WOW.. Waverly South Beach condo just installed new elevator panels. A great improvment and upgrade. Good things are happening.

Waverly Condo new elevator panels

The Waverly Condo of South Beach with 399 units has historically averaged sale inventory of about 10% of the total units (40ish). From the time The Waverly sold out in 2004 it was common to find 38-42 units for sale.
Buyer’s market to Seller’s market; In the third quarter of 2008 as we experienced the collapse of financial giants and huge swings in the stock market, the condo sale inventory in South Beach and The Waverly grew and grew. In the first quarter of 2009 the Waverly of South Beach had 58 condo units for sale and prices fell hard. The majority of those units were distressed sales, either buyers just in over their heads or the fraud mortgage units where the Owners disappeared (with pockets full of cash). 2009 was the year that Buyers tried to time the market and find its bottom. Many played the waiting game, believing condo units that were already discounted at 40% would fall further. Those who realized the opportunity started buying and within the first four months of 2009 a total of sixteen Waverly Condo units went into contract. As compare with only six condo units going into contract the prior quarter (2008). The amount of units for sale at The Waverly started to lower and before the end of 2009 The Waverly was back near 10% (about 40 condo units for sale).
Coming into 2010 we continued to see the amount of Waverly Condo units for sale lowering as Buyers were now realizing they missed the bottom. Anything that was a decent price was going into contract quickly and multiple offers were being made, bidding up the prices. By the end of 2010 there were twelve condo units for sale at Waverly and the short sale and distressed sales were gone. Some of those units now going into contract were “flips”, purchased within the prior twelve months and now being sold for as much as 30%.
Today The Waverly Condo has only 8 units listed for sale it has become a Seller’s market again.
For more information on The Waverly Condo or other South Beach Miami properties visit Live Realty located in the lobby of the Waverly Condo at 1330 West Ave, Miami Beach or call Robert at Live Realty 786-286-6960

Romantic Miami sunset at the Waverly Condo

The warm weather is back and there is no better place to enjoy it than at the Waverly Miami Beach Condo.  Great 1 and 2 bedroom condos starting in the high 200′s.  Enjoy great views of Biscayne bay and the Miami Condo skyline.  Some units offer ocean views and views of the Miami Beach city.  The luxurious heated lagoon pool and hot tub are nestled next to the bay walk and offer spectacular sunset views.

The Setai Miami Beach Condo is arguably the most luxurious condo on South Beach, Miami.  Tranquil spa like feel to every area, outstanding service and attention to detail.  Luxury oozes from every fiber.  Find your piece of paradise at the Setai South Beach.  Also find recent sale prices.

Here are the pending sale Setai Miami Beach Condos:

Setai 2501/02 4 bedrooms/4 bathrooms

Setai 2602 2/bedroom/ 2 bathrooms

Welcome to Live Realty.  We are located on Miami Beach in the Waverly Miami Beach condo also known as the Waverly of South Beach.  We have organized our site as a virtual realtor to assist you in finding Miami and Miami Beach Condos, luxury properties including Miami Beach luxury condos and Miami Beach luxury homes.  Our site is loaded with information but the information is subject to change.  Contact one of our Miami or Miami Beach Realtors to get all of your questions answered, verify online information and to schedule a personal tour of your selected Miami or Miami Beach Condos.  Miami Beach is one of hottest destination on the planet.  One cannot over emphasize the natural beauty of the ocean and sky and the Miami skyline created by a wonderful Miami condo market.  But there is more; Brickell Condos, Midtown Miami Condos and Downtown Miami Condos.  Not ready to buy, check out Miami Beach Condo rentals.

This program has been extended and expanded to included long time home owners replacing their primary residence.  Buyer’s much be in contract on or before April 30, 2010 and must close on or before June 30, 2010.  Qualified buyers may calm the credit on their 2009 or 2010 federal taxes.

Click here for the full details: News release 2009-108

This is continued good news for the real estate market recovery.

Fannie Mae has released a list of condominiums on Miami Beach and the greater Miami area that have received special treatment that will allow for financing of the purchase of these properties.  Many have tried in vain over the past year to close a sale with financing.  This is not just an opinion; a quick search for recorded mortgages on Miami Beach during 2009 will yield scant results with many building showing 0-3 mortgage recorded for the entire year.  Many of these newly recorded mortgages were the result of mortgage modifications and not purchases.  The top brokers in Miami believe that financing will be the key factor needed for real estate recovery and therefore the greater economic recovery.  The weather is uncharacteristically cold and this news arrives at the perfect time to warm up the market.  The list included popular Miami Beach condos like Mirador and the Roney Palace.

