2012 SoFi Sales Activity in Selected Towers
Here’s a snapshot of the South of Fifth Sales Activity at the larger perimeter high-rise towers so far this year. The Green Bars on the chart below shows the Sales volume in each of the buildings while the Blue Circles reflect the Selling price per square foot.
Total sales for this group totals over $100,000,000, with over half that amount coming from the two Continuum Towers, where seven units sold in the North Tower and 12 in the South Tower. Sales in the North Tower averaged close to $1275/SF, while the South Tower was just above $1175/SF. The highest Sales price was $16,200,000 for PH1 in the North Tower, which averaged more than $2500/SF.
A single unit at the Apogee sold for $6,000,000 and $2,177/SF.
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Outlet Mall on South Beach????
There will be an important meeting at the City Commission Chambers on Thursday, April 26, 2012 at 1:00 regarding a proposal by Developer, Crescent Heights to construct an outlet mall complex along with a 200 unit residential unit on the property it owns on and around the former South Shore Hospital site.
According to a recent article in the Miami Herald, three prominent architectural firms will present proposals of their vision for the mall and the community will have an opportunity to select the one they prefer. What are they talking about?
There are many things about South Beach that are really special; the Beaches, the Hotels, the Restaurants, the International flair. I can’t remember the last time I thought “wouldn’t it be great to have an Outlet Mall defining the entry to our City.” In my opinion, such a development would degrade the already bad traffic conditions and flooding issues on West Ave. and Alton, and destroy the residential character of that part of West Avenue, and I don’t see how it fits into the long term planning objectives of the City. ,
There is already precedent for retail development on Lincoln Road and Collins Avenue, while West Avenue has been evolving into an evermore desirable location for residential development. The City did a good thing when it permitted the parking and small retail and restaurant development between 9th and 10th and West Avenue and that has done much to improve the neighborhood in the just way that an Outlet Mall would divide it.
Come on, tourists don’t come to South Beach to go shopping, and local residents can go elsewhere to satisfy their shopping needs.
New Millecento Development Planned for Brickell Area
The Related Group recently announced plans for a new 42 Story Tower at 1100 S. Miami Avenue to be know as Millecento. The proposed development will consist of 382 units ranging in size from 578 SF Studio Units to 1,432 SF 2 Bedrooms configurations. Units are being offered in the $375-$400/SF range and priced from the low $200,000 range for Studio Units to the mid-$500,000 range for the larger 2 Bedroom units. A significant change in the purchase structure is that Buyers will now be expected to pay 50% of the full cost before the end of construction, and the balance at closing. Payments of 10% each will be required with the Reservation and the Contract, and then 15% payments will be required at at both the Groundbreaking and the Topping off.
New Millecento Development
Recent 12-month Sales Data at Murano at Portofino
This chart shows the eleven sales recorded at Murano at Portofino over the past year. The combined value of the sales was just over $20,000,000, with unit 901 commanding the highest price at $3.5 million and the highest price per square foot at $1,040.00. Six of the units sold for more than $2 million. Three of the units, all 1 BR’s sold for under $1 million. The average selling price per Square Foot was $816.00, somewhat reduced by the lower price of the 1BR units.
Click on Chart to Enlarge
Murano at Portofino
First SoFi Sales of 2012
The first sales of the new year in the South of Fifth neighborhood totaled over $44 million according to MLS records. These first 29 recorded properties sold at an average price of about $1.5 million and just under $700/SF. One third of the sales happened at the Continuum Towers, where 6 units sold in the South Tower, and 3 sold in the North Tower. Two units sold in the Icon as well as Portofino Towers.
The highest price unit sold for $16,500,000 at the Continuum North Tower and another unit at Continuum South Tower sold for $4,500,000. Five other units sold for over $2,000,000, while at the other end of the sales spectrum, 11 units sold for less than $$275,000, six of which were either short sales or foreclosures.
South of Fifth Monthly Inventory
Here’s a snapshot selected condominiums in the South of Fifth neighborhood of Miami Beach FL 33139, arranged by the number of months of available inventory, calculated from their sales in the last 12 months. The monthly inventory is indicated with the blue circles, while the red bars represent the number of units currently being offered for sale.
