Over the past year, we're seeing Miami Beach luxury condo buyers come from all across the globe. Close to 50 percent live in another country, and the balance are people who may live in the USA and have taken advantage of the price corrections of the past few years to purchase a second (or even third) waterfront luxury property in Miami Beach. Additionally, many foreign buyers purchase under an LLC corporation as a way of hiding assets from foreign tax authorities. They tend to have a local mailing address, which can belong to a registered agent or their accountant and/or attorney's local office address.

In spite of the recent ups and downs of the real estate industry in the United States, and Greater Miami in particular, it's still a safe investment environment by global standards. Among our top clients, there's always the mindset that if something is wrong anywhere else, the U.S. is a relative safe harbor to invest cash. For example, many Latin American real estate investors are looking for a safe haven from government expropriation of private bank accounts and real estate assets, such as what occurred in Argentina and Venezuela this past decade.

Greater Miami has become the destination place for many different cultures from Latin America- with the top luxury waterfront condo buyers coming from Brazil, Argentina and Eastern European countries. Particularly for Miami Beach condo buyers, the allure to its climate, newly revitalized cultural life, security, the beaches, and its international flavor have increased the appeal of waterfront luxury condos- most especially in the premier areas such as Miami Beach's South of Fifth Street Neighborhood.

South Beach Condos - south of fifth neighborhood

In particular, ultra-luxury waterfront buildings such as The Continuum on South Beach, Apogee Miami Beach, The Portofino Tower, and The Murano at Portofino have witnessed dramatic declines in active listing inventory, and increases in sales prices. For example, the latest sales at The Continuum on South Beach have been at well over $1,350/S.F., with some even surpassing the "boom" market real estate highs of $2,547/S.F. (see the latest Miami Beach luxury condo listing inventory and closed sales at bottom of this post).

Total Available / Active "For Sale" Condos - Most Popular Miami Beach Luxury Waterfront Buildings:

Apogee Miami Beach: 6($2,200/ S.F. Average ASKING Price)
The Continuum North Tower: 49($1,262/ S.F. Average ASKING Price)
The Continuum South Tower: 19 ($2,353/ S.F. Average ASKING Price)
The Portofino Tower: 18 ($932/ S.F. Average ASKING Price)
Murano at Portofino: 13 ($1,450/ S.F. Average ASKING Price)
Murano Grande:18($788/ S.F. Average ASKING Price)
Icon South Beach: 33 ($1,062/ S.F. Average ASKING Price)
The Bentley Bay (North & South Towers): 9 ($630/ S.F. Average ASKING Price)
Il Villaggio on Ocean Drive: 10($1,419/ S.F. Average ASKING Price)

Total Condos Available for Sale from Above Referenced Miami Beach Buildings: 175
Total Average Listing Inventory (per Miami Beach Condo): 19

Total 180 Days Closed Sales of Above Referenced Miami Beach Condos: 71
Months of Supply for Above Referenced Miami Beach Condo Buildings: 2.5 (just ten weeks supply!!!)

Miami Beach Condo Sales and Listing Inventory Conclusions:

Traditionally, a six month supply of listing inventory is considered to be a normal & healthy real estate market. Given that we now have UNDER a three month supply in the nine above referenced Miami Beach waterfront condo buidings, expect sales prices to continue a strong UPWARD trend.

