Condo-Hotels South Beach to Sunny Isles Beach

Luxury Condo-Hotels from South Beach to Sunny Isles Beach are few & far between. I was contacted yesterday by a research division aiming to find more insights into the luxury condo hotel market of South Florida, specifically South Beach. I’ve done the numbers for condos and thought it would be helpful to follow up with figures for South Beach condo hotels, Miami Beach, Bal Harbour & Sunny Isles Beach condo hotels.

As per MLS (Florida MLS-Multiple Listing Service) databases, I recently reported a blog post noting Miami Dade as the #2 tourist destination with an average room rate of $177/night and occupancy around 68%. I would love to know the “beach” stats regarding this and expect averages to come closer to $250/night and occupancy closer to 85%…

Anyone knows?

So here’s the research…

Condo-Hotels from South Beach to Sunny Isles Beach

Mondrian South Beach

Mondrian at 1100 West Avenue is on the bayside in South Beach. As of 2009 STATS, 12 units for Sale out of 354 (3% Inventory), with 5 closed in 11/2007. I imagine the MLS figures are skewed as the developer sits on inventory and has an in-house sales office. Average DOM (Days On Market) 24. The sale to List Price Ratio (77%) appears to be a package deal. The 5 that closed all closed at a package price of $410k each (the exact closing date). The average List Price Per Square Foot is $887. Average Sales Price Per Square Foot (think “package deal”) $653psf. Just released 4Q last year, relatively new, with only 4 County recorded Deeds.

The Setai Residences & Resort

Setai at 101 20 Street (Oceanfront South Beach). As of 2009 STATS, 47 units for Sale out of 163 (29% Inventory) with 2 closed sales in 2009 and 1 pending contract. Average DOM (Days On Market) reflects 224. Sale to List Price Ratio (84%) with the Average Selling Price Per Square Foot reflecting $982. This is skewed as one of the sales, a 2 BR, closed at $1,252 PSF, while the Studio sale closed at $711 PSF.

The average List Price Per Square Foot today is $1,697. As of 2008 Sales STATS, we find 17 closed sales occurring with an Average Selling Price Per Square Foot of $1,543, Average List Price per Square Foot at $1,770, Average DOM at 170, and Average Sale to list Price Ratio of 88.4%.

As of 2007 Sales STATS, we find 12 closed sales occurring with an Average Selling Price Per Square Foot of $2,049. Average List Price per Square Foot at $2,286. Average DOM at 178, and Average Sale to list Price Ratio of 90%. Built in 2004, the Setai is the most desirable. Plenty of condo hotel units are available today, with selling prices coming down 52% over the last 2.5 years…It was a buying frenzy here in 2005, with speculators clearing $600k to $1M within the first 3 months of ownership. Today there is parallel competition on the table as room prices have also dropped. There was, to my surprise, a bank-owned (REO) unit for sale here, Setai #1701, at $1,138 PSF.

Bentley Beach Condo Hotel

Bentley Beach Hilton is located at 101 Ocean Drive. It is an oceanfront hotel in South Beach. As of 2009 STATS, 5 units for Sale out of 114 (13% Inventory) with 1 closed sale in 2009 and 3 pending contracts. Average DOM (Days On Market) reflects 75.

Sale to List Price Ratio (84%) with the Average Sales Price Per Square Foot reflecting $637.  The average List Price Per Square Foot is $989. As of 2008 STATS, we find 5 closed sales occurring with an Average Selling Price Per Square Foot of $737. Average List Price per Square Foot at $827, Average DOM at 351, and Average Sale to list Price Ratio of 91%.

As of 2007 Sales STATS, we find 5 closed sales occurring with an Average Selling Price Per Square Foot of $1,067. Average List Price per Square Foot at $1,137, Average DOM at 195, and Average Sale to list Price Ratio of 94%. Built in 2003, Bentley Beach Hilton is a posh condo hotel located in a prime location SoFi (South of Fifth). It has excellent services and amenities. Prices have decreased significantly over the last 2.5 years, depreciating 40% (since 2007). With the drop, Hilton is now running the show!

Fontainebleau Resort

Fontainebleau Resort at 4391, 4401, 4441 Collins Avenue (Oceanfront Miami Beach). As of 2009 STATS, 110 units for Sale with 4 closed sales this year and no pending contracts. Average DOM (Days On Market) reflects 96.

The sale to List Price Ratio is at 84%, with the Average Sales Price Per Square Foot reflecting $652.  The average List Price Per Square Foot is $914. As of 2008 STATS, we find 15 closed sales occurring with an Average Selling Price Per Square Foot of $745, Average List Price per Square Foot at $823, Average DOM at 245, and Average Sale to list Price Ratio of 91%.

As of 2007 Sales STATS, we find 20 closed sales occurring. Average Selling Price Per Square Foot at $802, Average List Price per Square Foot at $896, Average DOM at 224, and Average Sale to list Price Ratio of 91%. Newly developed towers in 2005 & 2008, Fontainebleau is a historical destination with style & class. It’s a sought-after condo hotel with excellent in-house services. All-inclusive amenities include resort pools, restaurants, and nightclub ‘LIV.’ Prices today are attractive with the vast amount of inventory to choose from! Because of the latest addition, Tresor tower, the numbers could be skewed if we calculated sales over the last 2.5 years. However, the depreciation reflects 19%.

