Miami Beach Real Estate – Latest South of fifth Street Sales

Miami Beach condos that are in foreclosure and bank controlled have drawn interests of many of my new and former clients. The level of interests in these properties have increased significantly in the past few months. The strongest downward price pressure is occuring due to distressed and short sales. However, condos in South Beach area, especially those located in the South of Fifth street neighborhood (Icon south beach, Murano grande, Murano at Portofino, Continuum South Beach, Apogee, and Portofino Tower), still have great demand in terms of overall prices $/sq.ft.

Bank-owned properties, also known as REO, or short sale properties usually a lengthy complicated process with no guarantee of success in actually getting free and clear title for the buyer. Working with a real estate professional who knows the parties involved in the transaction (attorneys, banks, other realtors, and misc. creditors) so that the property can be successfully acquired by the interested buyer. Due diligence, follow up with large volumes of paperwork, and often times complex negotiations with lenders is essential for ultimate success.

If you are a potential short seller, this is especially important to keep in mind in choosing a listing agent, as NOW is the time when savvy buyers are purchasing spectacular waterfront condos in the above mentioned buildings (as well as many others).

A quick look at a few more prominent closed sales (& short sales) in some of the premier condo buildings in the South of Fifth Street area of Miami Beach:

Continuum on South Beach- South Tower #2703

Continuum Condo - unit 2703

Beautiful unit on a high floor. Great condition! Stunning views of the Bay, Government Cut, Ocean and Downtown Miami. Several upgrades throughout, including a modern Master Bathroom.
Original Asking Price:  $2,395,000
Sold: $1,375,000  ($778/SF)
Closing Date:  12/08/08
Price Drop (original asking vs. actual sales price):  42%

Continuum II on South Beach- North Tower #2301

Continuum North Tower - Unit 2301

This massive two bedroom unit is in a corner location, with walls of glass looking out towards the beach, Government Cut and Downtown Miami.

Original Asking Price:  $1,850,000
Sold: $1,535,000  ($798/SF)
Closing Date:  02/18/09
Price Drop (original asking vs. actual sales price):  17%

Portofino Tower – #PH4306

Portofino Tower - Penthouse Unit

Breathtaking views of the ocean from this 43rd floor Penthouse.  South Beach, Biscayne Bay and Downtown Miami views. 2 large terraces.

Original Asking Price:  $1,995,000
Sold: $1,600,000  ($678/SF)
Closing Date:  2/18/09
Price Drop (original asking vs. actual sales price):  25%

Murano Grande – #1606

Murano Grande - Unit 1606

Stunning 16th floor direct-bay unit at South Beach’s Murano Grande.  A middle bedroom was removed, making this one of the largest and most-spacious 2 bedroom units in the building.

Original Asking Price:  $1,449,000
Sold: $1,320,000  ($652/SF)
Closing Date:  1/28/09
Price Drop (original asking vs. actual sales price):  9%

Bentley Bay #412

DIRECT BAY VIEWS to Star Island & DOWNTOWN Miami with extra large Balcony.

Original Asking Price:  $539,000
Sold: $325,000  ($417/SF)
Closing Date:  1/28/09
Price Drop (original asking vs. actual sales price):  40%

Statistics from: The Southeast Florida Regional (SEFR) MLS