In the peak of the housing market, buyers lined up with fist fulls of cash for the opportunity to secure an oceanfront condo in a new luxury building. We know what happened next, the market collapsed and many buyers walked away from their deposits. Â What happened to these luxury oceanfront buildings?
Time has marched on and changes have happened. Â Several of the brand new oceanfront condo buildings that were caught in the worst timing possible have been able to restructure their pricing models to reflect today’s market, either through bulk buyers coming in and taking over or through other strategic measures.
Take the Mei in Miami Beach for example.  Prices originally were over a $1000 sq.ft. Months ago they restructured their pricing radically and are now about 80 to 90% sold out.  Direct oceanfront units are priced in the $600-$700 sq.ft. range and north and south units with great views are in the $500 sq.ft. range.
Caribbean in Miami Beach is another perfect example. A bulk buyer came in and bought the project and totally restructured their pricing. Originally units were $1000 sq.ft. and higher. Â The premier direct oceanfront corner units are around $690 sq.ft. North and south views are now $300-$400 per sq.ft.
Canyon Ranch is the most unique luxury oceanfront building offering a complete lifestyle supported by amenities unlike any other property. We have several listing at Canyon Ranch and have recently sold several units. Â Completion also coincided with unfavorable economic times. Â In spite of that, the South Tower has for the most part sold out completely. Â The Carillon Tower, which is part condo part condo-hotel has had brisk sales with aggressive pricing opportunities. Â The North Tower, offers spacious units priced in the $900-$1000 sq.ft. range. Â We are watching the North Tower very carefully as well.
Another building I am watching very carefully and expect to see a major price reduction in is the new Trump Hollywood. Â Hollywood and Hallandale as a location does not command prices as high as Miami Beach and direct oceanfront units can be had today in the $400-$500 sq.ft. price range. Trump Hollywood just completed, is a magnificent property which I will post on shortly. Â Prices today are being offered from$620-$800 per square foot. Â However, I anticipate seeing some price movement in 2010. That being said, this is an exceptional truly LUXURY building with great living spaces and may become the next great South Florida oceanfront condo buy.
Trump Hollywood Luxury Oceanfront
Tags: Caribbean Miami Beach, Developer Close Out Units, Mei-Miami Beach, Miami Beach, Oceanfront Condos, Trump Hollywood
