What’s Actually Selling in 2008 for Oceanfront Condos in Miami Beach?

What’s Actually Selling in 2008 for Oceanfront Condos in Miami Beach? What’s selling these days in Miami-Dade County?

Everyone is asking… We will review the sales of Sunny Isles and Miami Beach real estate to see what buyers are finding as HOT buys along the ocean.

Sunny Isles Beach Oceanfront Condos

Sunny Isles oceanfront condos have 6 closed this month worth reviewing. Acqualina, Ocean One, Oceania I, Trump Palace, and Turnberry Ocean Colony (2). These selling prices range from $500k (Oceania I) to $2.595M (Turnberry Ocean Colony). What we see is the sale price to list price ratio ranges from 94% to 81% (both at Turnberry Ocean Colony). The best price per square foot was only $397 psf at Oceania I. The highest sale was $796 psf at Turnberry Ocean Colony.

Much has to do with building age and amenities as Oceania I is from 1990, while Turnberry Ocean Colony is the premier 2008 South Tower. Both Acqualina and Trump Palace sold at $663.39 and 576.37 psf. Respectively. What is worth mentioning is the Pending Sales of 2008 are already at 11, which proves a slower holiday season as people travel and families join together.

This month each of the above buildings has additional accepted offers and luxury oceanfront condos, including Ocean Two, Ocean Four, Trump Grande, Pinnacle, and La Perla. Asking prices ranged from $2.499M to $549k, and we will soon see what they’ve sold for.

On average, sale price to list price ratios are at 88% for a great 12% off reduced asking prices starting off 2008 right for buyers. Each real estate transaction is different, so it’s important to analyze each condo independently. This real estate blog is only to understand what’s happening in Sunny Isles real estate.

Miami Beach Oceanfront Condos

Miami Beach oceanfront condos (including South Beach real estate) have 9 closed this month worth reviewing. Continuum, Setai (2), Decoplage (2), Roney Palace, The Collins and Fontainebleau II.

These selling prices range from $417k (Decoplage) to $2.5M (Continuum) and what we see is sale price to list price ratios ranging from a low 69% (Decoplage) to a high of 101% (Setai Resort). The best price per square foot was only $426.92 psf at The Collins, while the highest was $1,500 psf at The Setai Resort.

Much has to do with location and, building demand & amenities. The Collins is an excellent oceanfront condo conversion in mid-beach, while the Setai is the sought-after and highly desired South Beach Resort. Akoya and Continuum each sold at $581 psf and $1220 psf, respectively.

The infamous Kevin Tomlinson of EWM sold The Continuum unit after 280 days on the market, saving his customer 16% off the asking price! I’m always inspired by the SoBe Realtor elite and learn a lot when reviewing their sales figures. On average, sale price to list price ratios are at 89% saving today’s buyers 11% off the already greatly reduced asking prices.

This month’s pending sales for Miami Beach real estate are very low at only 3 currently under contract (2 at Blue Diamond)! Why is this? My opinion is location vs. selling price per square foot. South Beach is and will always be HOT real estate and in demand.

The difference is that Sunny Isles real estate sells for a much better price per square foot. Today’s prices are $824psf SoBe vs. $569psf SIB. It has much to offer new residents with its convenience. Aventura, Bal Harbour real estate, and both Ft. Lauderdale and Miami International Airports!

Miami Beach vs. Sunny Isles

If it’s your desire is to be within the action, I strongly recommend Miami Beach, yet Sunny Isles is only 20 minutes to all the excitement. Today’s end users and even investors are penny-wise to make smart investment decisions on South East Florida real estate.

International buyers are taking advantage of a soft real estate market and the weak dollar offering VERY aggressive prices today on Sunny Isles luxury condos. The new Sunny Isles Millionaires Row is just tremendous. The Trump brand going all out as was done in NYC when the values were down. The Trump brand now has 4 new signature towers finishing this year on into 4Q 2009, along with both Jade Ocean and Jade Beach, which I’m super excited about.

The buyer selection today is great but, at times, may be confusing. The help of a Realtor assisted sale makes the work, time, and stress so much less. Contact me here to discuss or call anytime to talk about Miami Beach.