South Beach Condo Index – September 2007

September 12, 2007

As with the Brickell Key Condo Index in August, I have included some key statistics about each of the 19 developments that comprise the South Beach Condo Index. The third set of statistics below will reveal the number of available listings in each development, the percentage that those listings represent of the total number of condos in the development, the number of pending sales as well as the number of closed sales within the past month.

The average price per square foot of condos currently 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 figure dropped to an average price per square foot of $887.60. The weight-adjusted average has also dropped from $777.86 in August to a weight-adjusted average for the month of September.

• 1500 Ocean Drive – 1500 Ocean Dr | 33139 | $1,233.21
• Bentley Bay – 520 & 540 West Ave | 33139 | $790.36
• Hilton Bentley Beach – 101 Ocean Dr | 33139 | $1,080.88
• Continuum South Tower – 100 S Pointe Dr | 33139 | $1,215.55
• The Cosmopolitan – 110 Washington Ave | 33139 | $595.00
• Courts at South Beach – 140 Jefferson Ave | 33139 | $526.71
• The Decoplage – 100 Lincoln Rd | 33139 | $667.18
• The Floridian – 650 West Ave | 33139 | $571.90
• Grand Venetian – 10 Venetian Wy | 33139 | $592.20
• Icon South Beach – 450 Alton Rd | 33139 | $909.42
• Il Villagio – 1455 Ocean Dr | 33139 | $1,593.44
• Meridian Lofts – 2001 Meridian Ave | 33139 | $583.94
• Mirador 1000 & 1200 – 1000 & 1200 West Ave | 33139 | $438.44
• Murano at Portofino – 1000 S Pointe Dr | 33139 | $1,201.70
• Murano Grande – 400 Alton Rd | 33139 | $857.67
• Portofino Tower – 300 S Pointe Dr | 33139 | $840.39
• Setai South Beach – 101 20 St | 33139 | $1,931.47
• Waverly at South Beach – 1330 West Ave | 33139 | $529.82
• Yacht Club at Portofino – 90 Alton Rd | 33139 | $705.10

The average price per square foot of condos sold over the previous six months has gone up slightly despite very little activity. The figure has increased from $776.55 in August to $783.25 for the month of September. The weight-adjusted average is now $693.71 which is also higher than last month’s weight-adjusted average of $689.30. A significant jump in the average price per square foot of units sold at Murano at Portofino over the past six months has much to do with the increase. A closed sale seven months ago that held its average down has fallen off, thus bringing its average higher.

• 1500 Ocean Drive – 1500 Ocean Dr | 33139 | $921.32
• Bentley Bay – 520 & 540 West Ave | 33139 | $631.43
• Bentley Beach – 101 Ocean Dr | 33139 | $1,254.49
• Continuum South Tower – 100 S Pointe Dr | 33139 | $1,041.54
• Cosmopolitan – 110 Washington Ave | 33139 | $546.95
• Courts at South Beach – 140 Jefferson Ave | 33139 | $456.52
• The Decoplage – 100 Lincoln Rd | 33139 | $568.17
• The Floridian – 650 West Ave | 33139 | $556.38
• Grand Venetian – 10 Venetian Wy | 33139 | $465.92
• Icon – 450 Alton Rd | 33139 | $809.83
• Il Villagio – 1455 Ocean Dr | 33139 | $1,176.96
• Meridian Lofts – 2001 Meridian Ave | 33139 | $434.78
• Mirador 1000 & 1200 – 1000 & 1200 West Ave | 33139 | $431.63
• Murano at Portofino – 1000 S Pointe Dr | 33139 | $1,040.34
• Murano Grande – 400 Alton Rd | 33139 | $761.17
• Portofino Tower – 300 S Pointe Dr | 33139 | $938.87
• Setai South Beach – 101 20 St | 33139 | $1,721.27
• Waverly at South Beach – 1330 West Ave | 33139 | $473.83
• Yacht Club at Portofino – 90 Alton Rd | 33139 | $650.36

Below you will find the new statistics that I have included in this month’s South Beach Condo Index. The first number directly to the right of each development name represents the total number of active listings. The second number, in parentheses, is the number of currently listed condos expressed as a percentage of the total number of condos in the development. The third number represents the number of pending sales while the fourth is the number of closed sales within the past month.

• 1500 Ocean Drive – 5 (4.46%) |0 | 1
• Bentley Bay – 47 (27.65%) | 2 | 1
• Bentley Beach – 15 (13.16%) | 1 | 0
• Continuum South Tower – 40 (12.58%) | 4 | 0
• Cosmopolitan – 28 (12.56%) | 0 | 0
• Courts at South Beach – 4 (4.00%) | 0 | 0
• The Decoplage – 57 (9.12%) | 2 | 0
• The Floridian – 54 (16.17%) | 1 | 3
• Grand Venetian – 16 (11.94%) | 0 | 0
• Icon – 44 (15.22%) | 4 | 1
• Il Villagio – 6 (4.72%) | 1 | 0
• Meridian Lofts – 16 (14.41%) | 1 | 0
• Mirador 1000 & 1200 – 105 (11.34%) | 9 | 3
• Murano at Portofino – 11 (5.82%) | 1 | 0
• Murano Grande – 51 (18.89%) | 1 | 3
• Portofino Tower – 35 (16.99%) | 1 | 0
• Setai South Beach – 30 (18.40%) | 2 | 1
• Waverly at South Beach – 41 (10.28%) | 3 | 2
• Yacht Club at Portofino – 39 (10.80%) | 2 | 0

There were a total of 15 closed sales from August 12, 2007 to September 11, 2007. 11 of these transactions took place in four developments: The Floridian (3), Mirador 1000 & 1200 (3), Murano Grande (3) and Waverly at South Beach (3). Four others had one closed sale each while the rest had zero. Last month there were a total of 18 closed sales over the previous 30 days. I’ve calculated that there have been a total of 161 closed sales over the past six months in the above 19 developments. That tells me that the previous four months prior to last month had an average of 32 closings each. The recent closed sales figures reveal that there has been a huge drop-off in activity. It is difficult to say, however, how much of this is due to the market slowdown and how much is due to seasonality since the summer months are the slowest for the South Florida real estate market.

The good news is that there’s now a total of 35 pending sales in the above 19 developments. I’ve definitely seen an increase in activity within the past two of months. However, I, as well as many other Realtors that I’ve spoken with, have encountered problems with condos appraising for the full purchase price. A pending sale doesn’t hold as much relevance as it once did. I wonder what percentage of the 35 pending sales will actually close.