We receive calls from all over the world inquiring about oceanfront condominiums in South Florida.  Buyers  contact us for premier oceanfront condominiums in Miami Beach, Bal Harbour, Sunny Isles, Hallandale/Hollywood, Fort Lauderdale and Boca Raton.  In those specific areas, the trend is consistent.

It is understandable that buyers are coming to town with a perspective on the housing market that they read in the press.  The information out there does not impress enough about the incredible “condo boom”.  Yes, I used the words that we haven’t heard since 2005.  Prices are up and inventories are way down.   There are articles written about how the market is “starting to improve” but you have to be in the market to really understand the anomaly of the oceanfront condo market.

When negotiating an offer for real estate of course we analyze the recent closed sales.  However, in this incredibly fast paced market that is not the whole picture.  Recently I was working with a buyer and there was a  recent closed sales reported in the same line a comparable unit for $100,000 less than current asking price.  That particular situation was a short sale that had an 18 month administrative nightmare to close. There were mitigating circumstances to that sale.   The other factor that has to be considered is that at this point in time, the inventories have changed.  If a specific condominium  is the only one on the market today, and the seller is turning away offers unless the offer is close to asking price,  it is what it is.  The condominiums that have great views, good spaces and in good buildings are selling.

Prices are still below the high’s of 2005 but they are no longer at the low’s of 2008.  Prices are moving up and there is plenty of data to support that.  This is the market today.  Buyers that we work with that are ultimately going to be end users  adjust and understand the market today.

South Florida oceanfront condominiums from South Beach to Palm Beach…. the boom of 2012 !

There are opportunities to spend a $1 million dollars today on an oceanfront condo in some of the newest finest buildings along the coast. Some of the $1 million condos available include, the Continuum in South Beach, Mei Condominium in Miami Beach, Trump Towers in Sunny Isles, Beach Club in Hallandale, and Coconut Grove in Fort Lauderdale. Those examples take you from South Beach up the coast north to Fort Lauderdale.

What is the difference between a $1 million oceanfront condominium in South Beach at the Continuum and $ 1 million oceanfront condominium in Hallandale Beach? Location for starters. Real estate in South Beach, South of Fifth, is amongst the most expensive. The Continuum, consisting of the North and South Tower offers spectacular views of the tip of Miami Beach and Government Cut. The amenities are outstanding and its South Beach. Active Listings at the Continuum start at around $800,000 for a 638 square foot one bedroom pied-a-terre, and go up to a $35,000,000 11,000 square foot masterpiece. So what can you buy for $1million at the Continuum? On the 6th floor, 992 square feet one bedroom one and a half baths.

Different locations have different price points. When I work with buyers new to the market, we prioritize criteria in order of importance. If you are looking for large spaces and direct ocean views in and around $1 Million, South Beach is not going to work. Specific communities along the coast offer more favorable pricing. As one client said to me once,” its all the same ocean”.  The factors setting pricing for condominiums in South Florida on the ocean are:  location, building, size of unit, and view (direct ocean or other).

Moving up the coast to Miami Beach the Mei Condominium on 58th and Collins is an Asian inspired 2007 oceanfront condominium. For $1 million you can acquire a 1322 square foot unit with ocean and bay views.

Sunny Isles, north of Miami Beach, at Trump Towers, there are $1 million opportunties. 1979 square foot 3 bedroom 3 bath flow through unit with ocean and city views. Spacious and wonderful South Florida Views.

Beach Club in Hallandale Beach offers the best prices for a direct oceanfront large condominium in a new building. For under $ 1million you can have over 2000 square feet 2 bedroom plus a den with 3 full baths. That is great living space in a building chock full of amenities.

Coconut Grove is in one of the best locations in Fort Lauderdale on one of the most beautiful strips of sand.  Coconut Grove is a small boutique building with just 64 units.  This is a prime location and so on a dollars per square foot basis it prices will be higher than say Hallandale Beach but still less than South Beach. On a low floor there is a 1600 square foot unit one bedroom 2 and one half baths with ocean views. South east views could be converted to a two bedroom unit.

