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Tags:  miami beach condos, Bentley Bay Condos, continuum miami beach, South of Fifth Neighborhood, South Beach Condos

As noted in our most recent Newsletter, we're seeing tremendous Foreign Buyer demand not only for Miami Beach Condos and waterfront homes, but for general Miami Real Estate located in premier waterfront locations. There's been virtually NO new large-scale construction in six years (since the start of the Real Estate downturn in late 2006), and there's virtually no watefront land available for development in Miami Beach. Even in previously distressed Miami Beach condos, most notably The Bentley Bay, we've seen a dramatic decline in available inventory of condos available for sale. In 2008-2009 there were well over 100 distressed sales, and today there are just EIGHT condos currently for sale.

Prices for Bentley Bay condos are also UP significantly from market lows averaging $350/SF to a current average asking price of $631/SF. It's my belief that the CLOSED sales prices will reach these new ASKING prices within the next year, due to the very limited number of Miami Beach condos available for sale. The overall inventory levels are also near six year lows for waterfront condos in the South of Fifth Street neighborhood- such as The Murano at Portofino, Continuum Miami Beach, Apogee, The Portofino Tower, Icon South Beach, Murano Grande, and The Yacht Club.

This rapid absorption of available Miami Beach condos inventory is due to the following :

  1. Wealthy foreigners seeking a “safe haven” for their money. In Greater Miami, there is NO risk of government confiscation of property.
  2. The strong anti-development regulations and political climate in Miami Beach, in addition to there being NO waterfront land available for large-scale construction.
  3. Greater Miami continues to evolve and grow as an International cultural and tourist hub, with historically low crime rates.
  4. The newer (and more luxurious) waterfront Miami Beach condo buildings built from 2000 - 2005 are architecturally unique.

The newest waterfront Miami Beach condos were built in THE best locations in Miami Beach, such as the South of Fifth Street neighborhood. For example, The Continuum Miami Beach Condos are on a twelve acre Oceanfront site that is at the SouthernEastern tip of Miami Beach. The site of The Continuum, for example, was THE LAST premier waterfront location in Miami Beach.

Miami Beach Condos

Below are the YTD 2012 Sales of Miami Beach Condos (South of Fifth Only) over $1 Million:

Miami Beach Condo Sales YTD 2012 (South of Fifth Neighborhood)
Sale DateMiami Beach AddressProperty Living Area Sales Price SP$/SqFt
2/13/2012100 S POINTE DR # 1510Continuum on South Beach2,122 $ 2,200,000 $ 1,037
2/9/2012100 S POINTE DR # 1007THE CONTINUUM1,870 $ 2,200,000 $ 1,176
2/7/2012450 ALTON RD # 2005ICON South Beach1,750 $ 1,250,000 $ 714
2/6/2012100 S POINTE DR # 2102Continuum South Tower1,201 $ 1,350,000 $ 1,124
2/4/2012100 S POINTE DR # 3207Continuum South Tower2,954 $ 4,500,000 $ 1,523
1/30/2012300 S POINTE DR # 4306Portofino Towers2,360 $ 2,000,000 $ 847
1/26/20121000 S POINTE DR # 802MURANO AT PORTOFINO2,618 $ 2,287,500 $ 874
1/23/201250 S POINTE DR # 2303CONTINUUM North Tower1,922 $ 2,000,000 $ 1,041
1/16/2012400 ALTON RD # 2506MURANO GRANDE2,024 $ 1,475,000 $ 729
1/8/2012300 S POINTE DR # 2304Portofino Tower2,040 $ 1,300,000 $ 637

 

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