Top 3 Most Expensive Miami Beach Condos Sold – April 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

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

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 Condos Sold – February 2011

There were 198 Miami Beach condos sold in the month of February 2011 ranging from a $2.25 Million Murano at Portofino Condo, to a $27,000 Versailles Hotel studio in foreclosure in Mid-Beach. For all of you that call us about great deals and foreclosures in Miami Beach, be ready to bring cash.  Bank owned properties are not even looking at financing, no matter the type of down payment because a lot of the buildings will not be approved for lending.  Meaning they are not Fannie Mae approved because the building either doesn’t have reserves or has a high delinquency ratio (a lot of unpaid maintenance fees).   We also have the occasional call from someone that has cash and feels they will be a special buyer – guess what? most deals in Miami Beach are cash, you are no different than other buyers and that does not give you an advantage.  If you see a good deal, move quickly and be ready to close fast – those deals fly!!

41% of February’s Miami Beach Condo were distressed compared to:

• September 2010 – 58% of MLS sales were either foreclosures or short sales
• October 2010 – 50% of Miami Beach Condo sales were distressed
• November 2010 – 42% of Miami Beach Condo sales were distressed
• December 2010 – 52% of Miami Beach Condo sales were distressed
• January 2011 – 57% of Miami Beach Condo sales were distressed

The highest short sale sold for $1,050,000 at Icon Miami Beach and the highest foreclosure was for $510,000 at Seacoast Condo.

February’s Most Expensive Miami Beach Condo Sale

Murano at Portofino– 1000 S Pointe Dr #3102 – Miami Beach, FL 33139

Listed for $2,490,000 and sold for $2,250,000 on 2/25/2011

This particular Murano at Portofino residences offers stunning views of Sunsets and Sunrises with 3 terraces.  Perfect for boaters with Marina within walking distance and Lapiagga Beach Club just South of it.  South of Fifth still remains the hottest real estate in all of Miami and Miami Beach.  This unit was sold in June of 2010 for $1,925,000 and was listed in November for $2,490,000 and selling with a $325,000 profit – not bad for a so called “down market”, in less than 8 months!.  MLS reads. (“rarely” makes me smile, considering they just bought it).

RARELY AVAILABLE, THIS STUNNING THREE BEDROOM, THREE BATHROOM HOME HAS FLOW THROUGH PLAN WITH DRAMATIC SUNSET AND SUNRISE TERRACE VIEWS. FLOOR TO CEILING WINDOWS OFFER SPECTACULAR DIRECT OCEAN, DOWTOWN BISCAYNE BAY, CITY AND FISHER ISLAND VIEWS. ONE OF VERY FEW “02″ RESIDENCES WITH ADDITIONAL THIRD TERRACE. GOURMET KITCHEN, PRIVATE ELEVATOR AND LOBBY, ADJACENT MIAMI BEACH MARINAS, ENJOY THE PRIVATE LAPIAGGA BEACH CLUB WITH SALT WATER- POOL AND RESTAU. ALSO FOR RENT. A MUST SEE! OWNER FINANCING AVAILABLE!

Features:

• 2,618 square feet of living space
• 3 terraces
• 3 bedrooms / 3.5 bathrooms
• South of Fifth Location in Miami Beach
• 1 parking space
• bay front condo with direct water views
• full amenity building – Murano at Portofino Condo
• corner – flow through location
• split-bedroom plan
• Monthly maintenance = $1,926

February’s Second Most Expensive Miami Beach Condo Sale

The Setai Resort & Residences – 101 20th St #2708 – Miami Beach, FL 33139

Listed for $2,375,000 and sold for $2,100,000 on 2/08/2011

The Setai makes the Top 3 list once again and this particular residence is to die for!!  Southeast Corner with wrap-around balcony and top of the line finishes.  It was purchased from hotel and can join hotel program.  This unit was on and off the market starting at a listing price of $3,250,000 in 2008, with several price reductions and also listed for rent at $18,000 per month. MLS reads:

Best line in the building.  Southeast corner unit with wraparound balcony.  Can join Setai hotel rental program if furniture is purchased from hotel.  It has the hotel finishes.  Enjoy breathtaking views of the ocean, south beach, downtown, bay and sunset.

