As has been reported, a New York City investor has purchased the Caribbean Miami Beach.  Originally prices for units in this oceanfront building were averaging $848 per square foot.   This is a boutique building with only 103 units, composed of one, two and three bedroom units.  Prices today are starting at $400 per square foot.  Furthermore, maintenance is only about $.62 per square foot.  The building offers a pool, fitness center with a sauna and locker rooms, private wine cellar, private cigar humidor and it is wired offering “Smart Building” technology.

Located on 37th and Collins, it is a super location walking distance to the newly renovated  Fontainebleau, under construction Cipriani’s, Morton’s Steak House and other great restaurants.  Minutes from South Beach, Bal Harbour and Miami International Airport.

The Caribbean consists of two towers, the newly constructed South Tower and the renovated North Tower.  The South Tower has only 4 units per floor. 

The direct ocean units are spacious with spectacular views.  Wide wrap around balconies extends the living space on one of the most beautiful beaches along the coast.  The kitchens have dark wood cabinetry and top of the line appliances.  The master bath is open and extends into the master bedroom with seamless glass walls. 

This is a very interesting project in a great location priced well for today’s market.

I have several clients, oceanfront condo buyers and sellers,  coming into town this week for the Fort Lauderdale International Boat Show which runs October 29, to November 2nd.  The show will feature more than 3 billion dollars worth of boats, yachts, super yachts, electronics, engines and thousands of boating accessories from every major marine manufacturer and boat builder worldwide. The Boat Show encompasses more than 3 million square feet of space, both on land and in water.  This is the world’s largest boat show and attracts people from all over the world. 

Other great reasons to be in South Florida…..

Our South Florida climate is ideal for convertibles.   

 …and those that come to South Florida enjoy great dining. South Florida speciality…stone crabs.

and of course great oceanfront condos in Miami, Fort Lauderdale and Palm Beach

Those that follow my posts know that I identify buying opportunities for oceanfront condos.  The oceanfront condos that have proven to be the best buying scenerios have been offered by either motivated sellers or by developers looking to close out their inventory.  In today’s market there are a select number of truly fine buildings that have been finished and offered for sale at the worst possible time.   These new buildings can remain unsold for only a limited time.   Eventually, prices have to reflect today’s market. 

Enter Sonata Beach Club in Pompano Beach.  This is a “boutique building” with only 64 residences.  The largest unit (not counting the penthouse) is 2809 sq.ft. 2 bedrooms plus a den with 3 baths.  The smallest unit is  2497 sq.ft.   These are spacious oceanfront units.  Prices when originally offered were above $1million, averaging $435 per square foot.  Today, these units have been discounted 40%.  A great unit with direct ocean views on a mid to high floor can be had for $800,000, $285 sq.ft.  These are “decorator ready” units that have to be finished out.

For those desiring a large 2 bedroom plus den oceanfront condo in a small building, Sonata Beach is worth a look.

Finished kitchen in a model unit

Model Living Room

Master Bath

Living Room Space

Floor Plan of the Mozart

Building Exterior

The oceanfront condo activity since August is quite incredible.  In every luxury oceanfront condo building, there have been buying opportunities and there are buyers buying.  Followers of blogsouthflorida know that when I reference buying opportunities, I am in most cases referring to “motivated sellers”, not short sales or bank owned properties.

There has been a significant increase in sales.   The opportunities we have identified and monitor are truly quite incredible.  Units that are direct oceanfront units and are considered the most desirable and sought after are selling and inventories are declining. Building after building these unique opportunities are being sold and those truly incredible deals are going fast.

In Miami, Fort Lauderdale and Palm Beach In the past 60 days there have been 89 closed oceanfront condo sales with the specification of at least 2 bedrooms priced over $800,000.

At One Bal Harbour, there was only one unit listed in one of the most desirable lines.  It sold and closed

Canyon Ranch, Miami Beach,  one of my direct oceanfront 2 bedroom listings had multiple bids on it!!!

At the Palms , in Fort Lauderdale, there were about 6 units listed under $1 million.  They have pretty much all sold.

