The Miami Beach condo market has been pretty stable in terms of foreclosures compared to other areas of Miami and / or Florida. Currently there are only 79 bank owned condos listed for sale in all of Miami Beach. Considering that the South East Florida MLS currently shows over 2600 condos for sale in Miami Beach, this represents just about 3% of all available properties.
When it comes to luxury condos, the statistics are even better (or actually worse if you happen to be a buyer waiting for a killer deal on a high end unit).
Out of the 79 bank owned units only 3 are priced above $1mm and only 7 are priced above $500k with the vast majority being in the sub $200k range. Makes sense if you think about it. Most high end properties were paid for in cash by buyers that could actually afford to own them.
Out of the 3 current units listed at above $1MM one stands out as being a great bargain for the right person.
Bath Club (5959 Collins) unit 607 is currently listed at $1,291,600 or $436 p. sqft. For a direct oceanfront unit in a high end Miami Beach condo building, this is about as good as it gets. On top of that the unit has been on the market for quite some time so there should be some more room for negotiations.
What’s the catch ? Well, for one the bath club’s maintenance fees are on the high side at over $1.15 p. sqft, however you get extraordinary attention to detail from all staff members. Within one minute of my arrival, everybody from the valet, to security and the front desk staff knew my first name and where in the building I was going.
Another downside of the particular unit is the 6th floor location, since your ocean view is slightly tainted by the beach villas in front of your unit.
With all that being said, the unit is still an incredible deal for somebody that wants to live in a top building at a midrange price.