The two charts above represent the First Quarter Condo Sales in the South of Fifth Neighborhood since January 2012. From January to March, 2012, 82 units were sold, and in the same January – March period of 2013, 75 units were sold. There seems to be a more dramatic difference in the price points of unit sales between the two quarters observed as well. In 2012 period, half of the sales were below $500,000, while in 2013, just 37% of the...Continue Reading!
Click Chart to Enlarge This chart represents the sales of the 54 units that were sold at Murano at Portofino during the 2-year period ending on April 25, 2013. They are ordered by the sales date and reflect 14 units sold in 2011, 35 in 2012 and 5 so far this year. It shows how unit prices and prices per square foot have increased through the use of linear trend lines which help to smooth the differences in value between the more...Continue Reading!
Click to Enlarge As the chart above shows, sales prices and price per Square foot prices were trending upward throughout 2012 and helped set the stage for the higher pricing levels we see today. The reasons for the upward trend are a combination of low inventory, increase in foreign investment, and an improving domestic economy. Buildings like the Murano at Portofino also do well because they have premier locations which cannot be duplicated by the newer construction.Continue Reading!
This Chart represents the recent 6-month sales activity at the Courts at South Beach. The green bars represent the eight units sold during this period, listed from left to right in the order of their sales date. The blue circles reflect the Selling Price per Square Foot and indicate that prices have trended upward from the low $400/SF level to the mid $500/SF range. Our most recent sale of unit 225 commanded the highest price of $559/SF, and given the...Continue Reading!
This is a 1485 SF corner unit with 3 Bedrooms and 3 Baths. It has a contemporary kitchen with granite counters and stainless appliances, polished marble floors throughout, dramatic Plantation shutters on the inside of all the windows, and hurricane shutters on the outside. The large Master Bedroom overlooks the Pool and Grand Piazza, features a large walk-in closet with custom shelving and a full bath with dual sinks separate shower and jetted tub, and separate toilet and bidet area....Continue Reading!
Here’s a snapshot selected condominiums in the South of Fifth neighborhood arranged by the number of months of available inventory, calculated from their sales in the last 12 months. The monthly inventory is indicated with the blue circles, while the red bars represent the number of units currently being offered for sale. If you are looking to sell a unit at the Apogee or the Cosmopolitan, where the monthly inventory is between 4 and 5 months you have reason to be...Continue Reading!
There are many factors that influence the real estate market going forward, yet I always find it interesting to predict what will happen tomorrow based on our experience from yesterday. In this case I am looking at the number of closed sales in 2011 to suggest how long it will take for the existing units currently on the market to sell. The chart below shows the number of units currently on the market with the gray bars, the total units...Continue Reading!
The New Year is responding to a 2011 Sales period that saw a significant increase in prices combined with a shortage of inventory in the neighborhood. There is, however, no longer a shortage of ultra-luxury properties for sale in the South of Fifth neighborhood. The 25 most expensive units in the neighborhood are listed for a total of more than $255,000,000 for an average of over than $10 million each. All of the units are listed for more than $5,000,000,...Continue Reading!
The sales price of the ten most expensive condominiums in the South of Fifth neighborhood in 2011 was over $5 million each and combined for a total of over $83 million. Two of the units sold for more than $10 million each. Six of the ten most expensive units were located, not surprisingly, at the Apogee at 800 S. Pointe Drive. The most expensive sales price was $11.5 million, and five other sales ranged between $5.5 and $7.5 million there. The remaining...Continue Reading!
120 Jefferson Avenue #12002, Miami Beach FL 33139 1,150 SF - 2 Car Parking - $575,000 New to the market is this dramatic 2BR/2B unit with 1150 SF of interior space and over 500 SF of exterior patio and balcony. The unit features the unique building design that characterizes the first construction phase of the Courts development, improved by major renovation of the interior space. Extensive outdoor space provides light, privacy and the feel of a private home. The unit is unified...Continue Reading!