Real Estate Blog

  • 1

Page 1 Of 1

4 Articles Found

Search results '2010/07'
< Back to All Posts

Tags:  miami beach condominiums, South of Fifth Miami Beach, South Beach Condo Living, Miami Beach Living, South Pointe Miami Beach, Continuum South Beach

There are so MANY reasons why people want to live in Miami Beach: The weather, the lifestyle, the Art Deco architectural diversity and beauty, the many new ultra luxury waterfront homes and condos, and the pure "fun" factor are just a few of the top reasons that come to mind.

Also, Miami Beach, and most especially South Beach's South of Fifth neighborhood, has become one of the most sought-after places to live in the world. Recognizing this, the city of Miami Beach planned a multi-million dollar renovation of South Pointe Park, which was completed in 2009. This extensive renovation included a completely new landscape with a variety of vegetation, Palm Trees, walkways, a multicolored nighttime light display along Government Cut, underground water fountains, the creation of elevated sand dunes, party facilities, and even a children's playground! Additionally, a new Pier was constructed where you can walk out several hundred feet to truly experience the beauty of the Atlantic Ocean.South Pointe Park is surrounded by the several ultra-luxury condominium buildings - The Continuum South Beach, Apogee, The Portofino Tower, The South Pointe Tower, and The Murano at Portofino. These residents can often be spotted taking advantage of the Park's restored beauty and vibrant atmosphere.

Top Ten Things to do in South Miami Beach:

1. Jog or walk through the many trails and paths- especially at night to see the multicolored light show along the Intracoastal Waterway.

2. Bring a Yoga Mat and attend one of the free morning and evening yoga classes sponsored by various local fitness centers ON THE BEACH!

3. Watch incredible Ocean and Intracoastal waterfront sunrises and sunsets.

4. SOCIALIZE with the many locals who bring their dogs to the many local parks for morning and evening walks. A little known fact is that many locals organize regular get-togethers for other dog owners.

5. Watch the amazing sight of cruise ships leaving the Port of Miami around 5pm Friday - Sunday (especially in High Season).

6. Take a day trip to the Beach, most beachfront parks have easy beach access paths.

7. Bring your kids, nieces, nephews, and any other young adult to play in the water fountains inside most South Beach parks.

8. Go to the many waterfront restaurtants with views of Fisher Island, the Ocean, and the downtown Miami skyline

9. Enjoy the incredible high fashion shopping experience in open air Pedestrian Malls such as Lincoln Road Mall, Bal Harbour Shops, and along Collins Avenue.

10. Celebrity watch! Recently, I spotted Gloria Estefan, Rosie O'Donnell and their families enjoying a spectacular year-round weather!

More information on specific South Beach neighborhood and Miami Beach lifestyle Top Ten can be found at the below linked previous blog posts:

Miami Beach's South Pointe Park
Why I Love South Pointe / The Continuum
Portofino Tower / South of Fifth Neighborhood Top Ten
South of Fifth Neighborhood / Icon South Beach Top Ten

 

Tags:  south beach rental condominium, South Beach Condos, South of Fifth, miami beach condominiums, yacht club at portofino condos

Initially, The Yacht Club at Portofino was developed and conceived by The Related Group as the first watefront luxury rental buildings South of Fifth Street in the late 1990's. However, as the real estate market began to heat, The Related Group added a few extra luxury features (such as granite counter tops, washer/dryers, better fixtures, etc.) to the individual units and The Yacht Club was changed from the initial concept of rental property to entry-level luxury waterfront condominiums with a very liberal rental policy. The condominium documents allow owners to rent their individual units down to a monthly basis- if desired. This means that The Yacht Club Condominiums are not for everyone, as the building is a very busy property, with a mix of long-term residents, short term tenants, and annual renters comprising a mix of over 360 individual condominiums. However, almost everyone I know who has lived at The Yacht Club has enjoyed the experience and have very positive things to say about the condominium building.

