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South Beach Luxury Condo Blog

Stay updated on South Beach Condo Developments and Market Information.

By Michael DeFilippi | Agent in 33139
  • Zaha Hadid's (Pritzker Award Winner) 1000 Museum - Transforming Downtown Miami

    Posted Under: Market Conditions in Downtown Miami, Home Buying in Downtown Miami, In My Neighborhood in Downtown Miami  |  April 9, 2013 9:17 PM  |  1,150 views  |  No comments

    Look at the future of Downtown Miami! Zaha Hadid has designed a really unique structure which is going to help catepult Miami into a complete different level. The struture is impressive and has an external skeleton which will allow for the units to have minimal interior beams etc. Some details:

    • Half Floor or Full Floor
    • Duplex Townhomes
    • Single Duplex Penthouse
    • $4M-$30M
    • 4500 s.f. - 9800 s.f.
    • 62 Stories
    • 83 Units
    • Rooftop Helipad
    • Private Elevators
    • Between 900 Biscayne & 10 Museum Park (Current site is BP Gas)
    • Deverlopers Greg Covin (Ten Museum Park Developer) & Louis Birdman
    • 3 Parking Spaces + 1 Valet
    • Unique Architecture allowing for creative floor plans
    • Custom Flooring, Lighting, Furnishings and more
    • Estimated Completion is 2016
    • Groundbreaking Set for Spring 2014
    • State of the art aquatic centers & Fitness Center/Spa
    • Private Rooftop Lounge

    "I really love Miami, but I don't think the architecture matches the city," Ms. Hadid said in an interview. "It's a bit too commercial."

    I love the quote and absolutely agree. Miami is so unique and flashy but the architecture absolutely doesn't match that. With Hadid's project I see the quality of projects and the creativity levels changing dramatically.

    With 1000 Museum, SLS Brickell and the unnamed Genting Group Project there is a lot to look forward to in the next few years. Downtown Miami is completely evolving and it's exciting to be a part of.

    If you're interested in being part of my VIP Buyer list for any of these projects please email me at mikedyourrealtor@gmail.com I will keep you updated as soon as I receive any information from meetings or the developer. Reservations will go quickly.

  • Sales Activity in South Beach Week of March 17th

    Posted Under: Market Conditions in City Center, Home Buying in City Center, Home Selling in City Center  |  March 25, 2013 2:14 PM  |  625 views  |  No comments
    There was some brisk activity this past week considering the inventory is near record lows. Most of the activity was in the South of 5th neighborhood with a record sale at the Yacht Club at Portofino. A total of 14 condos sold .

    Portofino TowerUnit 1105 - 3BR 2.5BTH
    $1.937M or $828.10/s.f.

    Which is a very healthy figure considering unit 1505 sold at $797.97/ s.f. just 4 months ago. Portofino is still a little ways away from consistently breaking that $1000/ s.f. mark but it's certainly within reach.

    Continuum North

    Unit 1207 - 2BR 2.5BTH
    $1.81M / $1254.33/ s.f.

    That's a very healthy number and the purchase price was over asking price by $15,000. The 2 bedrooms are selling at an excellent ratio but they're not exploding in value like the larger 3 and 4 BR's. (1600-1800/ s.f.)

    The Flats Off Lincoln
    Unit 3 2BR 2.5BTH
    $1.049M or $420.27/s.f.

    If you've been over to the Yardbird Southern Table & Bar you've probably noticed a new development 'The Flats Off Lincoln' at 1520 Lenox. This 3 unit full floor living building sold their final unit this past week. Just around the corner from Lincoln Rd. this development is a welcome addition to South Beach.

    South Pointe Tower

    Unit 1205 2 BD 2 BTH
    $810,000 /$777/s.f.

    Unit 1501 2 BD 2 BTH
    $896,000 /$769/s.f.
    Both are good figures for this older development. Penthouse 2402 closed a month prior at $1225/s.f. ($1.225M) and PH2408 just closed on 3/15 for $1238/s.f. ($3.443M)

    The Yacht Club at Portofino*

    Unit 2104 2BD 2BTH
    $829,000 / $760.29

    *This is believed to be their highest price per square foot closing for a 2BR. The previous high was in 2008. Unit 2602 which sold for $800,000 or $707.96/s.f.

    The Waverly South Beach

    Unit 504 

    At The Waverly sold for a moderate $457,500 or $422/s.f.. It's a good figure considering the low floor and lack of an excellent bay or ocean view.
    Unit 1012 Sold for $335,000 with a great view, standard interior. $415/s.f.

    Meridian Condos
    A unit at the Meridian Condos at 2001 Meridian sold for $370,000 or $30,000 over asking price. $383/s.f.

    Flamingo South Beach 

    $290,000. 389.26/s.f. - 1BR

    South Bay Club 
    South Bay Club, which is undergoing a major renovation had a 1BR (202) sell for $206,000 or 210/s.f.

