Tag: Luxury Real Estate
“PENDING SALES in the $1,000,000+ price range for the entire MLS are up 67% in Miami-Dade and 8% in Broward for the Dec09 to Feb10 period vs. the Dec08 to Feb09 period. EWM has averaged CLOSING one sale in excess of $1,000,000 every other day for the past 90 days! ALL PRICE RANGE PENDINGS in the MLS are up 54% in Miami-Dade and 67% in Broward for the same period comparison”
Ronald A. Shuffield
President
A HomeServices of America Company
An Affiliate of Berkshire Hathaway
This gorgeous oceanfront development on 12 acres is a true vacation destination, even if you live here year round! The Continuum, in Miami Beach’s South of Fifth neighborhood, currently consists of two condo towers and several lofts. The North Tower is 50 S Pointe Drive and the South Tower is 100 S Pointe drive.
The market information as of today for 2 bedroom units in each of the two towers is as follows:
- The average price per square foot for 2 bedrooms sold this year in 50 S Pointe is $ 716. At 100 S Pointe the average is $652.
- 36 2-bedroom units currently for sale in Continuum (both towers)
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17 in 50 S Pointe (2008)
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19 in 100 S Pointe (2002)
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4 are townhomes/lofts
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Highest list price is $3.299 million for a townhouse
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Lowest list price is $1,150,000 for unit 1901 at 100 S Pointe
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9 2-bedroom units have sold this year in 50 S Pointe. Highest sales price was for Loft-1. It sold for $1,700,000, $732 per square foot, on 9/29. The lowest sale was unit 805. It sold on Sept. 25 for $900,000 or $452 per square foot. Highest per square foot price $838 for unit 1404. Lowest price per square foot was unit 805 at $452. There are currently no pending sales in 50 S Pointe.
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10 2-bedroom units have sold this year in 100 S Pointe. Highest price was unit 804 at $2,325,000 or $1014 per square foot. Lowest was unit 605 at $940,000 or $502 per square foot. Those are also the highest and lowest prices on a square foot basis. There are two pending sales. One is listed at $1034 per square foot the other at $931.
Ocean Reef Club will be holding its 15th annual Vintage Weekend, sure to delight automobile, yacht, and plane enthusiasts, from Thursday, December 3 through Sunday, December 6. This is only open to club members and registered guests staying at the Inn and is sure to fill up quickly.
According to Forbes’ America’s Most Expensive ZIP Codes, South Florida luxury real estate is not faring too badly, compared with states like California. Granted, California has more expensive ZIPS according to the statistics used by Forbes and almost all of those ZIP codes show a decrease in price, but still, only four South Florida ZIPs made the top 500 list and only one, Fisher Island’s 33109 made the top 100 list.
Others on the list included Key Biscayne 33149 at number 199, Coral Gables 33146 at number 363 and Miami Beach 33154, which includes Indian Creek Village, Bay Harbor Islands, Bal Harbour, and Surfside, at number 494.
These South Florida cities have a high inventory, which will put a downward pressure on prices. The only city that did not see a decrease in it’s median home price was Coral Gables.
Last year, Forbes’ 500 most expensive zip codes list included 11 in Florida, including the number 1 most expensive zip, 33109 in Miami Beach, with a median sales price of $3,850,000! Miami Beach also ranked #369 with zip code 33154 which had a median home price of $745,900. The list was based on sales between July of 2007 and June 2008, so it will be interesting to see what changes this year’s list holds for Florida cities. Stay tuned, the list should be out in the next couple of months and I will post the results with a more detailed analysis.
A recent Forbes article rated Coral Gables, FL as one of the fastest moving luxury neighborhoods in terms of days on 
market. Forbes’ rating system, which is based on the 500 most expensive zip codes, is better than other housing indexes which cover too broad of an area to give an accurate picture of what is happening in a specific neighborhood, but their assessment also has some flaws. For example, for Coral Gables, which was rated number 5 by Forbes, the zip code they used was 33146. Don’t get me wrong, 33146 is an expensive zip code, but Coral Gables, which extends significantly further South from the better known business and restaurant district which is their formal downtown, has 7 zip codes! Based on an MLS search today, there were 69 Active listings ranging in price from $13.5 million down to $395,000 in the 33146 zip code. 14 of those listings were waterfront. However, there were a total of 261 Active MLS listings in the Gables, South of US 1. The most expensive listing was $49.5 million and was in the 33143 zip code, which also had higher closed sales prices. Having Forbes rate Coral Gables the 5th fastest moving luxury market, with an average of 66 days for the top 10 zips vs 115 days average for the whole 500 index, is great news for Coral Gables, but it doesn’t tell the story for luxury real estate in the Gables. There were several zips and luxury price ranges which had significantly longer days on market. When pricing your luxury home for sale or making an offer on your purchase of one, make sure you check with a local luxury expert.