SOUTH BEACH SALES IN 2016 COMPARED TO 2015
What happened to the market in 2016 ? I have selected the most relevant 13 buildings in South Beach and analyzed their sales. First of all, we notice that overall sale of condos in 2016 dropped 18% compared to 2015. Prices remained stable with a slight increase 1%. In South Beach, just 3 of the selected had an increase in the volume of sales. For example at the Continuum South condo the sales increased of 25% but experienced a drop in price from $2,010/sqft to 1,793/sqft. At the South Pointe Tower the sales increased of 86% from 7 units sold in 2015 to 13 sold in 2016. At the Portofino Tower condo the units sold in 2016 were the double with an increase of prices of 6%. Surprisingly, the last 2 condos had also surge on prices. Some buildings such as the Murano at Portofino and Floridian had a huge drop in sales of approximately 54%. As we know the Floridian condo is going through a huge remodeling of the hallways and the lobby so it could be the reason for this drop. We are still trying to understand why overall there was an 18% drop. We could say that an election year is never a good one for real estate and the Zika virus also had an impact. Finally, we hope that the buyers are just observing the market and are getting ready to jump on it.
THE BLVD AT LENOX MALL
We've heard about it but now designs have been approved by the city. Comras will renew the 5th street in Miami Beach with a new retail complex adding some pedestrian areas. This new project is called The Blvd Lenox. It's about 82,251/sqft of retail space between Lenox and 5th st at the entrance of South Beach. It would be a 4 stories complex subdivided in 2 parts, one between 1045 Fifth Street and 1031 Fifth Street and the other one 527 Lenox Avenue and 543 Lenox Avenue. In each building the lower floors will be used for retail and the top floors will be used for parking. The developers had to create something for the neighborhood so the complex will have a pedestrian area.
MONAD TERRACE CONDO
The Monad Terrace condo was created by french architect Jean Nouvel to give you a vision of luxury. It's a futuristic development of 2 towers. Both will seem to float above the ground with an open view onto Biscayne Bay. It's your chance to get into a brand new high rise condo in South Beach. The exterior of the building will have vegetation waterfalls and the pool will take the lagoon's perimeter. The green wall of vegetation will echo Nouvel's designs as done for One Central Park in Sydney, Australia, and the Perez Art Museum Miami. Monad Terrace will offer 59 units with 2-3-4 and 5 bedrooms ranging from 2,027 to 5,616/sqft. The prices starts at $1,800,000 to $ 7.1 million. Each unit will have spacious terraces and some penthouses will feature private pools.
NOW & ZEN ASIAN CUISINE
We gladly have been invited to the opening of Now & Zen. It's located just next to our office and it's now open for lunch and dinner. The food is Vietnamese fusion. During the inauguration we had the chance to taste some sushi rolls and dim sum. So yummy ! The cocktails are also excellent. it's going to be a great addition for the south of Fifth neighborhood. The style is modern with suffused lights, marble tables. The atmosphere is really chill and sophisticated. For info: Now & Zen Restaurant
CONDOIDEAS REALTY GROUP SHOWCASE:
820 EUCLID AVE #308 For sale at $195,000 597/sqft 1 bed / 1 bath Art deco building South Beach, Miami
MONDRIAN SOUTH BEACH CONDO #625 For sale at $295,000 485/sqft Studio South Beach, Miami
OCEAN POINT CONDO UNIT #623 For sale at $ 355,000 659/sqft 1 bed / 1 bath South Beach, Miami
4 MIDTOWN CONDO UNIT #H2008 For sale at $ 370,000 861/sqft 1 bed / 1 bath Downtown, Miami
WASHINGTON SQUARE CONDO UNIT #4C For sale at $ 370,000 648/sqft 1 bed / 1.5 bath South of Fifth, Miami
YACHT CLUB AT PORTOFINO CONDO UNIT #2807 For sale at $ 560,000 740/sqft 1 bed / 1 bath South of Fifth, Miami
YACHT CLUB AT PORTOFINO CONDO UNIT #2308 For sale at $ 580,000 780/sqft 1 bed / 1 bath South of Fifth, Miami
MAYFIELD CONDO UNIT #2701 For sale at $ 596,000 1,388/sqft 2 bed / 2 bath Brickell, Miami
YACHT CLUB AT PORTOFINO CONDO UNIT #1806 For sale at $ 599,000 780/sqft 1 bed / 1 bath South of Fifth, Miami
YACHT CLUB AT PORTOFINO CONDO UNIT #604 For sale at $899,999 1,090/sqft 2 bed / 2 bath South of Fifth, Miami
MURANO GRANDE CONDO UNIT #1204 For sale at $ 2,150,000 1,425/sqft 2 bed / 2.5 bath South of Fifth, Miami For info: Murano Grande condo