South Beach Waterfront Homes and Condos – Real Property Values

A lot of my clients ask me what makes a property, specifically South Beach waterfront home or condo, a great deal. And today’s active buyers want to know more about prices and how low can it get. South Beach luxury condos, such as Continuum South Beach, Murano at Portofino, Portofino Tower, Icon South Beach, and Murano Grande have seen a surge in sales activity in the past few months. Luxury waterfront homes and condos in South Beach are now selling at significantly discounted prices.

The recent sales of South Beach homes and condos demonstrate that buyers are willing to purchase luxury waterfront properties if priced right and significantly discounted from 2006 prices. But what is the right price for a luxury property? It all depends!

To demonstrate examples of “great deals,” take a look at some of the recently sold South Beach condos and waterfront homes:

Continuum South Beach – South Tower PH-1

Continuum Penthouse

Magnificent and massive South Beach oceanfront 3-level penthouse. 360 views, 5 bedroom/7.5 bath, 13′ ceilings (26′ in dining room) & 7,000SF under a/c, pool, Smart house touch panels integrate high-end audio, video, auto shades, HVAC, lighting, security, 4-plasma TVs, wi-fi, private elevator, all on top of the most exclusive 13-acre gated enclave with spa/club, 3 tennis courts, 3-pools and 2 rest. at the southernmost tip of the most exciting part of South Beach. Also included in the sale were four private parking spaces.

: 12 acres on the Ocean, 360 degree views, One of a Kind Three Level Penthouse

: None

Sold Price: $9,900,000
Original Asking Price : $25,000,000
Previous Sales Price (2003) $7,000,000
Bedrooms: 5
Bathrooms: 8
Condo S.F.: 7,374
Sold Date: May 15, 2009
Sold Price per S.F.: $1,342
Discount from Original Asking Price: 60.4%

Bentley Bay  Condo – South Beach Design Group Showcase Condominium

Bentley Bay Condo # 1811

Amazing 270 degree views of Downtown Miami, Star Island, Fisher Island, and the Ocean from this contemporary designed two bedroom condominium. Terrazzo floors, custom lighting, clean design and decorator appointed finishes. The original owners had spent well over $200,000 in upgrades and finishes alone!

: 270 degree views of Biscayne Bay, Downtown Miami, and the Ocean, beautiful finishes & design. Boutique Building.

: High Maintenance Fees and construction issues at The Bentley Bay

Non-MLS Sold Price: $480,000 (2009)
Original Asking Price : $1,595,000 (2005)
Previous Sales Price: $1,090,000 (2006)
Bedrooms: 2
Bathrooms: 2
Condo S.F.: 1,250
Sold Date: May, 2009
Sold Price per S.F.: $384/S.F.
Discount from 2006 Asking Price: 72%

Palm Island Single Family Home with Old World Charm

Palm Island Miami Home

Beautifully updated 2-story Mediterranean charming home on exclusive, guard-gated Palm Island. Paradise living on secluded island just minutes from the excitement of South Beach and downtown Miami. Easy commute anywhere in South Florida. Walk to new park/playground/tennis courts. 4 bdr/ 3 bth, updated kitchen, marble baths. Open & bright design.

: Charming Home, Spectacular location on Palm Island, Gated Island Community

: Small Lot, some work needed on property

Sold Price: $660,000 (2009)
Original Asking Price : $1,749,000 (2006)
Bedrooms: 4
Bathrooms: 3
House S.F.: 2,616
Land S.F.: 5,775
Sold Date: May, 2009
Sold Price per S.F.: $252/S.F.

Discount from Original Asking Price: 62%

Palm Island Single Family Home -Waterfront Double Lot

Coconut Lane Home - Palm Island Miami

Waterfront home on a double sized lot with lush landscaping, 100 ft of open bay on 24 hour gate guarded Palm Island. Amazing views of downtown Miami and Cruise ships. The home included a private dock with Boat Lift, a two car garage, sauna, outdoor shower, pool, large entertainment room, and even a real working fireplace. Marble and wood floors throughout, stainless steel appliances, Hurricane Impact windows, and a balcony as well as covered Patio on the second floor to enjoy the views!

: 100 ft. Prime Waterfront Lot, Spectacular location on Palm Island, Gated Island Community

: Home needed some updating

Sold Price: $2,700,000 (2009)
Original Asking Price : $5,800,000 (2006)
Bedrooms: 3
Bathrooms: 3
House S.F.: 3,180
Land S.F.: 14,000
Sold Date: May, 2009
Sold Price per S.F.: $849/S.F.

Discount from Original Asking Price: 53%