Over the past month, my team and I have witnessed a significant increase in buyer activity for what I consider to be “A” real estate properties.  These can be quickly defined as:

- Miami Beach waterfront condos in buildings such as The Murano, Murano Grande, Icon South Beach, Portofino Tower, Continuum, and more affordable buildings such as The Waverly and The Floridian along West Avenue.

- The more popular luxury waterfront single family homes located on island communities such as The Venetian, Palm, Hibiscus, and Sunset Islands.

Whether it’s a single family home or condominium, an additional requirement for an “A” property in this Buyer’s market is that it be turnkey, or completely remodeled and updated.  In other words, the only additional expense a buyer has to be concerned with is moving in with their furniture and personal belongings.

It’s been our experience recently that single family homes and condos, when priced RIGHT, are bombarded with buyer interest and generally receive multiple offers.  We are witnessing a new surge of buyer interest in these “A” location properties in the South Beach and the greater Miami Beach real estate market.  Our real estate websites are also seeing a dramatic increase in traffic, with local cooperating brokers calling with inquiries and sending us multiple sales contracts.

All of these signs are indicators that the bottom is very close to being reached, and sales are beginning to come back, with prices to GRADUALLY follow as the “A” inventory diminishes.

A few examples of “A” real estate properties currently on the market:

Venetian Island – Greatly Reduced Waterfront Home

Rivo Alto home in Venetian Islands Miami Beach

Romance is felt throughout this Mediterranean waterfront home situated on 10,500 sf of land, spanning 60 feet of wide bay waterfront facing the Miami skyline. This timeless residence with unique architectural features contains over 4,117 sf of living area, with 5 bedrooms, 6 full and 2 half baths.

Current Asking Price: $3,199,000
Original Asking Price : $4,250,000
Bedrooms: 5
Bathrooms: 8
House S.F.: 4,117
Land S.F.: 10,500
Waterfront:  60 ft. with Dock

San Marino Island- Significantly Reduced Turnkey Waterfront Home

San Marino Waterfront Home in Venetian Islands

A fantastic opportunity to own an oversized waterfront lot.  This Mediterranean waterfront estate has 90 feet on the water, located on the Venetian Island causeway between Miami and Miami Beach.  Beautifully redone with gourmet kitchen, brazilian cherry hard wood flooring, fireplace, office/library, and award winning landscaping!

Current Asking Price: $2,950,000
Original Asking Price : $4,599,000
Bedrooms: 4
Bathrooms: 5
House S.F.: 3,370
Land S.F.: 15,750
Waterfront:  90 ft. with Dock

Portofino Tower Condo- Spectacular Atlantic Ocean, Fisher Island, and Miami Beach Skyline Views

View from the Miami Beach Portofino Tower Condo Unit #3402

This high floor condominium is a real flow through floorplan with two expansive and very private terraces with the most stunning views of Fisher Island, Downtown Miami, Miami Beach and the Ocean.   A Grand Foyer entrance, floor to ceiling  windows, a unique floorplan, and the most exquisite upgrades make this condomimium one of a kind.

Current Asking Price: $1,500,000
Original Asking Price : $1,795,000
Bedrooms: 2
Bathrooms: 3
Condo S.F.: 1,960

Below are sales statistics for the overall Miami Beach (South Beach) luxury condo market for the past three months :

• As of late July, there are 450 units for sale between $500K and $1.1M
• As of late July, there are 209 units for sale between $1.1M and $2.1M
• As of late July, there are 111 units for sale between $2.1M and $5M
• As of late July, there are 43 units for sale over $5M

Continuum II South Beach – 50 South Pointe Dr, Miami Beach, FL 33139

I’ve received many inquiries about CONTINUUM II South Beach since its opening, so far there have been nine closed sales and one pending sale as recorded on the Multiple Listing Service. This is a significant slowdown in sales activity, especially comparing the re-sales activity that took place with Continuum – South Tower a few years ago. However, the latest sales have been averaging well over $1,000/s.f. for higher floor units. Currently there are 46 condos for being offered for sale at Continuum 2

ARE YOU SERIOUS ABOUT SELLING? – If you own a condo or a single family home (especially those on the water), and have had trouble selling, please call us for a free market analysis. I believe in telling it “straight” to clients (or potential clients), as wishful thinking will not carry the day in this real estate environment.

Once again, the market has shown that it rewards sellers who work with experienced, knowledgeable, detail-oriented, and top producing real estate salespeople. Thanks to aggressive and creative targeted International Marketing Campaigns, we have sold ALMOST our entire Miami properties’ inventory from the first half of 2008.