As part of our evolving marketing strategy for the past few years, I now travel regularly to international real estate shows and meet with Brokers from around the world. I'm usually asked about the overall health of the Miami real estate market. Miami Beach waterfront real estate is what today's high end buyers look for, especially in demand are waterfront homes in one of the island communities, as well as condos in the South of Fifth Street area. Most out of town Buyers tend to believe that a direct Ocean view condominium is "THE" view to have, but as they see property and compare nighttime views, the value of the downtown Miami skyline quickly becomes apparent. The best South of Fifth condo buildings that feature these types of Downtown Miami & Biscayne Bay views are The Continuum North and South Towers, The Portofino Tower, Apogee South Beach, The Murano at Portofino, Icon South Beach, and The Murano Grande.
Many of the Brokers that we do busines with in South America and Europe also ask about the possibility of purchasing a foreclosed, or bank owned, waterfront condominium or home in one of the island communities in Miami Beach - such as Palm, Star, Hibiscus, Sunset Islands I - IV, or The Venetian Islands chain. The fact is that waterfront luxury condos and home sales are UP significantly in the past six months, along with an appropriate decrease in available inventory of listed property. For example, in the Summer of 2009, near the bottom of the real estate market, there were just under five hundred (500) condominiums on the active market for sale in Miami Beach's South of Fifth Street waterfront condo buildings - The Murano at Portofino, The Murano Grande, Icon South Beach, The Continum North and South Towers, and Apogee. As I write this in mid-February, 2011, these same condominiums buildings have a total inventory of just over one hundred fifty (156) listed condos. This represents a decrease of 67% percent in available, unsold inventory in South Beach's South of Fifth Neighborhood!
Does this mean that the waterfront condo inventory will run out? Of course not, but as new listings come on the market, Owners / Sellers will see a gradual price increases. There are many building and architectural restrictions imposed by the City of Miami Beach, since the city passed new building codes in late 2001 that put severe limitations on future re-developement. Also, there's vitually NO waterfront land available for future development in Miami Beach. The conclusion being that there will be severe limitations on future supply of new property becoming available in Miami Beach, which indicates the strong potential for future price appreciation.
Recent "Closed Sales" of Waterfront Condos and Homes:
| Closed Date | ADDRESS | Community | Sq. Ft. | LP$/SqFt | SP$ |
| 2/2/2011 | 2128 N BAY RD | North Bay Road / Miami Beach | 5682 | 871.172 | 4,400,000 |
| 2/11/2011 | 5240 N BAY RD | North Bay Road / Miami Beach | 4915 | 996.948 | 3,862,000 |
| 1/17/2011 | 1155 N SHORE DR | Normandy Isl. / Miami Beach | 2791 | 713.006 | 1,560,000 |
| 1/5/2011 | 5959 COLLINS AV # 2006 | Bath Club | 4135 | 1087.062 | 4,260,000 |
| 1/21/2011 | 101 20 ST # 3603 | SETAI RESORT & RESIDENCES | 1743 | 1603.557 | 2,600,000 |
| 1/27/2011 | 2201 Collins Ave # 1204 | W South Beach Residence | 1729 | 1555.813 | 2,500,000 |
| 2/9/2011 | 101 20 ST # 2708 | The Setai | 1141 | 2081.507 | 2,100,000 |
