NINE45 Jefferson Townhomes in South Beach

NINE45 Jefferson Townhomes or 945 Jefferson Townhomes

Brand New Miami Beach condo project in the smack center of South Beach.  they are actually townhomes because they are 3 stories with the third story being an incredible sky loft that opens to 2 roof terraces with awesome views of South Beach.  The project is located just South of Flamingo Park on Jefferson and it’s literally walking distance to the beach, to Alton Road and everything in South Beach.

The best part is that is has covered parking!! No more driving around trying to find on-street parking in South Beach.  Each residence comes with one parking spot and you have the option of buying an additional one for $25,000 (and that’s cheap! considering parking is a commodity in SoBe).

The project only has 7 residences with the front and back ones being the best ones with more light, and the 5 interior ones, sandwiched in between, a bit less desirable, but still great investments.  They are priced between $450,000 and $525,000 and the monthly maintenance is low at .40 cents per square foot.  Here are photos I took of the interiors:

The residences come finished with Italian ceramic flooring with leather finish, baseboards, painted, Bosch stainless steel appliances, granite counters, impact resistant windows and doors and window treatments and closets!  You do have the option of buying them furnished as well for a bit more – with Bobby Berk Home and Crate & Barrel furniture.

The beauty of a small project like this is that there are no condo restrictions.  If you are buying as a vacation property or second home, you don’t have rental restrictions and can rent as many times as you want during the year.  There are also no pet restrictions and you have a dog park near by.  Majestic Properties has also teamed up with BBU Bank who is offering financing (80% conventional loans and 60%-70% financing for foreign nationals).

And now to my honest opinion – I loved the front unit because of the light and would buy it furnished at their $545,000 asking price because it was perfect.  They are not big by any means and the sets of stairs could get a bit old after climbing them a few times per day (but at least you would stay in shape).  The project is great for vacationers, for people that like to be in the middle of  the action and love clean, simple spaces.  The interior units are a bit dark, but honestly, great distribution and still a great price for new construction in the area.  The adjacent buildings are not pretty at all, but that comes with the territory, the impact windows should block out the occasional loud fight from a neighbor or loud music from obnoxious teen.  It is South Beach after all…. and starting at $450k!! I definitely endorse this one.

Call me to schedule an appointment – these will probably not last long.

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Walk Score

Local 10 News features Miamism

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

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)

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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

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

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