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 DateADDRESSCondo BuildingSquare Ft.LP$/SqFtSales Price
3/23/2011520 WEST AV # 1102THE BENTLEY BAY CONDO1,499 $ 400 $ 500,000
12/28/201050 S POINTE DR # 804Continuum II1,491 $ 801 $ 1,145,000
3/4/20111000 S POINTE DR # 3702MURANO AT PORTOFINO2,618 $ 936 $ 2,200,000
3/7/20111000 S POINTE DR # 408Murano At Portofino1,791 $ 502 $ 830,000
3/24/20111000 S POINTE DR # 1206MURANO AT PORTOFINO1,006 $ 790 $ 650,000
1/28/2011400 ALTON RD # LPH11MURANO GRANDE1,649 $ 603 $ 912,500
2/7/2011100 S POINTE DR # 1110Continuum South2,122 $ 966 $ 1,900,000
3/17/2011400 ALTON RD # 905MURANO GRANDE1,400 $ 400 $ 505,000
3/16/201150 S POINTE DR # 504Continuum North Tower747 $ 669 $ 470,000
3/1/2011100 S POINTE DR # 1005Continuum South Tower1,869 $ 960 $ 1,650,000
2/14/2011400 S POINTE DR # 1510SOUTH POINTE TOWER1,559 $ 767 $ 975,000
1/16/2011100 S POINTE DR # 1007CONTINUUM ON SOUTH BEACH1,870 $ 1,203 $ 1,999,000
1/21/20111000 S POINTE DR # 705Murano@Portofino1,407 $ 853 $ 1,075,000
3/18/2011400 S POINTE DR # 1107south pointe towers condo858 $ 641 $ 525,000
12/29/2010450 ALTON RD # 3405ICON3,094 $ 646 $ 1,700,000
1/12/2011450 ALTON RD # 1201ICON South Beach2,145 $ 744 $ 1,465,000
1/24/2011450 ALTON RD # 1006ICON CONDO1,452 $ 406 $ 590,000
3/14/20111000 S POINTE DR # 405MURANO AT PORTOFINO 1,407 $ 888 $ 900,000
3/7/2011300 S POINTE DR # 1101PORTOFINO TOWERS2,340 $ 724 $ 1,625,000
2/28/2011400 ALTON RD # 2404MURANO GRANDE2,974 $ 657 $ 1,950,000
2/9/2011400 ALTON RD # 611MURANO GRANDE1,649 $ 382 $ 600,000
1/14/201150 S POINTE DR # 1604Continuum North1,491 $ 888 $ 1,260,000
2/11/2011450 ALTON RD # 3210ICON1,370 $ 766 $ 940,000
3/10/201190 ALTON RD # 2009YACHT CLUB AT PORTOFINO1,080 $ 505 $ 500,000
1/26/2011200 OCEAN DR # 7E200 OCEAN DR1,240 $ 935 $ 1,040,000
1/3/2011300 S POINTE DR # 603PORTOFINO TOWERS2,340 $ 391 $ 905,000
3/2/20111100 WEST AV # TS-1Mondrian South Beach1,500 $ 1,130 $ 1,395,000
3/23/2011800 S POINTE DR # 1402Apogee3,103 $ 1,724 $ 4,995,000
2/25/20111000 S POINTE DR # 3002Murano at Portofino2,618 $ 877 $ 1,880,000
1/5/2011400 S POINTE DR # 2104South Pointe Tower1,802 $ 663 $ 925,000
1/4/2011100 S POINTE DR # 1002Continuum on south Beach1,201 $ 812 $ 930,000
3/18/2011450 ALTON RD # 3001ICON South Beach2,145 $ 932 $ 1,800,000
3/5/20111000 S POINTE DR # 3102MURANO AT PORTOFINO2,618 $ 951 $ 2,250,000
3/3/20111100 WEST AV # 1414The Mondrian750 $ 799 $ 510,000
2/22/2011100 S POINTE DR # 2901Continuum South Tower1,591 $ 1,003 $ 1,550,000
2/22/2011400 ALTON RD # 2308Murano Grande1,600 $ 813 $ 1,200,000
2/9/2011450 ALTON RD # 2002THE ICON1,933 $ 543 $ 1,050,000
2/2/2011100 S POINTE DR # 1705Continuum1,869 $ 843 $ 1,500,000
3/18/2011450 ALTON RD # 3306ICON CONDO1,452 $ 434 $ 655,000
3/10/2011300 S POINTE DR # 1605PORTOFINO2,340 $ 639 $ 1,400,000
3/11/2011400 ALTON RD # 1904Murano Grande1,425 $ 772 $ 1,025,000
3/23/2011450 ALTON RD # 3502ICON Condo1,933 $ 822 $ 1,470,000

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