South Beach Condo Sales up 200% in Q-2, Prices Holding Firm at $1,365 a Square Foot

Posted by Michael Gerrity 07/26/10 12:53 PM EST

(MIAMI, FL) — According to a new Condo Vultures report, South Beach new condo sales doubled in the second quarter of 2010 on a quarter-over-quarter basis to 31 individual transactions even as the average price held steady at $1,365 per square.
Not included in the new sales totals from April through June 2010 is a 46-unit bulk condo deal that traded for $29.6 million, or $436 per square foot, in the Capri South Beach condominium fronting Biscayne Bay.
For the second consecutive quarter, all of the individual new South Beach condo transactions occurred in three projects – the W South Beach Residences, Continuum on South Beach North Tower, and the Mondrian – even though an additional 18 new condo projects still have unsold developer units, according to Condo Vultures.

"Only 16 of the 37 new South Beach condo project with at least 25 units are completely sold out yet all of the individual transactions this year are occurring in three projects," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based Condo Vultures LLC. "Given the names of the projects and the average prices being achieved, it is safe to assume that buyers are going for quality as a hedge against the unknown. When the developer units start selling in the other new South Beach projects that should be a clear sign that confidence is returning."
South Beach is the trendy neighborhood on the southern portion of the barrier island that attracts celebrities and athletes, jet setters and working class tourists alike who all come looking for the Miami Beach experience.
The latest sales activity means 76 percent of the 5,600 new condos built since 2003 in South Beach have now been sold. South Beach is defined as South Pointe Drive north to 24th Street, the Atlantic Ocean east to Biscayne Bay.
This year’s new South Beach condo sales are on pace with that of 2009 despite concerns about Gulf of Mexico tar balls from the BP oil spill disaster washing up on the South Florida shores.
In the first half of 2010, 48 new South Beach condos sold for $72.8 million, or $1,365 per square foot. During the same six-month period of 2009, there were 49 new condo sales for $51.3 million, or $844 per square foot, in South Beach.
As steady as the sales are the velocity is still off from the first half of 2008 when buyers purchased 300 condos for $594.4 million, or $1,071 per square foot, according to the report.
The W South Beach Residences condominium-hotel project is one of those project not experiencing a reduction in pricing from the downturn in the U.S. economy or even the dramatic crash of the South Florida housing market, according to the report.
More than 40 percent of this year’s new condo sales are occurring in the W South Beach Residences on the northern edge of the Miami Beach submarket.
Developers of the 20-story, oceanfront W South Beach project in Miami Beach were able to sell 22 units in the condo-hotel for $34.6 million, or an average of more than $1,625 per square foot, in the second quarter of 2010, according to the report.
The recent sales activity means the 408-unit W South Beach project is nearly 20 percent sold out some 18 months after the first sale in March 2009.
In the South of Fifth area, the developer of the Continuum on South Beach North Tower sold two units at an average of $1,300 per square foot in the second quarter of 2010. This follows the first quarter when the developer sold three units. Some 28 months after the first sale, the developer of the Continuum North Tower still has more than 15 percent of the project unsold, according to the report.
The situation is even more challenging for the developer of the Mondrian condominium, where seven units sold in the second quarter at an average of $689 per square foot. More than 200 units are still in developer’s hands in the retrofitted project fronting Biscayne Bay, according to Condo Vultures.

Bulk Condo Sales Miami

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2000 Building Williams Island Condo

On July 23, 2010, in Uncategorized, by dienerph

2000 Building Williams Island Condo

2000 BUILDING WILLIAMS ISLAND

2000 Building Williams Island Condo address
2000 Island Blvd, Aventura FL 33160

2000 Building Williams Island

2000 Building Williams Island

About 2000 Building Williams Island Condo

Condo Address: 2000 Island Blvd. Aventura
Year Built: 1995
Total Units:
284
Floors: 32
Beds: 2-3
Condos SqFt Range: 1,560 – 3,390
2000 Building Condo Amenities:
– 24-hr Security
– Covered and Valet Parking
– Concierge
– Pool and spa
– State of the Art Gym
– Club House
– Business Center
– Ocean Views

