The New Harbour House in Bal Harbour is situated at the Northernmost tip of Bal Harbour.  Completed in 2007 by the Related Group,  Harbour House offers all the amenities expected from a new oceanfront condo, spa fitness center, pool, private theatre, clubroom and even a small grocery store.

Residences available are studios, one and two  bedroom units.  The Developer is down to the last of their inventory and they have priced these units to sell… and they are selling. Studio’s run around $300,000, one bedroom one and a half baths high $300’s, two bedroom two bath in the $400,000′-$500,000’s.   Prices when originally offered were almost triple these prices.

The Bal Harbour location draws a tremendous demand in the winter months from seasonal visitors from around the world.  This location is quite desirable for seasonal renters.

The Developer has established an on-site relationship with a Tui Pranich, an interior designer.  Modern interior packages are offered that complete the unit in its entirety including, linens, china, and plasma TVs.

As the oceanfront condo inventory gets eaten up by buyers from all over the world taking advantage of incredibly low prices,  Harbour House is an attractive option.  The Bal Harbour location and low purchase price make the Harbour House a very attractive option.

West View offers spectacular views of the intracoastal waterways.

Oceanfront Pool with Cabanas

Luxury Oceanfront Condos along the coast in South Florida vary immensly.  Each building has its own character as does each neighborhood and each city, and those variances are reflected in the price.   Worldwide attention is focused on oceanfront condos in South Florida as the price swings have been reported around the world.   To summerize our market we like to provide our readership with statistics and data.

I have selected 7 very different luxury oceanfront condos along the coast to take a look at. These 7 condominiums are all relatively new and represent a cross section of oceanfront condos along the coast.   Continuum in South Beach, Canyon Ranch in Miami Beach, One Bal Harbour in Bal Harbour, Turnberry Ocean Colony in Sunny Isles, Ocean Palms in Hollywood, The Palms in Fort Lauderdale, and The Excelsior in Boca Raton.

The information provided addresses, number of closed sales, $ per square foot, average $ of asking price, number of units currently under contract (pending), and total number of units for sale in each building.

Although, there are short sales and bank owned properties closing, clearly the majority of transactions are not distressed properties.  Furthermore, buyers today are all looking for great opportunities.  It is safe to conclude that the non-distressed sales were offered by motivated sellers in tune with the current market conditions.  The buying opportunties out there certainly fall into all three categories and are not limited to just distressed-properties.

The economic situation and the housing market has brought the spotlight on to SHORT SALE AND BANK OWNED  properties as I have written in a previous post.  There are oceanfront condo opportunties in Miami, Fort Lauderdale, Boca Raton, Pam Beach, Sunny Isles, Bal Harbour…every where.   As many buyers have come to learn, the short sales process can often be a shot in the dark.  The offers are submitted to the bank and the banks response time is an unknown.  But…. short sales are getting closed.  

Some of the Bank Owned units coming on the market are priced well below market value, creating an auction type response.  Buyer’s submit their best and highest offers.  The banks look at all the offers that come in within a certain period of time and select the best offer with the best terms.   Those selected offers are most often cash purchases with a quick close and can be well above the listed asking price.  Timing is key because once these properties hit the market, the offers come in within hours and are submitted to the bank very quickly.  The last offer we submitted for a buyer had to be within 48 hours of when the property became listed for sale.  Our buyers offer was above the asking price but not high enough.

And then there are MOTIVATED SELLER.    We have had great success in finding motivated sellers for our buyers.  Finding these great opportunities are very building specific and unit specific  but they are out there.  These buying opportunities are very straight forward and can be sold and closed very quickly.  

The Beach Club in Hallandale is an oceanfront condo with 1200 units and in great demand. For illustration purposes let’s look at the data for The Beach Club for the past 6 months. 

As you can see, there have been a total of 56 closed sales.  Of the all the closed sales,  more than half have been sold directly by the owners not in any distressed situation forcing a short sale or foreclosure.   I think it would be safe to say that successful seller’s of oceanfront condos in South Florida are well aware of market conditions and are aggressively pricing their units to sell.  

Sales at the Beach Club not long ago were averaging $500 per square foot and up.  The lowest priced closed sale was a bank owned unit at $241 sq.ft. 

Short Sales, Bank Owned and Motivated sellers present buying opportunities.

There is an option for those that prefer a smaller number of residences in a building.  These are known as “Boutique Buildings”  Some of the “boutique buildings” also are low rise buildings as well rising no higher than 12 floors.

