Top 3 Most Expensive Miami Beach Condos Sold – February 2011

There were 198 Miami Beach condos sold in the month of February 2011 ranging from a $2.25 Million Murano at Portofino Condo, to a $27,000 Versailles Hotel studio in foreclosure in Mid-Beach. For all of you that call us about great deals and foreclosures in Miami Beach, be ready to bring cash.  Bank owned properties are not even looking at financing, no matter the type of down payment because a lot of the buildings will not be approved for lending.  Meaning they are not Fannie Mae approved because the building either doesn’t have reserves or has a high delinquency ratio (a lot of unpaid maintenance fees).   We also have the occasional call from someone that has cash and feels they will be a special buyer – guess what? most deals in Miami Beach are cash, you are no different than other buyers and that does not give you an advantage.  If you see a good deal, move quickly and be ready to close fast – those deals fly!!

41% of February’s Miami Beach Condos sold were distressed compared to:

• September 2010 – 58% of MLS sales were either foreclosures or short sales
• October 2010 – 50% of Miami Beach Condo sales were distressed
• November 2010 – 42% of Miami Beach Condo sales were distressed
• December 2010 – 52% of Miami Beach Condo sales were distressed
• January 2011 – 57% of Miami Beach Condo sales were distressed

The highest short sale sold for $1,050,000 at Icon Miami Beach and the highest foreclosure was for $510,000 at Seacoast Condo.

February’s Most Expensive Miami Beach Condo Sale

Murano at Portofino– 1000 S Pointe Dr #3102 – Miami Beach, FL 33139

Listed for $2,490,000 and sold for $2,250,000 on 2/25/2011

This particular Murano at Portofino residences offers stunning views of Sunsets and Sunrises with 3 terraces.  Perfect for boaters with Marina within walking distance and Lapiagga Beach Club just South of it.  South of Fifth still remains the hottest real estate in all of Miami and Miami Beach.  This unit was sold in June of 2010 for $1,925,000 and was listed in November for $2,490,000 and selling with a $325,000 profit – not bad for a so called “down market”, in less than 8 months!.  MLS reads. (“rarely” makes me smile, considering they just bought it).

RARELY AVAILABLE, THIS STUNNING THREE BEDROOM, THREE BATHROOM HOME HAS FLOW THROUGH PLAN WITH DRAMATIC SUNSET AND SUNRISE TERRACE VIEWS. FLOOR TO CEILING WINDOWS OFFER SPECTACULAR DIRECT OCEAN, DOWTOWN BISCAYNE BAY, CITY AND FISHER ISLAND VIEWS. ONE OF VERY FEW “02” RESIDENCES WITH ADDITIONAL THIRD TERRACE. GOURMET KITCHEN, PRIVATE ELEVATOR AND LOBBY, ADJACENT MIAMI BEACH MARINAS, ENJOY THE PRIVATE LAPIAGGA BEACH CLUB WITH SALT WATER- POOL AND RESTAU. ALSO FOR RENT. A MUST SEE! OWNER FINANCING AVAILABLE!

Features:

• 2,618 square feet of living space
• 3 terraces
• 3 bedrooms / 3.5 bathrooms
• South of Fifth Location in Miami Beach
• 1 parking space
• bay front condo with direct water views
• full amenity building – Murano at Portofino Condo
• corner – flow through location
• split-bedroom plan
• Monthly maintenance = $1,926

February’s Second Most Expensive Miami Beach Condo Sale

The Setai Resort & Residences – 101 20th St #2708 – Miami Beach, FL 33139

Listed for $2,375,000 and sold for $2,100,000 on 2/08/2011

The Setai makes the Top 3 list once again and this particular residence is to die for!!  Southeast Corner with wrap-around balcony and top of the line finishes.  It was purchased from hotel and can join hotel program.  This unit was on and off the market starting at a listing price of $3,250,000 in 2008, with several price reductions and also listed for rent at $18,000 per month. MLS reads:

Best line in the building.  Southeast corner unit with wraparound balcony.  Can join Setai hotel rental program if furniture is purchased from hotel.  It has the hotel finishes.  Enjoy breathtaking views of the ocean, south beach, downtown, bay and sunset.

Features:

• 1,141 square feet of living space
• built in 2005
• corner unit
• Miami Beach Location – The Setai Resort & Residences
• Ocean front building
• 2 bedrooms / 2 bathrooms
• Monthly maintenance = $2,179

February’s Third Most Expensive Miami Beach Condo Sale

Murano Grande – 400 Alton Rd #2404 – Miami Beach, FL 33139

Listed for $1,955,000 and sold for $1,950,000 on 2/25/2011

South of Fifth Location in Miami Beach, right on the bay with direct views of Miami Skyline, Biscayne Bay and Fisher Island.  Murano Grande is one of my favorite bay front condos in South Beach because of the way all units frame the views and its proximity to everything!!  Boaters have access to top notch marina and you can walk to the beach and South Beach’s Action.  This particular unit was listed in 2009 for $2,000 and appears under contract 2 times prior to its close last month.  It was also listed for rent at $9,000 per month.  MLS reads (with “flor-thru” making me a chuckle)

SPACIOUS AND SPECTACULAR FLOR-THRU UNIT AT THE ULTRA LUXURIOUS MURANO GRANDE IN SOUTH BEACH.STUNNING OCEAN VIEWS,FISHER ISLAND AND MIAMI SKYLINE. 3bed/3.5bath with 2974 sqft under ac. UNIT FEATURES 2 TERRACES,TILE AND WOOD FLOORS IN THE BEDROOMS,STATE OF THE ART KITCHEN,PRIVATE ELEVATOR/FOYER ENTRANCE.MARINA ON SITE.WALK TO THE BEACH,SHOPS & RESTAURANTS.LOCATED IN THE HEART OF SOUTH BEACH!!PLENTY OF AMENITIES.EASY TO SHOW!!

Features:

• 2.974 square feet of living space
• built in 2003
• South of Fifth Location in Miami Beach
• bay front building – Murano Grande at Portofino
• 3 bedrooms / 3.5 bathrooms
• 1 parking space
• boat dock available
• private elevator
• full-amenity building
• monthly maintenance = $2,188

**all information obtained from the Southeast Florida Multiple Listing Service**