Each buyer that we work with has their own set of wants and needs.  In South Florida, our inventory of oceanfront condominiums offers a spectrum of options. There is condominium fit for everyone !

Canyon Ranch Miami Beach is a great building to look at as a case study of the sales activity that has occurred along the coast in South Florida over the past several months. As we have written and as it is published nationwide, South Florida sales performance and prices have outperformed every other real estate market.

Canyon Ranch condominium sales performance is a great reflection of activity all along the coast especially in relatively new luxury oceanfront condominiums.The property consists of three towers with more than 400 units. Condominium prices range from a low end of $300,000 to the high end of over $5 million.  Although Canyon Ranch offers exceptional amenities and offers an enhanced lifestyle, the real estate performance is indicative of other properties along the cost.  The performance of all spectrums of the inventory at Canyon Ranch are indicative of just abut every new building from South Beach to Palm Beach.

Every direct oceanfront condominium at Canyon Ranch priced below $1 million has sold. A year ago there were several opportunities even for one bedroom units well under $ 1 million. Today the lowest asking price for any condominium at Canyon Ranch with a direct ocean view is $1,199,000. At the low end there were several units with less than desirable views but were priced incredibly low for Miami Beach real estate. Those have all sold. The inventory in the North Tower which hosts the larger more expensive units has dramatically decreased. In the past 12 months, more than 65 condominiums have been sold in the North Tower. The majority of those sales were well over $1 million with a large number of sales over $ 2 million.

This kind of sales activity has occurred all along Miami Beach in all price ranges as well as in Sunny Isles, Bal Harbour, Hollywood, Hallandale, Fort Lauderdale and all the way up the coast.

The bottom line to this is that oceanfront condominiums in South Florida are a very hot commodity in all price ranges. Many buyers that have stayed on the side lines waiting and watching are seeing the market activity, increase in prices and are jumping in.

Blogsouthflorida has changed ! We have simplified the experience for our visitors. Buyers and Sellers looking for oceanfront condominiums and homes in South Florida can now simply and easily read the latest news on each building as well as look at the available condominiums for sale. We have also made it easier for visitors to contact Susan Reiter directly for any questions or inquiries regarding active listings, condo information, closed sales or the “inside track” on what’s happening.

We have other exciting great changes on the horizon!!!!!!

We welcome your feedback.

There are a handful of  relatively newer luxury oceanfront condominium in Boca Raton. They are Addison on the Ocean, Aragon, Excelsior, Luxuria, One Thousand Ocean, and Presidential Place. On the west side of A1A is Mizner Grand worthy of inclusion.  The readers of my blog know that I value the word luxury and use it sparingly.

Due to strict building codes in Boca Raton, all the oceanfront condominiums are mid rise buildings averaging 7-10 stories high.  These wonderful properties are mostly boutique style buildings. One Thousand Ocean hosts only 52 residences, Luxuria has 26 residences, Presidential Place has 42, Aragon has 41 and Addison the largest  has 169 residences.  These small intimate buildings offer very large living spaces providing residents spacious homes in a condominium setting.

Both One Thousand Ocean and Excelsior have a handful of developer units left.  Price performance along the South Florida coast, even through the downturn of the market, have consistently been beneficial to buyers of developer units.  I have written about this on many occasions.  Opportunities to buy directly from the developer are limited. Prices today are attractive and inventories are truly dwindling.  The Reiter Group maintains floor plans and current pricing on developer units and they are selling ! Although one of the penthouses at One Thousand Ocean has sold for over $10 million, there is another one still available, asking price $15,250,000. It is over 8700 square feet and truly one of a kind.

The following information will provide some interesting statistics on luxury oceanfront condos that are selling in Boca Raton. The following data is limited to oceanfront condominiums priced over $1 million.

