S. Pointe Drive
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.
Some New Year Stats
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
Five Park Condominium – Miami Beach
Five Park is well under construction as the Tower has taken shape and is reaching for the sky. Most of the units are already sold out, but some do remain for pre-construction purchase. The landmark building will be the tallest in the City and feature some of the most impressive amenities anywhere. Five Park will famously connect to the South of Fifth neighborhood via the proposed Daniel Burren Bridge, a Pedestrian walkway over Fifth Street and the monumental entry to South Beach from the MacArthur Causeway.
Click Below for the Brochure
Click Below for the Floor Plans
