VISIT OUR AWARD-WINNING WEBSITE
http://www.zilbert.com

IF YOU ARE VIEWING THIS E-MAIL ON A BLACKBERRY AND ARE HAVING TROUBLE SEEING THE IMAGES AND TABLES, YOU MAY CLICK ON THE FOLLOWING LINK TO VIEW THIS E-MAIL ONLINE:  http://www.zilbert.com/news/email/03122008.htm.

,

I'm pleased to bring you my latest Miami real estate newsletter.  Here is what you will find below:

  • MIAMI CONDO SALES UPDATE - See how the market is performing so far this year
     
  • TIPS FOR FINDING BARGAINS - An interview with Ocean Drive Magazine
     
  • MURANO/ICON/SETAI CONDOS IN SOUTH BEACH - Too-good-to-be-true deals
     
  • OUR PICK-OF-THE-WEEK - A new penthouse-style condo with a slashed price for quick sale
     
  • RAFFLES TORTOLA SITE VISIT - Amazing, amazing, amazing!
     
  • THE MORTGAGE ALTERNATIVE - How to get a loan when banks turn you down
     

Today's International Currencies (Source:  Wall Street Journal)

  • 1 Euro buys 1.557 U.S. Dollars ($)
  • 1 British Pound (£) buys 2.02 U.S. Dollars ($)
  • 1 Swiss Franc (CHF) buys 0.9855 U.S. Dollars ($)
  • 1 Russian Ruble (руб) buys 0.042 U.S Dollars ($)
  • 1 Emirates Dirham (د.إ) buys 0.2724 U.S. Dollars ($)
  • 1 Canadian Dollar ($) buys 1.0097 U.S. Dollars ($)

*  *  *

Here's What's New in Miami Real Estate

*  *  *

MIAMI CONDO SALES have been interesting to follow this year.  It's not quite a doom-and-gloom situation in our waterfront condo market, but performance isn't stellar either across the entire Miami market.  I think that a lot of buyers are waiting in the sidelines, looking for some signs that the market is improving.  We've seen dramatic increases in numbers of purchases by Canadian buyers this season, adding to the already-strong European buyer numbers.  This is due to the weakened US dollar, which many predict will stay weakened well into 2009. 

Miami's luxury waterfront market has yielded some pleasant surprises this year.  In 2008, so far this year, here is what I have observed:

  • There were 289 luxury condo sales from January 1, 2008 through today.  112 of these sales have closed, while 177 are in the process of closing.

  • We're looking at luxury condos in Miami, Coconut Grove, Miami Beach, Bal Harbour and Sunny Isles

  • The 112 closed sales totaled just over $195,384,000, or about $1,744,500 per condo.  The average selling price was about $554.94/sf.

  • The highest sale was a Continuum Townhome, selling for $3.1M ($1310/sf)

  • On a per square foot basis, the highest sale was Setai 3106, closing at $1857/sf

  • Bal Harbour's One Bal Harbour is the newest luxury building to open its doors this year.  Many were predicting that the building would be victim to the slower market this year, but the sales numbers are incredible.  Since January 1, 2008, 21 units have been RE-SOLD.  Out of these 21 units, 13 have closed at an aggregate selling price of $23,749,000, or about $1,826,846 per unit.  The average selling price was in impressive $727.72 per square foot

For this analysis, I observed data from the Southeast Florida MLS system for zip bodes 33139, 33140, 33141, 33132, 33133, 33160 and 33154.  I only included properties that sold for $300,000 or higher, or pending sales where the property was listed at $300,000 or higher.

*  *  *

OCEAN DRIVE INTERVIEWED ME in its current issue for tips on how to shop for the best deals in Miami.  Here are some of the pointers that I provided in this article:

  • Look for condos where the seller purchased the unit prior to 2004.  The seller will have a lot more room to negotiate than someone who bought after 2004.

  • Look for price drops.  My website, for example, shows when prices rise or fall for every listing.  A price drop is normally a good indicator that the seller is open to negotiation.

  • Forget about trying to buy foreclosures.  They are often not good deals.  You see, the banks that take over these properties need to recover their expenses.  And that will be reflected in the selling prices.

Read the full article to get more tips on how to make your best deals in Miami real estate.

