15 Jun MIAMI AND THE BEACHES: WEEKLY TRANSACTION INSIGHTS
Week of June 15, 2018
Each week we bring you some of the most interesting waterfront property sales in the coastal areas of Miami and the beaches. These are not the ‘most expensive’ transactions, nor the ‘best’ or ‘worst’ deals made, but each are selected by Ross to provide unique insight into local market trends and transactions.
Located in South Beach’s prestigious South of Fifth neighborhood and the Continuum North condo, this property sold this week for $4M. Originally listed with an asking price of $4.5M and the property was on the market for 389 days. The seller purchased this luxury condo in July of 2015 for $4.25M. It was fully renovated and features a 1,089 SF outdoor terrace with north and northeast views of Miami Beach, the beach and ocean.
South of Fifth (SoFi) is one of the most desireable neighborhoods in South Beach, the area South of Fifth Street is home to Lummus Park, the Miami Beach Marina & Boardwalk, South Pointe Park & Pier. Also in SoFi are some of the city’s most popular and revered restaurants including Joe’s Stone Crab, Prime 112, Milos Miami and Il Mulino New York.
Located in the mid Miami Beach area, this penthouse property SOLD this week for $3,750,000 after being originally listed at $5,895,000 in early 2017 – logging 419 days on the market. This penthouse unit was previously rented for $12,000/mo and offers amazing ocean, island and bay views. In 2011, the seller purchased this unit for $3,143,000.
5959 Collins is located adjacent to the private island of La Gorce, which is home to many of Miami Beach’s million dollar mansions and La Gorce Golf & Country Club. To the north is the 79th Street Causeway, allowing easy access to the mainland. Dining & entertainment highlights of the neighborhood include the Eden Roc and the Fontainebleau Hotel which features premiere dining options including Hakkasan, Stripsteak, Scarpetta and the world famous LIV Nightclub.
This penthouse at Brickell Heights (East Tower) was purchased from the developer, the Related Group, during pre-construction phase and closed in August of 2017 for $1,974,900. Following closing, it was was immediately put on market asking $2,999,999. After sitting vacant for more than 8 months, this condo SOLD for $1,725,000, an example of pre-construction pricing not always being the best deal.
Brickell is a favorite of young professionals because of its abundant choice of bars, restaurants and shopping – all within walking distances 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.
On the market for 179 days, the seller SOLD this property for $720,000, a considerable discount to the purchase price paid of $1.5M in mid 2015. The Epic, as with most luxury condos in the Downtown and Brickell area, has been dealing with major construction in the immediate neighborhood and a bountiful supply of new luxury condos.
Downtown Miami is an urban residential neighborhood, and the central business district of the city of Miami and Miami-Dade County. Downtown is the historic, cultural, government, and commercial center of South Florida, tracing its history back to the 19th century. Downtown features Bayfront Park, American Airlines Arena, Phillip & Patricia Frost Science Center and the PAMM Art Museum.
Purchased in April 2014 for $1,4M, this property was then listed for 478 days in late 2016 for $1,565,000. Likely due to the high monthly maintenance fees of $3200/mo ($2.25 PSF), this condo finally SOLD this week for $1.2M. Since losing the Canyon Ranch brand, the Carillon is struggling to gain its footing with excessive maintenance fees (service charges) and no major hotel brand to support the condo hotel and extensive spa operation.
6799 Collins is adjacent to Normandy Island and Normandy Shores Golf Club. Just 3 miles north is one of the country’s premiere shopping destinations, Bal Harbour Shops. Neimen Marcus, Saks Fifth Avenue, Gucci and Armani are nestled in this outdoor mall along with restaurants that include Le Zoo, Makoto and Carpaccio.