Miami Beach Condos- 180 Days Closed Sales
Closing DateADDRESSMiami Beach Condo LA Sales Price SP$/SqFt
3/30/2012300 S POINTE DR # 3606PORTOFINO TOWERS1,960 $ 1,610,000 $ 821
3/28/20121455 OCEAN DR # 1107Il Villaggio1,810 $ 2,150,000 $ 1,188
3/27/2012400 ALTON RD # 3303MURANO GRANDE3,284 $ 2,950,000 $ 898
3/19/20121455 OCEAN DR # 1008Il Villaggio2,824 $ 3,750,000 $ 1,328
3/12/2012300 S POINTE DR # 505PORTOFINO TOWERS2,340 $ 875,000 $ 374
3/9/2012400 ALTON RD # 1702Murano Grande1,874 $ 1,100,000 $ 587
3/8/2012100 S POINTE DR # 1402Continuum South Tower1,201 $ 1,380,000 $ 1,149
3/5/2012100 S POINTE DR # 1009CONTINUUM SOUTH1,595 $ 1,800,000 $ 1,129
3/4/2012100 S POINTE DR # 3205Continuum South1,870 $ 2,562,500 $ 1,370
2/28/2012400 ALTON RD # 2004MURANO GRANDE1,425 $ 1,100,000 $ 772
2/24/2012520 WEST AV # 1403Bentley Bay776 $ 340,000 $ 438
2/24/201250 S POINTE DR # 702CONTINUUM II2,264 $ 2,700,000 $ 1,193
2/24/201250 S POINTE DR # 1504Continuum1,443 $ 1,381,000 $ 957
2/24/2012450 ALTON RD # 3108ICON South Beach851 $ 645,000 $ 758
2/23/2012450 ALTON RD # 2407Icon1,815 $ 1,400,000 $ 771
2/21/20121000 S POINTE DR # TH-A7MURANO AT PORTOFINO1,207 $ 551,000 $ 457
2/19/2012100 S POINTE DR # 2002CONTINUUM ON SOUTH BEACH1,201 $ 1,450,000 $ 1,207
2/17/201250 S POINTE DR # PH 1CONTINUUM ON SOUTH BEACH6,360 $ 16,200,000 $ 2,547
2/16/201250 S POINTE DR # 1707Continuum on South Beach1,443 $ 1,675,000 $ 1,161
2/15/2012540 WEST AV # 1513THE BENTLEY BAY777 $ 375,000 $ 483
2/13/2012100 S POINTE DR # 1510Continuum on South Beach2,122 $ 2,200,000 $ 1,037
2/9/2012100 S POINTE DR # 1007THE CONTINUUM1,870 $ 2,200,000 $ 1,176
2/7/2012450 ALTON RD # 2005ICON1,750 $ 1,250,000 $ 714
2/6/2012100 S POINTE DR # 2102Continuum South Tower1,201 $ 1,350,000 $ 1,124
2/4/2012100 S POINTE DR # 3207Continuum South Tower2,954 $ 4,500,000 $ 1,523
1/30/2012300 S POINTE DR # 4306Portofino Towers2,360 $ 2,000,000 $ 847
1/26/2012520 WEST AV # 1005the bentley bay1,210 $ 502,000 $ 415
1/26/20121000 S POINTE DR # 802MURANO AT PORTOFINO2,618 $ 2,287,500 $ 874
1/23/201250 S POINTE DR # 2303CONTINUUM II SOUTH BEACH1,922 $ 2,000,000 $ 1,041
1/19/20121000 S POINTE DR # 1103MURANO AT PORTOFINO2,008 $ 1,850,000 $ 921
1/17/2012450 ALTON RD # 610ICON SOUTH BEACH1,370 $ 600,000 $ 438
1/16/2012400 ALTON RD # 2506MURANO GRANDE2,024 $ 1,475,000 $ 729
1/13/2012450 ALTON RD # 3703ICON2,158 $ 1,610,000 $ 746
1/10/20121455 OCEAN DR # 703Il Villaggio Condominium1,550 $ 1,980,000 $ 1,277