The main benefits of living and owning at the Yacht Club at Portofino Condomiumiums:

  • - Monthly rental policy- allowing for flexibility and strong income potential
  • - Low condominium delinquency rates
  • - Fantastic South of Fifth neighborhood location directly on the water
  • - Great entry-level price points (surrounding buildings such as The Murano at Portofino, Apogee, Murano Grande & Icon are much more expensive)
  • - Tasteful and contemporary waterfall lobby designed by award winning designer Tesi Garcia
  • - On-site rental office for easy property management
  • - Oversized Pool deck with waterfalls, tennis court, jacuzzi, and resort-type amenities
  • - Great mix of one, two, and even three bedroom condominiums
  • - Large and well equipped gymnasium (with waterfront views)
  • - Dock slips available in your backyard (via Miami Beach Marina)
  • - Well maintained building with an experienced and stable on-site management and staff
  • - Strong property value retention- even in the latest real estate downturn, overall values at the Yacht Club have held up better than in other similar category buildings
  • - Incredible views of the downtown Miami skyline, Biscayne Bay, Fisher Island, and the Atlantic Ocean
  • - Due to the proximity to South Pointe Park (almost at the southern tip of South Beach), just a five minute walk to the Beach!

View: Yacht Club Condos For Sale

 

Tags:  Murano Miami Beach, South Beach Condominiums, Continuum South Beach, Apogee South Beach, Bentley Bay South Beach, miami beach condos, South of Fifth

I'd like to highlight the last month's closed sales of luxury waterfront condominiums in the South of Fifth Street area of Miami Beach. Specifically, I'd like to point out and compare the gap (either premium or discount) in closed sales prices from the Miami-Dade tax assessed values of 2009. The Miami-Dade Tax Assessor's office has made a significant effort in the past year to revise the latest tax market values with the ACTUAL reduced property values of the past few years. Therefore, I'd like to compare the latest closed sales at The Continuum South Beach, Apogee South Beach, The Murano at Portofino, Murano Grande, and Bentley Bay to compare the actual sales from the tax assessed values. All of the condomiums highlighted below are premier waterfront units with spectacular water views, and generally among the most desireable lines in the respective waterfront buildings in South Beach's South of Fifth area:

Apogee #604 - 6/18/10 Sales Price: $5,800,000 vs. Tax Assessed Value: $3,889,000
(Apogee Sales Price Premium +49%)
Continuum North Tower #2701 - 6/18/10 Sales Price: $3,500,000 vs. Tax Assessed Value: $2,072,000
(Continuum South Beach Sales Price Premium +69%)
Continuum North Tower #905
- 6/30/10 Sales Price: $1,200,000 vs. Tax Assessed Value: $733,000
(ContinuumMiami Beach Sales Price Premium +64%)
Continuum North Tower #2902 - 6/30/10 Sales Price: $3,040,000 vs. Tax Assessed Value: $2,113,000
(Continuum Sales Price Premium +44%)
Murano at Portofino #3102 - 6/3/10 Sales Price: $1,925,000 vs. Tax Assessed Value: $1,902,000
(Murano at Portofino Sales Price Premium +1%)
Murano Grande #2601 - 6/23/10 Sales Price: $2,500,000 vs. Tax Assessed Value: $2,123,000
(Murano Grande Sales Price Premium +18%)
Icon South Beach #1901
- 7/1/10 Sales Price: $1,490,000 vs. Tax Assessed Value: $1,091,000
(Icon Miami Beach Sales Price Premium +37%)
Bentley Bay #1201 - 5/28/10 Sales Price: $750,000 vs. Tax Assessed Value: $863,000
(Bentley Bay Sales Price Discount -13%)

Murano at Portofino CondosIcon South Beach condos
Continuum North Tower CondosApogee South Beach Condos

It should be noted that for the newest South of Fifth buildings (Apogee and Continuum North Tower specifically), the Tax Assessed values tend to be low. The premium prices being paid at both Continuum North Tower and Apogee indicate that these condo buildings are also among the most sought-after and highly desireable ultra-luxury properties. The biggest price discount is most notably at the Bentley Bay, primarily due to this condo building's high maintenance fees and owner delinquency rates.

