This past year has been a blockbuster year for oceanfront condos in South Florida. Inventories are down and sales are up dramatically. There are a few new buildings that were finished at the time the market took a dive and sales activity up until last year was pretty sluggish. Not any more. Sales in These new buildings are booming and are coming close to being completely sold out. This is consistant from South Beach, Miami Beach Bal Harbour, Sunny Isles, and Fort Lauderdale.
Here is a profile of a few buildings along the coast of South Florida
Canyon Ranch Miami Beach-Sold over 100 units in 10 months
Sapphire in Fort Lauderdale. Great location low rise building- Sold Out
Trump Towers Sunny Isles- Tower Three is over 80% sold out. Tower One and Tower Two Sold Out.
Jade Ocean Sunny Isles- A few units remain
Trump Hollywood- Over $100 Million in sales in the last few months and several lines in the building are sold out
Sonata Beach Club- Pompano Beach- 65 Unit boutique building a few units remain
Oceanside-Pompano Beach a few units remain.
Many buyers that buy in South Florida buy with the idea investing in South Florida real estate as a good long term investment that they can use as well. Many investors buy with the idea of renting out the condos. The seasonal rental market is very strong as vacationers flock from around the world to visit South Florida.
In the past 60 days about 50 oceanfront condos over $1million went to contract. That is quite strong considering the South Florida buying season has not even started.
In the resale market, the fine buildings that I carefully watch have all had very strong sales activity and many have had price incresases. Not to say there aren't buys out there. Long term South Florida Oceanfront Condos continues to be attractive to buyers from around the world.
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