Read Fannie Mae press release:  Click here

View the entire list of condos with special Fannie Mae financing:  FL_special_approval

View available listings in the Mirador: Click Here

View available listings in the Roney Palace: Click Here

Miami Beach Short Sales and REOs

Short Sales and REOs, these terms are synonymous with getting the best deals in the Miami and Miami Beach real estate market.  However, getting these deals does come at a price.  Short are anything but short and typically require heavenly patience from all involved.  Inexperienced buyers typically feel that they can dictate the price and terms.  This mindset results in high levels of frustration, disappointment with many not following through and losing out on a great deal.  Our experience with short sales range from approval in 45 days to approval in 14 months but the average is about 5 months from a complete package submission.  A buyer’s only salvation is to work with experienced agents, that is, agents experienced in completing short sales.  At Live Realty we have significant experience with short sales and REOs and have the know how to navigate these treacherous waters.  There are new government guidelines that require banks to provide a response with 2 weeks and this will make the process more palatable.  There are other ways to get deals in the Miami and Miami Beach real estate markets.  To get the deals you will need to contract with a Live Realty real estate expert.

Browse Miami Beach Short Sales

The Waverly of South Beach located on the bay at 1330 West Ave, Miami Beach FL 33139

We have made it through 2009 and now begin 2010.  At the beginning of each year we take time to be retrospective to judge our performance and forecast our future.  In 2009 at The Waverly South Beach there were 31 sales recorded on MLS.  This number is significant in that it is greater than the total sales in 2008.  Year 2009 saw record low prices and loads of cash investors looking for killer deals.  Those deals came and were taken very quickly by those who accurately timed the market and were able to get 2 bedroom apartments in the Waverly South Beach for as low as 250K.  The killer deals are gone but there are still very good deals to be had around 300k.  Year 2009 was the year of short sales and this is expected to continue for 2010.  These contracts continue for several months awaiting bank approval and we start 2010 with 15 pending sales.  This is a very good start to the year.  At Live Realty, we found that the biggest challenge for the market is financing.  There are a significant number of buyers ready with their 20% but the banks have apparently black-listed condominiums in Miami and Miami Beach.  This is a yellow alert for the cash buyers who currently enjoy a monopoly on purchasing.  Once financing returns there will be more competition from buyers and prices will begin to rise organically.

Lincoln Road, South Beach

Added Vision, Adding value to the West End of Lincoln Road. Designed by the Swiss duo of Herzog & De Meuron (Bird’s Nest, Beijing Olympic Stadium) and local landscape firm Raymond Jungles, the building is nearing completion.

Located at the intersection of Lincoln Road and Alton Road, 1111 Lincoln Road is actually an addition to the existing Sun Trust Building next door.  The location was previously a yawning surface lot.  The building will serve not only as a parking garage for the bank, but also for the west side of Lincoln Road.  1111 Lincoln will have ground level retail, a handful of residences, and a restaurant atop. It is hoped that 1111 Lincoln Road will serve as another landmark on the west side of the important street — bringing tourists and activities to that side of Miami Beach as well.

1111 Lincoln Road, South Beach

Of interest, it looks like 1111 Lincoln Road will house a Taschen Books retail store at the base of the building. According to the website, the architecture book provider will open a store that is scheduled to open in January of 2010.  This will be a great move in the part of Taschen and the developers of the building.  1111 Lincoln will serve as a landmark for architectural tourism in Miami Beach, especially when combined with the new Frank Gehry building under construction only a few blocks away (New World Symphony).   There are only ten or so of these stores in the world and only three others in the United States — many if not all designed by Philippe Starck.

Tour the property: www.1111lincolnroad.com

Some of the most exciting properties offered on or near Lincoln Road are:

1111 Lincoln Road, with only four residential units designed within the contemporary Live, Work concept.  Residences start from $2,495,000 for 2,098 sq ft.

Capri South Beach

The Capri Condo Miami Beach waterfront residence start from $495,000 for the 721 sq ft one bed, 1.5 baths and $975,000 for the 1,298 sq ft 2 bedroom, two baths. The 5-Star waterfront property is situated on 2 lushly landscaped acres of prime bay front just one block from world famous Lincoln Road.   The Capri South Beach Offers pool, Jacuzzi, fitness center, spa, 500 feet of bay walk with a private marina and boat slips up to 62 feet, 24hr security and valet parking, concierge services. Walk to famous Lincoln Road, theaters, great restaurants and South Beach.  The new boutique development, Capri South Beach, features high end kitchen with Miele/Wolfe/Subzero appliances, Poggenpohl cabinetry, travertine flooring, luxurious oversized soaking tub and glass enclosed double head rain shower.

If you are looking for just a place to hang your bikini, the Lincoln Road area offers great boutique buildings with studios (300-400 sq ft) from $100,000,  full one bedrooms from the high $100,000′s and two bedroom units from $225,000.