This information is based on the last 6 months.

$47 million in sales of oceanfront condos in Boca Raton
19  Number of closed sales
$10,400,00- The most expensive condo sold was a penthouse unit at One Thousand Ocean unit
6909- The Square footage of the largest condo sold-the above mentioned penthouse at One Thousand Ocean
$1505- The most expensive price per square foot.  Again, the honor goes to One Thousand Ocean
$320- The least expensive price per square foot. The was sold at the Addison. Asking price $1,249,000 over 3000 square feet. Sold for $1,000,000.
27%- The biggest discount off of asking price. The Addison unit 1601. Asking Price $2,199,000 Sold $1,600,000
14- The number of condos that sold at a discount off of asking price of more than 10%
10-The number of condos that sold at a discount off of asking price of more than 15%
38- Number of condos actively listed today with the same criteria

Sales along the coast of South Florida have seen unprecedented sales in the last 12 months.  This is fueled by enormous interest coming from international buyers from around the world. South Florida is the healthiest real estate market in the country.  That being said prices are still, in many situations,  greatly discounted off of pricing highs of 2005-2006. As you can see many of the oceanfront condominiums that sold in Boca Raton sold at very nice discounts off the asking prices.  In the luxury market there are buying opportunities still to be had.

My post yesterday discussed oceanfront condos and provided some very revealing statistics about the market.  I wanted to follow up yesterdays article with information on waterfront homes.  The data below refers to homes either on the ocean or the intracoastal.

In the past 90 days 17 waterfront homes over $1million have closed in either Broward or Dade counties.  Those counties include Miami Beach, Bal Harbour, Golden Beach, Sunny Isles, Hallandale/Hollywood, Fort Lauderdale, Lauderdale by the Sea, Lauderhill, Lighthouse Point and Pompano Beach.

The housing market is quite different than the condo market.  An oceanfront home in Golden Beach closed today.  It was listed for $8,800,000 and closed for $6,300,000. That sold at a 29% reduction! That home is 8718 square feet under air 6 bedrooms 8 and one half baths situated directly on the beach.
The Golden Beach home is a very unique property as there are not many homes in South Florida that are directly on the beach.  However, we are seeing greater discounts on homes then there are for condominiums.  It is all very location specific and home specific.

The data below provides some interesting details on the sales activity of waterfront homes in South Florida.

So here are some statistics on the 17 waterfront homes over $1 million that sold in the last 90 days.

2- Number of closed sales on the Ocean ( both over $6 million)
3- The number of homes sold that were on the market for less than 30 days
10, 242- The square footage of the largest home sold ( Lighthouse Point sold for $5,650,000)
1929- The age of the oldest house sold
2006- The age of the newest house sold
$1507- The most expensive per square foot price (Key Biscayne 4311 square foot home)
$205- The least expensive per square foot price ( A 2796 square foot fixer upper and a short sale in Deerfield Beach)
10- The number of homes that sold for more than 10% less than asking price
7- The number of homes that sold for less than 10% of asking price
17 out 17- All the homes sold had pools
2- The number of homes sold that were short sales
2- The number of homes sold that were bank owned
7- The number of homes sold in Miami Dade County
10- The number of homes sold in Broward County
213- The number of actively listed waterfront homes with this criteria
9- The number of homes currently under contract.

We watch the market very carefully and I can feel and see trends as they occur.  Two years ago the big news was short sales and bank owned properties every where. That has certainly changed. Analyzing the statistics of what South Florida oceanfront condos have sold in the past 90 days is very interesting.  It is common knowledge that there are very few distressed properties on the market.

In fact, sellers are pricing there oceanfront condos close to what they are willing to sell it for.  The data revealed that within the past 90 days 75% of the sold oceanfront condominiums were sold within 90% of asking price.

