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 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 – September 2010

There were 146 Miami Beach condos sold in the month of September of 2010 ranging from a $6.75 Million Continuum South Beach condo, to a $31,500 Fashion Condo in foreclosure in South Beach.  Out of the 146 sales, 8 of them were Miami Beach Condos over a million and 58% of September sales were distressed (short sales or foreclosures).  Murano Grande and Continuum South Beach keep appearing on our Top 3 almost every month – which means when it comes to Luxury…value is in the eye of the beholder, in this case, the buyer.

September’s Most Expensive Miami Beach Condo Sale

Continuum South Beach – South Tower: 100 S Pointe Dr #1804 – Miami Beach, FL 33139

Listed for $8,395,000 and sold for $6,750,000 on 09/22/2010

This $6.75 Million Sale was not just for a condo unit at The Continuum – it was for 2 units put together, a guest suite and a cabana at the South tower.  It totals 4,161 square feet of living space and the 18th floor views were of the ocean and Government Cut/Fisher Island.  the photos really don’t do the space justice, but don’t take my word for it, the final price tag says it all.

This deal went under contract, according to the MLS, in December of 2009 and closed with a different agent this past month.  The MLS description is (and I’m sure the listing agent meant remodeled cabana, not remolded):

Rare opportunity to own a guest suite, Cabana and two units put together pre construction. Completely remodeled units with wide foyer entry to spacious living room, an open kitchen encompassing den and dining area, featuring marble counters, wine cooler, pantry and updated appliances with fabulous views. Comfortable master suite, with plenty of closet space. Two additional bedrooms both with incredible views. Designed to cater to your every need. Cabana has been completely remolded & updated.

Features:

• 4,161 sq.ft. of living space
• built in 2002
• 3 bedrooms / 3 bathrooms / 1 half bath
• corner unit
• 2+ covered parking spaces plus valet parking
• ocean-front building in South of Fifth area of South Beach
• remodeled Cabana
• Monthly Maintenance = $3,609

September’s Second Most Expensive Miami Beach Condo Sale

1500 Ocean Drive: 1500 Ocean Dr 3401 – Miami Beach, FL 33139

Listed for $2,500,000 and sold for $2,250,000 on 9/09/2010

1500 Ocean Drive was designed by none-other than Michael Graves and is located at the North end of Ocean Drive.  it was built in 1999 and has all the amenities you would expect from a South Beach luxury condo.  This particular unit was originally listed for $2.8 Million in 09 and went under contract in August on 2010, closing a month later.  It was sold “turnkey” with all the furniture you see in the photos.  The MLS description reads:

Ultra-chic furnished, turn key, direct ocean 3 bedroom at 1500 Ocean Drive.  Contemporary-hip interior with curved glass open great room and massive 2500 sq.ft. direct oceanfront terrace exemplifies the ultimate South Beach lifestyle! Marble floors and baths, gourmet kitchen, full service luxury building in South Beach. Every amenity available, private beach lounges, 24 hour security and valet, fitness center, heated pool and spa, concierge and more.

Features:

• 2,320 square feet of living space
• built in 1999
• corner unit
• 3 bedrooms / 3 bathrooms / 1 half-bath
• ocean-front building
• 2+ covered parking spaces plus valet paring
• 2,500 sq.ft. terrace
• marble floors
• monthly maintenance = $2,264

August’s Third Most Expensive Miami Beach Condo Sale

Murano Grande at Portofino Condo: 400 Alton Rd, #1703 – Miami Beach, FL 33139

Listed for $2,149,000 and sold for $1,925,000 on 9/30/2010

Another 03 line sells, this time a few floors lower than last month’s “limestone and designer unit”.  Murano is all about location, marina and views. Monthly sales in this building are a reflection of South Beach Lifestyle and how real comfort cares not about price.  This particular residence was listed originally at $2.349 Million in August of 09 and selling for top dollar a year later is not surprising based on showing condition.  MLS reads:

A stunning, flow-through 3 bedroom condo at Murano Grande in South Beach.  Extensive designer upgrades include stone flooring, high-end doors, electronic lighting control systems, a sound system plus a unique step-up bar for entertaining.  Flat screen televisions in every room!  Enjoy dramatic water views from all rooms.  A private elevator foyer greets you as you arrive into this apartment that feels like a house in the sky.  Almost 3100sf of indoor living space, plus two massive terraces.

Features:

• 3,058 square feet of living space
• built in 2003
• bay-front building
• 1 parking space plus valet parking
• 3 bedrooms / 3 bathrooms / 1 half bath
• Marble floors
• 2 exterior terraces
• electronic lighting control systems
• monthly maintenance = $2,248

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

Top 3 Most Expensive Miami Beach Condos sold in April 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**

Mondrian South Beach – Condo Hotel

Did you even know that The Mondrian has condos for sale?  The Morgans Hotel Group, responsible for The Delano and The Shoreclub in South Beach, decided there was a need for short term rentals as well as a Condo-Hotel in South Beach, and instead of referring out the business, they would keep it in-house.  Of course their reputable concierge service and celebrated design would remain, that’s how the Mondrian concept materialized.  The Mondrian has a marina, meeting rooms and sits on the bay side in South Beach at 1100 West Ave with spectacular panoramic views of the Miami Beach islands, Monument Island, The Port of Miami and The Miami skyline.  The interiors were done by Marcel Wanders, known for his theatrical use of space.  Some people may find the place to be “OUT THERE”, meaning it’s a bit weird and overdone, but the truth is that The Mondrian takes you away to a fantasy world that fits South Beach so well and becomes the perfect getaway.

