3 Bedroom Luxury Condos

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There are currently over 230 condos on the market in the South of Fifth neighborhood and a surprisingly small number of them are Three Bedroom units with 3.5 Baths.  This scarcity is part of the reason that many of them can sell in the $5-10 million dollar range and for more, sometime much more, than $2,000/SF

Currently best value in terms of Price per SF is the Murano Grande 508-509 combined unit with over 2,600 SF of Living Area, an Offering Price of $4,150,000,  and the lowest price multiple per SF at just $1575/SF. I love this unit and for a family with children, for art collectors, for the ultimate in entertaining…this is the place!

Below is a list of these 13, 3/3/1 units.  They are sprinkled throughout the South of Fifth neighborhood and can be found not just at Murao Grande, but at Apogee, Icon, Portofino Tower, Murano, 321 Ocean, 311 Meridian, 1 Collins, and both Continuum Towers.

New Luxury Condo at Murano Grande

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COMING ON January 9, 2025

One of a kind, upgraded, flow-thru unit on the lanai level, proving unmatched family and entertaining space both indoors and out. Primary Bedroom/Bath and Formal Living & Dining Area at one end, separated by a large open kitchen with informal dining, and ample space for entertaining & art display and two separated, en-suite Bedrooms and Family area on the other. Walk out the oversized, private Terrace to the private restaurant and Pool deck. It feels like living in a large house with the benefit of luxury amenities.

S. Pointe Drive

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South Pointe Drive contains some of the most valuable properties in all of Miami Beach and is the go-to destination for Buyers looking to find a Luxury unit.  The buildings along this ½ mile strip begin with the Murano on the Bay side and stretch to the 2 Continuum Towers on the Ocean Side.  In between are the Apogee, South Pointe Tower and Portofino Tower Condominiums.  All are waterfront properties with a Park adjacency, and  have similar amenity packages. The two Continuum Towers provide a Resort-like experience for its residents, while the Apogee is more exclusive and the most private among the group.  S. Pointe Tower is the oldest of the buildings dating back to the 1990’s, the Portofino Tower boasts an iconic design, while the Murano shines as the most contemporary looking of the group.

There are currently 55 units available for sale at the current time. The prices range from just over $1 million to $25 million. Click the Link below to see them all. Call me to see any of them.

View Properties

Some New Year Stats

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South of Fifth Absorption Rates

 

Every year I like to see how the Luxury Waterfront Towers in the South of Fifth Neighborhood stack up against each other.  They are among the most desirable buildings in Miami Beach and typically units in them command the highest prices.  Still, they tend to sell at different paces-some able to reduce inventory almost as fast as it appears, and others struggling to have it absorbed over multiple years.

The Chart above shows this quite clearly with the Continuum North Tower and Icon Condominiums each projected to sell the units currently on the market in the next five months based on their sales pace over the past 6 months. Compare this to the  Continuum South Tower and the Murano Grande Condominium (respective neighbors to the Continuum N Tower and Icon) which have 57 and 48 months worth of inventory based on their most recent sales pace.  The Murano also shares a similar absorption rate with these two buildings.

In a normal market an absorption rate of 6-9 months is considered balanced, neither favoring the Buyers or the Sellers. That said, there does not seem to be a balanced market in any of the buildings surveyed. The Continuum North Tower and Icon Buildings represent a Sellers Market with an Absorption rate of just 5 months, while the other six buildings more dramatically represent a Buyers market with it taking from 18-60 months for their inventory to be absorbed based on the most recent sales data.

The data for the chart above was compiled from the MLS at the end of 2023.

CONDOMINIUM                       ACTIVE LISTINGS                          RECENTLY SOLD

Apogee                                                        6                                                           2
Continuum N                                             5                                                           6
Continuum S                                            19                                                           2
Murano Grande                                        8                                                            1
Icon                                                             6                                                            7
Portofino Tower                                      14                                                           4
S. Pointe Tower                                         7                                                           2
Murano                                                     10                                                           1