Large spaces are in demand as well as unique properties such as the oceanfront villa at the Bath Club that sold for $5,700,000. In fact the Bath Club had a reported 5 closed sales. The building only hosts 200 residences and 5 sales in 90 days is remarkable.  Most all of the premier buildings such as Turnberry Ocean Colony in Sunny Isles, One Bal Harbour, Canyon Ranch, Diplomat in Hollywood, and the W on South Beach all had numerous sales reported.
In the past 90 days there has been 109 oceanfront condos sold and closed (priced above $500,00 and in building no older than 2004).

This data is reported from the regional MLS.  This data does not include all sales from new construction.

Here is a profile on what has sold in the past 90 days and other interesting statistics:

46 -# of condos sold  over $1million
50-# of condos sold over 2000 square feet
22 -# of condos closed at full asking price or above
82- # of condos that sold within 90% of the asking price
8 -# of condos sold that were Short Sales
3 -# of condos sold that were Bank Owned
17-# of oceanfront condos that were sold that were on the market for less than 30 days
74-# of condos sold in Dade County (includes, South Beach, Miami Beach, Bal Harbour, Sunny Isles)
35-# of condos sold in Broward County (includes Hallandale Beach, Hollywood Beach, Fort Lauderdale, Lauderdale by the Sea and Pompano Beach)
$7,500,000- The highest priced condo sold at the Apogee in South Beach
$2602- The highest price per square foot. Sold at the W South Beach
$255- The lowest price per square foot. Sold at the Sonata Beach Club

All this activity and season hasn’t even started.  Should be a very interesting winter !

It is always such a pleasure to write about Turnberry Ocean Colony in Sunny Isles.   This oceanfront condominium is one of my favorite buildings to analyze.  The service provided by the staff is exceptional and the amenities offered fulfill everything the residents could want.  Every condo in this building faces the ocean and some of the floor plans offer flow through layouts with west views as well.

Turnberry Ocean Colony consists of the North and South Towers, each hosting only 130 residences in the southern end of Sunny Isles. As of today, there are only 19 units available for sale.  Over the past 12 months there have been 10 reported closed sales in total.  Sold condos ranges in price from a low of $1,210,000 to a high of $2,750,000.  Per square foot prices ranged from a low of $538 to a high of $733.  Many of these units are finished out but some of them are still in their “decorator stages” being resold by original owners that held on since 2008 waiting for the market to improve.
The largest unit available now is the Penthouse on the 32nd floor.  It consists of 5690 square feet under air.  That is an exceptional amount of space. It has 5 bedrooms 6 and one half baths and is listed for $5,940,000.  In November it was listed for $6,780,000.

The least expensive available condo at Turnberry Ocean Colony consists of 2245 square feet,  and has 2 bedrooms 2 and one half baths, and as all units are, it offers direct ocean views. This is a finished unit offered at $1,500,000.  Currently there are 4 units under contract pending closings.
Over the last few years we have seen tremendous swings in all the data.  What we are seeing across the board especially in the ultra luxury market, such as Turnberry Ocean Colony, is that inventories are dramatically reduced, the number of  units sold have increased, the price per square foot is going up.  This is a factor of the continued demand of fine oceanfront properties from around the world.

Turnberry Ocean Colony is a true luxury property and the consistent demand for spacious, direct oceanfront condominiums in premier buildings such as this one,  is going to continue.

There are buyers that come to South Florida to buy an oceanfront condo on a limited budget  only interested in direct oceanfront views with at least 2 bedrooms in a new building.  A tall order but attainable.  As it was prior to the housing crash, during the housing crash and now on the rebound,  opportunities remain at the Beach Club in Hallandale offering oceanfront condominiums with direct ocean views at a price quite attractive compared to other new buildings along the coast.

Offered at $385-$415 square foot, direct oceanfront units with 2078 square feet under air 3 bedrooms and 3 baths with another 500 square feet of outdoor living space.  These are direct oceanfront units with asking prices in the $800,000′s.  The Beach Club three towers hosts a total of 1200 units.  It is a large complex but offers enough amenities to support the residents.  Three pools, restaurant on premises, and 40,000 square foot fitness and health club facility.  The west views at the Beach Club on high floors, offer incredible unobstructed views of the intracoastal and beyond.  Those units are offered for around $600,000.  There are other floor plans available offering partial ocean views as well.

