Miami Beach (33139) has had 40 closed condominium sales in the first 2 weeks of March!  Interestingly enough, the most expensive condo sold was a forclosure (REO), at THE SETAI!!!!!   The amazing thing is that this 3 bedroom, 4.5 bathroom, 3,691 square foot condominium had a list price of $4,200,000.00, and sold for $2,500,000.00!!!!  That is $677.00 per square foot.  In 2007 this unit, 1701, sold for $5,500,000.  What a  deal!

What does this tell us?  Don’t be scared of the LIST price.  You never know what a bank, or an owner is going to accept.  I always advise my clients to make offers.  What’t the worst that can happen, they say no?  At least you are putting your offer out there, at fair market value, at a price you are willing to pay.

I absolutely love The Setai.  It is located at 20th and Collins, directly on South Beach, and it’s neighbors include W hotel, The Shore Club, and Delano.  This is one of the most exclusive and expensive properties on Miami Beach, so at $677.00 per square foot for a unit of this size, is a record low per square foot, for several years.  Here are the sales for the past 12 months at The Setai:

Portofino Tower, unit 3101, 4 bedrooms, 6 bathrooms, 5,450 square feet, was listed at $3,500,000 and sold for $2,900,000.  That’s $532.00 per square foot.   Again, don’t be afraid of the LIST price.  I always say “you never know,” what a seller or a bank will accept.

The Third most expensive to close in Miami Beach since March 1, was at The Continuum.   Unit 3705, 2 bedrooms, 2.5 bathrooms, totalling 1,793 square feet closed for… drum roll please…  $752.00 per square feet, or $1,350,000.

The most expensive Key Biscayne condo to close in the past 6 months was at The Ocean Club.  Ocean Tower 1 Unit 901 closed on 12.15.2009 for $5,575,000.00, or $1,032 per square foot.  This 5,400 square foot, 4 bedroom, 5 bathrooms and 1 half located directly on the ocean.

There are currently 5 properties for sale at The Ocean Club that contain OVER 5,000 square feet.  The ASKING prices  for these units range from $5,500,000 to $6,290,000 with a range of 5,011 – 5,403 square feet.   The least amount of time these properties have been on the market is 225 days.  I look forward to seeing what these properties eventually sell for.  If we base it on the 1,032 per square foot price of Ocean Tower 1 901, that takes us well below these asking prices.

If we take a look at the statistics on the 84 properties that have closed on Key Biscayne going back 6 months, we find the AVERAGE selling price per square foot to be $457.00.  If we take a look at the condos sold ONLY in the 5 Ocean Club Towers going back 6 months, the averge selling price per square foot is $726.00, with a high of 1032 sq.ft and a low of 531 sq. ft.  Please click here to view these Ocean Club properties.

That’s right! 23 Condos have closed on Brickell during the month of February. 7 were foreclosure and 7 were short sales.

The most expensive condominium that sold was at The Four Seasons. This 4 bedroom, 4 bathroom, 3,357 square foot condo sold for $2,600,000.00 and spent 229 days on the market.

The least expensive condo, a 580 sq. ft. studio at The Four Ambassadors, a short sale, sold for $69,000.

To view these properties please click here:  February Closed Sales for 33131

Last year the same zip code saw 52 closed sales, of which 27 were foreclosures, and 6 were short sales. This is good news! Foreclosures are slowing down.

Please take advantage of my FREE Real Estate Market Report. Everytime I review a real estate report I am once again amazed by technology. Just fill in the box of the right hand side of my site, which looks like this:

Your report is FULL of GREAT information!!!! It provides an INTERACTIVE MAP for you to browse any neighborhood you wish. Find out ALL Miami Properties for sale. Find out all Miami condos or homes that have SOLD in the past 6 months. Here’s a glimpse of what you will see:

Key Biscayne has had 7 closed condominium sales in February with and AVERAGE selling price of $486.00 per square foot. The units that closed are:

The Ocean Club/Ocean Tower 1 # 1008 – This 3 bedroom/4.5 bathroom, 3011 sqft. condo sold for $1,962,500.00 after spending 316 days on the market. ($651.61 per square foot)

The Ocean Club/Club Tower 3 # 603 – This 3 bedroom/4 bathroom, 2500 sqft. condo sold for $1,550,000.00 after spending 85 days on the market. ($620.00 per square foot)

Key Colony/Tidemark #1224 – This 2 bedroom/3 bathroom, 1851 sqft. condo sold for $820,000.00 after spending 57 days on the market. ($443.00 per square foot)

Key Colony/Tidemark # 533 – This 2 bedroom/2 bathroom, 1541 square foot condo sold for $760,000.00 after spending 31 days on the market. ($493.18 per square foot)

Casa Del Mar # TH18 – This 2 bedroom/2 bathroom, 1042 square foot condo sold for $540,000.00 after spending 882 days on the market. ($518.23 per square foot)

170 Ocean Lane Dr. # 812 – This 2 bedroom/2 bathroom, 1435 square foot condo sold for $465,000.00 after spending 170 days on the market. ($324.04 per square foot)

The Palms – 77 Crandon Blvd. # PH3 – This 2 bedroom/ 2 bathroom, 1190 sqft. condo sold for $417,000.00 after spending 63 days on the market. ($350.00 per square foot)