In Hollywood, there is the newly built Villas of Positano. Built by Architect-Derek Vander Ploeg, known for projects such as Mizner Park and the spectacular Excelsior in Boca Raton.  The interiors were completed by the Perla Lichi Design group, known for exceptional high-end residential design.  

The Villas of Positano is situated between the ocean and the Intracoastal Waterway in Hollywood. The building consists of only 62 residences and is only 11 stories high.  Prices at the Villas of Positano start at $1,050,000 for 2771 square feet and go up to $2.6 million for a four bedroom villa.

Everyone today is looking for a great deal.  Here is an opportunity….. a magnificently unit finished by Steven G, renowned residential and commercial designer.  Over 3400 square feet 3 bedrooms 3 and one half baths. Asking $344 per square foot including all furnishings….. $1.2 million.  This is a west facing unit with limited ocean views.  Large living space, in a first class unique building, move in ready …turnkey…everything included !

Entry Foyer

Grand Living Area

Kitchen-

Dining Room- Can be converted into a 4th bedroom

Master Bedroom

Other buildings in South Florida similar to the Villas of Positano’s Mediterranean style are the Bellaria in Palm Beach and the newly build Luxuria in Boca Raton.

Another “Boutique Building” with a modern South Beach feel is Coconut Grove in Fort Lauderdale.  This building has Smart Building Technology and is situated right next door to the Marriott Harbor Beach Club.   I have recently written a post on their price reductions. 

There is an oceanfront unit at Coconut Grove on the second floor in the best line in the building. (happens to be my listing).  Unobstructed ocean views.  The unit feels like you are living at a  beach house on the sand.  You can hear, smell and see the ocean.  2 bedrooms 2 and one half baths with a separate laundry room.  2001 square feet asking price $1,299,000.

View from Unit 202 Coconut Grove-  MLS Number F1002876

We haven’t posted in a while, because we have been very busy with buyers looking for great opportunites as well as with institutional buyers looking for bulk sales. There is plenty of activity in the market.   Active buyers in luxury oceanfront buildings are picking the best line units in buildings, taking advantage of the “buyers market” that exists. 

To provide you with an idea of the sales activity of oceanfront condos, here is a sampling of  closed sales for the past 6 months in South Florida. 

• One Bal Harbour. Bal Harbour- 6 closed sales all over $1.3 million-NOTE:  Unit 208 Originally listed at $3.1 million closed for $2.2 million, one of the most desirable units

• Turnberry Ocean Colony, Sunny Isles - 4 closed sales from $1.1 million and up

• Continuum, South Beach- 6 closed sales all over $1.1 million

• Beach Club Hallandale Tower One- 13 closed sales- 5 direct ocean units starting at $550,000.

The Economic downturn and South Florida real estate market hurt most new construction projects. Through it all,  many developers stuck to their prices, and did not adjust to current market demands.  Until Now.

Coconut Grove recently reduced their prices dramatically.  Previously the units were priced from around $868 square foot to over $1200 square foot.  Coconut Grove’s recent price reductions offer units priced from $312 a square foot to $645 square foot !!!  How’s that for price reductions !!! Furthermore it has been reported, that now the building has approximately 50% closed units.

The condos offer floor to ceiling windows, Smart building technology, steel and glass balconies and fine kitchen and bath finishings.

The views from some of the units are spectacular.  The proximity to the Port offers great ocean views of cruise ships and freighters coming in and out of South Florida.  Even the west views are open and interesting.

South East View

North East View

A finished kitchen.  

‘

A northeast spacious unit

Interesting West Views

If you can’t read the chart very well, email me and I will send you back a clearer version. 

Currently, there are 654 oceanfront condos in short sale.  However, in the past 6 months there have only been 101 closed short sale transactions.  Entering into a short sale transaction can be a long process with unsuccesful results.  The process seems to be improving lately, as all parties involved become more experienced with this type of transaction.  Furthermore, with the new stimulus package, perhaps the banks will be more willing to move these properties along. 

The majority of the short sales on the market today are priced under $300,000, 358 condos.  However the actual closed sales in that price range is relatively sparce with a mere 33 closed transactions reported in the past 6 months.   If we compare  closed sales in each price category compared to the number of active listings, the highest ratio of closed sales would be in the over $1million price range.

