The southern portion of Miami Beach is known as "South Beach."

Photo by Britt J. Rosen - Copyrighted  (2005) - Looking north from "Sofi"

The area stretches from South Pointe Park at the southern most tip of the island of Miami Beach, north to 17th Street. It is world famous for its Art Deco architecture, as well as for its shopping and entertainment amenities which include numerous restaurants, night clubs and a strand of premier beach bordering the Atlantic Ocean.

South Beach’s strand of beach ranks as one of the Travel Channels’ top ten beaches in the world. The Surfrider Foundation voted it the premier urban beach in the United States. Occupying less than two square miles on the southern tip of Miami Beach, South Beach’s subtropical sandbar has an identity of its own. South Beach's Art Deco District contains over 800 buildings in a distinct architectural style. Ocean Drive is rather known for its lively activity and sidewalk cafés. The area has also become a favored location for films, music and television shows and scenery for fashion shoots. The Art Deco Historic District, with the largest concentration of 1920's and 1930s architecture in the world, is listed in the National Register of Historic Places and recognized globally as one of Greater Miami and the Beaches’ unique attractions.

Development in the district continued during the 1930s and 1940s. Buildings constructed in the Art Deco district during this time were mostly three-story walk up, many with exterior corridors. Many of these buildings incorporated the original “art deco” design. By the mid-1950s, most of the land area in the neighborhood had been built upon, and the area reached the mid-stage of its initial life cycle. The general economic conditions in the South Miami Beach area during the 1950s and early 1960s were relatively healthy.

Lincoln Road Mall had become one of the premier shopping districts in the area. While there were new and more upscale hotels (like the Fontainebleau and Eden Roc) built to the north of South Beach, attractions like the Jackie Gleason Show at the Convention Center helped maintain the stability of the South Beach area. During this time period, the proportion of year round residents in the area increased.

A notable trend of decline became evident in the late 1960s and early 1970s. The Art Deco District was largely becoming a home to lower income retirees from the northeast. Residential buildings in the area exhibited increasing signs of deferred maintenance. Hotels along Collins Avenue and Ocean Drive began to experience financial difficulties. Lincoln Road began to lose the reputation as Miami Beach’s most fashionable retail area, as the Bal Harbour Shops to the north provided increasing competition. This trend continued throughout the 1970s, despite some early efforts at revitalization. The first effort to reverse the trend of decline was the South Beach Redevelopment Plan in the early 1970s. The plan called for a complete reconstruction of virtually the entire area of Miami Beach south of 5th Street under a master plan concept, and included the construction of a series of canals and numerous high-density residential buildings. Land was to be acquired by a quasi-public agency with limited eminent domain powers. However, the redevelopment effort became mired in political disputes and never got off the ground, and as a result the area continued to decline.

In the area to the north of 5th Street (essentially the Art Deco District, the Washington Avenue Commercial District and the Ocean Drive Entertainment District), community efforts for rejuvenation continued after the demise of the South Beach Redevelopment Plan during the latter part of the 1970s and into the early 1980s. However, the concept of a public or quasi-public agency acquiring land in a planned redevelopment effort would not be a component of any new plan. In essence, individual owners/investors would have to lead the way with individual projects. Some early efforts were undertaken, but it was not until the late 1980s to early 1990s that a critical mass was obtained.

By 1990-1991, the rejuvenation of South Miami Beach was well underway. The Art Deco District was evolving as a viable rental area for younger and more affluent tenants. Many of the older residential buildings in the district were purchased by investors who completed significant rehabilitation, but generally retained the original unit mix. This area contains the city’s Art Deco District a one square mile area containing more than 650 architecturally significant buildings designed in the Art Deco and Mediterranean Revival styles. The area contains the largest collection of Art Deco architecture in the country. Developed in the 1930's when Art Deco was the contemporary style, the district is the Nation's youngest historical district and was placed in the National Register of Historic Places in 1979.

Active apartment building operators included the Chrisken Group, Streamline and DACRA. These investors and others acquired numerous buildings in the Art Deco District in the late 1980s and early 1990s and completed a range of renovation/rehabilitations. The majority of the projects involved rehabilitations, which entailed new painting, some new appliances, floor refinishing, some new windows and some fixture upgrading. Generally, these projects are referred to as moderate rehabs. Rental rates obtained for the rehabilitated units were typically $150 to $200 per month higher than previously, and tenants tended to be much younger. In some of the buildings acquired, extensive reconfiguration and renovation were completed. In these projects, the original unit mix was substantially altered, usually to create fewer and larger units. These units generally were rented at the high end of the range for the district. Some early attempts at condominium conversion were made in the late 1980s and during 1990-91. In general, these early attempts were not very successful. However, the concept of condominiums in the area began to take hold during late 1991 and early 1992.

