I'd like to highlight the last month's closed sales of luxury waterfront condominiums in the South of Fifth Street area of Miami Beach. Specifically, I'd like to point out and compare the gap (either premium or discount) in closed sales prices from the Miami-Dade tax assessed values of 2009. The Miami-Dade Tax Assessor's office has made a significant effort in the past year to revise the latest tax market values with the ACTUAL reduced property values of the past few years. Therefore, I'd like to compare the latest closed sales at The Continuum South Beach, Apogee South Beach, The Murano at Portofino, Murano Grande, and Bentley Bay to compare the actual sales from the tax assessed values. All of the condomiums highlighted below are premier waterfront units with spectacular water views, and generally among the most desireable lines in the respective waterfront buildings in South Beach's South of Fifth area:

Apogee #604 - 6/18/10 Sales Price: $5,800,000 vs. Tax Assessed Value: $3,889,000
(Apogee Sales Price Premium +49%)
Continuum North Tower #2701 - 6/18/10 Sales Price: $3,500,000 vs. Tax Assessed Value: $2,072,000
(Continuum South Beach Sales Price Premium +69%)
Continuum North Tower #905
- 6/30/10 Sales Price: $1,200,000 vs. Tax Assessed Value: $733,000
(ContinuumMiami Beach Sales Price Premium +64%)
Continuum North Tower #2902 - 6/30/10 Sales Price: $3,040,000 vs. Tax Assessed Value: $2,113,000
(Continuum Sales Price Premium +44%)
Murano at Portofino #3102 - 6/3/10 Sales Price: $1,925,000 vs. Tax Assessed Value: $1,902,000
(Murano at Portofino Sales Price Premium +1%)
Murano Grande #2601 - 6/23/10 Sales Price: $2,500,000 vs. Tax Assessed Value: $2,123,000
(Murano Grande Sales Price Premium +18%)
Icon South Beach #1901
- 7/1/10 Sales Price: $1,490,000 vs. Tax Assessed Value: $1,091,000
(Icon Miami Beach Sales Price Premium +37%)
Bentley Bay #1201 - 5/28/10 Sales Price: $750,000 vs. Tax Assessed Value: $863,000
(Bentley Bay Sales Price Discount -13%)

Murano at Portofino CondosIcon South Beach condos
Continuum North Tower CondosApogee South Beach Condos

It should be noted that for the newest South of Fifth buildings (Apogee and Continuum North Tower specifically), the Tax Assessed values tend to be low. The premium prices being paid at both Continuum North Tower and Apogee indicate that these condo buildings are also among the most sought-after and highly desireable ultra-luxury properties. The biggest price discount is most notably at the Bentley Bay, primarily due to this condo building's high maintenance fees and owner delinquency rates.

Premium waterfront properties (whether condos or single family homes) that are priced RIGHT continue to have strong buyer demand. For waterfront condos in the South of Fifth area, we continue to see significant buyer demand- most especially from USA Northeast, South American, and select European buyers (most especially East European countries).

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Widely considered the highest end ultra-luxury condominium building in all of Miami Beach, Apogee's past 90 days of closed sales demonstrates the enduring strength of the overall South Beach condo market. This was the last, and highest end, condominium building completed by the Related Group in 2008. Despite the severe real estate downturn of the past few years, sales data for the Apogee in the past few years, and most especially recently, is further evidence that premier waterfront properties continue to draw buyers willing to pay a premium price for the right location, amenities, and especially in a boutique ultra-luxury building.

A particularly noteworthy sale at Apogee is highlighted below. This condominium, although spectacular with many ultra-luxury features and amazing views of Fisher Island, Government Cut, the Ocean, and the city of Miami Beach, was sold "Decorator Ready" but still needed to be finished out with flooring, window treatments, paint, etc.

apogee south beach condosapogee condos south beach

Apogee #1801- High floor Eastern Exposure corner condominium with four bedrooms / four baths estate in the sky type residence. The extra large living room even has a fireplace! Large master suite with midnight kitchen. Media room and outdoor kitchen. Top of the line line appliances, exceptional woodwork in closets, sunken bathtub/ rain showers. Panoramic views of Fisher Island, Atlantic Ocean, Government Cut, South Beach. 2400 sf wrap-around terrace. 2.5-car enclosed private garage.

Sold Price: $5,900,000
Original “For Sale” Price : $6,795,000 (5/2009)
Original “Sold” Price (7/2008) : $5,390,000
Bedrooms: 4
Bathrooms: 4
Interior S.F.: 4,154 ($1,420/SF)
Total S.F.: 6,554 ($900/SF)
Closed Date: April 16, 2010
APPRECIATION from Previous Sales Price in 2008: 9.5%

Below are the last 90 days worth of closed sales data from the entire Apogee Condominium Building:

Apogee South Beach Condos

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