Features:

• 1,141 square feet of living space
• built in 2005
• corner unit
• Miami Beach Location – The Setai Resort & Residences
• Ocean front building
• 2 bedrooms / 2 bathrooms
• Monthly maintenance = $2,179

February’s Third Most Expensive Miami Beach Condo Sale

Murano Grande – 400 Alton Rd #2404 – Miami Beach, FL 33139

Listed for $1,955,000 and sold for $1,950,000 on 2/25/2011

South of Fifth Location in Miami Beach, right on the bay with direct views of Miami Skyline, Biscayne Bay and Fisher Island.  Murano Grande is one of my favorite bay front condos in South Beach because of the way all units frame the views and its proximity to everything!!  Boaters have access to top notch marina and you can walk to the beach and South Beach’s Action.  This particular unit was listed in 2009 for $2,000 and appears under contract 2 times prior to its close last month.  It was also listed for rent at $9,000 per month.  MLS reads (with “flor-thru” making me a chuckle)

SPACIOUS AND SPECTACULAR FLOR-THRU UNIT AT THE ULTRA LUXURIOUS MURANO GRANDE IN SOUTH BEACH.STUNNING OCEAN VIEWS,FISHER ISLAND AND MIAMI SKYLINE. 3bed/3.5bath with 2974 sqft under ac. UNIT FEATURES 2 TERRACES,TILE AND WOOD FLOORS IN THE BEDROOMS,STATE OF THE ART KITCHEN,PRIVATE ELEVATOR/FOYER ENTRANCE.MARINA ON SITE.WALK TO THE BEACH,SHOPS & RESTAURANTS.LOCATED IN THE HEART OF SOUTH BEACH!!PLENTY OF AMENITIES.EASY TO SHOW!!

Features:

• 2.974 square feet of living space
• built in 2003
• South of Fifth Location in Miami Beach
• bay front building – Murano Grande at Portofino
• 3 bedrooms / 3.5 bathrooms
• 1 parking space
• boat dock available
• private elevator
• full-amenity building
• monthly maintenance = $2,188

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

Top 3 Most Expensive Miami Beach Condos Sold in January 2011

There were 179 Miami Beach condos sold in the month of January 2011 ranging from a $2.6 Million Setai Condo, to a $41,000 Marseilles Condo in foreclosure in Normandy Island. The prevailing question lately has been about distressed property inventory – is it slowing down? are there more foreclosures and short sales? are we seeing the bottom? I grabbed sales from the last few months to see what percent of those were distressed:

• September 2010 – 58% of MLS sales were either foreclosures or short sales
• October 2010 – 50% of Miami Beach Condo sales were distressed
• November 2010 – 42% of Miami Beach Condo sales were distressed
• December 2010 – 52% of Miami Beach Condo sales were distressed
• January 2011 – 57% of Miami Beach Condo sales were distressed

It’s evident that this number is not going down and there are still quite a bit of distressed property sales, what you do need to keep in mind is that short sales can take anywhere from a few months to over a year to close.  Which means that some of these sales have been property under contract for quite some time.  The other factor to keep in mind is that most of these closings are on the lower end of the market, properties under $250,000 and very few in the Miami Beach Luxury Condo market.  The other piece of evidence I will share is that actual prices for distressed condos is starting to rise and the very low end of the scale is almost non existent.  Our team does not really specialize is these sales though, but we keep a close eye because once these begin to disappear, the Miami Beach housing market will start to see a significant change for the better.

