I’m often asked about the best deals in Miami Beach’s premier waterfront homes and condo buildings. Specifically, most active buyers want to know how much lower can prices go and what constitutes a true “bargain” today?  Lately, I have noticed a divergent trend among Miami Beach properties (both homes and condos).  The most sought after condos in premier buildings such as The Continuum Condo,  Murano at Portofino, Portofino Tower, Icon, and Murano Grande have seen a surge in sales activity in the past few months. The premier waterfront single family homes and condos are selling NOW at significantly discounted prices.

The most recent condo and home sales continue to demonstrate that buyers are willing to pull the trigger and purchase homes and condos that are priced right and significantly discounted from 2006 closed sales prices.  What is the right price?  It all depends!

A few divergent examples of Recently Sold Waterfront Miami Beach Condos and Single Family Homes:

The Continuum Condo – South Tower Penthouse-1

Continuum Penthouse

Magnificent and massive South Beach oceanfront 3-level penthouse.  360 views, 5 bedroom/7.5 bath, 13′ ceilings (26′ in dining room) & 7,000SF under a/c,  pool, Smart house touch panels integrate high-end audio, video, auto shades, HVAC, lighting, security, 4-plasma TVs, wi-fi, private elevator, all on top of the most exclusive 13-acre gated enclave with spa/club, 3 tennis courts, 3-pools and 2 rest. at the southernmost tip of the most exciting part of South Beach. Also included in the sale were four private parking spaces.

:  12 acres on the Ocean, 360 degree views, One of a Kind Three Level Penthouse

:  None

Sold Price: $9,900,000
Original “For Sale” Price : $25,000,000
Previous Sales Price (2003) $7,000,000
Bedrooms: 5
Bathrooms: 8
Condo S.F.: 7,374
Sold Date: May 15, 2009
Sold Price per S.F.: $1,342
Discount from Original Asking Price: 60.4%

The Bentley Bay – South Beach Design Group Showcase Condominium

Bentley Bay Condo # 1811

Amazing 270 degree views of Downtown Miami, Star Island, Fisher Island, and the Ocean from this contemporary designed two bedroom condominium. Terrazo floors, custom lighting, clean design and decorator appointed finishes.  The original owners had spent well over $200,000 in upgrades and finishes alone!

:  270 degree views of Biscayne Bay, Downtown Miami, and the Ocean, beautiful finishes & design.  Boutique Building.

:  High Maintenance Fees and construction issues at The Bentley Bay

Non-MLS Sold Price: $480,000 (2009)
Original “For Sale” Price : $1,595,000 (2005)
Previous Sales Price: $1,090,000 (2006)
Bedrooms: 2
Bathrooms: 2
Condo S.F.: 1,250
Sold Date: May, 2009
Sold Price per S.F.: $384/S.F.
Discount from 2006 Asking Price: 72%

Palm Island- Single Family Home with Old World Charm

Palm Island Miami Home

Beautifully updated 2-story Mediterranean charming home on exclusive, guard-gated Palm Island. Paradise living on secluded island just minutes from the excitement of South Beach and downtown Miami. Easy commute anywhere in South Florida. Walk to new park/playground/tennis courts. 4 bdr/ 3 bth, updated kitchen, marble baths. Open & bright design.

:  Charming Home, Spectacular location on Palm Island, Gated Island Community

:  Small Lot, some work needed on property

Sold Price: $660,000 (2009)
Original “For Sale” Price : $1,749,000 (2006)
Bedrooms: 4
Bathrooms: 3
House S.F.: 2,616
Land S.F.: 5,775
Sold Date: May, 2009
Sold Price per S.F.: $252/S.F.

Discount from Original Asking Price: 62%

Palm Island- Double Lot Waterfront Home

Coconut Lane Home - Palm Island Miami

Waterfront home on a double sized lot with lush landscaping, 100 ft of open bay on 24 hour gate guarded Palm Island.  Amazing views of downtown Miami and Cruise ships.  The home included a private dock with Boat Lift, a two car garage, sauna, outdoor shower, pool, large entertainment room, and even a real working fireplace.  Marble and wood floors throughout, stainless steel appliances, Hurricane Impact windows, and a balcony as well as covered Patio on the second floor to enjoy the views!

:  100 ft. Prime Waterfront Lot, Spectacular location on Palm Island, Gated Island Community

:  Home needed some updating

Sold Price: $2,700,000 (2009)
Original “For Sale” Price : $5,800,000 (2006)
Bedrooms: 3
Bathrooms: 3
House S.F.: 3,180
Land S.F.: 14,000
Sold Date: May, 2009
Sold Price per S.F.: $849/S.F.

Discount from Original Asking Price: 53%

With the current uncertain financial market and credit crisis exerting strong downard pressure on prices in housing market, I’d like to expose some of the best condo deals in South Beach luxury waterfront condos market. Every Buyer today is looking for a “great deal”, but how do we define this in today’s real estate market? One possiblity is to roll prices back to pre-boom prices of 2003-2004. Another possibility is – not so precise formula – is to take an overall price reduction anywhere between 30%-70% off 2005/2006 prices (peak of the real estate bubble).

However, I’d like to highlight what I consider one of the better income valuations for a truly “great deal”, which involves looking at the cash flow from potential rental income. Below are a few waterfront condos I consider to be “great deals” in Miami Beach luxury condos:

Bentley Bay Condo Unit-2211

The Bentley Bay #2211
2/2- 1,250 S.F.- Wrap Around Terrace, Direct Bay Views, with potential monthly rental income ranging from $3K – $5K/month.   Foreclosure Sale Asking Price: $459,000 ($367/SF)

Icon South Beach Condo Unit 1804

Icon South Beach #1804
2/2- 1,536 S.F.- Large Terrace, Intracoastal & Bay Views, with potential monthly rental income ranging from $4K – $6K/month.   Foreclosure Sale Asking Price: $829,000 ($539/SF)

Murano Grande Condo Unit 1809

Murano Grande #1809
2/2- 1,437 S.F.- Large Terrace, Open Views of South Beach & Ocean, with potential monthly rental income ranging from $4K – $6K/month.   Foreclosure Sale Asking Price: $740,000 ($514/SF)

Waverly South Beach condo unit # 804 - SOLD

Waverly South Beach #804
2/2- 1,084 S.F.- Spectacular Intracoastal & Bay Views, with potential monthly rental income ranging from $2,500 – $3,500/month.   Foreclosure Sale Asking Price: $364,900 and Sold/Closed for $330,000 ($304/SF)

My team and I are committed to providing strong value added service to our clients, which means delivering the best purchasing opportunities to today’s buyers of Miami Beach luxury condos.