beach has to offer!

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
Bedrooms: 2
Bathrooms: 2
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
Bedrooms: 2
Bathrooms: 3
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
Bedrooms: 5
Bathrooms: 6
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.

Key Facts:

Latest Comparable Sale Miami Beach's Portofino Tower #2102
Closed Sales Price: $1,275,000
2009 Tax Assessed Value: $1,042,000
Bedrooms: 2
Bathrooms: 3
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
Bedrooms: 2
Bathrooms: 3
Condo S.F.: 2,040
Interior Decor / Overall Condition:  Italian Stone floors, impeccable condition.

I am an optimist and expect us to have a bright and active future marketing and selling Miami Beach single family homes to both to international and domestic buyers looking to own a piece of paradise.  Following up from our last sales update regarding the overall trend in terms of prices and pending sales trends for Miami Beach (South Beach area) for January, 2010:

Some local Miami Beach perspective on this latest sales trends for zip codes 33139 and 33140:

55% of the homes sold in January in Miami-Dade County were priced under $500,000 and these homes that sold were actively on  the market for an average of 30 days.

Price trends at the lower end of the market have been positive, with the latest closed sales showing flat pricing, and in some cases a slight appreciation in neighborhood values.  However, in the higher price ranges (over $500,000), we are still seeing weakness in demand and no decline in supply of new inventory. 

Below is the supply of houses listed for sale in Miami-Dade County in October, according to the MLS:

• - Under $500,000: eight-month supply of homes
• - $300,000 to $1 million: 21-month supply
• - Over $1 million: four-year supply

Miami Beach’s luxury housing market falls into mainly in the over $500K category, however, the supply is much more restricted due to the fact that these are islands communities.  Also, since there is no new construction taking place, I continue to expect Miami Beach's housing inventory to slowly work it's way down to a healthy six to nine month supply for the luxury segment of the market.

Miami Beach Housing Inventory:

• - $300,000 to $500,000: less than six month supply
• - $500,000 to $1 million: 15 month supply
• - Over $1 million : 24 months supply

As I speak to an ever-increasing number of motivated sellers as part of my daily/weekly round of listing appointments, I continue to emphasize to everyone that there is NO room in the local housing market for overpriced listings. The strongest demand continues to be for turnkey (completely remodeled & finished) waterfront and non-waterfront homes that are priced RIGHT!  The issue today is not so much the current inventory levels of unsold homes, it's the expected supply of NEW Miami Beach unsold homes that are expected to come on the market in the next few years.  I personally know of quite a few sellers that have kept their homes off of the active market waiting and hoping for the market to "turn around". 

To view latest Miami Beach sales data, click here.

* Data Sources: MLS & Miami-Dade Public Records

As most people who live in the United States are aware, the Superbowl is about to take place this coming Sunday at the Sun Life stadium.  Many of the national, international, evening news and late night shows have been highlighting the entertainment and VIP events that are taking place in our stretch of paradise - Miami Beach.  If there was ever evidence as to the enduring popularity, national appeal, and "fun" factor of South Beach, here it is:

* Director Michael Bay has invited 70 VIP's (otherwise known as VERY rich people) to his house on North Bay Road in Miami Beach to raise money for charity.

*  Snoop Dogg is scheduled to perform live on Friday night at Mansion located on 12th & Washington Avenue in South Beach .

* Justin Timberlake is unscheduled, but rumored to be making a surprise appearance at one of the concert venues in Miami Beach.

* There will be a Super Bowl luncheon on Saturday in Miami Beach's South of Fifth Neighborhood at Red the Steak House for NFL fathers and Living Legends of Florida.

*  On Saturday night, there will be the Maxim Super Bowl invitation-only party at the Raleigh Hotel.

*  CBS, NBC, ABC and FOX broadcasting their morning shows live from Ocean Drive in the heart of South Beach.

*  Free tickets for a spectacular Rhianna, Nelly Furtado, Timbaland concert stage set up righ on the beach in South Beach,  along with Timbaland, Nelly Furtado.  The concerts began on Thursday night at what is being called the Pepsi Fan Jam.

