Pre-Season Sales-What is Selling and for How Much? Part 1

 

 

 

 

 

 

 

 

 

 

 

 

We watch the market very carefully and I can feel and see trends as they occur.  Two years ago the big news was short sales and bank owned properties every where. That has certainly changed. Analyzing the statistics of what South Florida oceanfront condos have sold in the past 90 days is very interesting.  It is common knowledge that there are very few distressed properties on the market.

In fact, sellers are pricing there oceanfront condos close to what they are willing to sell it for.  The data revealed that within the past 90 days 75% of the sold oceanfront condominiums were sold within 90% of asking price.

Large spaces are in demand as well as unique properties such as the oceanfront villa at the Bath Club that sold for $5,700,000. In fact the Bath Club had a reported 5 closed sales. The building only hosts 200 residences and 5 sales in 90 days is remarkable.  Most all of the premier buildings such as Turnberry Ocean Colony in Sunny Isles, One Bal Harbour, Canyon Ranch, Diplomat in Hollywood, and the W on South Beach all had numerous sales reported.
In the past 90 days there has been 109 oceanfront condos sold and closed (priced above $500,00 and in building no older than 2004).

This data is reported from the regional MLS.  This data does not include all sales from new construction.

Here is a profile on what has sold in the past 90 days and other interesting statistics:

46 -# of condos sold  over $1million
50-# of condos sold over 2000 square feet
22 -# of condos closed at full asking price or above
82- # of condos that sold within 90% of the asking price
8 -# of condos sold that were Short Sales
3 -# of condos sold that were Bank Owned
17-# of oceanfront condos that were sold that were on the market for less than 30 days
74-# of condos sold in Dade County (includes, South Beach, Miami Beach, Bal Harbour, Sunny Isles)
35-# of condos sold in Broward County (includes Hallandale Beach, Hollywood Beach, Fort Lauderdale, Lauderdale by the Sea and Pompano Beach)
$7,500,000- The highest priced condo sold at the Apogee in South Beach
$2602- The highest price per square foot. Sold at the W South Beach
$255- The lowest price per square foot. Sold at the Sonata Beach Club

All this activity and season hasn’t even started.  Should be a very interesting winter !

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