So many of my Miami Beach real estate clients, love Mojitos. It seems that when people think of Miami they soon think of Mojitos. Being an expert on absolutely everything, I figured that I would share the perfect Miami mojito recipe, with style! Enjoy Miami, enjoy the beach and enjoy a Mojito on Miami Beach!
Photo Courtesy of New York Times
The "Venetians" are the closest single family residential neighborhood to South Beach. The Venetians were profiled in March, 2008 in the New York Times.
The majority of the development on the islands was between the 1930's and 1950's. The lure of the islands are their close proximity to South Beach, and, of course, their stunning waterfront views.
Prices for non-waterfront homes begin at $600,000; and waterfront homes, $1,900,000. The average lot sq. ft. is 10,500 with 60 linear feet of water frontage.
Browse Venetian Islands Waterfront Homes for Sale
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Nine luxury waterfront condos comprise the South Beach condo index. The activity for the first six months, which are considered "season" here in Miami Beach, has been extremely light.
Some condos like Apogee South Beach and Continuum North continue to have gains. Most of the other condominiums in the index have drops in sales and $psf.
Year-over-Year stats for 2008 vs.2009 for the period of 1/1 thru 6/30 show a 39% decrease in sales and a 20% decrease in $psf.
The condos in the South Beach Condo Index include:
To read the rest of the post on Miami Beach luxury real estate statistics, click here
Miami Beach luxury waterfront home sales drop 50% from last year. No doubt it is easy to see that the real estate activity is not what it was last year. But after running the numbers, I was in no way prepared for the reality of the current state of Miami Beach real estate.
Even if you don't live in Miami it's easy to surmise that condos here (as they are everywhere, actually) are having a tough time. There hasn't been many analysis done on the SFR market here in Miami, so I was shocked to actually see exactly how off the sales are
To get a better picture on the actual state of the real estate market here in Miami Beach, I ran the numbers for the same period last year to see the comparison.
Here's where the rubber meets the road:
Number of Waterfront Homes Sold:
Sold Average $PSF
Average Days on Market [DOM]
In my opinion, these numbers represent the great divide between Miami Beach sellers and buyers. This is why inventory is backing up and number of sales are cut in half. Simply put, buyers seem to want to pay far less that what a seller is willing to accept.
I think that's called a stalemate (It may not, but I figured it sounded like a really nice way to wrap up this post.).
The South Beach Condo Index is comprised of nine buildings in the SoFi neighborhood in South Beach. These nine condo represent some of the most luxurious, prestigious, and expensive Miami Beach real estate.
In total there are 2,110 Miami Beach condos in the index. In the first quarter of this year, there were only 18 units sold.
Here you can see the list price vs sale price for the first quarter of this year. Because I have been doing these stats for so long, I quickly notice that the sold/$psf is decreasing. The chart below compares sold/$psf for 2008 to 2009.
| Condo | 2008 | 1st Qt. '09 |
| Apogee | $1354 | $1209 |
| Continuum I | $1074 | $856 |
| Continuum II | $929 | $875 |
| ICON | $724 | $533 |
| Murano | $829 | $1175 |
| Murano Grande | $638 | $500 |
| Portofino | $676 | $500 |
| S. Pointe | $619 | N/A |
| Yacht Club | $548 | $545 |
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Miami, Miami Beach and South Beach luxury real estate from the area’s most respected Realtor®. I specialize in immediate occupancy condos, pre-construction condos and condo-hotels in Miami-Dade Co.
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