South of Fifth Luxury 3BR Sales

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The market for Luxury Waterfront condominiums in the South of Fifth neighborhood has been especially slow over the past 6 months.  There are currently 14 units with 3 Bedrooms and 3.5 Baths for Sale in the buildings like Murano, Continuum,  Apogee and a few others, but surprisingly there have only been 2 sales plus a third unit under agreement, in the past 6 months. As a reference, in the previous six months, six units were sold, and while this is not a large sample, it is still an indicator of the sales pace and trajectory.

The units in the group currently for sale range in price from $3,750,000 for a 2,635 SF unit with 4 parking spaces at Murano Grande, to a $25,900,000 for a 4,776 SF unit at the Continuum N Tower.  The former selling for about $1,400/SF and the latter about $5,400/SF.

Six of the sales in the past year occurred between May and October, typically considered the off-season. Notably those sales were before the last Presidential election while the other 2 sales happened post-election.  The economic uncertainty over tariffs and immigration since the election could be a factor is this condition.  If it is, I don’t think we can expect the same seasonal bump-up in sales that we saw last year to happen this year. Much of the tourism and sales that occur during the Summer months are a result of international tourism, which I suspect will be down at least over the next few months.

That said, and with the firm conviction that Miami Beach will remain a leading global destination, let’s look at unit 509 at the Murano Grande. There is only one 3/3/1 unit available for sale there, the other two either recently sold or currently under agreement.  It is the the lowest price $/SF of the units, unique renovation plan which is perfect for families, well situated on the Lanai level for easy access to the Pool, Tennis and Restaurant, and has an oversized terrace on one side and a balcony on the other.

South of Fifth Luxury Condos

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There are currently Eleven, 3 Bedroom, 31/2 Bath condos on the market in Luxury, Waterfront condos in the South of Fifth neighborhood.  They range in price from under $4 million to over $25 million.  These units are in all the buildings you would expect- the ones on Ocean Drive, South Pointe Drive and Alton Road.  They include Icon and Murano Grande, Continuum and Portofino Tower, and 321 Ocean.  Some have incredible views, others more space.  Some have been masterfully renovated and others are in the perfect location and are priced where you want.  Of course those criteria are personal and there really is no best unit for everyone.  However if you are looking for a good unit at the best price in both absolute dollars and $/SF I believe the Murano Grande unit 509 may be the one for you. It’s located in a luxury waterfront building with premium amenities. It has 2 assigned parking spaces PLUS 2 Valet spaces, it was gut renovated to combine 2 units into one with a masterful new design.  It is located on the Lanai level with a large private Terrace, which is perfect for easy access to the Pool, Tennis Court and Restaurant, while still maintaining privacy.  Check them all out below and call me to see 509 while it is still available.

https://portal.onehome.com/en-US/share/2535538q15236

 

1BR Units for Sale at Murano

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Typically rare to come on the market, the One Bedroom units at Murano boast just 1008 SF, but enjoy the same benefits and amenities of the much larger units.  So why are there now 4 such units on the market at once?  Perhaps because there is a Special Assessment in place to renovate the 3rd floor Pool deck, and it is possible they do not wish to look at construction below them for another 18 months.  It’s less likely that they did not wish to absorb the cost of that Assessment, because most residents believe that the price improvement that will be realized will far outweigh the costs to implement them.  So, with units priced from $1,499,000 to  $2,290,000, and located from the PH level down to the 5th floor (where 4th floor is the lowest) are they being offered at a fair market price today or do they reflect the value added that is to come with the improvement that are underway.  The Penthouse and Lower Penthouse units have been dramatically renovated while the other two have not and this accounts for much of the pricing range.

Click the Link below to see all four of them:

https://portal.onehome.com/en-US/share/2477145R37217

 

Murano Grande Luxury

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One of a kind unit on the lanai level, providing unmatched

family and entertaining space both indoors and out. Created by

combining two smaller units into a large 3/3/1 with the Primary

Bedroom/Bath and Formal Living & Dining Area at one end,

separated by a large open kitchen with informal dining, and

ample space for entertaining & art display plus two separated,

en-suite Bedrooms and Family area on the other. Walk out of

the oversized Terrace to the private Restaurant, Tennis Court,

and Pool deck. It feels like living in a large house with the

benefit of luxury amenities.  $4,150,000.