Top 3 Most Expensive Miami Beach Condo Sales – July 2010

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

July’s Most Expensive Miami Beach Condo Sale

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

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

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

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

Features:

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

July’s Second Most Expensive Miami Beach Condo Sale

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

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

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

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

The MLS description simply states:

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

Features:

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

July’s Third Most Expensive Miami Beach Condo Sale

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

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

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

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

Features:

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

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

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?