The South Florida Oceanfront condo market is very unique.

Sales are defintely up !  Housing figures are showing an increase in sales. What does this mean for oceanfront condos in South Florida?  Luxury buildings that we follow are showing an increased number of sales all along the coast.  A year ago the numbers were quite different.  South Florida oceanfront condos have a world wide appeal and continue to be a desirable location for a second, third or forth home acquisitions Sales figures in this unique market has shown some incredible activity.

How does that translate to the luxury oceanfront condos that we follow?  The most obvious trend is that the least expensive condos in the luxury buildings are selling.  When prices went down there were some new lows presenting buying opportunites that were previously unheard of.  For example,  the Palms in Fort Lauderale, prices for condos in this luxury building average a $1 million and up.  There were about a half a dozen units priced below $1million and almost all of them have sold.  There are buyers in the marketplace identifying great buildings and picking up great inexpensive buys.

Bargain priced units are not the only condos selling.  Desirable units with  large square footage and/or exceptional views are also selling. Turnberry Ocean Colony has a reported 4 units under contract.  This is one of the finest buildings along the coast.  Prices are well over $1million.

The Beach Club, with 1200 units in total, not surprisingly,  has the most activity of any oceanfront building.  29 units have gone to contract !!!

Here is a sampling of what has been reported as pending sales in several buildings:

There are buyers in the market place identifying great buildings and picking up great inexpensive buys.  There are also buyers that are taking advantage of having several desirable units to choose from.  As we move into the winter season, I anticipate that this activity will increase as buyers jump into the market.   We will continue to see inventories decline as well.

The market today is not a “typical” market where the standard procedures of negotiating applies to every scenario.  Many buyers come into the market expecting to follow the procedures of buyer submitting and offer, seller countering offer,  terms negotiated back and forth.   The scenarios that exist today that I experience firsthand through the numerous offers I present on behalf of my clients run the gamut.  In certain situations, offer-counter-offer, playing it along,  is the way to go.  In other situations….it is what it is.

I want to address properties being sold by owners not in distress.  There are properties listed today, by very motivated sellers.  In some cases, they have priced their property at the rock bottom price that they are willing to sell it at.  No negotiating.  This is a marketing technique.   I have come across this situation several times, from both sides of the fence, representing both a buyer as well as for a seller in which I represent.

One of my listings at Canyon Ranch, unit 301, is priced very aggressively the seller is not negotiating, and that is clearly explained.    I have received offers below the asking price, and I certainly understand why a buyer would try.  However, the issue that I  have come across is that buyers are getting “insulted” that they have not received a counter offer back below the asking price.    The owner has set their bottom price and it is what it is. It is not a distress sale.  There is no negotiating at all …..  The process is not the issue.  The property is the issue. Each property has to be evaluated.   Recently, I was working with a buyer that came in with a very low offer.  The seller responded back with their bottom selling price.  The buyer was insulted.  The process is not the issue the property is the issue.  Evaluating value.

Sales are up in South Florida and there are many many buyers out there scooping up  unique buying opportunities.  Statistics prove it.   We are going into our season and this is going to continue and increase. Building after building that I investigate for my clients are reflecting growing lists of units that have gone to contract and are “pending sales”. Especially, in luxury buildings, the lower priced units are selling.  In Miami Beach, Bal Harbour and Sunny Isles,  there are over 311 oceanfront condos that have gone to contract and are pending closings.  37 of those are priced at over $1 million.  In November 2008 there were only 58 pending oceanfront condos.  In Broward county, which includes Hallendale, Hollywood, and Fort Lauderdale, there are 250 oceanfront condos that have gone to contract and are pending closing.

There are great opportunities in the market, however, whether it is a pre-foreclosure, bank owned,  or motivated seller, expect the unexpected !

