Mark Zilbert’s March Miami Beach Market Update
Thursday, March 13th, 2008
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I’m pleased to
bring you my latest Miami real estate newsletter. Here is what
you will find below:
- MIAMI CONDO SALES UPDATE -
See how the market is
performing so far this year - TIPS FOR FINDING BARGAINS -
An interview with Ocean Drive
Magazine - MURANO/ICON/SETAI CONDOS IN SOUTH BEACH -
Too-good-to-be-true deals - OUR PICK-OF-THE-WEEK - A
new penthouse-style condo with a slashed price for quick
sale - RAFFLES TORTOLA SITE VISIT -
Amazing, amazing, amazing! - THE MORTGAGE ALTERNATIVE -
How to get a loan when banks turn you down
Today’s International
Currencies (Source:
Wall Street Journal)
- 1 Euro buys 1.557
U.S. Dollars ($) - 1 British Pound
(£) buys 2.02 U.S.
Dollars ($) - 1 Swiss Franc (CHF)
buys 0.9855 U.S. Dollars ($) - 1 Russian Ruble (руб)
buys 0.042 U.S Dollars ($) - 1 Emirates Dirham (د.إ)
buys 0.2724 U.S. Dollars ($) - 1 Canadian Dollar ($)
buys 1.0097 U.S. Dollars ($)
* * *
Here’s
What’s New in Miami Real Estate
* * *
MIAMI CONDO SALES have been interesting
to follow this year. It’s not quite a doom-and-gloom
situation in our waterfront condo market, but performance isn’t
stellar either across the entire Miami market. I think
that a lot of buyers are waiting in the sidelines, looking for
some signs that the market is improving. We’ve seen
dramatic increases in numbers of purchases by Canadian buyers
this season, adding to the already-strong European buyer
numbers. This is due to the weakened US dollar, which many
predict will stay weakened well into 2009.
Miami’s luxury waterfront market has yielded
some pleasant surprises this year. In 2008,
so far this year, here is what I have observed:
-
There were 289 luxury condo sales from
January 1, 2008 through today. 112 of these sales have
closed, while 177 are in the process of closing. -
We’re looking at luxury condos in Miami,
Coconut Grove, Miami Beach, Bal Harbour and Sunny Isles -
The 112 closed sales totaled just over
$195,384,000, or about $1,744,500 per condo.
The average selling price was about $554.94/sf. -
The highest sale was a Continuum
Townhome, selling for $3.1M ($1310/sf) -
On a per square foot basis, the highest sale
was Setai 3106, closing at $1857/sf -
Bal Harbour’s One Bal Harbour is the
newest luxury building to open its doors this year.
Many were predicting that the building would be victim to
the slower market this year, but the sales numbers are
incredible. Since January 1, 2008, 21 units have been
RE-SOLD. Out of these 21 units, 13 have closed at an
aggregate selling price of $23,749,000, or about $1,826,846
per unit. The average selling price was in impressive
$727.72 per square foot
For this analysis, I observed
data from the Southeast Florida MLS system for zip bodes 33139,
33140, 33141, 33132, 33133, 33160 and 33154. I only
included properties that sold for $300,000 or higher, or pending
sales where the property was listed at $300,000 or higher.
* * *
OCEAN
DRIVE INTERVIEWED ME in its current issue for tips on how to shop for
the best deals in Miami. Here are some
of the pointers that I provided in this article:
-
Look for condos where the seller purchased
the unit prior to 2004. The seller will have a lot
more room to negotiate than someone who bought after 2004. -
Look for price drops. My
website, for
example, shows when prices rise or fall for every listing.
A price drop is normally a good indicator that the seller is
open to negotiation. -
Forget about trying to buy foreclosures.
They are often not good deals. You see, the banks that
take over these properties need to recover their expenses.
And that will be reflected in the selling prices.
Read the full article to get more tips on how to
make your best deals in Miami real estate.
LINK TO FULL ARTICLE (Opens PDF File)
* * *
WE HAVE THREE TOP OF THE LINE CONDOS that
must sell fast. Our three sellers have decided to create
extraordinary deals for the right buyers.
