S. Pointe Drive

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South Pointe Drive contains some of the most valuable properties in all of Miami Beach and is the go-to destination for Buyers looking to find a Luxury unit.  The buildings along this ½ mile strip begin with the Murano on the Bay side and stretch to the 2 Continuum Towers on the Ocean Side.  In between are the Apogee, South Pointe Tower and Portofino Tower Condominiums.  All are waterfront properties with a Park adjacency, and  have similar amenity packages. The two Continuum Towers provide a Resort-like experience for its residents, while the Apogee is more exclusive and the most private among the group.  S. Pointe Tower is the oldest of the buildings dating back to the 1990’s, the Portofino Tower boasts an iconic design, while the Murano shines as the most contemporary looking of the group.

There are currently 55 units available for sale at the current time. The prices range from just over $1 million to $25 million. Click the Link below to see them all. Call me to see any of them.

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Some New Year Stats

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South of Fifth Absorption Rates

 

Every year I like to see how the Luxury Waterfront Towers in the South of Fifth Neighborhood stack up against each other.  They are among the most desirable buildings in Miami Beach and typically units in them command the highest prices.  Still, they tend to sell at different paces-some able to reduce inventory almost as fast as it appears, and others struggling to have it absorbed over multiple years.

The Chart above shows this quite clearly with the Continuum North Tower and Icon Condominiums each projected to sell the units currently on the market in the next five months based on their sales pace over the past 6 months. Compare this to the  Continuum South Tower and the Murano Grande Condominium (respective neighbors to the Continuum N Tower and Icon) which have 57 and 48 months worth of inventory based on their most recent sales pace.  The Murano also shares a similar absorption rate with these two buildings.

In a normal market an absorption rate of 6-9 months is considered balanced, neither favoring the Buyers or the Sellers. That said, there does not seem to be a balanced market in any of the buildings surveyed. The Continuum North Tower and Icon Buildings represent a Sellers Market with an Absorption rate of just 5 months, while the other six buildings more dramatically represent a Buyers market with it taking from 18-60 months for their inventory to be absorbed based on the most recent sales data.

The data for the chart above was compiled from the MLS at the end of 2023.

CONDOMINIUM                       ACTIVE LISTINGS                          RECENTLY SOLD

Apogee                                                        6                                                           2
Continuum N                                             5                                                           6
Continuum S                                            19                                                           2
Murano Grande                                        8                                                            1
Icon                                                             6                                                            7
Portofino Tower                                      14                                                           4
S. Pointe Tower                                         7                                                           2
Murano                                                     10                                                           1

 

Bay Garden Manor #15-G

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Five Park Condominium – Miami Beach

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Five Park is well under construction as the Tower has taken shape and is reaching for the sky.  Most of the units are already sold out, but some do remain for pre-construction purchase.  The landmark building will be the tallest in the City and feature some of the most impressive amenities anywhere.  Five Park will famously connect to the South of Fifth neighborhood via the proposed Daniel Burren Bridge, a Pedestrian walkway over Fifth Street and the monumental entry to South Beach from the MacArthur Causeway.

 

 

Click Below for the Brochure

Five Park Brochure

 

Click Below for the Floor Plans

Five Park Floor Plans

10 Most Expensive Condos South of Fifth

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One expects to see the most luxurious units in the South of Fifth neighborhood, and the current assortment does not disappoint. The units on this list were selected on August 12, 2022. All ten are listed above $10,000,000, and the most expensive is being offered for $40,000,000. The complete list includes units from Apogee, Icon, Continuum North and South Towers,  Ocean House, and 321 Ocean Drive. There are other units also priced above $10,ooo,000, but they did not make this  list.

The most expensive unit is located at the Icon and the $40,000,000 asking price there dwarfs the $25,000,000 being asked for  1802-1803 unit or the 1204 unit for sale at the Apogee at $16,200,000.  It is similarly more expensive than the $22,700,000 and #11,250,000 offerings at the Ocean House.  The waterfront tower with the most units in this category, however, is the Continuum North Tower.  It boasts three units priced at $11,500,000, $12,700,000 and $14,800,000.  The remaining unit is at 321 Ocean Drive where $13,950,000 can make you an owner there.  Click the link below, and for more information give me a call.

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