Zilbert's Miami Beach and South Beach Real Estate Blog

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SOUTH BEACH SALES RECAP – HOW IS THE MARKET DOING?
As of Sunday, June 22, 2008 the following sales statistics are have been reported by the local Southeast Florida real estate associations.  We take a sampling of popular condos, including Murano Grande, Murano at Portofino, The Setai, The Waverly, The Yacht Club, The Floridian, Continuum, Il Villaggio, Icon and others:

• At least 87 condos in our South Beach sample of buildings (zip code 33139) have been sold so far this year, where the asking price was $500,000 or higher.  The overall average selling price was approximately $838.01 per square foot.  By the way, in ALL of South Beach, more than 1030 condos were sold, where the asking price was $500,000 or more.  So, our sample buildings represent about 8.5% of the entire market.

• By contrast, in 2007 there were over 130 such condos sold (from our sample condos), but at an average selling price of approximately $783 per square foot.  So, the number of condo sales went down, but pricing went up.

• The top sale this year was Setai #3401 selling at $5.1M.  The top-ten sales include units at Il Villaggio, Murano Grande, Continuum, and include our own sale of Murano at Portofino #2202, which sold for $2.6M.

• The best-selling condo was YACHT CLUB, with 13 sales averaging at $560/sf.  The next-best selling condo was Murano Grande, with 12 sales averaging $653/sf.  In third place was ICON, with 11 sales averaging $723/sf.

• Our sales team, by the way, had a hand in many of these sales, and I am very proud of them.

• Visit our website, to see recent sales histories for many of Miami’s condos (www.zilbert.com).  

Resales of newly-opened Continuum 2 (North Tower) are starting to pick up.  Our sales team had two sales in this new building in the last 30 days, which happened to be the only two sales this month.  Two of the Apogee penthouses have closed, one for $15M and the other for $16.5M.  The third penthouse should be closing soon, and we expect to see a closing price (of this smallest of the three penthouses) for somewhere in the $11M-$12M range.

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I AM HUNTING FOR A LARGE HOUSE OR CONDO TO RENT
A client of mine has engaged me to look for a large house or condo to rent in Miami Beach, for 12-24 months.  The property must have four or more bedrooms, 4000sf or more of living space and allow two very clean and well-mannered dogs.  If you have such a property to rent, or know of one, please contact me and I will follow-up with you further (mzilbert@zilbert.com).

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TRYING TO SELL YOUR CONDO IN THIS TOUGH MARKET?
Many of the high-end condo sales this year have been marketing through our company.  Our internet presence has enabled us to reach a broader audience than many other brokerages, plus we have incentives to offer other brokers who have buyers for your property.  We have been especially-successful in South Beach oceanfront condos.  Now may be the time to sell, as currencies from around the world boast higher-than-average valuations.  Contact us for a free assessment of your property.  You may be surprised how much we can see your property for, even in today’s market.

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