by Jamey on November 3, 2009
When potential buyers (or renters) initially contact me they are a little surprised to find out that many of the most desirable buildings in Miami Beach, specifically South Beach in the luxury area South of Fifth, are not located directly on the ocean. In fact some of Miami Beach’s most desirable condos are located on the Biscayne Bay side of Miami Beach.
On the map that I made above, the pink line is 5th street and down from there you will find surrounding the Biscayne Bay from north to south: ICON, Murano Grande, Yacht Club at Portofino, Murano at Portofino, Apogee, Portofino Towers, Continuum I & II buildings.
Over the last 30 days there were seven sold properties within these buildings. The lowest price sold unit was an 840 square foot one bedroom in Continuum II and it sold for $520,000. The most expensive was a unit at Continuum II, a three bedroom and it sold for $3.25 million. All seven deals are listed as closing with cash. Over the last six months there were 63 closed sales, 41 were listed as closed with cash.
In terms of renting, over the last 30 days there were 22 rentals posted as rented within these buildings. The lease expensive was a furnished one bedroom in the Yacht Club and it rented for $2400 per month. One of the most expensive was a three bedroom unit at Continuum and it rented for $12,000 per month.
The Cosmopolitan in South Beach
110 Washington Avenue
Miami Beach, Florida 33139
What Miami Beach neighborhood is The Cosmopolitan located in?
The Cosmopolitan is located in the heart of the South Beach in the prestigious area of South Of Fifth on Washington Avenue. This boutique style building was built in 2004.
What amenities does The Cosmopolitan feature?
The Cosmopolitan offers 24 hour security, valet parking, concierge services, fitness facility, swimming pool, sauna, steam room, fountains, gardens, business center, private covered parking, guest parking and the lobby is designed by award-winning interior designer Tessi García.
What’s around The Cosompolitan Condos?
Only blocks from the beach, The Cosmopolitan is close to some of the best restaurants in South Beach including; Prime 112, Prime Italian, Big Pink , Opa and Joe’s Stone Crab. There are also small little convenience stores and upscale gourmet shops with wine near by. It’s also walking distance to the new South Pointe park.
Statistics for Closed Sales in
The Cosmopolitan over the last six months:
|
|
| |
Beds |
Baths |
SqFt |
Listing Price |
Selling Price |
SP/SqFt |
DOM |
| 2 |
2 |
1,196 |
$650,000 |
$535,000 |
$447 |
385 |
| 1 |
1 |
684 |
$280,000 |
$260,000 |
$379 |
5 |
| 1.57 |
1.57 |
986.67 |
$439,000 |
$390,000 |
$413 |
112.43 |
| 2 |
2 |
1,079 |
$449,000 |
$400,000 |
$409 |
97 |
|
Statistics for Rented Properties in
The Cosmopolitan over the last six months:
|
|
| |
Total Units |
Total SqFt |
Listing Price |
Selling Price |
SP/SqFt |
DOM |
| 0 |
1,247 |
$3,200 |
$2,800 |
$3 |
281 |
| 0 |
686 |
$1,700 |
$1,600 |
$2 |
6 |
| 0 |
861.38 |
$2,194 |
$2,033 |
$2 |
74.6 |
| 0 |
686 |
$1,900 |
$1,800 |
$2 |
51 |
|
If I want to buy or sell a property in The Cosmopolitan what do I need to do next?
Contact me directly 305-793-8965 and I will be happy to offer a no obligation consultation to discuss your needs.
CLICK HERE TO SEE A LIST OF COSMOPOLITAN MIAMI BEACH CONDOS FOR SALE
If I want to rent in The Cosmopolitan what’s the process?
Contact me and I can pull up a list of all of the available properties listed for rent in The Cosmopolitan from the local MLS database. From there we can go to preview the units that best match your needs. After you and the owner sign the lease, you have to submit an application to the condominium association. There are fees associated with the application, move in/out fees and an elevator deposit.
CLICK HERE TO SEE A LIST OF COSMOPLITAN MIAMI BEACH RENTALS
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 March 6, 2009
This morning I was reading through my RSS feeds from other Real Estate blogs through out various parts of the country. I came across Missy Caulk’s blog in Michigan and thought her topic about acting quickly on distressed properties would also be a good topic to look into for the Miami Beach Real Estate market.
I have actually been thinking about this a lot lately because I have a few clients who are interested in purchasing in very specific buildings and are set up on my customized data feeds. Whenever there is activity in that building, they are alerted via email. When I go to show the property if it is a REO, I usually run in to a lot of other agents showing the same property and then I hear all of the “buzz”. Recently I was showing a client a REO property that had just hit the market, while showing, I was told that it already had 12 offers. That was within a couple of days.
The following data is based on the SEF MLS & is only for condos/town-homes.
In Miami Beach today there are 75 listed REOs
In Miami Beach today there are 74 REOs under contract.
Over the last six months in Miami Beach 102 REOs sold.
Closed data for Miami Beach
for REO condos over last 6 months
|
|
| |
Beds |
Baths |
SqFt |
Listing Price |
Selling Price |
SP/SqFt |
DOM |
| 4 |
4 |
2,752 |
$829,900 |
$800,000 |
$521 |
531 |
| 0 |
0 |
349 |
$34,500 |
$37,000 |
$53 |
0 |
| 1.32 |
1.47 |
968.07 |
$211,478 |
$200,919 |
$201 |
82.51 |
| 1 |
1 |
912 |
$164,900 |
$155,000 |
$195 |
64 |
|
So based on the above information, the average foreclosed Miami Beach condos are taking approximately 82.51 days to close (over the last six months). Some times I am not so crazy for “general” Days on Market data because if a property is listed with one agent and then re-listed with another, this data is reset. It also doesn’t really account for some properties that are just “hanging out” on the market. I think it’s better to be more “building” specific because Miami Beach condos are definitely “area” and “building” specific. You could have one building that is getting $500,000 for a 1 bedroom and then the building right beside it $150,000 for a 1 bedroom. You cannot really group all of that data together because there are many factors to consider. Obviously the above graph, represents all of that data together. I think if you really want the best data, go building specific and then you can compare outside of that building to similar buildings in the same area.
So let’s look in more detail at ”building specific” and see the differences in Days on the Market and more specific market data. This is just a random sampling of some buildings that have enough data to complile a list. Data changes daily.
In the Floridian located
in the South Beach area of
Miami Beach
REO PROPERTIES
4 active
2 under contract
4 closed over the last six months
45.6 is the average days on the market over the last six months
In the Mirador located
in the South Beach area of
Miami Beach
REO PROPERTIES
3 active
3 under contract
11 closed over the last six months
37.1 is the average days on the market over the last six months
In the Waverly located
in the South Beach area of
Miami Beach
REO PROPERTIES
4 active
3 under contract
3 closed over the last six months
35.67 is the average days on the market over the last six months
In conclusion….It’s good to see that these properties are moving & it’s always very important to break down the data specifically to your general area and be “building specific” too.
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.
