Despite the recent financial turbulance in Europe, we're continuing to see strong buyer demand especially from Eastern & Northern European countries. For example, at The Bentley Bay- A two story Penthouse with private rooftop pool sold at a private auction held late last year (part of a three unit sale). Despite the Bentley Bay's troubled history and high maintenance fees (currently at $1.19/SF), this is a boutique entry-level luxury waterfront condominium located just North of Miami Beach's "South of Fifth" Neighborhood. The Bentley Bay features spectacular Bayfront and Atlantic Ocean views, with views directly overlooking Star Island and the Downtown Miami skyline. A Finnish buyer acquired Bentley Bay condominiums #601, #701 and Penthouse 01 for just under $3,000,000 ($345 per square foot of living space) in a private auction sale last year. I find it especially interesting that this is a POSITIVE cash flow investment due to the significant rental income that the Bentley Bay commands- while the overall luxury condominium market in Miami Beach continues a steady rebound from the lows witnessed last year.

south beach condos bentley bay

Also, most recently ANOTHER Finnish buyer acquired one of the most luxurious Penthouses at the Setai South Beach for $15,000,000 ($2,416 per square foot of living space) last week. It should be noted that this Penthouse was on the market since 2006, significantly reduced from $34M earlier this year. The asking price was $19.9M. This 4bed/4bath Penthouse also has a private rooftop pool and panoramic views of the Ocean, the City of Miami Beach and the Downtown Miami skyline.

setai south beach condo
See the Luxury Condos at the Setai South Beach For Sale

Read more

Over the past week, I had the opportunity to take out two ready, willing, & highly qualified (cash contracts) Miami Beach condominium buyers to see The Continuum on South Beach, The Murano at Portofino, Icon South Beach, and The Bentley Bay. It was a shocking experience, in more ways than one.The purchasing criteria:Price point of $1 Million - $1.5 Million for a waterfront two bedroom condominium with water views. There are well over one hundred (100 +) individual condominiums to choose from that easily meet this criteria on the market for sale.

The first impression that I was left with was the complete lack of professionalism (negligence is a better description) on the part of a large number of listing Agents and/or Brokers. Disconnected phones, incomplete and inaccurate information on Multiple Listing for the condos that are on the market, voicemessages saying that the agent is out of the country / unavailable and NOT to leave messages, no voicemail pickup at all in two cases, no response to multiple voicemessages and emails, and sometimes a response days later that a showing can be arranged perhaps once per week. Also, we experienced agents not showing up for appointments or having to pick up keys at an office located over 10 miles away! I was left wondering if the individual condominium owners realize how poorly they are being represented in a BUYERS market.

That being said, I was also impressed that only a very limited number of these waterfront condos are priced to sell. The vast majority of the 100+ initial condos that showed up in a property search, with the above mentioned criteria, are overpriced and nowhere near the market / appraised value. In each of the buildings- there are only a few condos that are truly worthwhile and that a buyer would give serious consideration to making a reasonable offer. I'd like to highlight a few of the deals that were the equivalent of finding a needle in a haystack:

Continuum South Beach - South Tower #2301
Asking Price: $1,395,000
Comparable Sale #1901 : $1,160,000 (Short Sale)
Bedrooms: 2
Bathrooms: 3
Interior S.F.: 1,591 (Asking $876/SF)
Comparable Sold Date: March 10, 2010

Continuum North Tower - #1704
Asking Price: $1,395,000
Comparable Sale (#1204) : $1,250,000 (8/2009)
Bedrooms: 2
Bathrooms: 3
Interior S.F.: 1,491 (Asking $935/SF)
Comparable Sold Date: August, 2009

Bentley Bay Miami Beach - South Tower #1201 (Short Sale)
Asking Price: $870,000
Comparable Sale #1801 : $755,000 (Foreclosure Sale)
Bedrooms: 3
Bathrooms: 4
Interior S.F.: 1,994 (Asking $436/SF)
Comparable Sold Date: December, 2009

Icon South Beach - Condominium Unit #1106
Asking Price: $695,000
Comparable Sale #1706 : $725,000
Bedrooms: 2
Bathrooms: 2
Interior S.F.: 1,452 (Asking $478/SF)
Comparable Sold Date: March 19, 2010

Global Sales Data Source: Southeast Florida Regional MLS

Read more

Page 1 Of 1

2 Articles Found