Here’s the marketing pitch for The Mondrian Condo Hotel:

FULL CONDOMINIUM OWNERSHIP WITH HOTEL SERVICES BUILT AROUND YOUR LIFESTYLE.  Owners enjoy all the privileges of this exclusive Hotel, 5 Star Asia de Cuba dining, Sunset Bar, 2 swimming pools, fitness center, Agua Spa, 24-hour room service, maid service, marina and full access to Delano Hotel Beach Club.  Interiors feature glamorous living areas, spacious bedrooms, modern bathrooms, fully furnished and designed by Dutch designer Marcel Wanders.  Enjoy breathtaking views of Biscayne Bay from your private balcony.

Once you enter and go through the Sleeping-Beauty-castle-type interiors, you’ll find the suites and apartments to be whimsical and unconventional with amazing views and backdrop of Biscayne Bay and South Beach.  We visited one of the Tower Suites and took some photos.

This Tower Suite is offered at $2,950,000 with a $1,759.45/month maintenance fee which includes all amenities, cable, water, electric, WiFi).

Features include:

• Unique residence – one of only 4 total units
• 2 bedrooms / 2.5 bathrooms
• 1,680 square feet of living space
• 791 square foot terrace/balcony
• Wine Cooler, Washer/Dryer, Flat screen TVs in every room
• Access to exclusive Tower Suite Lounge
• Complimentary valet

We also visited a 2-bedroom (1,190 square feet with bay views at $900,000);  a 1-bedroom (740 square feet with city views in the $500k’s); and studio unit (534 square feet with bay views starting in the high $200k’s) to get a feel of size and views.  The interiors are all very similar and very Marcel Wanders, and the kitchens are small (as can be expected from a condo-hotel).

The consensus is that the prices are still high.  The project was opened during Art Basel in December of 2006 and was 80% sold, but like the rest of the projects in Miami, only closed the cash buyers and now have 140 units available.  Pricing has gone from the $1000’s per square foot to the $600’s – studio apartments start in the $290,000 range and 2-bedroom apartments in the $900,000 range.  The Hotel program is optional and buyers can of rent their residences on their own.   The sales team did disclose that they are renting at an average of $4.70 per square foot and their studios rent for approximately $2,500/month for a six month rental period.  They also claim that the rental demand is higher than the supply.  (This is enough to merit the high prices, knowing you will have your unit rented and can benefit from rental income).

There’s currently financing available by the developer, which is not easy with condo hotels.  They have a 5 year balloon for Domestic clients as well as foreign nationals.  They require 40% down for foreign nationals with a 7.5% APR and 3 credit reference letters and 80% down for domestic clients with APR from 7% to 8.75% (1.5 points and 30 day closings – Full Doc but no dept-to-income ratios which is good for multiple property owners).  I shouldn’t even comment on price gouging anymore because it’s sometimes so difficult to obtain financing and the risk is so high for lenders…..that they can ask whatever they want.

An interesting and exclusive amenity is the future use of Monument Island for a private beach club.  The Mondrian was instrumental in the restoration of the island and will now have rights to its use by it’s residents and hotel clients.  Residents also get 10% off spa treatments, they have 1 parking space with complimentary valet parking and a private entrance if you want to avoid the busy lobby.  All in all, it’s an interesting project with a creative solution to the short term rental need in South Beach… AND …”everything is very negotiable” according to the sales staff <<< ya think?

Miami Beach Luxury Real Estate Pick – Apogee South Beach

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.

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. **

South Beach Condo Real Estate Market Report – SoFi Luxury Condos – first half of 2009

This Miami Beach Real Estate Market Report shows and interesting first half of 2009 for South Beach Luxury condos in the SoFi area (South of Fifth). South Beach is always defying the odds but numbers are numbers and when you compare average sales in 2008 with the first half of this year, prices have gone down…..nothing considerable, but they have.

Make sure you take a look at the 2008 South Beach Condo Real Estate Market Report – (SoFi Luxury Condos) that I completed in January to be able to see the disparities.

• The average listing price in 2008 was $1,238,498 where in 2009 it’s $1,099,077

• The average sale price in 2008 was $1,110,344 whereas it’s $973,574 in 2009 (that’s over $130,000 difference)

• The average price per square foot decreased from $651.67 to $607.12

Because I sound like a broken record at times and tell you that real estate is “local” and it doesn’t do you any good to use general numbers.  I am also comparing averages in 5 different South Beach Condos that I scrutinized back in January.

• Apogee South Beach – The average price per square foot in 2008 was $1,359 and although only one sale shows on the MLS in 2009 – it’s for $1330 per square foot (not much of a drop)

• Continuum South – went from $1,072 per square foot to $1,040 (also pretty strong)

• Continuum North – from $845 to $824 per square foot (not bad)

• Icon South Beach – from $725 to $716 per square foot

• Yacht Club at Portofino – stays exactly the same (big surprise for this one, since it’s the lease desirable of all the buildings in my opinion)

• Murano Grande – goes from $626 to $604 per square foot (no remarkable change)

I am beyond curious to see what the second half of 2009 brings us – now that we are seeing a decrease in inventory and less distress sales.  I just wish the calls would stop for people wanting a 3 bedroom / 2 bathroom condo in a South Beach Luxury Condo for $250,000 ….PEOPLE!!! That’s only in fantasy land!

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