Premium waterfront properties (whether condos or single family homes) that are priced RIGHT continue to have strong buyer demand. For waterfront condos in the South of Fifth area, we continue to see significant buyer demand- most especially from USA Northeast, South American, and select European buyers (most especially East European countries).

 

Tags:  Miami Beach Real Estate, Palm Island Homes, South of Fifth, Miami Beach Homes, miami beach condos

The national and international financial headlines have taken a markedly negative tone lately- with widespread reports of a slowdown in the overall economic recovery and especially the housing market. However, for PREMIER "A" location waterfront properties, such as Miami Beach waterfront condominiums and homes, the story is perceptibly different.

I have personally witnessed and worked in putting three deals together in the past month. Due to the ongoing activity of international and cash buyers, Miami Beach's real estate market has been insulated from the national drop-off in sales of the past few months. The vast majority of my clients are not eligible for a tax credit, so their interest in purchasing real estate didn't taper off after the benefit expired at the end of April. The national drop-off in demand generally comes from the lower-end price spectrum buyers who rushed to get in on the tax credit deal. In the two months since the tax credit expired, pending sales in Miami-Dade and Broward Counties have fallen 2.6 percent, according to the Realtor Association of Greater Miami and the Beaches.

However, what I'm seeing and personally experiencing are that financially strong international buyers keep coming into the Miami Beach marketplace. They're especially attracted to the South Beach waterfront real estate market due to the substantial price reductions that we've seen from the market high's of 2006. The inventory of significantly PRICE REDUCED waterfront condos and homes in areas such as South of Fifth Street in South Beach, Palm Island and Hibiscus Island, the Venetian Island chain, Sunset Islands, and even Star Island is extremely limited. The most important criteria to keep in mind for future pricing trends is INVENTORY- in South Beach most especially, the inventory levels for waterfront properties continues to DECLINE.

The Latest Ultra-Luxury Waterfront Example of This Trend:

Address: 55 Palm Avenue, Miami Beach, FL 33139

Palm Island Miami BeachPalm Island Miami Beach Home

This unique and impecabbly restored Spanish Colonial Palm Island Estate has over 12,000 SF of interior space, with over 100 linear feet of waterfront on Biscayne Bay. Featuring 12 foot Cathedral ceilings, Bulthaup kitchen, an interior courtyard, incredible backyard with Gazebo & pool. Incredible Views of the Intracoastal and the MB skyline plus much more.

Sold Price: $11,900,000 (498 Days on Market)
Original “For Sale” Price : 15,500,000 (1/2009)
Bedrooms: 8
Bathrooms: 11
Interior S.F.: 12,184 ($976/SF)
Total Land S.F.: 30,000 ($396/SF)
Closed Date: June 16, 2010
Reduction in Sales Price (from Asking): 23%

For those who would like to read more on the latest sales trends:

Read more: http://www.miamiherald.com/2010/07/01/1711497/home-sales-in-s-fla-buck-trend.html#ixzz0sWswLfB7

 

  • 1

Page 1 Of 1

4 Articles Found

Miami 150 Newest Listings Miami 150 Newest Listings
En Espanol Miami Design Services Testimonials: Miami Beach Real Estate
Major Transformation to the Entrance to Miami Beach
Please take a look at video below (click either pictures below) which will show how the...

ONE Sotheby's International's ‎Top Producing Real Estate Team of 2017 is hiring
                         ...

Proposed Environmentally Friendly New Gateway to Miami Beach- 500-600-700 Alton Road
Below is the vision that Russell Galbut & Crescent Heights is envisioning for their...