Widely considered the highest end ultra-luxury condominium building in all of Miami Beach, Apogee's past 90 days of closed sales demonstrates the enduring strength of the overall South Beach condo market.  This was the last, and highest end, condominium building completed by the Related Group in 2008.  Despite the severe real estate downturn of the past few years, sales data for the Apogee in the past few years, and most especially recently, is further evidence that premier waterfront properties continue to draw buyers willing to pay a premium price for the right location, amenities, and especially in a boutique ultra-luxury building.

A particularly noteworthy sale at Apogee is highlighted below.  This condominium, although spectacular with many ultra-luxury features and amazing views of Fisher Island, Government Cut, the Ocean, and the city of Miami Beach, was sold "Decorator Ready" but still needed to be finished out with flooring, window treatments, paint, etc.

Apogee #1801- High floor Eastern Exposure corner condominium with four bedrooms / four baths estate in the sky type residence. The extra large living room even has a fireplace! Large master suite with midnight kitchen. Media room and outdoor kitchen. Top of the line line appliances, exceptional woodwork in closets, sunken bathtub/ rain showers. Panoramic views of Fisher Island, Atlantic Ocean, Government Cut, South Beach. 2400 sf wrap-around terrace. 2.5-car enclosed private garage.

Sold Price: $5,900,000
Original “For Sale” Price : $6,795,000 (5/2009)
Original “Sold” Price (7/2008) : $5,390,000
Bedrooms: 4
Bathrooms: 4
Interior S.F.: 4,154 ($1,420/SF)
Total S.F.: 6,554 ($900/SF)
Closed Date: April 16, 2010
APPRECIATION from Previous Sales Price in 2008: 9.5%

Below are the last 90 days worth of closed sales data from the entire Apogee Condominium Building:

For the next few weeks, I'd like to highlight the significant sales movement that we are seeing in the premier luxury waterfront condominium buildings in the South of Fifth Street neighborood in South Beach.  The most sought-after buildings in this highly desireable area are the Continuum North and South Towers, The Apogee South Beach ultra-luxury condos, The Murano at Portofino, The Murano Grande, and finally Icon South Beach.  Below are the past twelve months closed sales (and two pending sales) for the Continuum North Tower, which was completed in 2008.  Many (subjectively speaking) consider the North Tower to be a slightly more desireable due to it's finishes, better overall attention to details by the builder, and a few of the more modern "smart" building amenities that were not available when the Continuum South Tower was completed in 2001.

The Continuum is a one of kind luxury waterfront condo community with twelve acres located directly on the Ocean at the southernmost tip of Miami Beach.  Featuring two oversized lagoon pools, the largest private fitness facility in Miami Beach, two sunken tennis courts, a private lap pool, a private restaurant, and many other amenities, click here for more information about The Continuum North Tower .

The Sales Data for the past twelve months is listed below:

President Barack Obama will be hosted by Gloria and Emilio Estefan on April 15, 2010 at their Miami Beach home for a Democratic National Committee fundraiser. Over the past thirty years, the Estefan's have been huge benefactors to the local community, along with their Star Island neighbor Rosie O'Donnell. They have been tireless fundraisers for many great causes and to a variety of charitable organizations.  Most recently, Emilio and Gloria Estefan held one of the largest rallies ever in little Havana to protest the human rights situation in Cuba, and over the years they have been major benefactors to Miami's exiled Cuban community.

The $30,400-a-couple cocktail reception is reported to be the Estefans' first political fundraiser for the Democractic National Committee.  Both Gloria and Emilio Estefan strongly believe in giving back to their local community, and have expressed their gratitude and patriotism on countless occassions. Obama will also attend a fundraiser at the Adrienne Arsht Center in downtown Miami for the Performing Arts in downtown Miami that same day. It should be noted that Gloria performed at the inaugural festivities for President George W. Bush in 2005, following Mr. Bush's 2002 appointment of Emilio to the President's Committee on the Arts and Humanities and the President's Advisory Committee on the Arts.  The local Miami Beach community is very grateful to have them as neighbors and citizens!

Over the past week, I had the opportunity to take out two ready, willing, & highly qualified (cash contracts) Miami Beach condominium buyers to see The Continuum on South Beach, The Murano at Portofino, Icon South Beach, and The Bentley Bay.  It was a shocking experience, in more ways than one.  The purchasing criteria:  Price point of $1 Million - $1.5 Million for a waterfront two bedroom condominium with water views.   There are well over one hundred (100 +) individual condominiums to choose from that easily meet this criteria on the market for sale.

The first impression that I was left with was the complete lack of professionalism (negligence is a better description) on the part of a large number of listing Agents and/or Brokers.  Disconnected phones, incomplete and inaccurate information on Multiple Listing for the condos that are on the market, voicemessages saying that the agent is out of the country / unavailable and NOT to leave messages, no voicemail pickup at all in two cases, no response to multiple voicemessages and emails, and sometimes a response days later that a showing can be arranged perhaps once per week.  Also, we experienced agents not showing up for appointments or having to pick up keys at an office located over 10 miles away!  I was left wondering if the individual condominium owners realize how poorly they are being represented in a BUYERS market.

