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Tags:  Miami Beach Real Estate, miami beach condos, Murano Condos, Miami Beach Homes, Miami Beach waterfront property

While working with waterfront homebuyers and condominium buyers just before the Holidays, I noticed that there is an increasing number of recent Miami Beach homeowners attempting to do a quick property flip (for a profit). This is showing up with luxury Miami Beach waterfront homes and condominiums that are located in the luxury island communities of Miami Beach.

How soon homeowners will be able to make a quick profit in a Buyer's market environment is still yet to be determined. Those savvy enough to have picked up REALLY CHEAP properties, especially those who managed to purchase deeply discounted Short Sales and REO (Foreclosure / Bank-owned) homes and condos in Miami Beach at the absolute bottom of the market have a good chance of pulling it off in 2011.

What I've been most impressed with is that these Miami Beach "flip" homes and condos happen to be among the best deals currently on the market. There's a much reduced inventory of well priced waterfront homes and condos available for sale in Miami Beach as we close out 2010.

A few examples of high potential "flip" scenarios currently on the market:

Miami Beach Home

Breathtaking North Bay Road Estate - Miami Beach Home
5150 North Bay Road
Miami Beach, FL 33140
Remarks: 105 feet of waterfrontage, with six bedrooms / 6.5 baths, Private Boat Slip, beautifully appointed Grand Estate-type home with imported marble and completely updated throughout.
Sale Price: $3,750,000 (2/10)
Currently Listed Price : $ 5,490,000
2010 Tax Assesed Value: $3,727,000
Bedrooms: 6
Bathrooms: 6.5
House S.F.: 6,360
Days on Active Market (Multiple Listing): 70+ Days

Murano Condo Miami Beach

The Murano at Portofino - Miami Beach Condominium
1000 South Pointe Drive #3102
Miami Beach, FL 33139
Remarks: Second largest floorplan at Murano at Portofino condos with two terraces and incredible Ocean, Intracoastal, Fisher Island, and Downtown Miami skyline Views. Extra large kitchen with enhanced views!
Sale Price: $1,925,000 (6/10)
Currently Listed Price : $2,490,000
2010 Tax Assesed Value: $2,092,000
Bedrooms: 3
Bathrooms: 3.5
Condo S.F.: 2,618
Days on Active Market (Multiple Listing): 30+ Days

Murano Grande Miami Beach Condominium

The Murano Grande - Miami Beach Condominium
400 Alton Road #2309
Miami Beach, FL 33139
Remarks: Immaculate Two Bedroom split floorplan with direct Ocean views and large balcony. Miele kitchen with enhanced views!
Foreclosure Sale Price: $327,000 (1/10)
Currently Listed Price : $749,000

2010 Tax Assesed Value: $604,810
Bedrooms: 2
Bathrooms: 2
Condo S.F.: 1,437
Days on Active Market (Multiple Listing): 300+ Days

 

Tags:  South Beach Condos, Miami Beach Real Estate, Murano at Portofino, South of Fifth, miami beach condominiums

Despite the well known "Buyer's Market" environment in today's real estate market in Miami Beach, there's one building that stands out for commanding "TOP Dollar" :The Murano at Portofino Condominiums in South Beach's "South of Fifth" neighborhood.

Murano at Portofino Miami Beach

Murano at Portofino Condominium

What makes the Murano at Portofino Condominium Building so special?

  • - Location Location Location- at the extreme southwest tip of South Beach, adjacent to The Miami Beach Marina and South Pointe Park.
  • - Boutique Condominium Building- only 189 total condominium units, far less than the other surrounding luxury buildings (except Apogee).
  • - A unique design, inspired by the building's namesake- with plenty of Murano glass showcasing the incredible views and contemporary decor.
  • - A very well managed and impeccably maintained condominium- with a long-time professional staff that is highly motivated, knowledgeable, and provides Murano at Portofino residents with five star "white glove" service.
  • - A beautiful property, with a welcoming, wide, and easily accessible circular driveway leading to both the Piaggia Beach Club and The Murano at Portofino Lobby. No Guard House to deal with in this building, which makes getting and and out easy for residents and guests alike.
  • - Well proportioned and designed floorplans, with both the premier "A" / "01" floorplans in Tower One as well thought out as the smaller floorplans in Tower Three (which contains the one and two bedroom condominiums).