1/8/2012300 S POINTE DR # 2304Portofino Tower2,040 $ 1,300,000 $ 637
12/30/2011520 WEST AV # 803THE BENTLEY BAY CONDO776 $ 325,000 $ 419
12/22/2011540 WEST AV # 1211Bentley Bay1,252 $ 565,000 $ 451
12/21/2011100 S POINTE DR # 2904Continuum on South Beach2,985 $ 3,300,000 $ 1,106
12/19/201150 S POINTE DR # 2004CONTINUUM ON SOUTH BEACH1,491 $ 1,730,000 $ 1,160
12/19/2011300 S POINTE DR # 904PORTOFINO TOWER1,160 $ 516,000 $ 445
12/16/20111455 OCEAN DR # 1405IL VILLAGGIO2,310 $ 3,999,995 $ 1,732
12/16/2011100 S POINTE DR # 2801CONTINUUM ON SOUTH BEACH1,591 $ 1,750,000 $ 1,100
12/15/2011540 WEST AV # 713The Bentley Bay Condo777 $ 310,500 $ 400
12/13/2011800 S POINTE DR # 2103APOGEE SOUTH BEACH3,103 $ 5,508,200 $ 1,775
12/12/2011100 S POINTE DR # 604Continuum South Tower2,292 $ 2,665,000 $ 1,163
12/6/20111455 OCEAN DR # 1605Il Villaggio2,310 $ 3,900,000 $ 1,688
12/5/2011300 S POINTE DR # 1203PORTOFINO TOWERS2,340 $ 1,737,000 $ 742
12/5/2011450 ALTON RD # 2910ICON1,370 $ 950,000 $ 693
12/1/2011300 S POINTE DR # 1704Portofino Tower2,040 $ 1,300,000 $ 637
11/30/2011400 ALTON Rd # 802MURANO GRANDE1,874 $ 735,000 $ 392
11/28/2011400 ALTON RD # 505MURANO GRANDE AT PORTOFIN1,400 $ 571,000 $ 408
11/23/2011100 S POINTE DR # 1106/7Continuum South Tower4,378 $ 5,200,000 $ 1,188
11/21/2011540 WEST AV # 1612BENTLEY BAY779 $ 302,500 $ 388
11/18/20111455 OCEAN DR # 907IL VILLAGGIO1,919 $ 2,200,000 $ 1,146
11/18/2011100 S POINTE DR # 3602Continuum on South Beach1,791 $ 2,300,000 $ 1,284
11/18/20111455 OCEAN DR # 1411IL VILLAGGIO1,370 $ 1,025,000 $ 748
11/14/201150 S POINTE DR # 2403CONTINUUM ON SOUTH BEACH1,992 $ 2,250,000 $ 1,130
11/14/201150 S POINTE DR # 2003Continuum On South Beach1,451 $ 1,550,000 $ 1,068
11/10/2011450 Alton # 3606Icon1,452 $ 762,000 $ 525
11/3/2011300 S POINTE DR # 405PORTOFINO TOWERS2,340 $ 980,000 $ 419
10/27/2011300 S POINTE DR # 805Portofino2,340 $ 1,225,000 $ 524
10/27/2011800 S POINTE DR # 1603Apogee2,756 $ 6,000,000 $ 2,177
10/25/2011100 S POINTE DR # 705CONTINUUM1,869 $ 1,750,000 $ 936
10/24/2011520 WEST AV # 1602BENTLEY BAY CONDO1,929 $ 645,000 $ 334
10/18/20111455 OCEAN DR # 1506IL VILLAGGIO1,780 $ 1,850,000 $ 1,039
10/14/20111000 S POINTE DR # 2104MURANO AT PORTOFINO2,190 $ 2,250,000 $ 1,027
10/13/201150 S POINTE DR # 505Continuum North Tower747 $ 490,000 $ 656
10/10/2011100 S POINTE DR # 3004CONTINUUM ON SOUTH BEACH2,508 $ 3,495,000 $ 1,394
10/6/2011300 S POINTE DR # 709PORTOFINO TOWER1,090 $ 570,000 $ 523
9/30/2011540 WEST AV # 813THE BENTLEY BAY777 $ 320,000 $ 412

