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Tags:  Miami Beach Homes, Miami Beach Real Estate, South Beach Condos, South of Fifth Condos, Continuum South Beach, miami beach condos

As part of our evolving marketing strategy for the past few years, I now travel regularly to international real estate shows and meet with Brokers from around the world. I'm usually asked about the overall health of the Miami real estate market. Miami Beach waterfront real estate is what today's high end buyers look for, especially in demand are waterfront homes in one of the island communities, as well as condos in the South of Fifth Street area. Most out of town Buyers tend to believe that a direct Ocean view condominium is "THE" view to have, but as they see property and compare nighttime views, the value of the downtown Miami skyline quickly becomes apparent. The best South of Fifth condo buildings that feature these types of Downtown Miami & Biscayne Bay views are The Continuum North and South Towers, The Portofino Tower, Apogee South Beach, The Murano at Portofino, Icon South Beach, and The Murano Grande.

Many of the Brokers that we do busines with in South America and Europe also ask about the possibility of purchasing a foreclosed, or bank owned, waterfront condominium or home in one of the island communities in Miami Beach - such as Palm, Star, Hibiscus, Sunset Islands I - IV, or The Venetian Islands chain. The fact is that waterfront luxury condos and home sales are UP significantly in the past six months, along with an appropriate decrease in available inventory of listed property. For example, in the Summer of 2009, near the bottom of the real estate market, there were just under five hundred (500) condominiums on the active market for sale in Miami Beach's South of Fifth Street waterfront condo buildings - The Murano at Portofino, The Murano Grande, Icon South Beach, The Continum North and South Towers, and Apogee. As I write this in mid-February, 2011, these same condominiums buildings have a total inventory of just over one hundred fifty (156) listed condos. This represents a decrease of 67% percent in available, unsold inventory in South Beach's South of Fifth Neighborhood!

Does this mean that the waterfront condo inventory will run out? Of course not, but as new listings come on the market, Owners / Sellers will see a gradual price increases. There are many building and architectural restrictions imposed by the City of Miami Beach, since the city passed new building codes in late 2001 that put severe limitations on future re-developement. Also, there's vitually NO waterfront land available for future development in Miami Beach. The conclusion being that there will be severe limitations on future supply of new property becoming available in Miami Beach, which indicates the strong potential for future price appreciation.

Recent "Closed Sales" of Waterfront Condos and Homes:

Miami Beach Condominium and Home Sales YTD 2011
Closed DateADDRESSCommunitySq. Ft.LP$/SqFtSP$
2/2/20112128 N BAY RDNorth Bay Road / Miami Beach5682871.1724,400,000
2/11/20115240 N BAY RDNorth Bay Road / Miami Beach4915996.9483,862,000
1/17/20111155 N SHORE DRNormandy Isl. / Miami Beach2791713.0061,560,000
1/5/20115959 COLLINS AV # 2006Bath Club41351087.0624,260,000
1/21/2011101 20 ST # 3603SETAI RESORT & RESIDENCES17431603.5572,600,000
1/27/20112201 Collins Ave # 1204W South Beach Residence17291555.8132,500,000
2/9/2011101 20 ST # 2708The Setai11412081.5072,100,000
1/16/2011100 S POINTE DR # 1007CONTINUUM ON SOUTH BEACH18701203.2091,999,000
2/7/2011100 S POINTE DR # 1110Continuum South2122966.071,900,000
1/12/2011450 ALTON RD # 1201ICON South Beach2145743.591,465,000
2/2/2011100 S POINTE DR # 1705Continuum1869842.6971,500,000
1/14/201150 S POINTE DR # 1604Continuum North1491887.9951,260,000
2/7/201150 S Pointe Dr. # 1805Continuum North Tower1698765.6071,300,000
1/26/20111500 OCEAN DR # 7061500 Ocean drive1530849.673975,000
1/6/2011100 S POINTE DR # 1601CONTINUUM1591817.0961,280,000
1/21/20111000 S POINTE DR # 705Murano@Portofino1407852.8791,075,000
1/5/2011400 S POINTE DR # 2104South Pointe Tower1802663.152925,000
1/26/2011200 OCEAN DR # 7E200 OCEAN DR1240935.4841,040,000
2/11/2011450 ALTON RD # 3210ICON1370766.423940,000
2/9/2011450 ALTON RD # 2002THE ICON1933543.1971,050,000
1/26/20115875 COLLINS AVE # 908Mei Condominium1817549.807890,000
1/28/2011400 ALTON RD # LPH11MURANO GRANDE1649603.396912,500
1/4/2011100 S POINTE DR # 1002Continuum South Beach1201811.823930,000
1/3/2011300 S POINTE DR # 603PORTOFINO TOWERS2340391.41905,000
1/10/2011650 WEST AV # PH14The Floridian2102425.785672,000
1/25/20114775 COLLINS AV # 3307Green Diamond0685,000
1/5/20114441 COLLINS AV # 2705FONTAINEBLEAU II/ TRESOR1002697.605639,000
2/3/201110 VENETIAN WY # 902The Grand Venetian1463443.609570,000
2/9/2011400 ALTON RD # 611MURANO GRANDE1649382.05600,000
1/13/20113737 COLLINS AV # S-304The Caribbean1434432.357590,000
1/24/2011450 ALTON RD # 1006ICON CONDO1452406.336590,000
1/19/20114441 COLLINS AV # 1214FONTAINEBLEAU II/ TRESOR1066550510,000
2/8/2011520 WEST AV # 1402Bentley Bay1499371.581530,000
2/11/20115161 COLLINS AV # 1012SEACOAST 51511360404.338510,000
1/21/20111900 SUNSET HARBOUR DR # 1512sunset harbour1270432.284525,000
1/8/20114775 COLLINS AV # 2706Green Diamond Condo1100477.273525,000
1/26/20115255 COLLINS AV # 12EImperial House2324221.601440,000
2/9/2011100 LINCOLN RD # 1611The Decoplage1190419.328440,000
2/8/20114441 COLLINS AV # 1512Fontainebleau II/Tresor1002498.004485,000
2/3/20115225 COLLINS AV # 703The Alexander1200395.833430,000
1/13/20115660 COLLINS AV # 19AFIFTY SIX SIXTY2115224.586427,000
1/31/2011540 WEST AV # 711THE BENTLEY BAY1331349.361465,000
2/3/20111621 COLLINS AV # 815GEORGIAN1034443.907439,888
1/26/20112625 COLLINS AV # 1506OCEANFRONT PLAZA1075417.674410,000
1/6/20111800 SUNSET HARBOUR DR # 1407Sunset Harbour South1770242.881414,000
1/31/2011100 LINCOLN RD # 1633Decoplage Condo890477.528401,000
2/7/20112301 COLLINS AV # PH-21Roney Palace1180338.983360,000