If you are looking to sell a unit at the Apogee or the Cosmopolitan, where the monthly inventory is between 4 and 5 months you have reason to be optimistic-statistically speaking that is. On the other hand, if you have a unit for sale at the Portofino, Icon or Continuum North Tower, where the monthly inventory is between 13 and 20 months you might expect a longer marketing period.
The five buildings in the middle of the chart all have monthly inventories in the 6-9 month range, which represents balanced market conditions.
Click Chart to Enlarge
SoFi Condo Inventory
There are many factors that influence the real estate market going forward, yet I always find it interesting to predict what will happen tomorrow based on our experience from yesterday. In this case I am looking at the number of closed sales in 2011 to suggest how long it will take for the existing units currently on the market to sell. The chart below shows the number of units currently on the market with the gray bars, the total units sold in each building last year with the purple bars, and the projected monthly inventory with the blue circles.
A balanced market exists when there is a 6-9 month inventory of units available, more than that is considered a Buyer’s market, and less, a Seller’s market. As you can see from the chart below, half of the luxury towers in the South of Fifth neighborhood have 9 months or less of inventory, and two others just slightly more with 9.6 and 10.1 months of inventory.
Apogee and Murano, the buildings with the lowest projected inventories of 6 and 6.4 months, also have the fewest units available to sell, currently just 4 and 9. At the other extreme, there are 35 and 45 units available at Icon and Continuum North Tower, and they are projected to take 15.6 months and 20.8 months to sell. That said, sales in those two building still averaged over 2 units a month each last year, among the highest of the surrounding buildings.
25 Most Expensive Condos Available in the South of Fifth Neighborhood
The New Year is responding to a 2011 Sales period that saw a significant increase in prices combined with a shortage of inventory in the neighborhood. There is, however, no longer a shortage of ultra luxury properties for sale in the South of Fifth neighborhood. The 25 currently most expensive units in the neighborhood are listed for a total of more than $255,000,000 for an average of over than $10 million each. All of the units are listed for more than $5,000,000, with the most expensive one at the Continuum South Tower asking $29,000,000. Penthouse units 1 and 2 at Icon are listed at $14.9 and $19 million respectively, slightly more than the $$13.5 million and $17 million for units at Continuum North Tower. There are 17 units priced between $5 million and $10 million. The total inventory of $255,000,000 is broken down as shown on the pie chart.
10 Most Expensive SoFi Sales in 2011
The sales price of the ten most expensive condominiums in the South of Fifth neighborhood in 2011 was over $5 million each and combined for a total of over $83 million. Two of the units sold for more than $10 million each.
Six of the ten most expensive units were located, not surprisingly, at the Apogee at 800 S. Pointe Drive. The most expensive sales price was $11.5 million, and five other sales ranged between $5.5 and $7.5 million there.
The remaining four most expensive units were equally divided in the Continuum North and South towers. The most expensive of these was over $10.5 million dollars at the Continuum South Tower, and the other three units sold between $5 million and $6.5 million dollars.
All of the units sold for more than $1,000 per square foot, and one at the Apogee for more than $2,000/SF. The average selling price per square foot for all ten of the units was over $1,600.
Click to Enlarge Chart
The chart shows the selling price and cost per square foot for each of the units.
Average Prices for Active South of Fifth Listings for Sale
Here’s a snapshot of what the average prices are at some of the most popular destinations in the South of Fifth neighborhood. As the chart so dramatically shows, there is a big difference in the asking prices and cost per square foot among these selected buildings. The green columns represent the average asking price for units currently on the market, while the blue circles represent the cost per square foot for the average of those same units.
As might be expected, the Apogee units are commanding the highest average price at over $6.8 million per unit and over $2,000/SF. Continuum South Tower was not far behind with the average unit priced over $4.7 million and over $1,500/SF. At the more affordable end of the spectrum are the Cosmopolitan, Yacht Club, and Courts, where average units are being offered for $475,000, 650,000 and $700,000 respectively, and the cost per square foot is between $500 and $650/SF.
A total of 105 units, well over half of the number currently on the market in these buildings are clustered in the Yacht Club, Icon, and Continuum North Tower, while just 26 units are available in the Courts, Cosmopolitan, South Pointe Tower and Murano. The remaining 54 units are fairly equally divided at Portofino, Murano Grande, and Continuum South Tower.
Click on Chart to Enlarge.
