Are Oceanfront Condos in South Florida Selling?

You betcha !

In the last 30 days 59 oceanfront condos went to contract in Miami.  In Fort Lauderdale (Broward County) 55 oceanfront condos sold.  Interestingly, they span the price spectrum. The most expensive unit to go to contract in the last 30 days was a 5 bedroom unit on Fisher Island that was listed for $12,900,000.  The lowest priced unit was in the hundred thousands.

Here are some specific examples of what oceanfront condos went to contract within the last 30 days.

MIAMI

Bellini– 10225 Collins Avenue-Bal Harour– A double unit over 7600 square feet.- 5 bedrooms 6 and one half baths

  • Highest Asking price $7,695,000 $1007 per square foot (this is a very unique spectacular space in Bal Harbour)
  • Asking Price Now:  $4,999,999   $654 per square foot
  • Price Reduction: 35%
  • Days on Market 197 

The Continuum South Tower- 100 S. Point Drive- Miami Beach– 1870 square feet 2 bedroom 2 bath

  • Highest Asking price $2,500,000 $1336 per square foot
  • Asking Price Now:  $1,800,000   $962 per square foot
  • Price Reduction: 28%
  • Days on Market 97
The Mosaic- 3801 Collins Avenue- Miami Beach 1507 square feet, 3 bedrooms 3 baths
  • Highest Asking price $1,300,000 $862 per square foot
  • Asking Price Now:  $900,000   $597 per square foot
  • Price Reduction: 31%
  • Days on Market 283

The Akoya- 6365 Collins Avenue- Miami Beach- 808 square feet 1 bedroom 1 bath

  • Highest Asking price $564,900 $699 per square foot
  • Asking Price Now:  $379,900   $470 per square foot
  • Price Reduction: 32%
  • Days on Market 41

FORT LAUDERDALE (Broward  County)
  • Highest Asking price $2,199,000 $773 per square foot
  • Asking Price Now:  $1,799,999   $632 per square foot
  • Price Reduction: 18%
  • Days on Market 2 ( Sold in 2 days !!)
  • Highest Asking price $1,199,000$505 per square foot
  • Asking Price Now:  $906,000  $382 per square foot
  • Price Reduction: 24%
  • Days on Market 11 (sold quickly !)
The Beach Club- 1800 S. Ocean Dr.- Hallandale Beach 1,571 Square Feet- 3 bedrooms 3 baths.
  • Highest Asking price $545,000 $347 per square foot
  • Asking Price Now:  $530,000  $337 per square foot
  • Price Reduction: 3% ( Priced Aggressively)
  • Days on Market 94
So who is buying?  I think it is pretty safe to say that the buyers are strong financially.  Second home buyers are taking advantage of the opportunities out there as well as investors.   What price did they actual sell at?  It will be interesting to see.

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This entry was posted on Thursday, November 6th, 2008 at 11:32 am and is filed under Akoya, Beach Club Hallandale, Bellini, Buying Real Estate, Continuum South Beach, Deals, Fort Lauderdale Oceanfront Condos, L'Hermitage, Miami Oceanfront and Bay Condos, Mosaic, Ocean Palms Hollywood. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.