Luxury Condo-Hotel Analysis South Beach to Sunny Isles Beach

Luxury Condo-Hotel Analysis South Beach to Sunny Isles Beach. I was contacted yesterday by a research division aiming to find out more insights to the luxury condo hotel market of South Forida 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 (S.East Florida Multiple Listing Service) database. I recently reported a blog post noting Miami Dade as #2 tourist destination with an average room rate at $177/night and occupancy around 68%. I would love to know the “beach” stats regarding this and would expect averages to come closer to $250/night and occupancy closer to 85%.. Anyone know? So here’s the research…

Trump Beach Resort Amenities

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

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. 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 at $1,543, Average List Price per Square Foot at $1,770, Average DOM at 170, Average Sale to list Price Ratio at 88.4%. As of 2007 Sales STATS, we find 12 closed sales occurring with an Average Selling Price Per Square Foot at $2,049, Average List Price per Square Foot at $2,286, Average DOM at 178 and Average Sale to list Price Ratio at 90%. Built in 2004, the Setai is still desirable yet plenty of condo hotel units to choose from 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 Hilton at 101 Ocean Drive (Oceanfront South Beach) As of 2009 STATS, 5 units for Sale out of 114 (13% Inventory) with 1 closed sales 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..  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 at $737, Average List Price per Square Foot at $827, Average DOM at 351, Average Sale to list Price Ratio at 91%. As of 2007 Sales STATS, we find 5 closed sales occurring with an Average Selling Price Per Square Foot at $1,067, Average List Price per Square Foot at $1,137, Average DOM at 195 and Average Sale to list Price Ratio at 94%. Built in 2003, Bentley Beach Hilton is a posh condo hotel in a prime location SoFi (South of Fifth), with excellent services and amenities. Prices have come down significantly over the last 2.5 years depreciating 40% (since 2007) and Hilton is now running the show!

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. Sale to List Price Ratio is at 84% with the Average Sales Price Per Square Foot  reflecting $652..  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 at $745, Average List Price per Square Foot at $823, Average DOM at 245, Average Sale to list Price Ratio at 91%. As of 2007 Sales STATS, we find 20 closed sales occurring with an 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 at 91%. Newly developed towers in 2005 & 2008, Fontainebleau is a historical destination with style & class being a sought after condo hotel with excellent in house services. All inclusive amenities including the 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 were to calculate sales over the last 2.5 years however the depreciation reflects 19%.

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. Sale to List Price Ratio is at 85% with the Average Sales Price Per Square Foot  reflecting $677..  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 at $673, Average List Price per Square Foot at $759, Average DOM at 212, Average Sale to list Price Ratio at 89%. Built new in 2007-2008, Canyon Ranch Living Miami Beach is a top destination with services and amenities catering to the healthy lifestyle. A condo hotel located on (mid) Miami Beach, with exceptional services and amenities including a Spa plus gym and restaurant surely to redirect a life devoted to fitness and longevity.

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 in this year and 3 pending contracts. Average DOM (Days On Market) reflects 176. Sale to List Price Ratio is at 82% with the Average Sales Price Per Square Foot  reflecting $727..  Average List Price Per Square Foot is $958. As of 2008 STATS, we find 51 closed sales occurring with an Average Selling Price Per Square Foot at $753, Average List Price per Square Foot at $828, Average DOM at 185, Average Sale to list Price Ratio at 89%. Built in 2007, One Bal Harbour Resort & Spa has the private tower and amenities while the adjacent hotel tower (Regent) overlooks the Bal Harbour Inlet and 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 your after. {St. Regis Bal Harbour completion date 2010-2011 and will be a story all its own}

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. Sale to List Price Ratio is at 91% with the Average Sales Price Per Square Foot  reflecting $424..  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 at $475, Average List Price per Square Foot at $522, Average DOM at 162, Average Sale to list Price Ratio at 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 at 96%. Over the last 2.5 years, 27% depreciation has occurred. Built in 2003, Trump Sonesta International Beach Resort (Sonesta Mgt. Contract Expired in April 08) is one of the best resorts for families looking for on-site excitement, activities and class. An excellent location in Sunny Isles, Trump Beach Resort offers concierge services, restaurants, a lagoon styled pool and lap pool with waterfalls, jet skis, sailing and more. Child care on site.

Le Meridian/M Resort at 18683 Collins Avenue (Oceanfront Sunny Isles). As of 2009 STATS, 45 units for sale out of 210 (21% Inventory) with 2 closed sales this year and no pending contracts. Average DOM (Days On Market) reflects 78. Sale to List Price Ratio is at 87% with the Average Sales Price Per Square Foot  reflecting $375..  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 at $471, Average List Price per Square Foot at $511, Average DOM at 128, Average Sale to list Price Ratio at 93%. As of 2007 Sales STATS, we find 12 closed sales occurring with an 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 at 93%. Over the last 2.5 years, 25% depreciation has occurred. Built in 2005, M Resort Sunny Isles Beach offers 5 Star living with Bice restaurant, liquor lounge and full concierge services expected in a luxury condo hotel.

whew! This research took awhile.. Want more, just ask on whatever topic pertains to the beaches… Have a great weekend. Toll free 1-866-427-4224

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