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Tags:  miami beach condos, South Beach Condos, portofino tower miami beach, murano at portofino south beach, south of fifth street miami beach condominiums

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.

 

Tags:  miami beach luxury homes, Miami Beach Real Estate, Miami Beach waterfront homes, Miami Beach single family homes, miami beach sales trends, south beach homes

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

 

Tags:  Superbowl 2010 Miami Beach, South Beach nightlife, miami beach luxury homes, Miami Beach Superbowl, Miami Beach Events

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!

 

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