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Top 3 Most Expensive Miami Beach Condos Sold – April 2011

May 24, 2011

There were 238 Miami Beach condos sold in April of 2011. Price range of these sales varying from a $25,000 foreclosed studio in the Versailles Condo Hotel on Collins and 34th Street, to a mega luxury sale at Apogee seen below.  27 out of the 238 condos sold were above $1 million and 184 of those sales were below $500,000.  As for distressed inventory (short sales and foreclosures), the number has dropped to 38% for all of April’s sales.  A lot of media channels are calling 2012 the end of the down market for Miami Beach, but I still think it’s on a building by building case – many areas in Miami have already said bye bye to the down market, seeing an upward trend.  Just bring cash, because financing is what’s making it difficult!

April’s Most Expensive Miami Beach Condo Sale

Apogee South Beach – 800 S Pointe Dr #PHA– Miami Beach, FL 33139

Listed for $14,000,000 and sold for $11,500,000 on 4/14/2011

Talk about an amazing top sale for South Beach!  Now this condo has a bit of history or “real estate baggage”, if you will.  It was originally listed for $22,000,000 as “the most expensive Miami Beach Condo ever!” – and that was back in July of 2008.  Well….although it still sold for top dollar, that’s almost a 50% reduction from that original price.  Can you say “HOME RUN” for the current buyer?  This penthouse residence occupies the top 2 floors of the Apogee South Beach with ri-di-culous views of South Beach, Government Cut, Fisher Island and Miami.  The Marketing description reads in all caps:

PENTHOUSE A COMMANDS THE TOP 2 FLOORS OF THE APOGEE. IT IS COMPLETED WITH A 360-DEGREE ROOFTOP PALAZZO, PRIVATE POOL & BUILT IN SUMMER KITCHEN. THE MAIN LIVING AREAS HAS A SOARING 22FT CEILINGS ENCLOSED BY DOUBLE HEIGHT FLOOR TO CEILING WINDOWS WHICH CREATES A FIRST IMPRESSION THAT ONLY A FEW PH’S CAN BOAST. OVER 11,000SF OF TERRACE/BALCONY AREA. IN ADDITION, 2 1/2 CAR PRIVATE AIR CONDITIONED GARAGE AND MAID QUARTERS.

Features:

  • 6,853 sf
  • built in 2008
  • 6 bedrooms / 7 bathrooms / 1 half-bathroom
  • 2 1/2 car private air conditioned garage and maids quarters
  • roof top palazzo
  • 22′ ceilings in main areas
  • over 11,000 sf of terrace/balcony area
  • marble and wood floors
  • Monthly maintenance = $7,935

April’s Second Most Expensive Miami Beach Condo Sale

The Setai Resort & Residences – 101 20th St #2308 – Miami Beach, FL 33139

Listed for $5,899,000 and sold for $4,600,000 on 4/01/2011

The Setai Resort and Residences makes the Top 3 Miami Beach Condos sold again!!  This time with unit 2308, which is obviously gorgeous, but cannot tell from the photos (which happen to be one of the worst examples of photography for a luxury condo in Miami Beach).  This property was originally listed for $6,999,000 in 2006 with several price reductions and marketing description:

One of a kind residence, featuring a large master suite with a private massage parlor and endless views of the Atlantic Ocean.  Enjoy the Sunset and Downtown Miami Skyline from anywhere in the residence or from the expansive terrace.  This 3 bedroom suite has the elegant finishes of The Setai’s Hotel Furniture package and is currently enrolled in the program as the “Specialty Suite”.  Statements available upon request

Features:

  • 2,558 sf of living space
  • built in 2005
  • 2 parking spaces
  • 3 bedrooms / 3 bathrooms
  • Hotel Furniture Package and “Specialty Suite” hotel program
  • monthly maintenance – $4,886

April’s Third Most Expensive Miami Beach Condo Sale

Continuum South Beach – 100 S Pointe Dr #3204 – Miami Beach, FL 33139

Listed for $3,750,000 and sold for $3,270,000 on 6/06/2011

The Continuum South Beach’s South Tower is my favorite of the 2 and the fact that it’s a full-amenity ocean front building, is all it takes to be convinced that the place is amazing.  This particular 32 floor unit only had photos of the view and the foyer in the MLS and the history is a bit strange.  Originally listed for $3.65 Million on October of 2010 and increased to $3.75 Million 2 weeks later.  Marketing description reads:

Best line in the building view of Fisher Island and cruis ship alley. Corner unit with wrap around balcony. Great open floor plan. Full service building with state of the art facilities, world class fitness center, lap pool and juice bar!

Features:

  • 2,508 sf
  • built in 2003
  • 3 bedrooms / 3 bathroom / 1 half-bath
  • carpeting and marble floors
  • ocean front building
  • 2 + parking spaces
  • monthly maintenance = $2,255

**all information obtained from the Southeast Florida Multiple Listing Service**

Top 3 Most Expensive Miami Beach Condos Sold – March 2011

April 21, 2011

There were 250 Miami Beach Condos sold in the month of March 2011.  The highest sale being at Apogee for $4,995,000 and the lowest at The Royal South Beach, a historic condo-hotel studio (270 square feet),  selling at $35,000.  Condo-hotels are usually cash deals unless financed privately by the hotel, they are considered investment properties and banks will not finance them.  Financing for Miami Beach condos in general has become challenging because bank underwriters expect condos to have certain ratios (unpaid or delinquent condo fees) or to have money in reserves, which doesn’t happen very often.  We like to inform our customers of possible road blocks ahead of time in order for you to have realistic expectations.

