29 Jun MIAMI AND THE BEACHES: WEEKLY TRANSACTION INSIGHTS
Week of June 29, 2018
Each week we bring you some of the most interesting waterfront property sales in the coastal areas of Miami and the beaches. This week includes recent sales at 321 Ocean, Portofino Tower and Palau Sunset Harbor in Miami Beach, as well as Carbonell located on Brickell Key in the city of Miami.
On the market for a mere 39 days, this new construction condo resold at almost full price and included a deeded boat dock. The New Jersey based seller purchased this 3 bedroom condo at Palau Sunset Harbor in one of the hottest neighborhoods of South Beach for $1,549,000 in September 2016.
Sunset Harbour is one of the most dynamic neighborhoods in South Beach. Located directly on the Biscayne Bay, Sunset Harbour is an all-encompassing community that puts activity and the outdoors at the center of your life. With everything from a full service marina, Sunset Harbour Yacht Club, Maurice Gibb Memorial Park, paddle boarding, and more. NaiYaRa, Pubbelly Sushi, Fresh Market, Purdy Lounge, and Sardinia are all within 2 blocks of each other, as well as Barry’s Bootcamp, Anatomy, or FlyWheel to work it off.
Once considered the luxury building (1990’s) in the South of Fifth neighborhood of South Beach, this Portofino Tower condo was put on the market in early 2017 with an asking price of $2,595,000 and traded this week for $1,850,000. The seller purchased the unit in 2015 at a price of $2.3M.
South Pointe is located at the southernmost tip of South Beach, and extends along Biscayne Bay’s ocean access frequented by the Port of Miami’s cruise ships. Locals and tourists alike enjoy an array of restaurants including Monty’s Sunset, Smith and Wollensky, Joe’s Stone Crab, Il Mulino and Milos. South Pointe Park offers a water fun zone for kids, dog park, and pier that jets into the where the Ocean meets the Bay.
Developed in 2015, this 4 bedroom, 4,431 SF oceanfront condo was put on the market with an asking price of $9.75M in March 2017. The seller then re-listed the property for sale with a new broker in December 2017 with an asking price of $6.95M. After 125 days on the market, it sold this past week to an all cash buyer for $6.75M.
While the art deco hotel section of Ocean Drive is a favorite of tourists, the neighborhood South of Fifth is one of the best in Miami Beach has the extra benefit of being ocean front with this condo. Across the street is Prime 112, one of the busiest restaurants in the country and a favorite of athletes and celebrities. Across the street is the sister restaurant Prime Italian located within the Hilton Bentley Beach Club.
Named after famous Cuban sculptor Manuel Carbonell, this building has long been considered to be good value on Miami’s Brickell Key. This 1505 SF two bedroom property recently sold for $780,000, a great deal considering that the seller purchased this unit for $750,000 in early 2012.
Brickell is a favorite of young professionals because of its abundant choices of bars, restaurants and shopping – all within walking distance of many residential high rise condos and office buildings. Highlights include Brickell City Centre, Bazaar Mar by José Andrés, Komodo, and Zuma in the Epic Hotel.