January’s Most Expensive Miami Beach Condo Sale

Setai  Resort & Residences – 101 20th Street #3603– Miami Beach, FL 33139

Listed for $2,795,000 and sold for $2,600,000 on 1/19/2011

Setai designer furnished and equipped residence with panoramic views of the ocean and Miami Beach, it doesn’t get any better than this.  Setai is known for luxury and amenities and the monthly maintenance fees will attest for that.  This property was on and off the market since 2006 with a starting price of $4.25 Million – it was also offered for rent at $25,000/month.  Pricing for both sale and rental listings were adjusted through the years with a final selling price of $2.6 Million, which is still a nice $1,492/square foot.  The MLS description reads:

GORGEOUS APARTMENT AT SETAI ON 36TH FLOOR OFFERING UNOBSTRUCTED VIEWS OF OCEAN, INTRA COSTAL AND MIAMI BEACH. “TURNKEY PACKAGE”, SOLD FULLY FURNISHED & EQUIPPED (DESIGNER DECORATED PUBLISHED IN “FLORIDA DESIGN”). ONE OF A KIND RESIDENCE! ALSO AVAILABLE FOR RENT WEEKLY & MONTHLY.

Features:

• 1,743 square feet of living space
• built in 2004
• designer furnished and equipped
• oceanfront
• 3 bedrooms / 3 bathrooms
• 2 parking spaces
• open balcony
• Monthly maintenance = $3,339

January’s Second Most Expensive Miami Beach Condo Sale

W South Beach Residences – 2201 Collins Ave #1204 – Miami Beach, FL 33139

Listed for $2,690,000 and sold for $2,500,000 on 1/15/2011

The W South Beach is one of my favorite Miami Beach condo-hotels.  Amenities are fabulous and the designer finishes and workmanship are out of this world.  Although no particular photos were included of this particular residence’s views and floor-plan, I can guarantee they were top notch because that’s what The W is known for. All residences have beautiful views, even if they are not directly situated on the ocean, and you can read more about it in our article from June 2010 – The W South Beach Residences.  The MLS description for this unit reads:

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

Features:

• world renowned W amenities and service
• 1,729 square feet of living space
• built in 2009
• 2 bedrooms / 2 bathrooms
• oceanfront
• ocean views
• turnkey
• designer furnished and equipped
• monthly maintenance = $2,407

January’s Third Most Expensive Miami Beach Condo Sale

Continuum South Beach: South Tower – 100 S Pointe Dr #1007 – Miami Beach, FL 33139

Listed for $2,250,000 and sold for $1,999,000 on 1/14/2011

The Continuum South Beach is a popular amongst our TOP 3 Most Expensive Miami Beach Condos Sold each month.  It’s no surprise it comes up time and time again in Miami Beach’s Luxury lists and it has to do with the ultimate South Beach location as well as amenities.  Think about it – out of all the amazing South of Fifth condos, The Continuum is the only one on the actual tip and it is ocean front with endless views of the ocean, Fisher Island, Government Cut and Miami Beach.  This particular residence was on and off the market and listed for $2.25 Million in June of 2010 with a selling price of $1.999 Million.  The MLS reads:

LUXURIOUS UNIT WITH DIRECT OCEAN VIEW. PRIVATE FOYER, MARBLE FLOORS, 10′ CEILINGS, OPEN KITCHEN AND SPLIT BEDROOM PLAN. CONTINUUM OFFERS ON-SITE CONCIERGE SERVICES, 24-HR COMPLIMENTARY VALET PARKING, 24-HR SECURITY, 3 TENNIS COURTS, TENNIS PRO-SHOP, RESTAURANT, 25000 SQ.FT STATE-OF-THE-ART GYM AND SPA, 2 LAGOON POOLS, LAP POOL AND BEACH / POOL SERVICE.