March’s Most Expensive Miami Beach Condo Sale

Apogee South Beach – 800 S Pointe Dr #1402 – Miami Beach, FL 33139

Listed for $5,349,000 and sold for $4,995,000 on 3/22/2011

Talk about an amazingly finished Apogee residence!  The photos are spectacular…..every Miami Beach Realtor should market their properties this way.  With top of the line everything and in the most exclusive South Beach Condo.  This particular unit was originally listed for $5.299 Million back in April of 2010 and was then increased $100k, and selling only 7% under listing price.  The marketing description reads:

Seeing is Believing ! #1402 is the best value in the most exclusive address South of New York City – APOGEE. This unit is impeccably finished with top of the line everything ! Incredible flow-through views of the Bay, Government Cut, Ocean and South Beach. Be one of the privileged to live in this 68 unit ultra exclusive complex.

Features:

  • 3,103 square feet of living space
  • 3 bedroom / 3 bathroom / 1 half-bath
  • 2-parking spaces (covered)
  • bay front with panoramic water views
  • Apogee South Beach location
  • built in 2007
  • Monthly maintenance = $3778.00

March’s Second Most Expensive Miami Beach Condo Sale

The Setai Resort & Residences – 101 20th St #1701 – Miami Beach, FL 33139

Listed for $5,200,000 and sold for $3,950,000 on 3/07/2011

This residence made our TOP 3 MOST EXPENSIVE MIAMI BEACH CONDOS SOLD exactly one year ago.  It sold for $2.5 Million and was listed for $5.2 Million just 9 months later, making the owner a profit of almost $1.5 Million dollars!  Who said you can’t make money off Miami Beach Condos?  Presentation is everything as you can see by decor.  The marketing description reads:

One of the biggest apartments in the building.  Combination of three 2-bedroom units into one expansive three bedroom residence with formal  living, formal dining, media room , game room and two balconies.

Features:

  • 3,691 square feet of living space
  • 3 bedrooms / 4 bathrooms / 1 half-bath
  • built in 2004
  • Setai Resort and Residences location in Miami Beach
  • ocean front building
  • ocean views
  • 3 parking spaces
  • Monthly Maintenance = $7,051

March’s Third Most Expensive Miami Beach Condo Sale

W South Beach – 2201 Collins Ave – Miami Beach, FL 33139

Listed for $3,600,000 and sold for $3,300,000 on 3/07/2011

The W South Beach happens to be one of my favorite buildings.  The location is spectacular, the views are amazing and the amenities cannot be any better.  This residence was listed in August of 2010 for $3.66 Million and lowered $60,000 4 months later, finally selling 8% under listing price.  The marketing photos are the W’s stock photos and the marketing description doesn’t say much, other than:

Exquisitely finished and furnished oceanfront condominium residences providing World – Class service and the ultimate resort lifestyle in the heart of South Beach.

Features:

  • 1,906 square feet of living space
  • 2 bedroom / 2 bathroom / 1 half-bath
  • built in 2009
  • Furnished / Turnkey
  • Ocean Front Building
  • W South Beach Hotel And Residences location
  • East views – direct ocean
  • Monthly maintenance = $1898

**all information obtained from the Southeast Florida Multiple Listing Service**

Top 3 Most Expensive Miami Beach Homes sold in March 2011

April 15, 2011

There were 32 Miami Beach homes sold in March, compared to 21 sales in February and 9 in January.  The top 3 most expensive sales were in the “mega luxury” category above $5 million and the lowest sale was the typical Normandy Island dry-lot home selling for $306,000.  Miami Beach remains the same as always, one month you have a $12 Million listing for the highest sale and the next you have a $1.5 million.  Foreign money is always coming in with Brazilians winning our real estate housing market with their fabulous economy and even better personalities.

March’s Most Expensive Miami Beach Home Sale

4855 Pinetree Dr – Miami Beach, FL 33140

Listed for $6,900,000 and sold for $6,536,289 on March 18th, 2011

One of the most exquisite Pinetree mansions ever in Miami Beach built in 1932, completely restored and maintained with no luxury spared.  The selling price may have been done by a numerologist (my attempt at humor), and was listed in December of 2010 and selling just 3 short months later.  It was however, listed previously in 07 for $12 Million with several price reductions, then in 2008 listed again for $8,999,999 < which means FIRM PRICE in real estate lingo… but finally settling for the $6.5 Million number.  You’ll notice that the view is not photographed, and that may be to the fact that Pinetree homes are not sold for their water frontage, but for their architecture, scale and style.  The selling description reads:

Splendid Mediterranean mansion on prestigious Pinetree Drive, has been magnificently restored beyond its original grandeur. Features 6BR/6B+2 half BA incl. a sep. 2BR/2BA guest house. Many gracious rooms provide wonderful gathering areas, incl. the dramatic great room. Fine marble and wood floors, fireplaces, custom built-ins, state-of-the-art media rm, 3rd floor office, library, formal dining room, wet bar, gourmet kitchen, wonderful views of the garden, pool and waterway. 100 ft of water frontage & dock.

Features:

  • 10,383 square feet of living space
  • 6 bedrooms / 6 bathrooms / 2 half-baths
  • 3-car garage
  • 39,700 square ft. lot (100′ X 397′)
  • 100 feet of water frontage
  • private dock
  • 3-story house
  • Prestigious Pinetree Drive location

March’s second Most Expensive Miami Beach Home Sale

1429 N Venetian Wy – Miami Beach, FL 33139

Listed for $6,500,000 and sold for $5,500,000 on March 2nd, 2011

Here’s an amazing property that had been listed since April of 2009.  It didn’t sell quickly because it needed a very specific type of buyer, one that didn’t mind finishing the construction and one that didn’t mind being right on Venetian Causeway.  Although the lot was huge at over 26,000 square feet, buying this house was like buying a designer-ready condo where you could choose your own finishes. Contemporary architecture, “almost” finished with land, square footage and awesome views.  Congrats the its lucky new owner! Selling description reads:

Almost finished and absolutely stunning 8 BD + maids / 8.5 BA ultra modern bayfront home with over 200 feet on bay and 8 foot draft.  13,569 total square feet as per plans. High ceilings, full height impact windows and doors, two double car garages, elevator, reflecting pool running from front to rear, 4,000 square foot rooftop terrace plumbed for jacuzzi and summer kitchen with mind blowing 360′ views!  Much, much more. Bid from top quality contractor at $1.25M to complete.

