Oceanfront Condo Buying Season is Coming

As the weather gets cooler up north the condo buying season begins.  I can already sense an increase in activity.  As I have written before, South Florida oceanfront condos have proven to be an attractive investment for buyers from all over the world.  Understandably so.  Beyond the weather, culture and beaches, prices and buying opportunities are very attractive. Over the past 12 months many cash savvy buyers have scooped up the best condos in the best buildings at unprecedented prices.  Some of those great opportunities are difficult to replicate today, and in select buildings I am seeing perhaps only one outstanding deal standing out from the pack.  6 months to a year ago there were several great units in each building waiting to be sold.

The statistics on the new oceanfront condo market in Miami Dade and Broward county are very telling.  As of today, there are 219 new oceanfront condos (built after the year 2000) under contract waiting to close. That represents over $131 million of real estate and the season has not even started.  In the past 60 days there have been 140 closed sales representing around $110 million in sales.  These numbers are just resales and do not include developer units in new building where activity is reported as very brisk.  In Canyon Ranch alone, 54 units have sold in the last 9 months representing $54 million.  The Trump Towers in Sunny Isles just opened sales for the third tower after reporting  the second tower as being just about sold out.

I work with buyers up and down the coast in all the new buildings and see great units at great prices.  I am referring to units that are being sold by seller’s that are realistic about current prices and are motivated to sell.  In each building, there are preferred units. What makes them preferred depends on the specific criteria of the building.  For example, at Ocean Palms in Hollywood the 01 and 02 line offers ocean and intracoastal views, over 2300 square feet of living space. Units on high floors  have spectacular views. The units on the market on the 23rd and 31st floor recently sold and fantastic prices.

In the Mei in Miami Beach, there was only one resale offered for a most desirable southeast corner 3 bedroom unit.  That has also gone to contract.   At the Beach Club in Hallandale Beach, there are very specific units that are the most desirable with outstanding views and large spaces.  Those lines have had very active sales and prices have clearly moved up over the last year.

There are opportunities.   I see great units at great prices in many of the buildings I analyze.

We are looking forward to a very active season and are excited about the great opportunities in the market.