Features:

• 1,870 square feet of living space
• built in 2002
• 2 bedrooms / 2 bathrooms / 1 half-bath
• marble floors
• 10′ ceilings
• 1 parking space
• oceanfront
• monthly maintenance = $1,800

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

Top 3 Most Expensive Miami Beach Condo Sales – October 2010

There were 131 Miami Beach condos sold in the month of October of 2010 ranging from a $4.95 Million Continuum South Beach condo, to a $43,000 7315 Byron Ave Condo in foreclosure in North Beach.  Price per square foot ranging from $49 to $4,350 – talk about a disparity! But that just shows how different the real estate market can be in the same city!  Out of the 131 sales, 11 of them were Miami Beach Condos over a million and 49% of October sales were distressed (short sales or foreclosures) – that’s a 9 point drop from last month.  All 3 top sales this month were at Continuum South Beach – which makes me sound like a broken record when I tell you that you can’t go wrong when buying at The Continuum Towers.

October’s Most Expensive Miami Beach Condo Sale

Continuum South Beach – North Tower: 50 S Pointe Dr #1101/8– Miami Beach, FL 33139

Listed for $4,950,000 and sold for $4,350,000 on 10/08/2010

Amazing remodeled residence at Continuum South Beach.  This 11th floor NE corner unit in the North Tower is nothing short of WOW.  The condo had been listed for $5,490,000 in June of 2010 and then re-listed for higher when furnished by interior designer.  It’s common for these South Beach condos to sell fully furnished and ready to go and most are cash deals!  The description reads:

Back on market following a complete remodeling with beautiful furnishings by Sharron Lewis Design. Spectacular NE Corner unit “Best Line” in the building at the Continuum II North Tower with incredible direct ocean front views! 4 bedroom 4 1/2 bath with 10′ ceilings, new construction, 2 garage parking spaces plus 2 valet. Spa-like amenities include: 20,000 sf world-class spa & gym, 3 pools, private beach club, restaurant & 3 clay tennis courts.

Features:

• 3,500 square feet of living space
• 650 square feet of exterior terrace
• built in 2008
• Continuum South Beach location – North Tower
• 4 bedrooms / 4.5 bathrooms
• 2 valet spaces
• full-amenity building
• ocean-front condo
• ocean views
• Interior Designer furnishings
• Monthly maintenance – $3,500

October’s Second Most Expensive Miami Beach Condo Sale

Continuum South Beach: South Tower – 100 S Pointe Dr #2805 – Miami Beach, FL 33139

Listed for $3,800,000 and sold for $3,150,000 on 10/08/2010

Continuum South Beach residence on a high floor with custom furnishings and endless ocean, Government Cut and Fisher Island Views!  This property had been listed for $4.1 Million back in April of 2009, with a $300,000 price reduction and finally selling at almost $1 million under list price!  It just shows that no offer is a crazy one!  The MLS reads:

Stunning residence! Much sought after 05 line with unobstructed views straight down the beach and out to the Atlantic Ocean. Watch the ships parade by! Property boasts amazing finishes, custom furnishings, his/her bath suites and huge closets.

Features:

• 2,847 square feet of living space
• built in 2002
• Continuum South Beach Location – South Tower
• 3 bedrooms / 3.5 bathrooms
• oceanfront building
• direct ocean views
• custom furnishings and finishes
• Monthly maintenance = $1,597

October’s Third Most Expensive Miami Beach Condo Sale

Continuum South Beach: South Tower – 100 S Pointe Dr #2006 – Miami Beach, FL 33139

Listed for $3,850,000 and sold for $2,900,000 on 10/12/2010

Not much information given for this property other than it being a short sale approved at the listing price of $3.85 Million, but selling at almost $1 Million less.  The MLS provides no interior shots and the photo of the view may be a canned one (meaning “borrowed” from another listing).  It’s amazing, but happens all the time.  The only info provided is:

Most desirable unit with direct Ocean and Intracoastal Views.  Private elevator lobby a true three bedroom unit.

The history of this residence does show that it was on the market for one year.