Features:

  • 13,569 square feet of living space
  • built in 2009
  • 8 bedrooms / 8 bathrooms / 1 half-bath
  • 26,764 sf lot
  • 200′ of water frontage
  • private dock
  • impact resistant windows and doors
  • 4,000 sf rooftop terrace
  • Venetian Islands Location – Marco Island

January’s Third Most Expensive Miami Beach Home Sale

5465 Pinetree Dr – Miami Beach, FL 33140

Listed for $4,950,000 and sold for $4,750,000 on March 31st, 2011

This particular home has the typical scale of a Pinetree home, but not quite as grand as the top sale of the month.  You will see by the photos that the house is a bit dated and even with its $4.75 Million sticker price, some updating and refreshing will be necessary.  I called these homes “tired”, but nothing a great interior designer and a little cash can’t fix.  The house was originally listed in 2006 for $9.6 million, with several price reductions and finally selling when reduced under the $5 Million mark.  The selling description reads as follows:

Stately Pine Tree Dr Mansion, on 125 feet of wide waterway, affords ultimate gated privacy within its expansive compound. This 10 bedroom, 11/2 1/2 bath residence w/approximately 9000sqft under air (as per owner) on a 21,156 sqft lot includes a newly surfaced tennis court, pool, a large auto courtyard, a new dock w/boat & jet ski lifts, 3 car garage & a separate guest house. Entertaining is a pleasure w/an over-sized kitchen & pantry, double refrigerators, ovens & sinks, all leading to a formal dining rm.

Features:

  • 7,764 square feet of living space
  • 10 bedrooms / 11 bathrooms / 2 half-baths
  • built in 1926
  • 3-car garage
  • 21,156 sf lot (172′ X 123′)
  • private dock
  • 125′ of water frontage
  • Pinetree Drive location

**all information obtained from the SouthEast Florida Multiple Listing Service**

Top 3 Most Expensive Miami Beach Condo Sales – July 2010

September 4, 2010

There were 151 Miami Beach condos sold in the month of July of 2010. The highest sale was $5.35 Million (which is discussed below) and the lowest price was $33,000 for a 1 bedroom / 1 bathroom foreclosed condo at Vista De Mar in Normandy Island.  The new discussion around town is how LeBron James’ move to The Miami Heat is helping the Miami and Miami Beach real estate market’s recovery.  Many already report an increase in activity, but can’t really verify whether or not it’s caused by the Heat’s Trio.

July’s Most Expensive Miami Beach Condo Sale

Apogee South Beach: 800 S Pointe Dr, # 504 – Miami Beach, FL 33139

Listed for $6,250,000 and sold for $5,350,000 on 07/15/2010

Month after month we are seeing Apogee on the Top 3 most expensive Miami Beach Condo Sales which means there is a high demand and the building is worth it.  Amenities and finishes are superior in this luxury building and I think we can even say that Apogee redefines South Beach condo living, being at a completely different level than its neighboring high rises.   Unit 504 sells for over $100 less per square foot (sale price $1,288 sq. ft.) than unit 604 right above, which sold last month for $5.8 million.  MLS description reads:

This is Apogee’s most-desired floor-plan and best location for unobstructed water views.  Your 4154sf apartment is surrounded on three sides with 2500sf of sweeping, 11-foot-deep terraces, including an outdoor kitchen with grill.  The interior spaces are masterfully-designed with a spacious master suite and master bath over the Miami Beach waterways (looking out over Fisher Island), an extraordinary and impressive gas-fueled kitchen, separate media room, 11-foot ceilings and a host of unique features.

Features:

  • 4,154 square feet of living space
  • 2,500 sq. ft. terrace
  • Built in 2008
  • 2-garage spaces
  • 4 bedrooms / 3 bathrooms / 1 half-bathroom
  • Bay and City Views
  • Summer Kitchen
  • separate media room
  • 11-foot ceilings
  • Maintenance Fees = $5,046/month

July’s Second Most Expensive Miami Beach Condo Sale

The Caribbean Condo:  3737 Collins Av, #PH-4 – Miami Beach, FL 33140

Listed for $5,000,000 and sold for $4,700,000 on 7/15/2010

What a bummer!  this listing doesn’t have any photos to share with you.  But interestingly enough, the Caribbean also made the Top 3 Most Expensive Miami Beach Condo sales last month.  I’ll reiterate what I said about this spectacular project:

It’s located in a historic district and the original Caribbean Hotel was designed by famed architect L. Murray Dixon – the original hotel was restored and a new residence tower constructed right next to it to compliment the newly restored ambiance.  What’s happening in the location of The Caribbean is incredible – including the recently announced site for the New Edition Hotel by Marriott – which only reinforces how much money is being pumped into this area of Miami Beach.

The MLS description simply states:

ONE OF A KIND PH IN THE SKY! 180 DEGREE VIEWS. PRIVATE ROOFTOP POOL, JACUZZI AND BBQ AREA. ITS A STEAL!!

Features:

  • 3,906 square feet of living space
  • private rooftop pool and jacuzzi
  • built in 2009
  • 4 bedrooms / 4 bathrooms / 1 half-bathroom
  • Oceanfront building
  • 2 parking spaces
  • Maintenance fees = undisclosed

July’s Third Most Expensive Miami Beach Condo Sale

Residences at The Bath Club: 5959 Collins Ave, #1406 – Miami Beach, FL 33140

Listed for $2,995,000 and sold for $2,550,000 on 7/23/2010

The residences at The Bath Club could be considered a controversial project finished in 2005.  The Bath Club for years was devoted to the “elite” and it was impenetrable – known as Miami Beach’s “Most Time Honored Private Beach Club.”  Exclusivity was breached after a multi million-dollar addition and restoration of their historic clubhouse where The Bath Club started accepting a “limited” number of new members.  The new added Bath Club residences were not welcomed by a lot of the old members.  The MLS description reads:

Spacious 4 bedroom with maid’s, this is a family home difficult to find in a resort setting. Historic clubhouse with restaurant,2 clay tennis, fitness/spa, full service at pool and beach. Unit features Italian cherry kitchen w all stainless Sub Zero, Miele. Mid beach location close to Bal Harbour Shops, So Beach and airport. One of the best buildings on the beach.