2000 Building Williams Island Condo | Sale Rental Aventura Realty

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Williams Island Condos Aventura

On July 22, 2010, in Uncategorized, by dienerph

Williams Island Condos Aventura

Welcome to Williams Island

Williams Island is a private community in the City of Aventura along the intercostal Waterway. Developed by Trump group in the 1980’s, Williams Island consists of many high rising condominiums with amazing waterfront views. Williams Island convenience located, includes The Aventura Mall, countless boutiques in the surrounding area, Bal Harbour Shops. Bal Harbour Shops offers the best in Luxury shopping with such stores as Neiman Marcus, Saks Fifth Avenue, Boutiques such as Channel, Ferragamo, Tiffany’s, Cartier, and many, many more.

Williams Island

Williams Island realty includes condo residences, pre-owned homes and Mediterranean-style villas. Williams Island condominiums offer a world of elegance, privacy and international sophistication in one of South Florida’s most dazzling island settings. Williams Island condos features gracious condo residences in high-rise towers with breathtaking views in all directions. Williams Island was established by the Trump Group to provide an exclusive, private lifestyle for individuals who are accustomed to life’s finer things. This signature South Florida community was designed to offer all the amenities one could want in an idyllic setting. The Trump Group’s real estate activities include ownership and operation of numerous commercial, shopping and residential projects, the Crown Jewel of which is Williams Island.

Williams Island Aventura| Condos for Sale Rental Realty

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The Point Aventura Condos | Sale Rent Aventura Florida Real Estate

Point Aventura Condos and Real Estate for Sale or Rent
Point of Aventura
Condo Name
 

See Point Aventura
Condo Description

See Point Aventura
Condos for Sale & Rent

See Point Aventura
Condo Website

Atlantic One Condo Point Aventura

Atlantic One Condo Point Aventura
Architect: Robert Swedroe
Year Built: 2004
Total Units:
137
Floors: 29
Beds: 1 – 4
Condos SqFt Range: 539 – 4,171

View Atlantic I condos for Sale

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21200 Point PL
Aventura FL 33180
       
Atlantic Two Condo Point Aventura

Atlantic Two Condo Point Aventura
Architect: Robert Swedroe
Year Built: 1996
Total Units:
168
Floors: 31
Beds: 1 – 4
Condos SqFt Range: 1,210 – 4,830

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21150 Point PL
Aventura FL 33180
       
Atlantic Three Condo Point Aventura

Atlantic Three Condo Point Aventura
Year Built:
1993
Total Units:
168
Floors: 31
Beds: 1 – 6
Condos SqFt Range: 800 – 5,940

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21050 Point PL
Aventura FL 33180
       
North Tower Condo Point Aventura

North Tower Condo Point Aventura
Year Built:
1997
Total Units:
288
Floors: 32
Beds: 1 – 4
Condos SqFt Range: 620 – 2,940

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21205 Yacht Club Dr
Aventura FL 33180
       
South Tower Condo Point Aventura

South Tower Condo Point Aventura
Year Built:
2002
Total Units:
288
Floors: 32
Beds: 1 – 4
Condos SqFt Range: 622 – 2,940

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21055 Yacht Club Dr
Aventura FL 33180
       
Courtyards at the Point

Courtyards at the Point Aventura
Year Built:
1994-1996
Total Units:
60
Floors: 2
Beds: 3 – 5
Homes SqFt Range: 3,200 – 3,600

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Aventura FL 33180
     
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Marquis Miami | condos sale rent

On July 21, 2010, in Uncategorized, by dienerph

Marquis Miami | condos sale rent 

Marquis Residences offers private elevator foyers, 20-foot ceilings, Viking appliances and exclusive access to hotel services by Tempo Miami Hotel & Spa.