Oceanfront bank owned properties are another story.  There have not been that many.  You can see that as they come on the market they are selling.   As in the short sale scenario, the inventory of the higher priced condos that are bank owned have sold.  When bank owned properties come on the market they are often priced well below market value.  If they do not price them low enough, I have found that soon after they reduce the price significantly to a level where the offers start coming in.  In that scenerio, there usually are multiple offers submitted.   At that stage, the bank comes back to each buyer and requests best and highest offer.

We will be carefully watching to see if the stimulus plan will change the dynamics of the short sale bank owned oceanfront condo market.

Data has been extracted from the South Florida MLS.  All effort has been made to provide accuracy but is not guaranteed.

 Where can you buy over 4000 square feet of luxury living space, inches from the beach, finished with the same fine finishings as the Apogee, for less than $600 square foot?  In  a place you would never think to look…. at the Beach Club.  The Beach Club consists of 3 oceanfront towers in Hallandale Beach.  The Beach Club has long been sold out by the developer except for 3 incredible townhomes that were released after the building was sold out and have recently been reduced.   The Beach Club Townhomes are an extremely unique large living space.   

Townhome A    and   Townhome B    are each  4020 square feet and are situated directly on the ocean.  You can’t get any closer the ocean than these townhomes.  You are literally ” on the sand !”   The two Beach Club townhomes are two stories high offering about 2000 square feet per floor.  They have 4 bedrooms 4 and one half baths.  Townhome B has been finished out, decorated and is being sold furnished. Townhome C is a one story 2 bedroom plus den with a huge patio, 2926 square feet.

The townhomes have their own private entrance with valet parking.  The three townhomes share a private beautifully decorated lobby that is probably over 4000 square feet as well.  There is also an elevator that takes you directly to the gym and pool deck.

This is a very unique living opportunity for someone that is looking for very large living space directly on the ocean.   TheBeach Club  townhomes feel like a private home on the ocean.    

Townhome A is being offered for $2,000,000.  Townhome B is being offered for $2,250,000 and Townhome C is being offered for $1,500,000.  

Do you need over 10,000 square feet of living space?   There is the option of breaking through the walls and connecting the townhomes. So imagine if you needed a very large space, you could break through and have over 10,000 square feet on the ocean with your own private lobby !

Every real estate buyer today regardless of price range,  comes to South Florida in search of a great deal.  Inventories are at an all time high and prices are at breaking lows.  But where are the real deals? Where are the buying opportunities?

Opportunities are appearing in Bank Owned properties, also known as REO’s.  Currently, there are 78 bank owned properties along the coast of South Florida and a staggering 61 bank owned condos under contract.  Once a property becomes Bank Owned, the process for purchasing is very straight forward.  Although the process varies slightly depending on the bank, a standard Florida Real Estate contract is submitted and the turnaround time for a response is usually 24-48 hours. 

Bank Owned properties are appearing in the finest South Florida Condos, such as  The Bellini in Bal Harbour,  The Setai,  Jade Residences Sunny Isles,  The Beach Club in Hallandale Beach, and in the Las Olas Beach Club in Fort Lauderdale,  I have seen the offering prices on Bank Owned properties to be up to 25% below comparable closed prices.  I have also seen Bank Owned units sell within days, with an auction like frenzy.  The Beach Club condo that I referenced in a previous post sold in 5 days.  The bank priced this property so low, there were multiple offers and I am going to guess that it sold above asking price.

I am currently working with many buyers looking for opportunities such as this and I watch this market very carefully.  I will recommend that anyone that is interested in jumping into this market and taking advantage of these incredible opportunities, must be ready to move forward with their documentation.  The bank will require verification of funds if it is a cash transaction.  If there is financing involved, prequalification is recommended, although the bank may require their own process as well. 

Here are some examples of recent Bank Owned Oceanfront condos in Miami and Fort Lauderdale:

Closed Sales

Las Olas Beach Club:  

2372 Sq.Ft.

Asking Price: $906,000

Closing Price: $900,000

Days on the Market: 11

Jade Residences Sunny Isles

1529 Sq. Ft.

Asking Price $675,000

Closing Price $500,000

Days on the Market 9

Trump Palace Sunny Isles

1329 Sq. Ft.

Asking Price: $649,900

Closing Price: $649,900

Days on the market: 8

Pending Sales

Bellini Bal Harbour

3820 Sq.Ft.

Asking Price: $2,499,900

Prior Offered Prior To Bank Ownership: $3,500,000

Days on the Market: 75

Ocean Palms Hollywood

2800 Sq.Ft.

Asking Price: $659,900

Price Paid in 2007: $1,100,000

Days on the Market: 3