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Tips for Buying South of Fifth Condos

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Tips for Buying South of Fifth Condos

When it comes to cultural diversity and high-end luxury, few other areas compare to SoFi, or South of Fifth in South Beach, Miami. It’s a playground year round, whether you want to soak up the sun on the sandy beaches, take a cruise out into Biscayne Bay or enjoy the incredible shopping and dining opportunities that abound here. If you’re interested in calling SoFi home, you’ll need to know a few things about buying South of Fifth Condos.

Why Condos?

Why should you consider buying a condo in SoFi? Actually, there are myriad reasons. One of those is that condos are the most widely available type of real estate in the area, though there are single-family homes on offer. However, condo living offers some significant advantages over other options, including the fact that you don’t have to worry about property upkeep, get to enjoy stunning grounds and a wide range of amenities can be found with pretty much any property.

Know Your Options

When it comes to buying South of Fifth condos, you’ll find an incredible diversity of options available on the market. You’ll find older, established properties, but you’ll also find some of the newest and most innovative developments available. Whether you want a low-rise condo property or a view from the clouds, there’s a place to call home waiting for you here.

You will need to decide what side of the island you want to call home – the Atlantic, the Intracoastal Waterway or Biscayne Bay. Ocean and Intracoastal views are more widely available than views of the bay, simply because there’s more real estate available, but you will find quite a few condos out there that overlook the bay if that’s your preference.

You’ll also want to determine just how luxurious you want to go with your condo. You’ll find any level of luxury you can imagine available, from a comfortable home for retirees to ultra high-end living in some of the world’s most elegant properties.

Perhaps the best way to ensure that you find the perfect South of Fifth Condos from which to choose is to work with a real estate agent who knows the ins and outs of the area. With the right realtor on your side, you’ll be able to narrow down your choices easily, and might just find that locating the perfect home is not as hard as you thought.

South of Fifth condo prices per sqft

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South of Fifth Condo prices per sqft

Since price is of course the most important factor when buying or selling real estate I just ran some market stats for the past 12 months (Feb 2011-Feb 2012) for condo sales in 3 different areas:

South of Fifth (Miami Beach)

South Beach (other than South of Fifth) 

“Greater Downtown Area” – will be posted in the next few days

The charts below show you the average sold price per sqft in the South of Fifth area of South Beach for 6 of the most popular buildings in the area as well as the min / max sold price per sqft. Since the charts show you the minimum / maximum and average price per sqft that was actually paid in the past 12 months, this is a solid guideline of how much you should be paying / receiving when buying or selling a condo in any of these buildings. Of course there are many factors that will impact the price / value of any unit within the buildings, such as location in the building, views, finishes, etc.

South of fifth condos average price per sqft

As you can see Murano Grande, Icon and Portofino Towers are hovering right around $600 p. sqft as an average sales price, with both Continuum Towers commanding more than $1100 per sqft and Apogee – not surprisingly – eclipsing all other South of Fifth buildings at almost $1800 per sqft.

It’ll be interesting to see how Ocean House will fall into the mix, even though it is a boutique buildings, that can’t really be compared to any of the above buildings.

 

South of Fifth buildings minimum price per sqft

 

As you can see the price ranges per sqft in each of the buildings are quite large, resulting from the vast differences between units in each buildings. “Prime” views & finishes do command a premium while not so desirable lines in the buildings might sell at a discount. While there are very few distressed condos in these buildings, the few that have been there also tend to be on the lower end of the price and desirability spectrum.

Interested in buying or selling a condo in any of the buildings ?

Talk to Tom (305) 482-1688 or fill out below contact form and I will get back to you asap !

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