South Beach Condo Index – August 2007
August 12, 2007 by Lucas Lechuga
I finished crunching the numbers for the second installment of the South Beach Condo Index. I discovered some very good news! List prices have come down and the average price per square foot of condo units sold in the last six months in the 19 condo buildings included in the index has gone up.
In July, we discovered that the average price per square foot for units listed in the 19 condo buildings was $913.19. This figure has dropped to $892.32 per square foot for the month of August. The weighted-adjusted average was $793.99 in July versus a weight-adjusted average of $777.86 this month.
The average price per square foot of condo units sold over the previous six months went from $772.36 in July to $776.55 in August. The weight-adjusted averages went from $686.73 in July to $689.30 in August. 8 of the 19 building had in an increase in their average price per square foot over the past month, 4 remained unchanged and 7 went down.
There were a total of 18 transactions that occurred in the following 19 buildings from July 12, 2007 to August 11, 2007. Even though the 18 transactions represent twice the number of transactions that occurred in a one-month period in Brickell, I think the overall number is pretty small. This was highly expected, however, given the current condition of the market and the fact that we're in our off-season months. It'll be nice to see the change in the number of transactions as we enter the winter months.
There were a total 5 closings at Waverly at South Beach; 2 closings at Icon and Mirador 1000 & 1200; and 1 closing at 1500 Ocean Drive, Continuum South Tower, The Cosmopolitan, The Decoplage, The Floridian, Il' Villagio, Murano at Portofino, Murano Grande and Yacht Club at Portofino. The rest had zero transactions during the one-month period.
The average price per square foot of condos listed at the following 19 buildings in South Beach:
- 1500 Ocean Drive - 1500 Ocean Dr | 33139 | $1143.90
- Bentley Bay - 520 & 540 West Ave | 33139 | $795.62
- Hilton Bentley Miami Beach - 101 Ocean Dr | 33139 | $1,219.52
- Continuum South Tower - 100 S Pointe Dr | 33139 | $1,189.92
- The Cosmopolitan - 110 Washington Ave | 33139 | $595.11
- Courts at South Beach - 140 Jefferson Ave | 33139 | $538.52
- Decoplage - 100 Lincoln Rd | 33139 | $669.03
- The Floridian - 650 West Ave | 33139 | $575.89
- Grand Venetian - 10 Venetian Wy | 33139 | $588.13
- Icon South Beach - 450 Alton Rd | 33139 | $930.43
- Il Villagio - 1455 Ocean Dr | 33139 | $1,517.24
- Meridian Lofts - 2001 Meridian Ave | 33139 | $577.80
- Mirador 1000 & 1200 - 1000 & 1200 West Ave | 33139 | $432.28
- Murano at Portofino - 1000 S Pointe Dr | 33139 | $1,205.18
- Murano Grande - 400 Alton Rd | 33139 | $874.75
- Portofino Tower - 300 S Pointe Dr | 33139 | $889.64
- Setai South Beach - 101 20 St | 33139 | $1,955.80
- Waverly at South Beach - 1330 West Ave | 33139 | $537.93
- Yacht Club at Portofino - 90 Alton Rd | 33139 | $717.46
The average price per square foot of condos sold in the previous six months at the following 19 buildings in South Beach:
- 1500 Ocean Drive - 1500 Ocean Dr | 33139 | $936.12
- Bentley Bay - 520 & 540 West Ave | 33139 | $634.01
- Bentley Beach - 101 Ocean Dr | 33139 | $1,254.49
- Continuum South Tower - 100 S Pointe Dr | 33139 | $1,067.58
- Cosmopolitan - 110 Washington Ave | 33139 | $536.72
- Courts at South Beach - 140 Jefferson Ave | 33139 | $456.52
- Decoplage - 100 Lincoln Rd | 33139 | $568.17
- Floridian - 650 West Ave | 33139 | $542.35
- Grand Venetian - 10 Venetian Wy | 33139 | $465.92
- Icon South Beach - 450 Alton Rd | 33139 | $770.62
- Il Villagio - 1455 Ocean Dr | 33139 | $1,176.96
- Meridian Lofts - 2001 Meridian Ave | 33139 | $437.49
- Mirador 1000 & 1200 - 1000 & 1200 West Ave | 33139 | $434.55
- Murano at Portofino - 1000 S Pointe Dr | 33139 | $953.15
- Murano Grande - 400 Alton Rd | 33139 | $777.42
- Portofino Tower - 300 S Pointe Dr | 33139 | $919.28
- Setai South Beach - 101 20 St | 33139 | $1,688.57
- Waverly at South Beach - 1330 West Ave | 33139 | $470.84
- Yacht Club at Portofino - 90 Alton Rd | 33139 | $663.66
The sold-to-listed ratio has become more favorable in South Beach as a result of list prices coming down and the average price per square foot of sales going up. The sold-to-listed ratio, expressed as a percentage, went from 18.20% in July to 15.29% in August. The weight-adjusted averages went from 14.47% to 12.12% respectively. It is good to see that list prices are falling more in line with where condos are actually selling.
The sold-to-listed ratio expressed as a percentage in the following 19 buildings in South Beach:
- 1500 Ocean Drive - 1500 Ocean Dr | 33139 | 22.20%
- Bentley Bay - 520 & 540 West Ave | 33139 | 25.49%
- Bentley Beach - 101 Ocean Dr | 33139 | (2.79%)
- Continuum South Tower - 100 S Pointe Dr | 33139 | 11.46%
- Cosmopolitan - 110 Washington Ave | 33139 | 10.88%
- Courts at South Beach - 140 Jefferson Ave | 33139 | 17.96%
- Decoplage - 100 Lincoln Rd | 33139 | 17.75%
- Floridian - 650 West Ave | 33139 | 6.18%
- Grand Venetian - 10 Venetian Wy | 33139 | 26.23%
- Icon South Beach - 450 Alton Rd | 33139 | 20.74%
- Il Villagio - 1455 Ocean Dr | 33139 | 28.91%
- Meridian Lofts - 2001 Meridian Ave | 33139 | 32.07%
- Mirador 1000 & 1200 - 1000 & 1200 West Ave | 33139 | (0.52%)
- Murano at Portofino - 1000 S Pointe Dr | 33139 | 26.44%
- Murano Grande - 400 Alton Rd | 33139 | 12.52%
- Portofino Tower - 300 S Pointe Dr | 33139 | (3.22%)
- Setai South Beach - 101 20 St | 33139 | 15.83%
- Waverly at South Beach - 1330 West Ave | 33139 | 14.25%
- Yacht Club at Portofino - 90 Alton Rd | 33139 | 8.11%
That wraps things up for the August 2007 South Beach Condo Index. Next week we'll take our third look at condos in Brickell.
[…] listed in the following 19 developments in the South Beach Condo Index has once again dropped. The August South Beach Condo Index revealed that the average price per square foot of available condos was $892.32. This month, the […]