by Jamey on January 28, 2009
Yesterday a client called and requested a Buyer’s Consultation regarding an interest in purchasing a Miami Beach Condo. During the conversation she started asking me about short sales and if I would be able to include any short sales in her search results?
I told her to first read my blog post on Short Sales and of course I would send her all of the short sale listings.
Miami Beach Real Estate Market Details
In Miami Beach there are currently 3856 condos on the market.
619 are listed as short sales
68 are listed as pending sales
84 short sales closed last year
These 84 condos that closed as short sales really peaked my interest and I wanted to find out more details.
The most expensive property that sold in 2008 in Miami Beach and was listed as a short sale was in Apogee. Apogee is located at 800 South Pointe Drive in the South of Fifth Area of South Beach in Miami Beach. The unit is a 3103 square feet, 3 bedroom 3.5 baths, 2 parking spaces and much, much more. This property is the “uber luxe” building in the South Beach area. The unit was listed at $4,695,000 and it sold for $4,265,000.
The cheapest two bedroom that sold in Miami Beach and was listed as a short sale was located at 801 Meridian Avenue. The building was built in 1968 and the unit is 1230 square feet. It is a 2 bedroom/ 2 bath with 1 parking spot. It was listed at $230,000 and sold for $217,000.
I pulled this statistics report from the MLS. However most people don’t look for properties from $200,000 up to $1.5 million. So the averages of course aren’t necessarily accurate if you are searching in a very specific price point. However I did want to show the highs, the lows and everything in between.
Market Analysis Report for 2 Bedroom Condos in Miami Beach Listed as Short Sales and Closed in 2008
|
|
| |
Beds |
Baths |
SqFt |
Listing Price |
LP/SqFt |
Selling Price |
SP/SqFt |
SP/LP |
| 2 |
3 |
1,929 |
$1,550,000 |
$1,008 |
$1,375,000 |
$900 |
113.38% |
| 2 |
1 |
785 |
$230,000 |
$187 |
$217,000 |
$176 |
53.66% |
| 2 |
2 |
1,238.77 |
$573,814 |
$448 |
$497,645 |
$388 |
89.3% |
| 2 |
2 |
1,190 |
$449,000 |
$408 |
$357,000 |
$340 |
89.86% |
|
Market Analysis Report for 1 Bedroom Condos in Miami Beach Listed as Short Sales and Closed in 2008
|
|
| |
Beds |
Baths |
SqFt |
Listing Price |
LP/SqFt |
Selling Price |
SP/SqFt |
SP/LP |
| 1 |
2 |
1,260 |
$420,000 |
$541 |
$525,000 |
$616 |
159.58% |
| 1 |
1 |
400 |
$83,000 |
$147 |
$71,800 |
$144 |
71.8% |
| 1 |
1.05 |
774.52 |
$235,336 |
$303 |
$227,149 |
$291 |
95.3% |
| 1 |
1 |
780 |
$210,000 |
$265 |
$220,000 |
$254 |
98.19% |
|
If you have questions about Miami Beach short sales or condos for sale in Miami Beach, please feel free to call me.
305-793-8965
The compilation of listing and market data information is provided by the REALTORS Association of Greater Miami and the Beaches. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental.
I do my best to double check for accuracy, however I am human and errors can occur. Please contact me if you find something that doesn’t look correct and I will be happy to look into it and correct if necessary.
by Jamey on January 27, 2009
I want to talk a little bit about a building that some times gets overlooked but I think is a really great building in the South Beach area.
The Yacht Club at Portofino
The Yacht Club at Portofino is located in the SOFI area of South Beach of Miami Beach. It is located at 90 Alton Road. Built in 1999, the Yacht Club at Portofino is one of the older high end luxury buildings in the South of Fifth Area. It is located on the bay side of Miami Beach, with direct views of Brickell, downtown Miami, Fisher Island, Miami Beach and more. There is a marina that is located off the back side of the building.
Based on experiences working with different clients in the building, I really like the Yacht Club. The employees are always very nice, thorough and efficient. The security for the front door has always been in my opinion very strong. For new tenants the management company is very organized, efficient and the building has good rental policies. It is also a dog friendly building (with of course some restrictions). The building has 24 hour security, valet service, concierge, gated garage parking, pool, gym and tennis.
I think in some searches (rentals and sales) the Yacht Club may be overlooked a little because some of the units can be a little dated depending on how the owner took care of the property. Afterall it was built in the 90’s. However last year this building was hot in sales and rentals.
