South Beach Condos (South of Fifth)- Latest Closed Sales & Quick Market Update

Below are some highlights of closed condominium sales for the past 90 days for the more prominent South of Fifth Street buildings such as The Murano at Portofino, Murano Grande, Continuum North and South Towers, Apogee, The Portofino Tower and Icon South Beach.

A total of thirty one (31) condominiums sold and closed during this period with an average sales price of $2,185,000. The median price per Sq.Ft. was $908, with an average marketing period of 149 days. In EVERY case, these waterfront luxury condominiums were significantly price reduced.

ARE YOU SERIOUS ABOUT SELLING? – If you own a condo in South Beach (especially South of Fifth Street), and have had trouble selling, please call us for a free market analysis. I believe in telling it “straight” to clients (or potential clients), as wishful thinking will not carry the day in this real estate environment. However, we are still seeing strong demand and interest from buyers (especially Europeans) for premier waterfront condos in the area.

Once again, the market has shown that it rewards sellers who work with experienced, knowledgeable, detail-oriented, and top producing real estate salespeople. Thanks to aggressive and creative targeted International Marketing Campaigns, we have sold ALMOST our entire Residential listing inventory from the first half of 2008.

Below are a few of the more notable condo sales that have occurred in the over the past ninety days in the South of Fifth Street District:

Apogee South Beach

4 beds / 3 baths 4,154 S.F.

Original List Price: $6,700,000 Sales Price: $5,500,000

142 days on Market, $1,324/S.F. Waterfront Corner Unit

Apogee South Beach

4 beds / 3 baths 4,154 S.F.

Original List Price: $7,900,000 Sales Price: $7,300,000

147 days on Market, $1,757/S.F. Waterfront Corner Unit

Murano Grande

3 beds / 3 baths 3,979 S.F. Home 3,979 S.F. Land

Original List Price: $4,850,000 Sales Price: $3,100,000

365+ days on Market, $779/S.F. Waterfront Corner Unit

Continuum I South Beach (South Tower)

3 beds / 3 baths 2,954 S.F. Home 3,979 S.F. Land

Original List Price: $3,600,000 Sales Price: $3,100,000

471 days on Market, $1,049/S.F. Oceanfront Unit

Icon South Beach

3 beds / 3 baths 2,158 S.F.

Original List Price: $1,799,000 Sales Price: $1,450,000

365+ days on Market, $671/S.F. Bayfront Corner Unit

Portofino Tower

2 beds / 2 baths 2,040 S.F.

Original List Price: $1,625,000 Sales Price: $1,350,000

245 days on Market, $661/S.F. Unobstructed Views Bayfront

Murano at Portofino

2 beds / 2 baths 1,390 S.F.

Original List Price: $1,350,000 Sales Price: $1,150,000

258 days on Market, $827/S.F.