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 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**

Miami Beach Luxury Real Estate – MEi

Miami Beach Luxury Real Estate redefined in none other than Millionaire’s Row! MEi was designed as an architectural icon by Hirsch Bedner Associates (known for hospitality design and projects including the Mandarin Oriental in Miami) together with famed designer Jaya Ibrahim (designer for the Setai in Miami Beach). Here’s the concept behind this fabulous oceanfront condo:

Introducing MEi, the ancient mandarin symbol for beauty. An exotic architectural creation in shimmering glass, flowing water, silk and teak, MEi is an immediate icon on Millionaire’s Row in Miami Beach. Mei is a world of timeless Asian design and 21st century technology, with exquisitely finished 1, 2 and 3 bedroom residences and an intimate atmosphere of personal service and indulgence. Every detail at MEi has been designed to give its residents a sense of tranquility and serenity. From the incredible Lobby to the TEA Lounge, the Zen library, Spa and Poolside, residents at the MEi will enjoy the ultimate in privacy and relaxation. MEi is located on the beautiful white sands and bright aqua waters of Miami Beach and to the west it overlooks the intracoastal Waterway with panoramic views of the downtown Miami skyline.

The density of MEi is really comfortable if you’re not into the 500 unit high rises that are common nowadays. It’s a 22-story building with 134 residences and located on 175 feet of prime Miami Beach beachfront property – what else could you ask for? The maintenance fees, according to the sales Director will be between $1.05 and $1.10 per square foot and the developer (PMG) is guaranteeing those HOA fees for 2 years.

Some of the amenities include:

• Asian inspired tea lounge
• Zen library
• Spa
• Yoga tudio
• State of the art Technogym Fitness facility with private massage rooms, steam rooms and lockers
• Ocean view pool deck with lagoon pool, infinity edge pool and misting pool
• Fire pit in pool area
• Pool attendant
• Valet parking
• Security
• Concierge

Each residence includes advanced 21st century technology system which consists of pre-wired and pre-installed fiber optic connections for: Satellite TV, Email boxes, local and international telephone, voice mail service, wireless hi-speed Internet, music and video library.

Here’s the MEi 411 from the sales director – The project sold out in pre-construction in 2005 and 24 units defaulted once they began closing in May of 2008. Of those 24 they have already sold 10. The units sold in pre-construction at an average price per square foot of $1,100 and 12 residences were flipped between $1,200 and $1,300 per sq. ft. – Here’s where it gets painful – those units are now selling for a blended average of $650/sq.ft. (OUCH!) – and that, my friends…..is negotiable!

• 1 bedroom residences start in the low $500,000′s
• 2 bedroom residences start in the low $700,000′s
• 3 bedroom residences start between $1 and $1.1 million

I personally like the location – 5875 Collins Avenue – perfect Miami Beach Luxury Condo setting….. right next to The Bath Club and close enough to the action but the buildings directly west are not very aesthetically pleasing – fortunately the ocean views are breathtaking and takes away from the eye sores. The unit finishes are not my favorite either – particle board kitchens with veneers and glass tops (most people will be redoing those) – but the common areas have a nice scale and the finishes are what you would expect from Jaya…not to mention the wrap-around balconies, which are amazing! And did I mention the spectacular views?