Carillon Condo-Hotel

Canyon Ranch at 6799, 6801, 6899 Collins Avenue (Oceanfront Miami Beach). As of 2009 STATS, 57 units for Sale out of 450 (~13% Inventory) with 3 closed sales this year and 4 pending contracts. Average DOM (Days On Market) reflects 129.

The sale to List Price Ratio is at 85%. The Average Sales Price Per Square Foot reflects $677.  The average List Price Per Square Foot is $774. As of 2008 STATS, we find 5 closed sales occurring with an Average Selling Price Per Square Foot of $673, Average List Price per Square Foot of $759. Average DOM at 212, and Average Sale to list Price Ratio of 89%.

Built new in 2007-2008, Canyon Ranch Living Miami Beach is a top destination with services and amenities catering to a healthy lifestyle. A condo hotel located on (mid) Miami Beach, with exceptional services and amenities. There is a spa, gym, and restaurant to redirect a life devoted to fitness and longevity.

One Bal Harbour

Regent One Bal Harbour at 10295 Collins Avenue (Oceanfront/Inlet). As of 2009 STATS, 56 units for Sale out of 300 (~19% Inventory) with 5 closed sales this year and 3 pending contracts. Average DOM (Days On Market) reflects 176.

The sale to List Price Ratio is 82%, with the Average Sales Price Per Square Foot reflecting $727.  The average List Price Per Square Foot is $958. As of 2008 STATS, we find 51 closed sales occurring. An Average Selling Price Per Square Foot of $753. Average List Price per Square Foot at $828, Average DOM at 185, and Average Sale to list Price Ratio of 89%.

Built in 2007, One Bal Harbour Resort & Spa has a private tower and amenities, while the adjacent hotel tower. Regent overlooks the Bal Harbour Inlet and the Atlantic. Location Destination; backed with the prestigious Bal Harbour location. Truly a masterpiece and amongst the BEST of all Condos/condo-hotels, with only a 3% depreciation over the last year. Inventory selection looks attractive if this is the condo hotel product you are after. {St. Regis Bal Harbour completion date 2010-2011 and will be a story all its own}

Trump International Beach Resort

Trump International Beach Resort at 18001 Collins Avenue (Oceanfront Sunny Isles). As of 2009 STATS, 74 units for Sale out of 374 (20% Inventory), with 12 closed sales this year and 4 pending contracts. Average DOM (Days On Market) reflects 141.

The sale to List Price Ratio is at 91%, with the Average Sales Price Per Square Foot reflecting $424.  The average List Price Per Square Foot is $517. As of 2008 STATS, we find 49 closed sales occurring with an Average Selling Price Per Square Foot of $475. Average List Price per Square Foot at $522, Average DOM at 162, and Average Sale to list Price Ratio of 91%.

As of 2007 Sales STATS, we find 11 closed sales occurring with an Average Selling Price Per Square Foot at $584. Average List Price per Square Foot at $635, Average DOM at 105, and Average Sale to list Price Ratio of 96%. Over the last 2.5 years, 27% depreciation has occurred. Built-in 2003, Trump Sonesta International Beach Resort (Sonesta Mgt. Contract Expired on April 08) is one of the best resorts for families looking for on-site excitement, activities, and class. In an excellent location in Sunny Isles, Trump Beach Resort offers concierge services, restaurants, a lagoon-style pool, a lap pool with waterfalls, jet skis, sailing, and more. Child care on-site.

M Resort Condo-Hotel Sunny Isles Beach

Le Meridian, aka M Resort, at 18683 Collins Avenue (Oceanfront Sunny Isles). As of 2009 STATS, 45 units are for sale out of 210 (21% Inventory). There were just 2 closed sales this year and no pending contracts. Average DOM (Days On Market) reflects 78.

The sale to List Price Ratio is 87%, with the Average Sales Price Per Square Foot reflecting $375. The average List Price Per Square Foot is $490. As of 2008 STATS, we find 10 closed sales occurring with an Average Selling Price Per Square Foot of $471. Average List Price per Square Foot at $511, Average DOM at 128, and Average Sale to list Price Ratio of 93%.

As of 2007 Sales STATS, we find 12 closed sales occurring. Average Selling Price Per Square Foot at $500, Average List Price per Square Foot at $540, Average DOM at 151, and Average Sale to-list Price Ratio of 93%. Over the last 2.5 years, 25% depreciation has occurred. Built in 2005, M Resort Sunny Isles Beach offers 5 Star living. There is the Bice restaurant, liquor lounge, and complete concierge services expected in a luxury condo hotel.

Mondrian Condo-Hotel South Beach

Whew! This Condo-Hotels South Beach research took a while… Want more? Just ask on whatever topic pertains to the beaches… Have a great weekend. Contact me here or Toll-free at 1-888.383.7326