This past week, I had the opportunity to work with well qualified (cash) buyers looking to purchase a waterfront two bedroom condominium in Miami Beach's South of Fifth neighborhood. These specific clients have been looking for just the "right" deal and have had approximately eight of their top choices sold in the past three months. Their budget is in from $1 Million to $1.5 Million, and six months ago their were quite a few choices in the Portofino Tower, The Continuum North and South Towers, the Murano at Portofino, The Murano Grande and Icon with direct water views. Today, the choices at Icon and The Murano Grande are very limited, and practically non-existent in this price range (with water views) at The Continuum Condos on South Beach and at The Murano at Portofino. The Portofino Tower still has a few distressed units available, but only on the less desireable lower floors with very limited views of Miami Beach.
These clients have now widened their criteria, and today they told me that they've grown tired of "chasing the market". This is the first time, in a long time, that I've heard this term applied in a way that demonstrates a market that is challenging for BUYERS.
The Last 90 Days of Closed Sales - South Beach Waterfront Condominiums:
Miami Beach Waterfront Condomimium Closed Sales
Closing Date ADDRESS Condo Building Square Ft. LP$/SqFt Sales Price 3/23/2011 520 WEST AV # 1102 THE BENTLEY BAY CONDO 1,499 $ 400 $ 500,000 12/28/2010 50 S POINTE DR # 804 Continuum II 1,491 $ 801 $ 1,145,000 3/4/2011 1000 S POINTE DR # 3702 MURANO AT PORTOFINO 2,618 $ 936 $ 2,200,000 3/7/2011 1000 S POINTE DR # 408 Murano At Portofino 1,791 $ 502 $ 830,000 3/24/2011 1000 S POINTE DR # 1206 MURANO AT PORTOFINO 1,006 $ 790 $ 650,000 1/28/2011 400 ALTON RD # LPH11 MURANO GRANDE 1,649 $ 603 $ 912,500 2/7/2011 100 S POINTE DR # 1110 Continuum South 2,122 $ 966 $ 1,900,000 3/17/2011 400 ALTON RD # 905 MURANO GRANDE 1,400 $ 400 $ 505,000 3/16/2011 50 S POINTE DR # 504 Continuum North Tower 747 $ 669 $ 470,000 3/1/2011 100 S POINTE DR # 1005 Continuum South Tower 1,869 $ 960 $ 1,650,000 2/14/2011 400 S POINTE DR # 1510 SOUTH POINTE TOWER 1,559 $ 767 $ 975,000 1/16/2011 100 S POINTE DR # 1007 CONTINUUM ON SOUTH BEACH 1,870 $ 1,203 $ 1,999,000 1/21/2011 1000 S POINTE DR # 705 Murano@Portofino 1,407 $ 853 $ 1,075,000 3/18/2011 400 S POINTE DR # 1107 south pointe towers condo 858 $ 641 $ 525,000 12/29/2010 450 ALTON RD # 3405 ICON 3,094 $ 646 $ 1,700,000 1/12/2011 450 ALTON RD # 1201 ICON South Beach 2,145 $ 744 $ 1,465,000 1/24/2011 450 ALTON RD # 1006 ICON CONDO 1,452 $ 406 $ 590,000 3/14/2011 1000 S POINTE DR # 405 MURANO AT PORTOFINO 1,407 $ 888 $ 900,000 3/7/2011 300 S POINTE DR # 1101 PORTOFINO TOWERS 2,340 $ 724 $ 1,625,000 2/28/2011 400 ALTON RD # 2404 MURANO GRANDE 2,974 $ 657 $ 1,950,000 2/9/2011 400 ALTON RD # 611 MURANO GRANDE 1,649 $ 382 $ 600,000 1/14/2011 50 S POINTE DR # 1604 Continuum North 1,491 $ 888 $ 1,260,000 2/11/2011 450 ALTON RD # 3210 ICON 1,370 $ 766 $ 940,000 3/10/2011 90 ALTON RD # 2009 YACHT CLUB AT PORTOFINO 1,080 $ 505 $ 500,000 1/26/2011 200 OCEAN DR # 7E 200 OCEAN DR 1,240 $ 935 $ 1,040,000 1/3/2011 300 S POINTE DR # 603 PORTOFINO TOWERS 2,340 $ 391 $ 905,000 3/2/2011 1100 WEST AV # TS-1 Mondrian South Beach 1,500 $ 1,130 $ 1,395,000 3/23/2011 800 S POINTE DR # 1402 Apogee 3,103 $ 1,724 $ 4,995,000 2/25/2011 1000 S POINTE DR # 3002 Murano at Portofino 2,618 $ 877 $ 1,880,000 1/5/2011 400 S POINTE DR # 2104 South Pointe Tower 1,802 $ 663 $ 925,000 1/4/2011 100 S POINTE DR # 1002 Continuum on south Beach 1,201 $ 812 $ 930,000 3/18/2011 450 ALTON RD # 3001 ICON South Beach 2,145 $ 932 $ 1,800,000 3/5/2011 1000 S POINTE DR # 3102 MURANO AT PORTOFINO 2,618 $ 951 $ 2,250,000 3/3/2011 1100 WEST AV # 1414 The Mondrian 750 $ 799 $ 510,000 2/22/2011 100 S POINTE DR # 2901 Continuum South Tower 1,591 $ 1,003 $ 1,550,000 2/22/2011 400 ALTON RD # 2308 Murano Grande 1,600 $ 813 $ 1,200,000 2/9/2011 450 ALTON RD # 2002 THE ICON 1,933 $ 543 $ 1,050,000 2/2/2011 100 S POINTE DR # 1705 Continuum 1,869 $ 843 $ 1,500,000 3/18/2011 450 ALTON RD # 3306 ICON CONDO 1,452 $ 434 $ 655,000 3/10/2011 300 S POINTE DR # 1605 PORTOFINO 2,340 $ 639 $ 1,400,000 3/11/2011 400 ALTON RD # 1904 Murano Grande 1,425 $ 772 $ 1,025,000 3/23/2011 450 ALTON RD # 3502 ICON Condo 1,933 $ 822 $ 1,470,000
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