Data Source: SouthEast Florida Regional MLS


Tags:  Continuum South Beach, Bentley Bay Condominiums, Miami Beach Real Estate, Miami Beach Homes, South Beach Condos, South of Fifth

I want to tell the truth about housing supply and demand in Miami Beach. As previously posted, there's been significant Miami Beach Real Estate Sales Momentum in the last few months -continuing a strong upward trend. According to financial experts, this simply wasn't supposed to happen so soon after the financial crash of 2008. I heard all summer that when the tax credit expired, we would begin to see a sharp degradation in purchasing of existing homes AND condos in Greater Miami and Miami Beach and a corresponding price decline, predicted as much as 20% to 25%!

We're experiencing the opposite -- strong sales momentum, and prices that are holding steady to actually increasing. For example, we are seeing this upward trend in Miami Beach's South of Fifth Neighborhood, which has a finite supply of luxury waterfront buildings such as The Continuum on South Beach, Murano at Portofino, and Icon South Beach. When you link the latest sales numbers with a zero new building construction starts, you get this monumental shift that explains the increase in sales and the increase in prices that were NOT supposed to happen so soon! A case in point, even in Miami Beach's long-troubled Bentley Bay condominiums at the southern end of West Avenue- we've seen a dramatic decline in inventory from approximately ninety (90) condominiums offered for sale in late 2008 to under sixteen (16) today. Also, due to the high volume of pending contracts we will probably see gradual price APPRECIATION for select waterfront South Beach condominium buildings.

I came to the conclusion long ago that the overall Miami Beach housing market (whether for condos or single family homes) is on the rebound. Particularly when we look at the City of Miami Beach's STRONG anti-development restrictions on tearing down existing buildings, and limited Floor to Area ratios, the conclusion is that there's a PERMANENT limitation on future housing supply in the city of Miami Beach.

This is particularly relevant for South Beach's South of Fifth neighborhood, and the appropriately named "South of Fifth" development that was just acquired by iStar Financial Inc. (NYSE:SFI). It was announced last week that iStar will have full ownership of the luxury Miami Beach real estate condominium project “South of Fifth,” located at 125 Ocean Drive (right next to the Bentley Hilton). iStar plans to rebrand South of Fifth, reposition the condominium in the market, and redesign the intimate, seven-story beach-front condo with a multi-million dollar luxury investment. South of Fifth currently features 28 oceanfront residential units, three office units and one retail space. Units range in size from 660 square feet to 6,240 square feet. Preliminary marketing plans will have asking prices in the $1,000/S.F. range. Condominium amenities will include a private lounge, gym facilities, beachfront pool, private beach club, hotel services, as well as 24-hour valet, security and concierge.

Miami Beach Real Estate - South Beach Condos

Miami Beach is an International tourism mecca, drawing affluent foreigners from South America and Eastern Europe. The South of Fifth Neighborhood is where everyone wants to be these days. This has turned into a diverse & complete vacation destination for tourists who crave year-round sunshine, modern luxury waterfront condo residences, a vibrant night life, and a wide variety of gourmet restaurants & beaches.

If you're a potential Miami Beach condo or home buyer, my recommendation is to act NOW. The fact is that there's a very limited supply of WELL priced luxury waterfront homes and condos in Miami Beach, particularly for waterfront luxury residences located in the immediate South Beach area. The more motivated Miami Beach sellers, whether they be lenders or individual owners, are rapidly disappearing!


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