Features:

  • 4,135 square feet of living space
  • 550 square foot balcony/terrace
  • built in 2005
  • oceanfront building
  • 4 bedrooms / 5 bathrooms / 1 half-bathroom
  • 1 parking space
  • Maintenance fees = $4,150 / month

**all information obtained from the SouthEast Florida Multiple Listing Service**

Top 3 Most Expensive Miami Beach Condo Sales – June 2010

July 22, 2010

There were 195 Miami Beach condos sold in the month of June of 2010. The disparity in pricing is surreal to say the least, and ranged from $30,000 for a 1 bedroom / 1 bathroom, 667 sq.ft. foreclosure at Marseille Condo in Normandy Island to $15 Million for a penthouse villa at The Setai.  21 of those sales were condos over $1 Million and only 2 of the 21 were over $5 Million.  What’s amazing about Miami Beach condo sales today is that most are cash deals.  I’ve talked to a few colleagues who have admitted to not doing a financed deal in over 2 years!  Personally, I don’t blame them, some of the bank underwriting requirements nowadays can be ridiculous, to say the least.  In the month of June, The Setai, Apogee and The Caribbean made the list of The 3 most expensive Miami Beach condos sold.

June’s Most Expensive Miami Beach Condo Sale

The Setai Resort & Residences: 101 20th Street – Miami Beach, FL 33139

Listed for $19,999,999 and sold for $15,000,000 on 06/04/2010

The Setai is the epitome of luxury, service and prized oceanfront property in South Beach.  It’s an amazing oceanfront resort hotel adjoined by a 40-story residential tower with tropical gardens, pools and sundecks that lead you to the gorgeous beaches of the Atlantic Ocean.  Now that I’ve set the tone, imagine the whole 40th floor of the Setai with over 6,000 square feet of living space, over 4,000 square feet of terraces with private pool, garden and outside dining area.  Completely furnished and with the most amazing views.

PH Villa B had been on and off the market for a while and was purchased in 2004 for $9.5 Million before finally selling last month.  The listing description read:

Palace in the sky! The ‘Imperial Suite’ is the only fully furnished penthouse in the Setai Hotel Rental Program. One-of-a-kind terrace with pool, garden, & outdoor dining areas. This PH encompasses the entire 40th floor (6,000sqft interior/4,000sqft terrace) offering stunning, panoramic ocean, intracoastal, and city views. Price includes all art, electronics and furnishings by renowned architectural design team. Rack rate offered for this unit is $30,000/night.

Features:

  • 6,208 square feet of living space
  • built in 2005
  • over 4,000 of terraces and outside living spaces
  • private pool
  • designer furnished
  • 4 bedrooms / 4 bathrooms / 1 half-bath
  • 4 parking spaces
  • Hardwood floors
  • Maintenance = $13,053/month

June’s Second Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Drive, #604 – Miami Beach, FL 33139

Listed for $6,250,000 and sold for $5,800,000 on 5/21/2010

Apogee is all about modern Luxury and location – the South of Fifth address with the most accolades.  And proof is in the pudding when we keep seeing record breaking sales month after month.  Unit 604 is equivalent to last months 904 sale of $6.55 Million, but at a much better value – also considering 904 was designer ready and this was was not.  The difference in price per square foot is $181, which many could argue is worth the 3 higher floors (but I doubt it).  The property was listed in January 2009 with a starting price of $6.25 Million.  The MLS screams:

STAR ISLAND IN THE SKY, SOUTH OF FIFTH! ULTIMATE LIFESTYLE, PERSONAL SERVICE & HOTTEST DINING SPOTS. READY TO MOVE IN WITH 36 BY 36 LIMESTONE FLOORS THROUGHOUT, 4 BEDROOMS, MEDIA ROOM, & 2450 SQ. FT. WITH 11 FT. WIDE WRAPAROUND BALCONY W/SUMMER KITCHEN. AMAZING GOURMET KITCHEN W/GAS COOK TOP, MIDNIGHT KITCHEN IN MASTER W/DOUBLE STEAM SHOWER. 2 CAR A/C GARAGE. 5 STAR LIVING FOR THE CLIENT WHO WANTS THE BEST! UNIT SQ.FT. AS PER DEVELOPER

Features:

  • 4,154 square feet of living space
  • 2-car a/c garage
  • 4 bedrooms / 3 bathrooms / 1 half bathroom
  • summer kitchen
  • limestone floors
  • 2,450 sq.ft. – wraparound terrace/balcony
  • Midnight kitchen in Master bedroom
  • Maintenance = $5025/month

June’s Third Most Expensive Miami Beach Condo Sale

The Caribbean Condo: 3737 Collins Ave, #PH-1 – Miami Beach, FL 33140

Listed for $3,900,000 and sold for $3,500,000 on 6/15/2010

The Caribbean Condo is a luxury ocean front high-rise between South Beach and Millionaire’s Row.  It’s located in a historic district and the original Caribbean Hotel was designed by famed architect L. Murray Dixon – the original hotel was restored and a new residence tower constructed right next to it to compliment the newly restored ambiance.  What’s happening in the location of The Caribbean is incredible – including the recently announced site for the New Edition Hotel by Marriott – which only reinforces how much money is being pumped into this area of Miami Beach.

So here we have a penthouse unit with Eastern as well as Western views where you get the best of both worlds – ocean views in the day and city lights at night.  It was originally listed for $3.9 Million in December of 2009.  MLS reads:

ABSOLUTELY AMAZING! THIS STUNNING PENTHOUSE IS THE NICEST AVAILABLE IN MIAMI BEACH! 3900+ SQ FT, 4/4.5, SPECTACULAR PRIVATE MASTER SUITE, DIRECT EAST AND WEST VIEWS, SUMMER KITCHEN, AND ENDLESS VIEWS OF MIAMI BEACH! ONE OF A KIND – A MUST SEE!