| 1/16/2011 | 100 S POINTE DR # 1007 | CONTINUUM ON SOUTH BEACH | 1870 | 1203.209 | 1,999,000 |
| 2/7/2011 | 100 S POINTE DR # 1110 | Continuum South | 2122 | 966.07 | 1,900,000 |
| 1/12/2011 | 450 ALTON RD # 1201 | ICON South Beach | 2145 | 743.59 | 1,465,000 |
| 2/2/2011 | 100 S POINTE DR # 1705 | Continuum | 1869 | 842.697 | 1,500,000 |
| 1/14/2011 | 50 S POINTE DR # 1604 | Continuum North | 1491 | 887.995 | 1,260,000 |
| 2/7/2011 | 50 S Pointe Dr. # 1805 | Continuum North Tower | 1698 | 765.607 | 1,300,000 |
| 1/26/2011 | 1500 OCEAN DR # 706 | 1500 Ocean drive | 1530 | 849.673 | 975,000 |
| 1/6/2011 | 100 S POINTE DR # 1601 | CONTINUUM | 1591 | 817.096 | 1,280,000 |
| 1/21/2011 | 1000 S POINTE DR # 705 | Murano@Portofino | 1407 | 852.879 | 1,075,000 |
| 1/5/2011 | 400 S POINTE DR # 2104 | South Pointe Tower | 1802 | 663.152 | 925,000 |
| 1/26/2011 | 200 OCEAN DR # 7E | 200 OCEAN DR | 1240 | 935.484 | 1,040,000 |
| 2/11/2011 | 450 ALTON RD # 3210 | ICON | 1370 | 766.423 | 940,000 |
| 2/9/2011 | 450 ALTON RD # 2002 | THE ICON | 1933 | 543.197 | 1,050,000 |
| 1/26/2011 | 5875 COLLINS AVE # 908 | Mei Condominium | 1817 | 549.807 | 890,000 |
| 1/28/2011 | 400 ALTON RD # LPH11 | MURANO GRANDE | 1649 | 603.396 | 912,500 |
| 1/4/2011 | 100 S POINTE DR # 1002 | Continuum South Beach | 1201 | 811.823 | 930,000 |
| 1/3/2011 | 300 S POINTE DR # 603 | PORTOFINO TOWERS | 2340 | 391.41 | 905,000 |
| 1/10/2011 | 650 WEST AV # PH14 | The Floridian | 2102 | 425.785 | 672,000 |
| 1/25/2011 | 4775 COLLINS AV # 3307 | Green Diamond | 0 | 685,000 | |
| 1/5/2011 | 4441 COLLINS AV # 2705 | FONTAINEBLEAU II/ TRESOR | 1002 | 697.605 | 639,000 |
| 2/3/2011 | 10 VENETIAN WY # 902 | The Grand Venetian | 1463 | 443.609 | 570,000 |
| 2/9/2011 | 400 ALTON RD # 611 | MURANO GRANDE | 1649 | 382.05 | 600,000 |
| 1/13/2011 | 3737 COLLINS AV # S-304 | The Caribbean | 1434 | 432.357 | 590,000 |
| 1/24/2011 | 450 ALTON RD # 1006 | ICON CONDO | 1452 | 406.336 | 590,000 |
| 1/19/2011 | 4441 COLLINS AV # 1214 | FONTAINEBLEAU II/ TRESOR | 1066 | 550 | 510,000 |
| 2/8/2011 | 520 WEST AV # 1402 | Bentley Bay | 1499 | 371.581 | 530,000 |
| 2/11/2011 | 5161 COLLINS AV # 1012 | SEACOAST 5151 | 1360 | 404.338 | 510,000 |
| 1/21/2011 | 1900 SUNSET HARBOUR DR # 1512 | sunset harbour | 1270 | 432.284 | 525,000 |
| 1/8/2011 | 4775 COLLINS AV # 2706 | Green Diamond Condo | 1100 | 477.273 | 525,000 |
| 1/26/2011 | 5255 COLLINS AV # 12E | Imperial House | 2324 | 221.601 | 440,000 |
| 2/9/2011 | 100 LINCOLN RD # 1611 | The Decoplage | 1190 | 419.328 | 440,000 |
| 2/8/2011 | 4441 COLLINS AV # 1512 | Fontainebleau II/Tresor | 1002 | 498.004 | 485,000 |
| 2/3/2011 | 5225 COLLINS AV # 703 | The Alexander | 1200 | 395.833 | 430,000 |
| 1/13/2011 | 5660 COLLINS AV # 19A | FIFTY SIX SIXTY | 2115 | 224.586 | 427,000 |
| 1/31/2011 | 540 WEST AV # 711 | THE BENTLEY BAY | 1331 | 349.361 | 465,000 |
| 2/3/2011 | 1621 COLLINS AV # 815 | GEORGIAN | 1034 | 443.907 | 439,888 |
| 1/26/2011 | 2625 COLLINS AV # 1506 | OCEANFRONT PLAZA | 1075 | 417.674 | 410,000 |
| 1/6/2011 | 1800 SUNSET HARBOUR DR # 1407 | Sunset Harbour South | 1770 | 242.881 | 414,000 |
| 1/31/2011 | 100 LINCOLN RD # 1633 | Decoplage Condo | 890 | 477.528 | 401,000 |
| 2/7/2011 | 2301 COLLINS AV # PH-21 | Roney Palace | 1180 | 338.983 | 360,000 |
Data Source: SouthEast Florida Regional MLS
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