The closed sales prices at The Murano have (for the most part) remained strong in the face of a collapsing national real estate market Recent notable examples of Murano at Portofino lastest closed sales:

The Murano at Portofino #2401 (Premier "A" Line)
1000 South Pointe Drive
Miami Beach, FL 33139
Remarks: This is THE premier condo "01" floorplan at The Murano at Portofino
Sale Price: $3,100,000 (12/16/10)
Listed Price : $3,500,000
2010 Tax Assesed Value: $2,750,000
Previous “Sold” Price : $1,217,000 (2002)
Bedrooms: 3
Bathrooms: 3.5
Condo S.F.: 3,382 ($916/SF)
Days on Active Market (Multiple Listing): 307 Days
Discount from Asking Price: 11%

The Murano at Portofino #3401 (Premier "A" Line)
1000 South Pointe Drive
Miami Beach, FL 33139
Remarks: This is THE premier condo "01" floorplan at The Murano at Portofino
Sale Price: $2,880,000 (11/30/10)
Listed Price : $ 3,800,000
2010 Tax Assesed Value: $3,168,000
Previous “Sold” Price : $1,750,000 (2002)
Bedrooms: 3
Bathrooms: 3.5
Condo S.F.: 3,382 ($851/SF)
Days on Active Market (Multiple Listing): 834 Days
Discount from Asking Price: 24%

The Murano at Portofino #907
1000 South Pointe Drive
Miami Beach, FL 33139
Remarks: Smallest Two Bedroom "07" floorplan at The Murano at Portofino
Sale Price: $900,000 (11/30/10)
Listed Price : $995,000
2010 Tax Assesed Value: $592,700
Previous “Sold” Price : $560,000 (2003)
Bedrooms: 2
Bathrooms: 2.5
Condo S.F.: 1,390 ($683/SF)
Days on Active Market (Multiple Listing): 218 Days
Discount from Asking Price: 10%

 

Tags:  South of Fifth Neighborhood, Miami Beach Homes, Miami Beach Living, miami beach condos, Miami Beach Real Estate, South Beach luxury condominiums

South Beach's waterfront homes and condominium real estate market is very special. Miami Beach has the unique characteristic of being an international city with visitors coming to enjoy the warm winters, outstanding restaurants, amazing nightlife, a growing Arts and Cultural Scene, the Art Deco architecture, and of course the warm & sunny beaches.

Miami Beach Real Estate

These days, an increasing number of savvy and affluent buyers are coming to Miami Beach to take advantage of the advantageouseconomics of investing in "South of Fifth" luxury waterfront condominium buildings- such as The Continuum on South Beach, Apogee, The Portofino Tower, Icon South Beach, The Murano Grande, The Yacht Club at Portofino, The Murano at Portofino, and even the troubled but beautiful Bentley Bay condominiums (just north of Fifth Street).

In South Beach, you can enjoy a true Oceanfront lifestyle, along with the sophistication of a mini-Manhattan! This is specifically why Miami Beach's South of Fifth Neighborhood is especially popular with New Yorker's looking for a second home (or to eventually relocate to a warmer climate). Much like the better neighborhoods on the island of Manhattan in New York city (such as SoHo and and the West Village), South Beach's neighborhoods have HUNDREDS of upscale restaurants, nightclubs, bars, and lounges to choose from. In recent years, various well known celebrities have become attached to high caliber local establishments- such as Danny DeVito's Devitos in the South of Fifth area of Ocean Drive, or Gloria Estefan's Cardoso Hotel on 13 & Ocean Drive, and VERY popular Shake Shack hamburger restaurant on the newly remodeled Western end of Lincoln Road.

South Miami Beach is the dream place that can give you a great quality of life, and a city with nearly as many Oceanfront amenities that most upscale and savvy New York residents most especially are used to living and enjoying on a daily basis. The significantly price reduced real estate market in Miami Beach has become popular all over again (especially in the latter half of 2010) as the market for premier waterfront condos is rapidly being absorbed. For more information on current market conditions, please click HERE my previous market analysis and commentary.

Over the past few years, Miami Beach real estate's attractive prices have attracted many Americans and foreign buyers seeking out the FINITE supply of price reduced waterfront purchasing opportunities. Contemporary Miami Beach is known as America's playground, so people from all walks of life, mostly coming in from European countries and South America, are examples of today's foreign buyers who love to come here. Given the current price rollbacks and Buyer's Market environment, we find that many high net worth individuals are NOW looking to invest in a wide variety of apartment buildings, upscale condominiums, and waterfront estates and homes located on the various island communities of Miami Beach.

Since the real estate market crash in 2008, the market trend for Miami Beach waterfront homes and condos specifically has changed from real estate flippers and speculators to financially strong "Buy and Hold" clientele that are concerned with having a high quality of life living experience.

 

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