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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 :

  • Wealthy foreigners seeking a “safe haven” for their money. In Greater Miami, there is NO risk of government confiscation of property.
  • The strong anti-development regulations and political climate in Miami Beach, in addition to there being NO waterfront land available for large-scale construction.
  • Greater Miami continues to evolve and grow as an International cultural and tourist hub, with historically low crime rates.
  • The newer (and more luxurious) waterfront Miami Beach condo buildings built from 2000 - 2005 are architecturally unique.
  • 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.

    Miami Beach Condos

    Below are the YTD 2012 Sales of Miami Beach Condos (South of Fifth Only) over $1 Million:

    Miami Beach Condo Sales YTD 2012 (South of Fifth Neighborhood)
    Sale DateMiami Beach AddressProperty Living Area Sales Price SP$/SqFt
    2/13/2012100 S POINTE DR # 1510Continuum on South Beach2,122 $ 2,200,000 $ 1,037
    2/9/2012100 S POINTE DR # 1007THE CONTINUUM1,870 $ 2,200,000 $ 1,176
    2/7/2012450 ALTON RD # 2005ICON South Beach1,750 $ 1,250,000 $ 714
    2/6/2012100 S POINTE DR # 2102 Continuum South Tower1,201 $ 1,350,000 $ 1,124
    2/4/2012100 S POINTE DR # 3207Continuum South Tower2,954 $ 4,500,000 $ 1,523
    1/30/2012300 S POINTE DR # 4306Portofino Towers2,360 $ 2,000,000 $ 847
    1/26/20121000 S POINTE DR # 802MURANO AT PORTOFINO2,618 $ 2,287,500 $ 874
    1/23/201250 S POINTE DR # 2303CONTINUUM North Tower1,922 $ 2,000,000 $ 1,041
    1/16/2012400 ALTON RD # 2506MURANO GRANDE2,024 $ 1,475,000 $ 729
    1/8/2012300 S POINTE DR # 2304Portofino Tower2,040 $ 1,300,000 $ 637

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    Located at the southernmost tip of South Beach, with over 12 acres directly on the Ocean, makes Continuum THE most coveted condominiums in all of Miami Beach. There's something very special about these 12 acres of oceanfront land, which is where Continuum North and South Towers are located. A little known fact is that this parcel of land once belonged to a local tribe of Indians, and legend has it that this land has a mystical quality. Whether this is true or not, as far as sheer beauty, desireability, lifestyle, amenities, and location, The Continuum is by far the most spectacular luxury condominium development in the South of Fifth Street neighborhood (and probably in the entire state of Florida).

    Continuum South Beach Condos Sales Data

    Recently, I've worked with several multi-million dollar buyers looking to purchase in The North Tower, which is the newest of the two, and has more modern features such as touchscreen "smart" panels and a few other amenities that were not available in 2001 when the South Tower was built. The Continuum North two bedroom floorplans, in my opinion, are also better laid out and more functional than comparable two bedroom floorplans in the Continuum South Tower. Another little known fact is that the subcontracting work from the developer was also more detail oriented and tended to be of better quality than the South Tower finish work. For these reasons, and the improvement in the financial markets lately, are why we are witnessing buyer demand and a strong upward price trend.

    Below are the last ninety days of closed sales from The Continuum - North Tower. Note that these average at over $1,000/SF, and that prices are slowly creeping back up to the pre-financial crisis levels.

    Continuum South Beach Condos Recent Sales

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    For the next few weeks, I'd like to highlight the significant sales movement that we are seeing in the premier luxury waterfront condominium buildings in the South of Fifth Street neighborood in South Beach. The most sought-after buildings in this highly desireable area are the Continuum North and South Towers, The Apogee South Beach ultra-luxury condos, The Murano at Portofino, The Murano Grande, and finally Icon South Beach. Below are the past twelve months closed sales (and two pending sales) for the Continuum North Tower, which was completed in 2008. Many (subjectively speaking) consider the North Tower to be a slightly more desireable due to it's finishes, better overall attention to details by the builder, and a few of the more modern "smart" building amenities that were not available when the Continuum South Tower was completed in 2001.

    Continuum South Beach North Tower Condo

    The Continuum is a one of kind luxury waterfront condo community with twelve acres located directly on the Ocean at the southernmost tip of Miami Beach. Featuring two oversized lagoon pools, the largest private fitness facility in Miami Beach, two sunken tennis courts, a private lap pool, a private restaurant, and many other amenities, click here for more information about The Continuum North Tower.

    The Sales Data for the past twelve months is listed below:

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