*  There’s a Jamie Foxx concert/comedy show on Friday night at the Fillmore Theater in Miami Beach.

*  ESPN is having a private party Friday night with Q Tip at the Fontainebleau.

*  Lincoln Road is awash in Superbowl fever, with team decor and sponshorship displays by Lincoln-Mercury.  This incredible displays along the pedestrian mall go from Alton Road to Collins Avenue.

*  The Black-Eyed Peas will perform at the American Airlines Arena in Miami this Friday evening.  The official after-party will take place at the Sagamore Hotel, on Collins Avenue, located in the heart of South Beach.

The Super Bowl itself is held at the Sun Life stadium which is located in Miami Gardens, which is a short 20 minute drive from downtown Miami and Miami Beach. 

Enjoy the game everyone!

I'd like to share with our readers my informal "Top 10" list of local Miami Beach restaurants.  These are the ones I recommend to friends and clients who visit our South Beach paradise, and are all located within walking distance of all of the luxury condos that we specialize in selling (Murano at Portofino, Portofino Tower, Continuum South Beach, Apogee, Icon South Beach, Murano Grande, The Il Vilaggio, and The Bentley Bay. 

Smith & Wollensky Steakhouse - Yes, it's an expensive chain steakhouse, but what really makes this place standout is the impeccable service, and the incredible location in the middle of South Point Park facing government cut.  Request an outside table, with amazing views of the cruise ships, Fisher Island and the downtown Miami skyline.
Address: 1st street and Washington Avenue

DaLeo Trattoria on Lincoln Road- Affordable local favorite with homemade Italian dishes ranging from classic pastas to gnocchi and speciality chicken dishes.  Extremely attentive and friendly staff, located just off the busy Lincoln Road and Meridian Ave. cross streets.  THE place to people watch on the pedestrian Lincoln Road Mall. 
Address: 819 Lincoln Road

Prime 112 Steakhouse- Another South of Fifth street local and tourist favorite.  A bit pricey, but the service and food are outstanding.  This is the "in" steakhouse to see and be seen. 
Address: 112 Ocean Drive

Joe's Stone Crabs- Located next to South Pointe Park and the Nikki Beach club complex, this is probably one of the most famous stone crab restaurants in the country.  A "must visit" for fans of stone crabbs and locally caught fresh seafood.
Address: 11th and Washington Avenue

Joe Allen's- Located on Purdy Avenue, across the street from The Sunset Harbour condominiums.  This NYC transplant is an out of the way local favorite with great service and a diverse menu that features everything from salads to pastas and steaks.  Reasonably priced and a great place to mix with local Miami Beach residents.
Address: 1787 Purdy Avenue

Burger and Beet Joint- Located right around the corner from Joe Allen's, the very best burgers with different meat choices (including Kobe beef) in Miami Beach with a friendly staff.
Adress: 1766 Bay Road

DeVito's South Beach- This is one celebrity-owned restaurant that beats expectations.  Try the homemade meatballs and the Lemoncello martini, and to finish it all off the cotton candy dessert is not to be missed!  Not cheap, but excellent & unique food, great ambiance, and conveniently located in Miami Beach's South of Fifth Street District.
Address: 150 Ocean Drive

Sylvano Italian Restaurant-  This is another local favorite and not be missed.  Reasonably priced (not a fancy ambiance & discreetly located on Alton Road and 9th Street) some of the best homemade pasta dishes in all of South Florida.  Everything is homemade and the service/staff are friendly and aim to please.
Address: 820 Alton Road

Baires Grill- Recently relocated to Lincoln Road, featuring homemade empanadas (oven cooked, not fried), outstanding meats, and an extensive wine collection.  The staff and service are friendly and relaxed and the prices reasonable.  Located underneath the Regal Cinemas on the Western end of the pedestrian mall.
Address: 1116 Lincoln Road

Meat Market- A sexy and glamorous take on the traditional steakhouse, executive chef Sean Brasel creates truly unique dishes. Featuring contemporary and elegant decor, this restaurant provides one of the finest dining experiences in all of Miami Beach.
Address: 915 Lincoln Road