In 2008 there were 25 Sales in the Yacht Club
Based only on MLS data.
Market Analysis Report
|
|
| |
Beds |
Baths |
SqFt |
Listing Price |
LP/SqFt |
Selling Price |
SP/SqFt |
SP/LP |
DOM |
| 3 |
2 |
1,750 |
$880,000 |
$730 |
$848,888 |
$708 |
96.97% |
629 |
| 1 |
1 |
740 |
$419,000 |
$462 |
$380,000 |
$436 |
73.08% |
0 |
| 1.72 |
1.64 |
1,035.08 |
$610,476 |
$601 |
$558,076 |
$548 |
91.31% |
151 |
| 2 |
2 |
1,090 |
$575,000 |
$601 |
$520,000 |
$542 |
93% |
83 |
|
In 2008 there were 82 Rentals in the Yacht Club
Market Analysis Report
|
|
| |
Total Units |
Total SqFt |
Listing Price |
LP/SqFt |
Selling Price |
SP/SqFt |
SP/LP |
DOM |
| 0 |
1,920 |
$7,500 |
$5 |
$15,000 |
$20 |
600% |
438 |
| 0 |
740 |
$1,850 |
$2 |
$1,750 |
$2 |
71.43% |
0 |
| 0 |
1,011.42 |
$2,993 |
$3 |
$3,009 |
$3 |
101.35% |
75.84 |
| 0 |
1,080 |
$2,900 |
$3 |
$2,700 |
$3 |
94.29% |
59.5 |
|
WOULD YOU LIKE MORE INFORMATION ABOUT THE YACHT CLUB OR OTHER SOUTH BEACH RENTALS OR SALES? CONTACT ME TODAY: 305-793-8965
The compilation of listing and market data information is provided by the REALTORS Association of Greater Miami and the Beaches. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental.
I do my best to double check for accuracy, however I am human and errors can occur. Please contact me if you find something that doesn’t look correct and I will be happy to look into it and correct if necessary.
by Jamey on January 22, 2009
Daily prospective renters call me to inquire about properties for rent in Miami and Miami Beach buildings. After speaking with so many prospective renters, I know that there are a lot of misconceptions out there. I decided to put together a list of the biggest misconceptions and tell you a little more about what is really going on out there.
A list of things I wish all Miami and Miami Beach prospective renters knew:
- The guy who keeps telling everyone that buildings are just sitting empty and there are tons of rentals on the market has probably never actually searched for a rental in Miami or Miami Beach with specific criteria. Yes, there are a lot of properties on the market, FOR SALE. There may be some buildings that “feel empty” but it has been my experience that this is from other issues, not from “lack of interested renters”.
- Agents say that sometimes a rental transaction process is more work than a sale. Knowing this, doesn’t it make sense to work with a pro? If you want to save time and make sure you haven’t missed anything, find a Miami or Miami Beach Realtor that you trust and work exclusively with them. It doesn’t cost you any more money and it will save you a lot of aggravation.
- What you get for your money in Miami Beach, more specifically South Beach is not the same as Brickell, Downtown or Midtown Miami. South Beach is a completely “different” market than the rest.
- I have no control over the quantity or quality of pictures that are on the listings that I send to you. I am also frustrated with my colleagues who don’t provide better pictures.
- If you are calling me to see if I can find a “desperate owner”, who will take thousands less for the monthly rent, you are calling the wrong Realtor. In fact, I have no idea why anyone would want to live in a condo where the owner is in a desperate situation? Talk about foreclosure, banks showing the property while your are living in the unit, your deposits and not to mention if you have a maintenance issue who will you call?
- Unless the owner otherwise specifies; first, last and security deposits are not negotiable.
- There are no “game or tricks” to getting a good deal. There is a database of units that have rented so far in each building. In this database there are statistics for price and how many days on the market a unit will take to rent. The owner will consult with their Realtor for these statistics and make a decision.
- Just because a unit has two bedrooms does not mean it comes with two parking spots. Same for three and four bedrooms. Most units in the city have only 1 assigned parking spot. Don’t include valet as a second spot unless it is guaranteed by the owner and management company. Valet companies change frequently and when they take over a new account, new fees may follow.
- I feel really bad for people with larger dogs. Fewer and fewer buildings are accepting larger pets for renters and it’s really a shame.
In the end, there are a lot of great properties on the market for rent in Miami and Miami Beach. Save time and work with a professional who will give you accurate and up to date information. If it sounds too good to be true, it probably is.
