Murano Grande South Beach

Demand for oceanfront condos was particularly high this winter.  Prices for Miami Beach oceanfront condos for rent soared as inventory dipped to dramatic lows.

If you wanted to rent a luxury waterfront condo in South Beach this year, you probably had to sign a six month lease.  This minimum rental in the Murano Grande South Beach and most other luxury condo buildings is months.  This discourages short term rentals, which are lucrative for owners, but increase noise and wear-and-tear on buildings.

Despite long rental minimums and extensive background checks, demand for Murano Grande South Beach condos remained very strong.  In fact, at the time this article was written, only 2 out of the 270 total condos in the Murano Grande South Beach remained available for lease.

Anyone interested in renting a condo in the Murano Grande South Beach should start early, as each lease has to go through an approval process which includes a background check.  Call me the next time you consider renting a condo in the Murano Grande South Beach and I will make sure the process is smooth and painless.

Murano Grande Penthouse B

Murano Grande Penthouse B was listed for sale two weeks ago for $15,900,000, or $3,630 per square foot.

In addition to the fabulous amenities available in the Murano Grande South Beach, this penthouse features 2 floors of living space, 24 foot ceilings, four balconies, two large terraces, as well as a pool and custom hot-tub, as presumably amazing views of the Atlantic Ocean, Biscayne Bay, downtown Miami and more.

Sure, the Murano Grande is one of Miami Beach’s nicest buildings and Penthouse B is no doubt one of the nicest condos for sale in the region.  Nevertheless, the price seems unwarranted.

Miami Beach is currently experiencing a penthouse boom, where prices are appreciating substantially faster than normal luxury condos in the same buildings.  See the recent sale of Icon South Beach Penthouse 2, which sold at the height of Miami Beach’s infamous condo boom in 2007 for $7,000,000, or $875 per square foot, and then again on January 1, 2013 for $20,963,054 or $2,623 per square foot.  Sale prices are even higher for luxury oceanfront penthouse condos like Setai Penthouse B, which sold on January 14, 2013 for $27,000,000, or $3,800 per square foot.

The approximate $1,200 per square foot difference between Icon South Beach Penthouse B and Setai Penthouse B is largely attributable to the fact that the Setai is located on the ocean and the Icon is not.  Further, the Setai has slightly better amenities, such as legitimate dining facilities.

In light of these recent sales, Murano Grande Penthouse B seems overpriced.  The Murano Grande South Beach is substantially similar to the Icon South Beach in terms of location and amenities, yet it is priced as if it were an oceanfront penthouse.  Further, it doesn’t stack up to its competition.  Murano Grande Penthouse B is listed for nearly $100 per square foot more than Continuum South Beach Penthouse 2, which is located on the ocean, offers substantially more of everything and is arguably the most desirable penthouse for sale in Miami Beach.

Is Murano Grande Penthouse B overpriced?  Probably, but only time will tell.

Murano Grande South Beach

Prices for luxury condos South of Fifth Street are about to hit a milestone. With the exclusion of Yacht Club at Portofino and South Pointe Tower, which were each built before the condo boom, the Murano Grande South Beach is the last building left with a two bedroom condo for sale below $1,000,000.

Unit 2209 in the Murano Grande South Beach is listed for $889,000. It has two bedrooms, two baths and 1,437 square feet. From the pictures, the marble job and paint look terrible and the wood floors in the bedrooms are an insulting cost-saver; nevertheless, this condo is a must buy. Prices for two bedroom condos are moving squarely above the $1,000,000 mark in the Murano Grande South Beach and most of the other high-rises South of Fifth Street.

There may be a few more owners who are willing to sell for less than $1,000,000 this year; however, I predict that prices for two bedroom condos in the Murano Grande South Beach and in the other luxury condo buildings South of Fifth Street in Miami Beach will be will be squarely above $1,000,000 next season and forever after.

Call me for more information about this condo and the Murano Grande South Beach.