Features:

  • 3,900 square feet of living space
  • 1,625 sq. ft. of balcony/terrace
  • built in 2009
  • 1 parking space
  • designer ready
  • 4 bedrooms / 4 bathrooms / 1 half-bathroom
  • Maintenance = $2,418 / month

**all information obtained from the SouthEast Florida Multiple Listing Service**

Top 3 Most Expensive Miami Beach Condo Sales – May 2010

June 26, 2010

There were 158 Miami Beach condos sold in the month of May 2010.  They ranged in price from $9 million to $36,000 for a studio foreclosure at Fashion Condo in South Beach.  Thirteen of the 158 sold over $1 million and only 2 of the 13 were over $5 million – which shows once again that the high end Luxury market is not moving as it used to.  Apogee in South Beach keeps showing great trends and gets the number 2 and 3 highest sales this month.  The regular suspects have sales in May including Continuum South Beach, Canyon Ranch, The Bath Club and Icon South Beach.

May’s Most Expensive Miami Beach Condo Sale

Fontainebleau II Condos:  4441 Collins Ave #PH-NO – Miami Beach, FL 33140

Listed for $9,800,000 and sold for $9,000,000 on 05/14/2010

The Fontainebleau needs no introduction with the most incredible amenities of Miami Beach, including restaurants, pools, nightclubs, Lapis Spa, Cabanas, beach side service ….the fun goes on and on.  It’s considered  luxury resort living at its best and many choose Fontainebleau as their second home.  This particular breath-taking penthouse was originally listed for $16,000,000 in January of 2009, reduced to $13.5 million in February of 09 and again to $9.8 million in May of 2010…which was the clincher for the sale.  Selling at $2,000 per square foot! The MLS description says it all:

Fabulous one-of-a-kind 4,500 sq. ft., 5 bed/,5 full plus 2 half baths. This spectacular Fontainebleau penthouse spans the entire half of the Tresor building from city to ocean. Breathtaking view, over 2,500 sq. ft. of terraces with private jacuzzi. Open floor plan with 15′ceilings. 24 hour full hotel services available .11 restaurants and nightclubs, 40,000 sq. ft. spa and private poolside cabanas. Penthouse is fully furnished and equipped with high def flat -screen TV’s, and ultra luxurious amenities.

Features:

  • 4,500 square feet of living space
  • 2,500 square feet of terraces/balconies
  • 5 bedrooms / 5 bathrooms
  • Built in 2005
  • 2 parking spaces
  • Direct Ocean Views
  • Monthly Maintenance Fee = $6,000

May’s Second Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Drive, #904 – Miami Beach, FL 33139

Listed for $6,850,000 and sold for $6,550,000 on 5/21/2010

I can talk about Apogee all day long – ultra luxury, austere architecture, never pretentious, and VIEWS!! (although it does  not have a marina or a beach…but it’s obvious that many don’t care, because sales keep defeating the odds).   This particular residence was listed for $6.85 million in January of 2009 and shows it went pending in May of 09 and closed exactly one year later.  Could have been an option, delayed closing or just a mistake in the MLS.  Either way, closes at $1,577 per square foot which is above average closed sales this year at Apogee.  MLS reads:

APOGEE! Most exclusive bldg. in South Beach only 67 exclusive homes in the sky. Best line in the bldg. watch the Miami Skyline as sit comes to life at night, Fisher Island, City of Miami Beach plus watch the cruise ships sail while relaxing on your over-sized terrace. 4 Bedrooms, 3 baths and media room.Unit features gas stove, huge center island, summer kitchen on balcony, midnight kitchen in master, steam shower and jacuzzi tub plus upgraded lighting. Private Air conditioned  over-sized garage.

Features:

  • 4,154 square feet of living space
  • 4 bedrooms / 4.5 bathrooms
  • built in 2008
  • 2 parking spaces / private air conditioned garage
  • Bayfront condo
  • Summer Kitchen
  • Monthly maintenance = $5,046

May’s Third Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Drive, #503 – Miami Beach, FL 33139

Listed for $3,395,000 and sold for $3,000,000 on 5/21/2010

Another Apogee Sale, but this one ready to move in rather than designer ready.  Listed originally for $3.85 million in January 2009, reduced to $3.69 million on February of 09 and again in September of 09 to $3.395 million.  This residence is the lowest sale per square foot at Apogee this year ($967/sq.ft.) – with average price being $1,292 per sq. ft.  The MLS description reads:

The APOGEE, a premium residence suitable for the most discriminating individuals is situated in the “SOFI” neighborhood on South Beach. With only 67 residences, this waterfront property offers resort like amenities, flow through floor plans, 11ft balconies, the highest end appliances, Biometric unit access, interactive AMX “Smart Lifestyle” technology and over-sized private air-conditioned garages. This unit has received a full build out and is turnkey ready to move in. Furniture is negotiable.

Features:

  • 3,103 square feet
  • 3 bedrooms / 3 bathrooms
  • built in 2008
  • 2 parking spaces / private air conditioned garage
  • Bayfront condo
  • Summer Kitchen
  • Monthly maintenance = $3,810

**all information obtained from the SouthEast Florida Multiple Listing Service**

Top 3 Most Expensive Miami Beach Condos sold in April 2010

May 20, 2010

There were 157 Miami Beach Condos sold in the month of April 2010, ranging from $5.9 million to $39,952 for a 406 square foot efficiency at The Beverly Arms. Ironically, 1/2 a year of condo fees at The Apogee would buy that efficiency in North Beach – that’s what we love about Miami Beach. Sales are definitely increasing, some say it’s because of the tax credit, but I doubt very much that Mr. Apogee or Setai buyer are looking for an $8k credit.

