As noted in our most recent Newsletter, we're seeing tremendous Foreign Buyer demand not only for Miami Beach Condos and waterfront homes, but for general Miami Real Estate located in premier waterfront locations. There's been virtually NO new large-scale construction in six years (since the start of the Real Estate downturn in late 2006), and there's virtually no watefront land available for development in Miami Beach. Even in previously distressed Miami Beach condos, most notably The Bentley Bay, we've seen a dramatic decline in available inventory of condos available for sale. In 2008-2009 there were well over 100 distressed sales, and today there are just EIGHT condos currently for sale.
Prices for Bentley Bay condos are also UP significantly from market lows averaging $350/SF to a current average asking price of $631/SF. It's my belief that the CLOSED sales prices will reach these new ASKING prices within the next year, due to the very limited number of Miami Beach condos available for sale. The overall inventory levels are also near six year lows for waterfront condos in the South of Fifth Street neighborhood- such as The Murano at Portofino, Continuum Miami Beach, Apogee, The Portofino Tower, Icon South Beach, Murano Grande, and The Yacht Club.
This rapid absorption of available Miami Beach condos inventory is due to the following :
The newest waterfront Miami Beach condos were built in THE best locations in Miami Beach, such as the South of Fifth Street neighborhood. For example, The Continuum Miami Beach Condos are on a twelve acre Oceanfront site that is at the SouthernEastern tip of Miami Beach. The site of The Continuum, for example, was THE LAST premier waterfront location in Miami Beach.
| Sale Date | Miami Beach Address | Property | Living Area | Sales Price | SP$/SqFt |
| 2/13/2012 | 100 S POINTE DR # 1510 | Continuum on South Beach | 2,122 | $ 2,200,000 | $ 1,037 |
| 2/9/2012 | 100 S POINTE DR # 1007 | THE CONTINUUM | 1,870 | $ 2,200,000 | $ 1,176 |
| 2/7/2012 | 450 ALTON RD # 2005 | ICON South Beach | 1,750 | $ 1,250,000 | $ 714 |
| 2/6/2012 | 100 S POINTE DR # 2102 | Continuum South Tower | 1,201 | $ 1,350,000 | $ 1,124 |
| 2/4/2012 | 100 S POINTE DR # 3207 | Continuum South Tower | 2,954 | $ 4,500,000 | $ 1,523 |
| 1/30/2012 | 300 S POINTE DR # 4306 | Portofino Towers | 2,360 | $ 2,000,000 | $ 847 |
| 1/26/2012 | 1000 S POINTE DR # 802 | MURANO AT PORTOFINO | 2,618 | $ 2,287,500 | $ 874 |
| 1/23/2012 | 50 S POINTE DR # 2303 | CONTINUUM North Tower | 1,922 | $ 2,000,000 | $ 1,041 |
| 1/16/2012 | 400 ALTON RD # 2506 | MURANO GRANDE | 2,024 | $ 1,475,000 | $ 729 |
| 1/8/2012 | 300 S POINTE DR # 2304 | Portofino Tower | 2,040 | $ 1,300,000 | $ 637 |
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