$5 Million Ranks As Highest Price Condo Resale In South Beach In 2011

A 14th floor unit in the luxury Apogee condominium project in the trendy South Beach neighborhood traded for nearly $5 million to rank as the highest priced resale in Miami Beach this year, according to a new report from CondoVultures.com.
The buyer, The David Herro Trust of Chicago, paid $1,812 per square foot for the three-bedroom condo with more than 2,750 square feet in the 2007 project located in the exclusive South of Fifth neighborhood, according to an analysis by the licensed Florida listing brokerage CVR Realty™.
The purchase price represents a seven percent discount off the asking price of nearly $5.35 million, or $1,941 per square foot, according to the report based on Florida Realtors association data.
The seller – The Jay K. Chitnis Revocable Trust of Miami Beach – purchased the unit for $3.4 million, or $1,234 per square foot, in February 2008, according to Miami-Dade County records.
Overall, buyers purchased an average of 117 condo resales per month at an average price of $353 per square foot and a median price of $267 per square foot in the first quarter of 2011, according to the report.
The 2011 transaction activity represents a 30 percent increase in condo resales compared to the first quarter of 2010 when an average of 90 condos retraded per month.
In the first quarter of 2009, buyers purchased an average of 58 condo resale per month, up from 55 condo resales during the same time span in 2008.
In the first year of the real estate crash in 2007, buyers purchased an average of 75 condos resales per month in the first 90 days of that year.
Prices have dropped significantly from the boom.
Back in 2007, the median resale price of a South Beach condo was $446 per square foot. The median price per square foot tumbled to $410 in 2008, $312 in 2009, and $280 in 2010, according to the report.
As of April 25, 2011, there are nearly 1,100 condos on the resale market in South Beach available for purchase at a median asking price of $459 per square foot.
An additional 425 units are under contract waiting to transact. The median asking price of the units that have pending contracts is $252 per square foot, according to the report.
At the current first quarter of 2011 resale pace, South Beach has about nine month of condo resale inventory available as the region enters the historically slow summer months.
On the new condo side, there were an additional 1,300 unsold developer units available at the end of 2010. The updated new condo sales figures for the first quarter of 2011 are scheduled to be release on April 27 in the free CondoVultures.com Market Intelligence Report™.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.  

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