April’s Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Dr #1801 – Miami Beach, FL 33139

Listed for $6,795,000 and sold for $5,900,000 on 04/16/2010

Apogee is one of my favorite condos in Miami Beach because of its simple and austere facade – the views are ridiculous! and the building keeps living up to its name with record sales.  Although this particular unit was listed for $6,795,000 in may of 2009, the buyer got a 13% discount, which is not at all bad.  The MLS reads:

High floor corner unit at Apogee. 4 bedroom/3.5 bath residence. Lrg living room with fireplace. Large master suite with midnight kitchen. Media room and outdoor kitchen. Top of the line line appliances, exceptional woodwork in closets, sunken bathtub/ rain showers. Panoramic views of Fisher Island, Atlantic Ocean, Government Cut, South Beach. 2400 sf wrap-around terrace. 2.5-car enclosed garage. Apogee is the most exclusive building in South Beach and one of the most luxurious condominiums South of NYC

Features:

  • 4,154 square feet of living space
  • 4 bedrooms / 3.5 bathrooms
  • Built in 2008
  • 2 parking spaces
  • 2400 square foot wrap-around balcony
  • outdoor Summer kitchen
  • Monthly maintenance = $5,046

April’s Second Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Drive, #2002 – Miami Beach, FL 33139

Listed for $5,750,000 and sold for $4,750,000 on 4/05/2010

Apogee is racking them up!  another fabulous unit on the 20th floor with endless views of Government Cut, Fisher Island and both sunsets and sunrises.  This one is a little smaller than 1801, but paying a bit more per square foot ($1,532/sq.ft as opposed to $1,420/sq.ft.).  This unit was listed for $5,750,000 in June of 2008 selling at a 17% discount.  Is there a magical $1 million off the list price at Apogee (I see a pattern in the last couple of months).  MLS reads:

Miami’s FINEST Full Service Boutique Bldg! Only 67 units S.of 5th Street! Highest Floor Available in “02″ w/11′ deep & 1000 sq.ft.Sunrise/Sunset Terr. w/floorthru views of Bay, Ocean & City. Only unit w/outdoor shower!Unit has double the Low Voltage Lighting Package & Upgraded Stone throughout. Outdoor Summer Kitchens; 2.5 Car enclosed garages w/AC; Resort-like pool deck,spa & fitness ctr. w/Sunset Views & Lush New State Park all by Yabu & Pushelberg Design Team.White-glove Concierge Services

Features:

  • 3,100 square feet of living space
  • built in 2008
  • 2 parking spaces
  • 3 bedrooms / 3 bathrooms
  • 1000 square foot terrace
  • outdoor Summer kitchen
  • Monthly maintenance = $3778

April’s Third Most Expensive Miami Beach Condo Sale

The Setai – 101 20th St #A – Miami Beach, FL 33139

Listed for $5,500,000 and sold for $4,000,000 on 4/01/2010

The Setai is the epitome of luxury, amenities and pampering and although the photos of this raw unit will not say much to most of you, it’s a gorgeous blank canvas for any architect.  All you need is a little imagination and a bit of cash to make this space spectacular – I’m sure the lucky buyer will do just that.  You may even be thinking, “wait, you can’t finance that place” – truth is, most of these sales are cash deals….no worries about Fannie Mae or Freddie Mac in this market. MLS description reads as follows:

Great opportunity to own big space with direct ocean views at The Setai.  Sold raw or with The Setai’s famous architect plans.  Plans are for a three bedroom unit with a 20 foot ceiling direct ocean view living area.  Three balconies: northeast corner, southeast corner and direct south.  Opportunity to build out to your taste.

If only The Setai and The W would get together and do something about that ugly Days Inn they have in between them, it would make The area of The Bass Museum and Barclay Plaza so much more pleasant.

Features:

  • 2,305 square feet of living space
  • built in 2004
  • 3 bedrooms / 3 bathrooms
  • 1 parking space
  • direct ocean views / ocean front condo
  • monthly maintenance = $4846

**all information obtained from the SouthEast Florida Multiple Listing Service**

Miami Beach Luxury Real Estate Pick – Apogee South Beach

August 23, 2009

Apogee South Beach - Miami Beach Luxury Condos

Apogee is one of the most prestigious Miami Beach Condos and it has every right to boast from location, to views to impeccable design. Another Jorge Perez (The Relate Group) project, designed by Sieger-Suarez and interiors by Yabu Pushelberg. I personally have been waiting for a simple building like this to appear in The South Beach Landscape and it’s finally here. It’s elegant, austere and makes a powerful impact with its simplicity.

Apogee #1104 – 800 S Pointe Drive – Miami Beach

Listed for $6,800,000

Apogee! Miami Beach’s finest most exclusive location “South of Fifth”. Best line in building! Watch the cruise ships sail while relaxing on your 2,400 square ft. 11 foot deep terrace. 67 exclusive private residences. Open kitchen, gas stove with huge island, summer kitchen on balcony, midnight kitchen in master bedroom. Private over-sized 2-car garage. Incredible lush pool deck looking over the bay, Fisher Island, Downtown Miami and Miami Beach.

Apogee South Beach - Miami Beach Luxury Condos

Features include:

  • 4,154 square feet of living space
  • 4 bedrooms / 5 bathrooms
  • 2-parking spaces
  • full-amenity building
  • Miami Beach Luxury Condo
  • South Beach Location
  • Panoramic Views of Miami Beach, Fisher Island and Downtown Miami
  • Maintenance fees $3944 per month
  • Summer Kitchen
  • 11 ft. deep terraces
  • Designer ready

About Apogee

  • 67 private residences
  • 2.88 acre site
  • 4 units per floor each with private elevator
  • 10 foot ceilings
  • 11 foot wide balconies
  • State-of-the-art Spa and Fitness Room
  • Infinity Edge lap pool in garden setting
  • Lobbies and common areas by world famous interior designers Yabu Pushelberg
  • Architecture by award winning architects Sieger-Suarez
  • Party Pavilion