Luxury Starting from the

mid $200s per square foot

Buyer financing available at competitive rates

Up to 80% financing for well-qualified buyers

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Puerta de Palmas Coral Gables | Condos Sale Rent 

Puerta de Palmas offers residents an array of unparalleled, resort-style amenities. The building’s two-story lobby is just the beginning with its 24-hour concierge, resident lounge and business center with conference room.
On the eighth floor residents enjoy a health and fitness club overlooking the tropical pool, spa and sundeck. There is also a private club room with billiards, bar, and flat screen television media center, which opens onto an outdoor entertainment plaza and a putting green.
Just beyond that, residents can take advantage of a relaxing promenade and Mediterranean-inspired mediation garden with a cascading fountain.
An unsurpassed package of on-site amenities awaits you at Puerta de Palmas!

Puerta de Palmas Coral Gables | Condos Sale Rent

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 Milano Condo Deering Bay

Main Property Info:

$1,199,000

MLS# M1362714

13621 Deering Bay Dr

Coral Gables

FL 33158

3 Bedrooms

3.0 Baths

2,972 Sq. Ft

Agent/Public Remarks:

Beautiful 7th Floor Condo In Thought-after Deering Bay. Featuring, Golf, City And Ocean Views, This Beautiful Unit Features Top Of The Line Finishes;marble And Wood Floors Throughout, Gourmet Kitchen, family Room, expansive Terrace, walk In Closets Private Elevator, Building Features, Pool, Spa, gym, bbq Area, guest Suites And Social/party Room.

Property Details

Address
13621 Deering Bay Dr

City
Coral Gables

State
FL

Zipcode
33158

Listing Price
$1,199,000

Listing Number
M1362714

Bathrooms
3.5

Bedrooms
3

Property Type
Condo/town Home

Half Bathrooms
1

Year Built
2003

County
Dade

Property and Lot Dimensions

Square Footage
2972

Waterfront Property (Yes/No)
Yes

Neighborhood Info

Subdivision
Deering Bay

Municipality
Deering Bay

Area
50

Zoning
Northern Exposure

Extras

Unit Number
702

Number of Garages
0

Garage Description
3 Or More Parking Places, 2 Car Garage, Assigned Parking, Attached Parking

Property Age
7

Status
Active

Property Features
Pets Allowed, Pet Restrictions, Zoned Temperature Control, Marble Floors, Hardwood Floors, Jetted Bathtub, Walk-in Closet(s), Secondary Bedrooms Split From Master Bedroom, Bbq, Sliding Glass Door(s), Picture Window, Shutters

Number of Levels
0

Items included in price (1)
Electric Range And Oven, Microwave Oven, Disposal, Dishwasher, Refrigerator, Clothes Washer, Clothes Dryer, Built-in Oven

Comments/Remarks (1)
Ocean View, Swimming Pool View, Golf Course Frontage, Golf Course View

Comments/Remarks (2)
Community Clubhouse(s), Community Exercise Area(s), Community Swimming Pool(s), Community Spa(s), Gated Community, On-site Guard, Extra Storage Available

Comments/Remarks (3)
Elevator(s)

Pool (Yes/No)
No

Sprinkler (Yes/No)
No

Tax Year
2008

Fees
4500

Assumable Mortgage (Yes/No)
No

Heat
Central Heat, Electric Heating

Air Conditioning
Central Air Conditioning

Exterior Information
Concrete Block Stucco

Laundry Room Information
Laundry Sink

Courtesy Of Esslinger, Wooten, Maxwell, Inc

Photo#: 1 : 13621 Deering Bay Dr

Photo#: 2 : 13621 Deering Bay Dr

Photo#: 4 : 13621 Deering Bay Dr

Photo#: 7 : 13621 Deering Bay Dr

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‘Bulk Sales’ of Condos Clear Supply, at a Cost

Florida, for One, Eases Legal Path to Cut Glut of Distressed Properties, but Packaged Purchases Put Pressure on Prices

By ROBBIE WHELAN

The financial clouds hovering over the Monteverde condominium development in Boynton Beach, Fla., were driven away in late spring when an investor bought 118 of the project’s 219 units in a "bulk sale," a popular method of moving large numbers of condos in one transaction.