    Additional sales:
    820 Euclid - 1BR without parking (782 s.f) sold for $173,000
    1400 Pennsylvania - 1BR with parking (650 s.f.) sold for $155,000
    359 Meridian - A studio (440 s.f.) sold for $126,500
  • "Casa Casuarina" Gianni Versace's Former 23, 400 s.f Mansion Listed for $125 Million in Miami Beach

    Posted Under: Market Conditions in Miami Beach, Home Selling in Miami Beach, Celebrity Homes in Miami Beach  |  June 8, 2012 2:54 PM  |  1,182 views  |  No comments

    Versace, Mansion, For Sale, Miami Beach, South Beach, Barton G, Casa Casuarina, 125 Million
    Gianni Versacci's marvelous former mansion just hit the market with a ridiculous price tag of $125 Million!! The incredibly detailed property is in the heart of South Beach on Ocean Drive with incredible ocean views. This mansion is where Versace was killed in 1997.

    All of Versace's personal touches from the court yard to the 54 foot pool and much more are well preserved. Versace put $33M into the home nearly 20 years ago. This is a huge priced listing and definitely a trophy property but the price tag is unheard of.

    There have been 2 huge sales in South Beach that have been close to $3400 per squart foot in the Setai and Continuum. At a sale price of $3400 per square foot that would equate to $79,560,000.
    I'm not sure how the listing agent's came to the listing of $125M especially considering Peter Loftin purchased the home for $19 million in 2000. 

    What an exciting day for Miami Beach real estate and I'm really looking forward to seeing the attention this property generates for Miami Beach.
  • The Bentley Bay Condo; 2BR sells for 500/SQ/FT; Highest Level Since 2008

    Posted Under: Market Conditions in Miami Beach, Home Buying in Miami Beach, Home Selling in Miami Beach  |  April 30, 2012 8:06 PM  |  1,209 views  |  No comments

    #1611 Bentley Bay NorthSome great news to report from The Bentley Bay  today. Unit 1611 (540 West Ave) in the North tower sold for $626,000 or $500/s.f. The limited inventory is forcing buyer's to purchase at higher levels. Not to discredit this unit (it's gorgeous) but this is a great sign for sellers. The last 2 bedroom to sell was #1211 for $565,000 or $451.28/s.f. The trend in higher prices per square foot has been fairly consistent with few outliers.

    There are only 5 total units available for sale in the north tower and the lowest priced 2br starts at $538.75/s.f.

    In the south tower there are also just 5 units available. The lowest priced 2br starts at a staggering $709.92/s.f.

    In conclusion, this is a good sign for sellers in this building and their neighbors. I'm extremely curious to know what the next unit will sell for in The Bentley Bay. If you're interested in selling your condo now is a pretty good time. Realtors, if you have clients in The Bentley Bay provide them with this information and encourage them to sell.

  • Techniques for purchasing an REO in Miami Beach

    Posted Under: Market Conditions in Miami Beach, Home Buying in Miami Beach, Foreclosure in Miami Beach  |  April 18, 2012 7:33 AM  |  429 views  |  No comments

    REO (Real Estate Owned) listings can be of great value but often are difficult to buy unless you have an experienced and savvy professional working with you. REO’s have already been through the foreclosure process and were either purchased at the auction or retained by the lender.  Typically they are easy to close with the seller handling all previous delinquencies. If a property is extremely desirable there is a good chance there will be multiple offers from buyers.  Below is a guideline of tips for having a chance at winning a competitive multiple offer scenerio. I suggest your Realtor follow the tips below to give you a great chance of buying that incredible investment.

    -   Strong escrow deposit with a copy of the check.  I always suggest putting 25% down to prove to the seller you’re serious.

    -   No inspection period or minimal inspection.  (Max 5 days)

    -   Do not change their specific contracts or addendums. They’re contracts have been specifically drafted and they will not tolerate any changes.

    -   Cash Only unless it’s a higher end priced property where there are less all cash buyers.

    -   Closing date within 3 weeks. They want to close as quickly as possible.

    -   Do not ask for repairs or closing assistance. These properties are sold “AS IS” and typically the seller does not know the condition of the unit and makes no guarantees.

    -   Clear proof of funds showing you currently have enough to cover the cost of the purchase and closing costs.  You can exclude specific account numbers for privacy as long as your name is clear as well as the institution and balances.

    If your Realtor is aggressive and follows the guidelines above there is a strong possibility that you can win the bidding war. It’s also best for your Realtor to speak with an assistant of the listing agent. A lot of REO agent’s are not accessible by phone because of the mass amount of calls they receive. If you can reach an assistant sometimes they will give out information regarding what other buyer’s have offered.  Some persuasive communication from your Realtor to the assistant can sometimes save you thousands of dollars. I always politely ask questions along the lines of:

    -   If we offer $300,000 with inspections waived, all cash will we be a serious contender?

    -   Is the highest bid over asking price?

    -   Are they all cash offers?

    -   How many offers do you currently have?

    -   When is the deadline for highest and best offers?

    Don’t be discouraged if you see the seller paid significantly less for the property then you will. They were the ones responsible for paying all delinquencies as well as closing costs and potential real estate commissions. There's also the probability that they repaired the unit. The properties are usually priced close to where they should sell. Winning a multiple offer situation can be a very gratifying moment especially because you're aware that property is wanted by others. 

    Attached you will see a picture of the newest REO listing in Miami Beach. It was purchased for $228,500 in 2008. It's a unique 2 story  1br with 2 baths. Located at 7325 Carlysle Ave and priced at $89,900. 

    If you have any questions about this property or any others feel free to contact me at mikedyourrealtor@gmail.com


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