Features:

• 2,508 square feet of living space
• built in 2002
• 3 bedrooms / 3.5 bathrooms
• corner unit
• Continuum South Beach location – South Tower
• Marble floors and carpeting
• Monthly maintenance fees = (not disclosed)

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

Fisher Island Real Estate Market Report – October 2010

There are currently 127 Fisher Island Condos for sale: (4 more than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $139,000 for a studio at Marina Village (short sale)
• Pending Sales: 2 (1 less than last month)
• Closed sales in October : 2 (same as last month)

The 2 Fisher Island condo sales in the month of October were the following:

• Bayview VIII – 5274 Fisher Island Dr – listed for $1,750,000 and selling for $1,500,000
• Bayside Village – 2122 Fisher Island Dr – listed for $895,000 and selling for $725,000

I already told you last month about “Forbes Most Expensive Zip Code List” where Fisher Island moved from 33 to 37th.  You will be surprised to hear that there are 11 distressed listings in Fisher right now, including a $2 Million foreclosure at Bayview and a $2.1 Million short sale at Oceanside.  But even THAT inventory is slowly disappearing.

Fisher Island Real Estate Market Report – September 2010

There are currently 123 Fisher Island Condos for sale: (same as last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $159,000 for a studio at Marina Village (short sale)
• Pending Sales: 3 (4 less than last month)
• Closed sales in September : 2 (1 more than last month)

The 2 Fisher Island condo sales in the month of September were the following:

• Palazzo del Mare – 7100 Fisher Island Dr #7121– listed for $3,700,000 and selling for $2,600,000
• Marina Village III – 42208 Fisher Island Dr – listed for $525,000 and selling for $400,000

You may have heard about the infamous “Forbes Most Expensive Zip Code List” – well….Fisher Island did it again!  going down from 1st most expensive 2 years in a row, to 33 and now 37.  The Fisher Island Luxury real estate market may seem very volatile, but the truth is that anyone that can afford Fisher Island to begin with will either be open to an offer or not – no science needed, no pressure expected, and definitely not many “I will give away because I HAVE to” deals.  If you are interested in buying in Fisher Island, know that you have the opportunity to negotiate.

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

Top 3 Most Expensive Miami Beach Condo Sales – August 2010

There were 123 Miami Beach condos sold in the month of August of 2010 ranging from a $2.525 Murano Grande bayfront condo in South Beach, to a $27,000 Versailles Condo-Hotel efficiency unit in foreclosure in mid-beach.  Only 6 of the 123 sales were Miami Beach Condos over a million which is evidence that the sales we saw 2 months ago were not the norm in today’s market.  Please note that 51% of August sales were distressed (short sales or foreclosures), but the very low end inventory is slowly disappearing.

August’s Most Expensive Miami Beach Condo Sale

Murano Grande at Portofino: 400 Alton rd, # 3301 – Miami Beach, FL 33139

Listed for $2,995,000 and sold for $5,525,000 on 08/26/2010

Murano Grande in the SoFi (South of Fifth) area is known for its amazing views, for its interiors and luxurious amenities.  You can’t beat the location and this unit in particular boasts views like you have never seen before.  In addition to having almost 4000 square feet, the selling price at $635 per square feet is not bad at all for a custom designed 4/4.5 in one of the best South Beach Condos.  The MLS reads:

Just reduced and priced to move.    Views, Views, Views   Gorgeous, extra large, custom designed 4 bedroom/4.5 bath home with panoramic views of the Miami Skyline, Biscayne Bay and South Beach. Three large terraces, oversized living/dining room, extra large eat in kitchen/family room featuring Miele, SubZero appliances, media room with private bath, master bedroom with his/her bathrooms, all designed by the award wining Manhattan design firm Garcia-Maldonado.   Bring your most demanding clients.

