Luxury 1 Bedroom Condos in SoFi

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Living in the South of Fifth Neighborhood provides benefits way beyond the boundaries of the unit you occupy.  The classic Realtor mantra “Location, Location, Location” perhaps says it all, and the specifics that apply to SoFi abound.  It’s a coastal community with glorious Beaches and a world class Marina.  It boasts some of the most sought after restaurants and cultural destinations. It is conveniently located to the airport and major transportation.  It’s a walking neighborhood, pet friendly, there are good schools nearby, and it’s usually sunny and warm.  Luxury defined!

Anyway, I wanted to talk about a particular subset of luxury units that are available in this neighborhood, that provide great value at an entry level price. They are smaller units in the Luxury Waterfront towers.  At this time there are just 8 such 1 Bedroom 1.5 Bath units available, representing less than 10% of the current inventory there.  The average price for these smaller units is $2.1 million while the average price for the 2BR and larger units in these same buildings is considerably more than $6 million.  Just click the link below to see them:

Luxury SoFi 1 Bedroom Condos

Most Expensive South of Fifth Condos

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The South of Fifth neighborhood is a primary go-to destination for Buyers looking for a Luxury lifestyle in their home, their building and their neighborhood.  It’s no surprise then that the most spectacular of the units available come at a price that reflects  the epitome of luxury living.  Here, then is a curated list of the 10 most expensive condominium units currently on the market in the South of Fifth neighborhood. Click the link below to see where unparalleled design meets breathtaking views!

Call me to see any of them.

View 10 Most Expensive Condos

Newest SoFi Listings

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With just more than a week into the new year, there are already a dozen new listings available for sale on the MLS in the South of Fifth neighborhood.  These units, all condominiums, range in price from under $300,000 to over $3,000,000, from 423 SF to 2,508 SF. They include Studio, 1BR, 2BR and 3BR units.  Five of the new units available are priced under $1 million and three are over $2 million.  For a description and photos of each, click the link below.

View New Listings

 

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

 

South of Fifth Waterfront 1BR’s

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