That being said, I was also impressed that only a very limited number of these waterfront condos are priced to sell.  The vast majority of the 100+ initial condos that showed up in a property search, with the above mentioned criteria, are overpriced and nowhere near the market / appraised value.  In each of the buildings- there are only a few condos that are truly worthwhile and that a buyer would give serious consideration to making a reasonable offer. I'd like to highlight a few of the deals that were the equivalent of finding a needle in a haystack:

 Continuum South Beach - South Tower #2301
Asking Price: $1,395,000
Comparable Sale #1901 : $1,160,000 (Short Sale)
Bedrooms: 2
Bathrooms: 3
Interior S.F.: 1,591 (Asking $876/SF)
Comparable Sold Date: March 10, 2010

Continuum North Tower -  #1704
Asking Price: $1,395,000
Comparable Sale (#1204) : $1,250,000 (8/2009)
Bedrooms: 2
Bathrooms: 3
Interior S.F.: 1,491 (Asking $935/SF)
Comparable Sold Date: August, 2009

Bentley Bay Miami Beach - South Tower #1201 (Short Sale)
Asking Price: $870,000
Comparable Sale #1801 : $755,000 (Foreclosure Sale)
Bedrooms: 3
Bathrooms: 4
Interior S.F.: 1,994 (Asking $436/SF)
Comparable Sold Date: December, 2009

Icon South Beach - Condominium Unit #1106
Asking Price: $695,000
Comparable Sale #1706 : $725,000
Bedrooms: 2
Bathrooms: 2
Interior S.F.: 1,452 (Asking $478/SF)
Comparable Sold Date: March 19, 2010

Global Sales Data Source:  Southeast Florida Regional MLS

This week, I had the opportunity to view the relaunch of the Terra Beachside project- located at 60th and Collins Avenue in the mid-beach area of Miami Beach (also known as Millionaires' row).  This project had been sitting idle for over a year.  It was previously considered hard to sell due to the development's unique location (between the north and south bound lanes of Collins Avenue). 

At over $500/SF, which was the initial project pricing back in 2005, I could not recommend Terra Beachside to clients. However, last year the debt on the property was purchased by a New York Group, which is in the process of finishing the construction with much attention to detail, and most importantly, a drastic price reduction.  Today, we are able to offer our qualified buyers the opportunity to purchase one, two, and three bedroom townhome style villas for just above $200 per square foot.  This is an extraordinary value - since the kitchen and bathroom finishes rival many of the highest end buildings in South Beach (such as The Continuum, Icon South Beach, Murano at Portofino, Apogee, etc.). 

All Kithcens feature large open spaces which are bright and ideal for entertaining, with Miele appliances, stainless steel backsplashes, high-end cabinetry, and other luxury amenities.  Also, the floorplans are spacious, well proportioned, and feature very high ceilings.  For anyone looking to purchase a luxury property right NEXT TO the Ocean for a bargain price, I strongly recommend setting up an appointment with us to see this unique development.

Terra Beachside Property Features:

• - 400 foot long atrium with translucent canopy
• - Zen-like gardens and water features within the atrium
• - High tech electronic security and surveillance
• - 24hour Security
• - Secured underground parking garage
• - Lifestyle Center
• - Media Room
• - Fitness Center
• - 80 foot long curving lap pool & Jacuzzi
• - Wireless internet throughout the property
• - Beach Access (across the street)

All residences feature 18 foot ceiling height in the living rooms and come appointed with high end European finishes in the kitchen and bathrooms. One of the building’s highlights is a Zen-influenced translucent atrium that spans the entire length of the property. A three story Lifestyle Center is a focal point of the property with a curving lap pool, Jacuzzi, Fitness Center, and Media Room.

The project offers one- to three-bedroom residences ranging in size from 1,095 to 3,495 square feet and priced
from the mid $200,000s to more than $600,000.  Terra Beachside’s innovative architecture includes a Zen-like atmosphere with a translucent, 400-foot atrium spanning the entire length of the property.  Beneath the atrium, Terra Beachside’s six floors overlook a courtyard of gardens and water features. A three-story, cone-shaped lifestyle center, four unique floor plans, rooftop terraces, ground-floor backyards and a collection of inviting features and amenities.

Following from my previous post about the upcoming Winter Music Conference, culminating in the Ultra Music Festival at Bayfront Park in downtown Miami, I'd also like to highlight a few other late March events taking place around Miami Beach:

The official dates for the 25th annual Winter Music Conference are March 23 to 27, 2010. A few other great events taking place this month are the Miami Book Fair, the Miami Film Festival, and the Sony Ericcson Open Tennis Tournament in Key Biscayne.  To see additional information about year-round Miami Beach events, check out our Miami Beach Living Page

The Winter Music Conference is one of my personal favorites, featuring one of the largest indoor/outdoor music and DJ events in the world. The only other events that can rival the diversity and scope of this five day music extravaganza are Mardi Gras in Australia and Carnaval in Brazil.  In 2009, we had almost 2,000 artists and DJs in Miami Beach.  This year will see major events once again scheduled at the magnificent Mansion nightclub, Set Nightclub and Lounge, and the Cameo Theatre in South Beach. The official host hotel will be the recently restored Eden Roc Hotel located at 4525 Collins Avenue, in the mid-beach area of Miami Beach (right next door to the historic Fontainebleu Hilton). 

Be sure to also check out the amazing Oceanfront music events scheduled at the Nikki Beach Club located in the South of Fifth district along Ocean Drive.  The National, the Clevelander, the Shelbourne, Skybar at the Shore Club, and Louis Nightclub at the Gansevoort Hotel will also be hosting some of the world's top spinning talent.  A few of the featured DJ's this year are Tiesto, David Guetta, Armin Van Buren, Eric Morillo, Carl Cox, Passion Pit, Sasha & John Digweed, Benny Benassi, Fedde Le Grane, Kaskade and Paul Oakenfold.  For a complete schedule of upcoming Miami Beach events and to purchase tickets click here