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Top 3 Most Expensive Miami Beach Condos Sold – April 2011

May 24, 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

April 21, 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

April 15, 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

March 8, 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

February 27, 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 – June 2010

July 22, 2010

There were 195 Miami Beach condos sold in the month of June of 2010. The disparity in pricing is surreal to say the least, and ranged from $30,000 for a 1 bedroom / 1 bathroom, 667 sq.ft. foreclosure at Marseille Condo in Normandy Island to $15 Million for a penthouse villa at The Setai.  21 of those sales were condos over $1 Million and only 2 of the 21 were over $5 Million.  What’s amazing about Miami Beach condo sales today is that most are cash deals.  I’ve talked to a few colleagues who have admitted to not doing a financed deal in over 2 years!  Personally, I don’t blame them, some of the bank underwriting requirements nowadays can be ridiculous, to say the least.  In the month of June, The Setai, Apogee and The Caribbean made the list of The 3 most expensive Miami Beach condos sold.

June’s Most Expensive Miami Beach Condo Sale

The Setai Resort & Residences: 101 20th Street – Miami Beach, FL 33139

Listed for $19,999,999 and sold for $15,000,000 on 06/04/2010

The Setai is the epitome of luxury, service and prized oceanfront property in South Beach.  It’s an amazing oceanfront resort hotel adjoined by a 40-story residential tower with tropical gardens, pools and sundecks that lead you to the gorgeous beaches of the Atlantic Ocean.  Now that I’ve set the tone, imagine the whole 40th floor of the Setai with over 6,000 square feet of living space, over 4,000 square feet of terraces with private pool, garden and outside dining area.  Completely furnished and with the most amazing views.

PH Villa B had been on and off the market for a while and was purchased in 2004 for $9.5 Million before finally selling last month.  The listing description read:

Palace in the sky! The ‘Imperial Suite’ is the only fully furnished penthouse in the Setai Hotel Rental Program. One-of-a-kind terrace with pool, garden, & outdoor dining areas. This PH encompasses the entire 40th floor (6,000sqft interior/4,000sqft terrace) offering stunning, panoramic ocean, intracoastal, and city views. Price includes all art, electronics and furnishings by renowned architectural design team. Rack rate offered for this unit is $30,000/night.

Features:

  • 6,208 square feet of living space
  • built in 2005
  • over 4,000 of terraces and outside living spaces
  • private pool
  • designer furnished
  • 4 bedrooms / 4 bathrooms / 1 half-bath
  • 4 parking spaces
  • Hardwood floors
  • Maintenance = $13,053/month

June’s Second Most Expensive Miami Beach Condo Sale

Apogee South Beach:  800 S Pointe Drive, #604 – Miami Beach, FL 33139

Listed for $6,250,000 and sold for $5,800,000 on 5/21/2010

Apogee is all about modern Luxury and location – the South of Fifth address with the most accolades.  And proof is in the pudding when we keep seeing record breaking sales month after month.  Unit 604 is equivalent to last months 904 sale of $6.55 Million, but at a much better value – also considering 904 was designer ready and this was was not.  The difference in price per square foot is $181, which many could argue is worth the 3 higher floors (but I doubt it).  The property was listed in January 2009 with a starting price of $6.25 Million.  The MLS screams:

STAR ISLAND IN THE SKY, SOUTH OF FIFTH! ULTIMATE LIFESTYLE, PERSONAL SERVICE & HOTTEST DINING SPOTS. READY TO MOVE IN WITH 36 BY 36 LIMESTONE FLOORS THROUGHOUT, 4 BEDROOMS, MEDIA ROOM, & 2450 SQ. FT. WITH 11 FT. WIDE WRAPAROUND BALCONY W/SUMMER KITCHEN. AMAZING GOURMET KITCHEN W/GAS COOK TOP, MIDNIGHT KITCHEN IN MASTER W/DOUBLE STEAM SHOWER. 2 CAR A/C GARAGE. 5 STAR LIVING FOR THE CLIENT WHO WANTS THE BEST! UNIT SQ.FT. AS PER DEVELOPER

Features:

  • 4,154 square feet of living space
  • 2-car a/c garage
  • 4 bedrooms / 3 bathrooms / 1 half bathroom
  • summer kitchen
  • limestone floors
  • 2,450 sq.ft. – wraparound terrace/balcony
  • Midnight kitchen in Master bedroom
  • Maintenance = $5025/month

June’s Third Most Expensive Miami Beach Condo Sale

The Caribbean Condo: 3737 Collins Ave, #PH-1 – Miami Beach, FL 33140

Listed for $3,900,000 and sold for $3,500,000 on 6/15/2010

The Caribbean Condo is a luxury ocean front high-rise between South Beach and Millionaire’s Row.  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.

So here we have a penthouse unit with Eastern as well as Western views where you get the best of both worlds – ocean views in the day and city lights at night.  It was originally listed for $3.9 Million in December of 2009.  MLS reads:

ABSOLUTELY AMAZING! THIS STUNNING PENTHOUSE IS THE NICEST AVAILABLE IN MIAMI BEACH! 3900+ SQ FT, 4/4.5, SPECTACULAR PRIVATE MASTER SUITE, DIRECT EAST AND WEST VIEWS, SUMMER KITCHEN, AND ENDLESS VIEWS OF MIAMI BEACH! ONE OF A KIND – A MUST SEE!

Features:

  • 3,900 square feet of living space
  • 1,625 sq. ft. of balcony/terrace
  • built in 2009
  • 1 parking space
  • designer ready
  • 4 bedrooms / 4 bathrooms / 1 half-bathroom
  • Maintenance = $2,418 / month

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

Top 3 Most Expensive Miami Beach Condos sold in April 2010

May 20, 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**