Miami Beach Real Estate: 2009 South Beach Condo Market Index
The real estate condo index is comprised of nine waterfront high-rise condos:
Apogee South Beach, Continuum South Beach: North & South, Portofino Tower, South Pointe Tower, Murano at Portofino, Yacht Club, Murano Grande and ICON South Beach. There were 129 sales in 2009 vs. 153 in 2008, a drop of 16%.
Luxury real estate statistics for condos in the SoFi neighborhood of South Beach
It’s very clear that the days on market [DOM] for all the condominiums has increased. 2009: 188; 2008: 148.
Toward the end of 2009, Miami Beach condo sellers started to hear what the market was telling them. Many reduced prices and real estate sales really picked up toward the end of the year.
SoFi Condos–Some insight
- This was probably the LEAST affected real estate sector of any market in the United States.
- A vast majority of these luxury South Beach condos were purchased cash
- Most of these condos are 3rd, 4th, & 5th homes.
- A very, very small amount of distress sales. The majority of distress sales/foreclosures were a result of mortgage fraud.
The amount of condos on the market 2009 vs. 2008 has decreased in condominiums. The general rule of thumb is that “healthy amount” ( approximately 10% of the total number of units in the condo) could be on the market for sale at a time.
Apogee clearly wins, again. But Apogee is down about $100 psf, or 7.8%, on average from 2008. ICON South Beach had the biggest decrease, 27.7%, from 2008. Portofino Tower had the third largest decrease with a 26.3% drop in $ psf from 2008. Here are the rest of the results:
| Building | % decrease/$ psf |
| Continuum South | 21.8 |
| Continuum North | 10.3 |
| Murano at Portofino | 1.4 |
| Murano Grande | 19.1 |
| South Pointe Tower | 14.5 |
| Yacht Club | 13.6 |
Miami Beach Luxury Statistics for South Beach Condos
Check out the nifty little graph below to see how the market has performed over the last three years. I’d like to say that there was something really interesting to point out–but that’s not the case. There are some ups and downs, but nothing to raise an eyebrow. Weathering the storm quite well.
South Beach Deals
Continuum North, 50 S. Pointe Drive, #3402, Miami Beach, FL 33139. This condo has three exposures: east, south and west. It priced very, very well at $3.6M.
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