Hollywood and Hallandale Beach host several new oceanfront condos that are highly desirable and sought after.  Beach Club, Diplomat Residence, Ocean Palms, and the Villas of Positano

Of those condos, there are 57 units on the market that exceed $ 1million.  There have been 6 closed sales for units over $1million in the past 6 months.  There is a tremendous demand for this area and there are buyers at that price point, although not many in this market.   The average price per square foot of closed sales average under $400 per square foot except at the Villas of Positano where the closed sales are closer to $500 per sq. ft. or higher.

These new condos are about to be joined by the brand new Trump Hollywood, closings will begin next week. Timing for this project could not have been worse.  Prices start at $1.3 million.   The concerns about this Related Group project were identified in the  Sun-Sentinel.  Donald Trump Jr. was on property Friday.  They are stating that they have 140 buyers lined up.

I will be watching this property carefully in the comings weeks and months and certainly hope to see it succeed.

In the last 90 days there have been many oceanfront condo sales that have closed.  We wanted to be specific by showing our readers what has actually sold, and what prices buyers are paying.  As we move into the fall season, increased sales are expected for second home buyers looking for good buying opportunties.

Blogsouthflorida, focuses primarily on newer oceanfront condos so the condos listed are in buildings built after 2000 and with a minimum of 2 bedrooms.

In Miami-Dade there were 89 oceanfront condos that sold.  The Penthouse at Continuum sold for $9,900,000, asking price $14,500,000,  32% off asking.  There has been several sales at Turnberry Ocean Colony in Sunny Isles.  This is one of our favorite properties in South Florida and prices on a per square foot basis are quite attractive.  There have also been several sales at One Bal Harbour, another sought after luxury oceanfront property.  We are delighted to see several sales at Canyon Ranch as well.

Oceanfront Condos closed sales in Miami Dade, which includes; Miami Beach, Bal Harbour, Sunny Isles, etc. from May 4,2009 through August 2, 2009.  Criteria used includes only buildings built after 2000 and condos with a minimum of 2 bedrooms. The last column is showing the % of sale price to list price.

All information is from the regional MLS

The following data reflects oceanfront Condos closed sales in Broward County, which includes Hallandale Beach, Hollywood, Fort Lauderdale etc, from May 4,2009 through August 2, 2009.  Criteria used includes only buildings built after 2000 and condos with a minimum of 2 bedrooms.   The last column is showing the % of sale price to list price.

All information is from the regional MLS

n Broward County, The Ritz Carlton,  had a closed sale of a large 3073 sq. ft. oceanfront condo for $1,800,000, asking price $3 million, 40% off asking price.   Not surprising, there are the most sales at the Beach Club in Hallandale Beach.

I was working with a buyer today at One Bal Harbour. The Regents Hotel sign has been replaced.    As reported by the Miami Herald, a private group, ElCom Hotel & Spa, bought the common areas of the hotel for $12 million and 51 unsold condo-hotel units.

The owners of ElCom, executives with hotel backgrounds, have renamed the property the One Bal Harbour Hotel. Regent left another condo-hotel, in South Beach, two years ago.

Nobody likes short sales.   The process is long and drawn out with questionable results.  However, for buyers, the opportunities are there.  In Miami Beach in the last 60 days,  23 oceanfront condominiums closed that were short sales.  2 closed sales were at the Bath Club. These were large units with selling price for both units were over $1million.  The per square foot price was in the $300’s per sq.ft ! That would have been unheard of a few months ago.  A new oceanfront condominium in Miami Beach selling in the $300’s per square foot !

These opportunities are in all price ranges and touch the most expensive luxury buildings.  At the Grand Bay Tower in Key Biscayne,   a 9000 square foot oceanfront condo is listed for $7.8 million and is a short sale. There are short sales at the Continuum in South Beach, at Turnberry Ocean Colony, at the Jade in Sunny Isles and even at Oceanside in Fisher Island.

In the Fort Lauderdale area, there were 22 oceanfront condominiums short sales  that sold and closed in the last 60 days.  Several of those sales were condos at the Beach Club in Hallandale.

There are varying stages of the short sale process. If the short sale has already been approved by the bank the process could feasibly close relatively quickly.   Unfortunately, this is the state of the market today, but for a buyer… it could be quite an opportunity !