Which South of Fifth Miami Beach Buildings Had the Highest Price Increase Over the Last Five Years?

South of Fifth Miami Beach properties are located in a neighborhood of Miami Beach from 5th street to 1st street and from the ocean to the bay.  South of Fifth is also a neighborhood of South Beach known as SOFI and in term of high-end luxury it is known to be one of the most prestigious neighborhood in Miami and Miami Beach.  In addition to the residential buildings in this neighborhood, South of Fifth features some of Miami Beach’s most famous landmarks like; South Pointe park a multimillion dollar park renovation, the bay walk, some of the best beach areas of the city and the Miami Beach marina.

South Of Fifth properties

Over the last few years South of Fifth properties have increased in value tremendously.

Let’s take a look at the South of Fifth area in general over the last five years and see what are the average sold prices for the properties that sold from $1M plus. (**Keep in mind this is just the averages, there are a lot higher sold price per square footage too.)

 Year and Area

Sold Price

Sold Price per square foot

2009 Average  “South Of Fifth”

$2,395,468

$852

2010 Average   “South Of Fifth”

$2,093,741

$844

2011 Average   “South Of Fifth”

$2,516,997

$988

2012 Average    “South Of Fifth”

$2,802,672

$1,066

2013 Average    “South Of Fifth”

$2,919,080

$1,228

Now let’s check into the South of Fifth Miami Beach buildings that had the largest in price per square foot sales from 2009.

I am using an average price per square foot and only analyzing the luxury buildings that had performance since 2009 up to the last six months.

Name of the Building

2009 sold price per square foot

Past Six Months sold price per square foot

Continuum I

$821

$1,807

Continuum II

$837

$1,841

Portofino

$498

$985

South Pointe Tower

$529

$895

Apogee

$1,258

$2,578

Murano at Portofino

$808

$1,411

Murano Grande

$513

$926

Icon South Beach

$523

$947

 

Continuum I and Continuum II were the winners for best increase in price per square foot over the last five years. 

From the table you can see the Continuum I and Continuum II buildings are the winners and they have increased in value more than double in the last five years and more than any other building in the South of Fifth neighborhood.

Continuum I and Continuum II South of Fifth Neighborhood in Miami Beach

Which Continuum South of Fifth Miami Beach building is the best in value?

This is not an easy question to answer.  Both Continuum buildings are located in what’s considered to be the best location in Miami Beach at the tip edge of South Point, 50 South Pointe Drive and 100 South Pointe Drive. Both of the buildings are managed well and share the same amenities.  Some of our clients prefer Continuum II more because it has only 203 units and the building was completed 2008 where Continuum I is a little older from 2002 and with a total of 318 units.  However Continuum I units have views on the south side of the building that are just unbelievable.  It’s really a matter of personal taste.

In the both Continuum buildings there were two units that sold last week, both sold for similar prices per square foot.

Continuum I “07” line closed for $8,400,000 which came to $2,843 per square foot.

Continuum II “01” line sold for $9,500,000 which came to $2,748 per square foot.

In my professional opinion, I personally think both of the buildings will continue to hold value and be top performers in the Miami Beach real estate market.  When purchasing a condo in our area it’s important to take into consideration that some buildings perform better than others and that often reflects in the overall pricing.  It’s also important to take this information down to a micro level within the building and understand that some lines and layouts can also have different performance rates.

What else is interesting in South of Fifth Miami Beach?

In addition to the buildings and information above, there are a few new interesting projects that are in the process of construction: Marea South Beach, 321 Ocean, Glass and Ocean One.  Unfortunately for newcomers to the market, most of the units are already sold, however there are few left in the price ranges of $7m to the low $8m.

We will not be able to see the official closed data until the buildings are completed and properties closed.  I predict though, once these projects are completed and start closing, the South of Fifth neighborhood will start setting new records in closed pricing and the market in this neighborhood will experience an even higher price per square foot trend.

South of Fifth Miami Beach

If you are interested in how much current inventory is on the market in South of Fifth, you can find that information by clicking on the link and be notified as soon as new properties hit the market.

If you would like more information about the two Continuum buildings, here are two links to the building pages.

Continuum I condos for sale 
Continuum II condos for sale

The compilation of listing and market data information is provided by our local MLS system Miami Association of REALTOR(R) ®s and other closed tax data provided by use from our local MLS resources.  All information provided is deemed reliable but is not guaranteed and should be independently verified.  I am human and errors can occur, if you note something off, let me know so I can check into it.

Call Jamey or Ognjen today at:  305-793-8965

We can help you. We specialize in Miami neighborhoods such as  South Of Fifth in Miami Beach.  We would be happy to give you a personalized Comparative Market Analysis  for your Miami home or assist you to purchase a Miami Beach condo or home.

Copyright © By Ognjen Prezzi 2014 * All Rights Reserved* Which South of Fifth Miami Beach Building Had the Highest Price Increase Over the Last Five Years?

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