Residence

  • Summer kitchen with outdoor cooking
  • Midnight kitchen in Master Suite with bar sink and refrigerator
  • Gas fireplace in Master Suite or Living Room
  • Private enclosed double car garage
  • AMX Interactive smart panel with access to valet, spa and other services
  • Lutron wireless system with custom lighting schemes

Apogee’s signature Lifestyle Technology has elevated smart living to an art form

  • State-of-the-art kitchen and bathroom technology
  • Processor and wiring for a complete home integration system
  • Lutron wireless lighting control for custom lighting schemes
  • Prewiring for automated drapes and blinds
  • keyless fingerprint door entry

**property information courtesy of South East Florida Multiple Listing Service and Cervera Real Estate, Inc. **

Miami Beach Luxury Real Estate – St. Regis Resort & Residences – Bal Harbour

July 12, 2009

post_stregis

In the middle of what many are calling a Miami housing slump, there are on-going developments like The St. Regis Resort & Residences in Bal Harbour. Total luxury, the best amenities, and a perfect location for your vacation getaway, indulging lifestyle and elegant living.

Experience the future of Legendary Luxury. St. Regis Resort & Residences, Bal Harbour is a peerless haven of oceanfront elegance; quiet, unwavering taste; and anticipatory service.

Legendary Luxury

St. Regis Resort & Residences, Bal Harbour is a medley of personalized service, exquisite design and unmatched amenities that create a lifestyle like no other on Florida’s Gold Coast. Just steps away from the famous Bal Harbour Shops and minutes from the whirlwind energy and Art Deco magic of South Beach, St. Regis Resort & Residences, Bal Harbour is a world of compelling amenities and impeccable standards.

St. Regis Resort & Residences - Miami Beach Luxury Condos

This Miami Beach Luxury Real Estate project is currently under construction and the site is where the known Sheraton Bal Harbour that attracted people from all over the world because of its magnificent beaches, once stood – 9 acres of stunning oceanfront property. I feel a bit nostalgic about this project because of the fond memories I have at The Sheraton, but know The St. Regis will do those memories more than justice. Also good for you to know that the project is self-financed by Starwood Hotels & Resorts Worldwide, Inc. and The Related Group, which makes the estimated completion date of “end of 2010”, very believable. The location is 9701 Collins Avenue, Florida 33154.

The pricing is high, no questions about it. According to a St. Regis’ sales representative it is 2-3 times what everybody else is, but justified by the land, amenities and because it is a “trophy property”. The average price per square foot is $1650 – properties range between $2,000,000 and $11,000,000 and the best sellers are the biggest and most expensive units. Maintenance fees will range between $1.05 to $1.15 per square foot.

Because it is under construction, I wasn’t able to give you my eagle-eye critique on finishes but the fact is that this project architects are Sieger Suarez Architects, and interior design done by Yabu Pushelberg, the same ones that designed Apogee in South Beach. There is a sales office where you can see sample finishes, including kitchen, bath and living room (pictured above).

St. Regis Resort & Residences - Miami Beach Luxury Condos

St. Regis Residences

  • extraordinary one, two and three-bedroom private residences
  • Panoramic windows offer expansive ocean and bay views
  • spacious outdoor balcony “living rooms” invite easy relaxation and carefree entertaining
  • Contemporary five-fixture master bathrooms feature walk-in shower and expansive marble surface treatments throughout
  • premium kitchen appliances and European style cabinetry
  • pre-wired for state-of-the-art communications and other control systems, including up to four double telephone lines, satellite or cable provider
  • 10′ ceiling heights
  • Residential pool areas available exclusively to owners and their guests
  • dedicated residential porte-cochere and interior lobby custom designed by Yabu Pushelberg

The St. Regis Hotel-Condominium Residences (condo-hotel)

  • fully furnished condo-hotel residences will convey the inimitable style of award-winning interior design firm Yabu Pushelberg
  • Spacious executive suites, one-bedroom suites and convertible two-bedroom suites
  • Breathtaking ocean views
  • integrated, self-contained Midnight Kitchenette
  • spacious outdoor balcony “living rooms” expand your leisure and entertaining horizons
  • State-of-the-art intelligent controls for climate, lighting, window shades, and in-room electronics
  • walk-in closets with integrated European wardrobe cabinetry
  • Four-fixture bathrooms featuring a walk-in shower with richly finished marble floors, vanities, and walls.
  • Digital Video On Command (DVOD)
  • Wired and wireless High-Speed Internet Access
  • Hands-free telephones
  • Personal safes large enough to accommodate a laptop computer
  • 10′ ceiling heights
  • Owner lock-out closet for secure storage of personal items

St Regis Resort & Residences - Bal Harbour

Services and Amenities

  • Remede Spa
  • 24/7 St. Regis Concierge team to assist with all arrangements and requests
  • Celebrated St. Regis Butler Service
  • 24-hour valet parking
  • 24-hourr security
  • 24-hour in-room dining service
  • Bellman
  • Busines services
  • Full-time maintenance staff
  • Newspaper delivery
  • Preferred access and signing priviledges for owners
  • Housekeeping
  • Pre-arrival provisioning/grocery shopping and delivery
  • In-room catering
  • Personal chef
  • Dry-cleaning and laundry services
  • Plant care maintenance
  • Overnight shoe shine
  • Pet services
  • Access to St. Regis events
  • Shopping bag pick-up service from Bal Harbour Shops
  • Oceanfront cabanas with flat-panel televisions, mini bars, ece makers and Wi-Fi connectivity
  • Signature restaurants
  • exclusive beach access
  • state-of-the-art business center
  • executive meeting rooms with integrated audio visual systems
  • a Grand Ballroom and premier banquet facilities
  • St. Regis Kids’ programming
  • Preferred theatre, events, sports tickets
  • Courier services
  • IT personal support assistance
  • Translation services
  • Personal security