Direct oceanfront condominiums at neighboring buildings such as Ocean Palms will start at $485 square foot.  The direct oceanfront units at Ocean Palms are over 3000 square feet so the asking price for direct ocean start at $1,499,000. The Diplomat Residences direct oceanfront units have an offering price starting at $599 square foot. The new neighbor Trump Hollywood averaging $490 square foot (decorator ready).
Sales activity at all three of these properties as well as all along the coast for the past 12 months are quite significant.

The past 12 months number of closed sales

Beach Club all Three Towers: 125 sold condos
Diplomat Residences: 23 sold condos
Ocean Palms: 26 sold condos
Hollywood and Hallandale Beach continue to offer buying opportunities that are less expensive then what is available in Fort Lauderdale or Miami and continues to be an attractive second home option for buyers from around the world.

Many buyers from all over the world contact me  asking the same question…. “What Oceanfront Condo Can I Buy for $1million?” National and International buyers are seeking beachfront condos. There are specific actual neighborhoods all along the southeast Florida coast and prices vary according to location, location location.  Of course price is a driving factor but beyond that  all neighborhoods have their own personality, I always ask what type of lifestyle are you comfortable with.  As a buyer, do you want to be in the middle of activity walking distance to restaurants and night life?  Do you prefer a peaceful environment a comfortable driving distance from your activities? Do you prefer a large or small building? Is a full service building with many amenities important? Is direct ocean view critical? The following will provide information on various oceanfront condo options along the South Florida Coast offered for around $1million today.  Each property detailed below is very different in size, location, view and cost.

Condos in South Beach,  will be amongst the most expensive.  A buyer that wants to spend $1million and wants to be in South Beach can purchase at the  Continuum, residing at the southern most point of Miami Beach.  Prices in this amenity rich property would run around $1100 sq.ft. Today there is a one bedroom one and a half bath condominium at the Continuum North Tower consisting of 992 square feet on a low floor, listed for $1,100,000.

Moving north up the coast to 68th Street and Collins,  Canyon Ranch in Miami  is an option to consider.  Canyon Ranch Living is dedicated to living a healthy lifestyle.  No other property along the coast offers the extent of amenities and classes that Canyon Ranch offers.  Yoga, stretching, meditation and much more.

There is a 2 bedroom unit available in the Canyon RanchNorth Tower, 1290 square feet asking $1,090,000.  This is a unit that needs to be finished out as it is delivered “decorator ready” without floors, window treatments and paint.   Kitchens and bathrooms are complete.

Moving further north there are excellent options in Sunny Isles that will run under $600 per sq.ft.  Trump Towers in Sunny Isles has spacious 3 bedroom 3 bath units with 1935 square feet with an asking price of  $1,020,000.   This is also a “decorator ready”.

Hollywood and Hallandale Beach are north of Miami.  The Beach Club in Hallandale Beach offer spacious units with great ocean views at attractive prices.  On the 30th floor you can purchase a direct ocean view property 3 bedroom 3 baths with 2070 square feet, asking price $995,900. That is $480 square foot.  This condominium offers the best views for the money.

Up the street in Hollywood there is the magnificent Trump Tower Hollywood Florida.  This is a very elegant building with only 200 residences.  The finishings and amenities are top of the line.  There is a true concierge on premises to attend to any and all of your needs.  You can purchase a 3 bedroom 3 bath unit with 2088 square feet for $975,000.  The condos at Trump Hollywood are “decorator ready” as well, although there are a select few finished models for sale.

In Hollywood at the Diplomat Residences, you can purchase a 3 bedroom 3 and one half bath 2088 square foot condo for $975,000.

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