Features:

• 3,979 sq. ft. of living space
• 4 bedrooms / 4 bathrooms / 1 half-bath
• bay front condo
• South Beach location – South of Fifth Street
• 2 parking spaces
• Built in 2003
• 3 terraces
• Master Suite with his/hers bathrooms
• custom designed by known Manhattan interior design firm
• media room with private bath
• Maintenance = $2187 / month

August’s Second Most Expensive Miami Beach Condo Sale

The Continuum South Beach:  50 S Pointe Dr, #2503 – Miami Beach, FL 33139

Listed for $2,200,000 and sold for $1,880,000 on 8/06/2010

Here we have a SW corner unit with view of all the SoFi high-rises, South Pointe Park, Government Cut and Fisher Island.  The view shown above, although included in the listing marketing materials, doesn’t belong to this residence (it’s one of the tricky things you need to catch when looking at the MLS).  Either way, you have an amazing 2 bedroom beach front condo at Continuum selling for $978 per square foot!  This is what we call, Prime Miami Beach Real Estate.  MLS description says:

Highly desirable and sought after 2 bedroom 2.5 bath, SW corner unit. Enjoy views of the Ocean, Bay, and City from one of your 4 large balconies or through your floor to ceiling windows in every room.  Arrive at the unit from your private elevator landing.  This designer finished unit has teak wood floors, custom made furniture, designer rugs and electronic drapes along with a centralized high end home entertainment by Russ Sound Systems.  This one of kind unit will take your breath away.

Features:

• 1,922 sq. ft. of living space
• 461 sq.ft. of terraces/balconies
• built in 2008
• 2 bedrooms / 2 bathrooms / 1 half-bath
• SW corner unit with view of Ocean, Bay, Government Cut, Fisher Island and City
• 4 large balconies
• private elevator
• designer fished residence with teak wood floors, custom made furniture and designer rugs
• electronic window treatments
• Maintenance = $1550 / month

August’s Third Most Expensive Miami Beach Condo Sale

Murano Grande at Portofino Condo: 400 Alton Rd, #2103 – Miami Beach, FL 33139

Listed for $1,999,999 and sold for $1,870,000 on 8/25/2010

Another Murano Grande Condo makes Top 3 Most Expensive Miami Beach Condos sold in August of 2010.  This one with Limestrone floors and magazine published and selling at $612 / square foot.  Murano Grande is known for its great kitchen and unending water views.  Some people prefer Bayfront buildings because you get Sunsets and the view at night are even more spectacular than in the day time.  The MLS says the following about this condo unit:

As seen in Febuary edition of Florida International magazine: Stunning custom designed unit with private elevator opening into dramatic entrance foyer. Beautiful dove gray limestone floors throughout living area, and designer wooden flooring in the master bedroom. Ambient lighting throughout. Open floorplan with dramatic water views from every room. Bring your pickiest buyers, as this unit is the best priced designer upgraded unit in the building. The custom features make it truly spectacular.

Features:

• 3,058 square feet of living space
• built in 2003
• 3 bedrooms / 3 bathrooms / 1 half-bath
• 1 parking space
• Limestone and designer wood floors
• open floor plan
• bayfront location
• custom designed
• private elevator
• Maintenance = $2248 /month

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

Fisher Island Real Estate Market Report – August 2010

There are currently 123 Fisher Island Condos for sale: (3 more than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $159,000 for a studio at Marina Village (short sale)
• Pending Sales: 7 (same as last month)
• Closed sales in August : 1 (1 less than last month)

The single Fisher Island condo sale in the month of August was the following:

• Seaside Village – 19237 Fisher Island Dr – listed for $699,000 and selling for $600,000

A client of ours called last week in disbelief about Fisher Island having distressed sales.  How in the world could someone that could afford the lavish lifestyle of a private island have to short sale or be foreclosed on?  Well…the reality is that the rich are not immune to adversity but this by no means should suggest that Fisher Island Real Estate is suffering.  When putting numbers into perspective, you will realize than only 8% of the existing Fisher Island Condo inventory is distressed, which when compared to other areas in Miami and Miami Beach, is minuscule.

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