At the pool & on the beach: services and amenities

  • refreshing cool-mist spritzers at the pool and beach
  • revitalizing cold towels poolsize
  • Gourmet lunch boxes for beach picnics
  • Oceanfront cabanas with flat-planel screen televisions, mini bars, ice makers, and WiFi connectivity for laptops
  • Pool bar and grill

Around town: services and amenities

  • Personal chauffeur and limousine services
  • Shopping bag pick-up service from Bal Harbour Shops
  • St. Regis Personal Shopping Services and VIP invitations to exclusive trunk shows

Remede Spa

  • A haven of pampering indulgences and advanced treaments
  • Complete offering of spa treatments including customized facials, massages, body treatments, waxing and nail services based on the exclusive Laboratoire Remede skincare line
  • The convenience of in-room treatments
  • Steam, sauna and jacuzzi
  • Couple’s room
  • Vichy shower room
  • Deluxe body treatment room

Fitness

  • State-of-the-art cardio and strength training equipment
  • Certified personal fitness instructors
  • Nutritionist services

Dining

  • Signature restaurants
  • St. Regis signature wine bar
  • Pool bar and grill
  • 24-hour in-room dining service

NOTE: If you are interested in getting a full-color brochure and additional information sent to you about St. Regis Resort and Residences, Bal Harbor, please e-mail us at info@miamism.com with your name and address and will be happy to make the arrangements (all information will be kept confidential)

*renderings courtesy of St. Regis Resort & Residences – Bal Harbour*

Local 10 News features Miamism

November 3, 2008

Local 10 News features Miamism’s take on the Miami Beach Luxury real estate market. I was interviewed by Julie Summers on Friday regarding an article I posted about discrepancies in Miami Beach Luxury Real Estate list versus sale prices.

Miami Beach Luxury Real Estate Sales – September 2008

Local 10 News features Miamism - Miami Beach Luxury Real Estate

Of course the media will always try to sensationalize the news – so I will give you the findings of my research to see if it is true that “Housing Crisis affects Luxury Home Prices“.

From my article above, there were obvious discrepancies between list and sales prices in September in Miami Beach Luxury Homes market. But the purpose of that article was to present a question to our readers – were September numbers a fluke? or is that a trend we will begin to see? I decided to do a small study on Luxury property stats to see what the real numbers are instead of an isolated month. Here’s what I came up with:

In 2007 – There were 91 Miami Beach Luxury Homes sold in the price range of $1,420,000 to $16,400,000 –

  • The average percent difference between list price and sale price in 2007 was 12%
  • The average list price per square foot was $718
  • The average sale price per square foot was $629

In 2008 – There have been 70 Miami Beach Luxury homes sold in the price range between $1,000,000 and $13,100,000

  • The average percent difference between list price and sale price in 2008 has been 12% (no difference from last year)
  • The average list price per square foot is $806 (quite a bit higher than last year)
  • The average sale price per square foot is $712 (HIGHER – prices have increased)

In 2007 – There were 162 Miami Beach Luxury Condos sold in the price range of $1,110,000 to $12,000,000

  • The average percent different between list and sale price in 2007 was 9%
  • The average list price per square foot was $950
  • The average sale price per square foot was $852

In 2008 – There have been 153 Miami Beach Luxury Condos sold in the price range between $1,002,000 and $12,300,000

  • The average percent difference between list price and sale price in 2008 has been 11% (slightly higher than last year)
  • The average list price per square foot has increased to $1021
  • The average sale price per square foot has also increased to $910

Remember that stats are just that, and as much as I like to play with numbers and give you statistics, you cannot generalize. These numbers are provided to give you an overall impression of the Luxury Real Estate Market, but it’s important for you to study each particular situation individually. Miami Beach Luxury Condos for example are very particular because you cannot compare sales in Apogee to Bentley Bay for example – you need to know each building, the historical numbers and each seller’s situation.

If you are a Miami Luxury buyer, it’s good for you to know that there ARE sellers in distress and as I said in the interview, Foreclosures in the Luxury Market which is INSANE! But don’t assume that everyone wants out and is willing to dump their properties.

I also pointed out that there are a lot of cash buyers from Europe and South America – we are currently working with French, Italian, Venezuelan and Russian clients willing to pay cash if the right property comes along.

As for the 2 properties featured on the news – They are Majestic Properties Listings:

The Temple House – 1415 Euclid Avenue – Miami Beach

The Temple House - Miami Beach Luxury Home

Listed at $9,950,000

The Temple House,South Beach’s largest residence. Over 16,000 square feet as per previous tax records. This former synagogue was transformed into an ultra contemporary residential compound over a two-year period. Living quarters abound on both levels – 6,000+ square feet grand loft with approx. 30 foot high ceiling, 2,500 square foot outdoor terrace, 2-car garage plus parking for 3 additional vehicles and much more!

  • 5 bedrooms / 6 bathrooms
  • Built in 1935 by known architect L. Murray Dixon (architect for The Victor and The Tides hotels)
  • converted into a synagogue in 1942 and expanded by known architect Lester Avery in the 60’s
  • Turned back into a residence in 2003 by current owner – Daniel Davidson (2 year process)
  • polished concrete floors
  • 7,000 square foot living area with 30? ceilings
  • mezzanine overlooking living space
  • media room
  • plans for a second floor pool area on terrace.

The Continuum – 50 S. Pointe Drive, #3301 – Miami Beach

continuum-3301

Listed at $9,500,000

One of a kind direct oceanfront condo in Continuum South Beach. Ultra-modern luxury residence located on the 33rd floor with breathtaking ocean and city views. 3,000+ square foot of open living space, private elevator foyer, floor-to-ceiling windows, 1,300+ square foot of terraces and large Italian open-style kitchen, complete with Miele appliances. Building located on 13 acres of prime oceanfront land at the tip of South Beach

  • 3 bedrooms / 3.5 bathrooms
  • 2 parking spaces
  • private elevator foyer
  • over 1,300 square feet of terraces with amazing views of the Ocean and South Beach
  • Full amenity building with Spa, state-of-the-art fitness center, valet, concierge, etc.
  • built in 2008