Our first great deal is at the stunning
Murano at Portofino. This is a 3 bedroom flow
through condo, with over 2600sf of living space, including private elevator foyer. You can purchase this condo at
a BELOW MARKET price, with your all-cash offer. Trust
me when I say that this is an unprecedented deal.Our second great deal is a gorgeous Setai
condo, 2 bedrooms, 1400sf, with direct ocean views.
This condo is eligible for the Setai Hotel rental program.
You can purchase this at a BELOW MARKET price, also,
assuming that you make an all-cash offer.Our third great deal is at the legendary
ICON SOUTH BEACH. We’ve got a 2150sf, 3 bedroom
condo that will sell at a record-low price, for the right
buyer with all cash.
Because of the nature of these opportunities, I
cannot disclose the specific details in this e-mail. If
you have an interest in any of these condos, contact me directly
and I will discuss the various options available to you.
* * *
WE
LIKE TO FIND GREAT CONDOS that may not otherwise be
obvious to the average condo buyer. This week,
we’re pointing our clients to an amazing penthouse-style condo
that sits smack in the middle of Miami Beach’s intercoastal
waterway.
This is a 2839 sf condo that sits on the top of
the Aqua Gorlin building, a building within a gated and private
new community on Allison Island in Miami Beach. What’s
unique about this building is that the apartments sit at the
southern tip of the island, giving the feeling of floating over
the intercoastal waterway.
This is one of the greatest new condos in Miami,
yet many people haven’t had the opportunity to discover it.
It’s truly something amazing.
The seller is SLASHING the price of this unique home
from $1,999,000 to $1,599,000! It must sell ASAP.
Let me know if you’d like more information or would like to
visit this condo. We can show it to you anytime! Brokers, contact me, also, if you
have clients that may be interested.
* * *
RAFFLES
IS BUILDING an incredible 500-acre resort in Tortola, which
is an island in the British Virgin Islands. I recently
visited the site that will be transformed into the Raffles
Residences and Resort. It absolutely took my breath
away.
The site sits at the north end of the island,
and sits within a land formation that reminds me of an
amphitheatre. So, you have a beach level resort that is
surrounded by a semi circle of rising landscape. The
condos and villas will be built up this mountain landscape,
ensuring amazing views for every resident and guest. It’s
really something to see!
To launch the project, the developer is seeking
out 20 initial investors, called Founders. Each investor
will purchase a hillside villa, for about $2.5M-$2.7M.
This will be paid upfront. There are enormous benefits
offered to the founders, and I’d be happy to help you learn
more.
At this point, you’d need to make a reservation.
In the near future, each reservation holder will be invited, in
order of reservation date, to select his or her villa lot and
design. So, it’s first come, first served.
Reservations can be made with refundable deposits.
* * *
BANKS ARE STEPPING AWAY from many condos,
it seems, and are holding back from lending. You may have
heard of the famous BLACK LISTS that banks have created.
The Black Lists identify condos that are considered to be
high-risk. Ironically, most new condos seem to be
appearing on these lists. So, the result to condo buyers
is that funding may be hard to get when it comes time to close.
A number of new companies are now on the scene
to help condo buyers. These companies will typically give
short term loans (6-12 months) to allow a condo buyer to close,
resell and then move on. there are other funding options
available as well.
If you’d like to be put in touch with companies
like this, just let me know.
* * *
To see what Super Deals we are featuring this
week visit our Condo Showcase page: CLICK
HERE or visit
http://www.zilbert.com/showcase.asp.
* * *
For further information about Miami
Beach Real Estate, visit our website at any time:
Zilbert Realty Group, 605 Lincoln
Road, #230, Miami Beach, Florida, USA 33139
Telephone: (305) 726-0100 x4500 Fax: (305) 726-0101
Mobile: (786) 280-0201
Broker: Mark Zilbert
E-Mail:
zilbert_contact@zilbert.com
Zilbert Realty Group is not
affiliated with any developer unless specifically indicated.
All information is believed to be accurate, but is not
warranted.