But Dan Berwitz, a sales representative for a computer company who paid $204,000 for a unit in the Monteverde in 2007, has mixed feelings about the deal. He is pleased that the sale will bring financial stability to his building, but he isn’t happy that the bulk-sale buyer plans to sell the units far below what he paid, in some cases as low as $100,000. "But unfortunately, right now, there’s nothing we can do," he said.

Dan Berwitz paid $204,000 in 2007 for a unit in the Monteverde condo development in Boynton Beach, Fla. Now, after a bulk sale of units earlier this year, he is worried about the value but notes ‘there’s nothing we can do.’

In Florida, one of the nation’s hardest-hit housing markets, prices of single-family homes and condos have been falling for the past three years due to rising foreclosures, an abundance of supply and tight credit conditions.

While there are signs that prices for homes are starting to stabilize in some Florida cities, that may not be the case for condos due in part to bulk sales such as the Monteverde transaction, which could put more downward pressure on prices.

Research firm Real Capital Analytics, which follows condo markets nationwide, tracked 27 bulk deals valued at $850 million, or $250,000 per unit, in 2007. Transaction volume dipped the following year, then rose to 82 deals valued at $839 million in 2009.

"I would think we’re on pace to have a record year for these types of transactions," said Dan Fasulo, a managing director of Real Capital Analytics.

It isn’t just Florida. Brokers say bulk-sale transactions are becoming more widespread in San Diego, Phoenix, Las Vegas and other markets in which condo projects mushroomed during the housing boom.

It is easy to see the attraction for investors, who are buying units at a sharp discount and in some cases paying less than what it would cost to build.

Condo Developer LLC, a Delaware-based company, in late spring closed on the $25.9 million auction sale of 165 units in the Vue at Lake Eola, a 375-unit luxury condo complex in Orlando, Fla., that had been operating under bankruptcy protection. The Vue, which has floor-to-ceiling windows, 20-foot ceilings and a rooftop terrace, cost $340 per square foot to build, but this latest purchase price works out to about $126 a square foot.

The new owners plan to sell the condos, one at a time, at a price of about $225 a square foot, at a profit of about $75 a square foot, when factoring in carrying costs including maintenance and real-estate taxes.

To remain competitive, developers of neighboring buildings must reduce their prices.

"Bulk sales in general can depreciate value of an asset and it does trickle down and affect other properties," said Carolyn Block Ellert, co-owner of Premier Sales Group, a brokerage that is marketing units in the Promenade near the Monteverde in Boynton Beach. The owner of the Promenade has slashed condo prices 40%, to the $150,000 to $600,000 range, since the beginning of the year. "We’re lowering them to sell," Ms. Ellert said.

Bulk sales in some states may soon accelerate as projects work their way through bankruptcies, foreclosures and restructurings and as lawmakers in some states make it easier for investors to buy in bulk to deal with gluts of distressed units.

For example, in late June, Florida Gov. Charlie Crist signed into law a measure that would decrease liability for bulk-sale buyers. Under current law, any company that buys seven or more units in one building is considered the "developer," and is thus responsible to warranties related to the quality of the units throughout the building.

As of July 1, this is no longer be the case, says Mark Grant, a condo lawyer in Fort Lauderdale who helped the Florida Home Builders Association craft the bill.

Some competitors are philosophical about the market impact. For example, Toll Brothers Inc., has been trying to sell condos on Ocean’s Edge at Singer’s Island in Florida for $1.1 million to $3.5 million. Last month, a tough new competitor entered the market: Miami-based investment firm Lionheart Capital and Elliott Management Corp. of New York, which closed on a deal to pay for $120 million for 2700 North Ocean Drive, a two-thirds empty Singer Island development.

Condos there originally sold for $1 million to $6 million apiece, or about $650 per square foot. Ophir Sternberg, a managing partner at Lionheart, said the units will go back on the market starting at $500 a square foot, "with no rush to sell."

Jason Snyder, a regional official for Toll, acknowledges that "in the short term, [bulk sales] could hurt some people." But Toll doesn’t see it as a "negative thing," he said. "Anything that gets that inventory down is a good thing. The bottom line is that we have to get the inventory down in order to get back to normal."

Bulk Condo Sales Miami

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