LINK TO FULL ARTICLE (Opens PDF File)

*  *  *

WE HAVE THREE TOP OF THE LINE CONDOS that must sell fast.  Our three sellers have decided to create extraordinary deals for the right buyers.

Our first great deal is at the stunning Murano at Portofino.  This is a 3 bedroom flow through condo, with over 2600sf of living space, including private elevator foyer.  You can purchase this condo at a BELOW MARKET price, with your all-cash offer.  Trust me when I say that this is an unprecedented deal.

Our second great deal is a gorgeous Setai condo, 2 bedrooms, 1400sf, with direct ocean views.  This condo is eligible for the Setai Hotel rental program.  You can purchase this at a BELOW MARKET price, also, assuming that you make an all-cash offer.

Our third great deal is at the legendary ICON SOUTH BEACH.  We've got a 2150sf, 3 bedroom condo that will sell at a record-low price, for the right buyer with all cash.

Because of the nature of these opportunities, I cannot disclose the specific details in this e-mail.  If you have an interest in any of these condos, contact me directly and I will discuss the various options available to you.

*  *  *

WE LIKE TO FIND GREAT CONDOS that may not otherwise be obvious to the average condo buyer.  This week, we're pointing our clients to an amazing penthouse-style condo that sits smack in the middle of Miami Beach's intercoastal waterway.

This is a 2839 sf condo that sits on the top of the Aqua Gorlin building, a building within a gated and private new community on Allison Island in Miami Beach.  What's unique about this building is that the apartments sit at the southern tip of the island, giving the feeling of floating over the intercoastal waterway.

This is one of the greatest new condos in Miami, yet many people haven't had the opportunity to discover it.  It's truly something amazing.

The seller is SLASHING the price of this unique home from $1,999,000 to $1,599,000!  It must sell ASAP.  Let me know if you'd like more information or would like to visit this condo.  We can show it to you anytime!  Brokers, contact me, also, if you have clients that may be interested.

LINK TO THIS PROPERTY

*  *  *

RAFFLES IS BUILDING an incredible 500-acre resort in Tortola, which is an island in the British Virgin Islands.  I recently visited the site that will be transformed into the Raffles Residences and Resort.  It absolutely took my breath away.

The site sits at the north end of the island, and sits within a land formation that reminds me of an amphitheatre.  So, you have a beach level resort that is surrounded by a semi circle of rising landscape.  The condos and villas will be built up this mountain landscape, ensuring amazing views for every resident and guest.  It's really something to see!

To launch the project, the developer is seeking out 20 initial investors, called Founders.  Each investor will purchase a hillside villa, for about $2.5M-$2.7M.  This will be paid upfront.  There are enormous benefits offered to the founders, and I'd be happy to help you learn more.

At this point, you'd need to make a reservation.  In the near future, each reservation holder will be invited, in order of reservation date, to select his or her villa lot and design.  So, it's first come, first served.  Reservations can be made with refundable deposits.

VISIT RAFFLES TORTOLA

*  *  *

BANKS ARE STEPPING AWAY from many condos, it seems, and are holding back from lending.  You may have heard of the famous BLACK LISTS that banks have created.  The Black Lists identify condos that are considered to be high-risk.  Ironically, most new condos seem to be appearing on these lists.  So, the result to condo buyers is that funding may be hard to get when it comes time to close.

A number of new companies are now on the scene to help condo buyers.  These companies will typically give short term loans (6-12 months) to allow a condo buyer to close, resell and then move on.  there are other funding options available as well.

If you'd like to be put in touch with companies like this, just let me know.

*  *  *

To see what Super Deals we are featuring this week visit our Condo Showcase page:  CLICK HERE or visit http://www.zilbert.com/showcase.asp.

*  *  *

 

Zilbert Realty Group

For further information about Miami Beach Real Estate, visit our website at any time:
http://www.zilbert.com
 

Zilbert Realty Group, 605 Lincoln Road, #230, Miami Beach, Florida, USA 33139
Telephone: (305) 726-0100 x4500 Fax: (305) 726-0101 Mobile: (786) 280-0201


Broker: Mark Zilbert
 E-Mail: zilbert_contact@zilbert.com 
 

Zilbert Realty Group is not affiliated with any developer unless specifically indicated.  All information is believed to be accurate, but is not warranted.