Most of the condominium sale activity, which has taken place in the Art Deco District, has involved rehabilitations or renovations of older existing buildings. This is partly because zoning regulations in the district do not allow for demolition of existing structures. In an effort to preserve the Art Deco design of the area, the ordinance maintains that the exterior walls of any existing structure in the district may not be altered. Thus, rehabilitation/renovation must maintain the existing exterior of any existing building in the district.

There is a very small inventory of vacant lots in the district. Most of the development took place prior to the 1950s. Since that time until relatively recently, it has not been feasible to develop these lots. With the successful renovation/conversion of existing buildings for a more upscale clientele, developers discovered that higher income residents could be drawn to the area, and the new condominium market began to evolve.

During 2004-2006 the trend to condominium conversion of traditional apartment buildings was in full swing. This was the result, not only of the developers’ successful marketing efforts and the recent popularity of South Beach as an entertainment venue, but it is also reflective of the economic realities of the times. Landlords have been squeezed by rising operating costs that are largely driven by increased real estate taxes and, in the wake of several active hurricane seasons, sharply higher property insurance premiums. On the other hand, historically low mortgage interest rates were available to buyers for the past several years, driving an interest in equity ownership as opposed to renting. Thus, multi-family residential properties were attracting significant amounts of investment for the purpose of refurbishment, condominium conversion, and then re-sale as individual condominium units.

The area located in the southernmost portion of the City of Miami Beach, south of Fifth Street,  is known as “Sofi” for “South of Fifth” and previously known as the “Redevelopment Area.”  Fifth Street is a geographic divider between north and south and a major thoroughfare of the area for east and westbound traffic. This area  This the southernmost tip of Miami Beach known as South Pointe, adjacent to the Government Cut waterway, the access to the Port of Miami used primarily for the cruise lines and international cargo.

While the redevelopment area no longer exists in South Pointe, the zoning of the area is still based upon performance standards zoning set down as part of the old plan. The old plan encouraged high density development, assemblages and development of this area which historically was made up of small commercial properties and apartment buildings whose improvements had reached the end of their economic life.

The zoning in the rest of Miami Beach is mostly RM which is multifamily, and CD, a commercial zoning, in South Pointe there is RPS-1 (residential performance standard) 1 thru 4, and CPS (commercial performance standard) 1 thru 4. There are some extra requirements regarding open space in these areas, lot frontages and accessory uses. The zoning provides no large advantage relative to other portions of Miami Beach. 

View southwest of Ocean Drive and Art Deco buildings - Photo by
Britt J. Rosen

Over the past ten years, among the most successful high rise luxury condominiums in Miami-Dade County were developed in the South Pointe area. Joe’s Stone Crab, Smith & Wolensky, and Penrods are all located in this “Sofi” area of South Beach and within walking distance of the subject. The Miami Beach Marina is also in this area, on the Biscayne Bay side of the island on the west portion of the neighborhood. Property values in the overall area have been increasing and continue to show steady growth. Lincoln Road has undergone extensive renovations and is steadily gaining popularity with the local residents as well as visitors to the area.

The boundaries of the Art Deco District are: Hank Meyer Boulevard (17th Street) to the north, 6th Street to the south, Ocean Drive to the east and Lennox Avenue to the west. The neighborhood boundaries extend down to the southernmost tip of Miami Beach. Miami Beach was incorporated in 1915 and, according to the year 2000 census, contains approximately 87,533 residents in a 7.1 square mile area. It is the fourth largest municipality in Miami-Dade County. The City of Miami Beach has long been a desirable tourist destination for both foreign and domestic travelers. With the redevelopment of south Miami Beach most beach hotels are filled to capacity with little or no vacancies.

View of South Beach, Lummis Park and Boardwalk - Photo by Britt J. Rosen

Map of South Beach with list of major buidlings

Mark Zilbert, Realtor

View along Alton Road looking north from the newly completed Apogee

Aerial view of the area "south of fifth" or "Sofi"

View of Bently Bay Condo from pool deck.  This building was designed by Arquitectonica to look like a sail. 

 

Info on South Beach and Link to Local Blogs:
 
7 Townhomes in South Beach is now Sold Out!
3/20/2009 8:43 PM
Finally some good news in the Miami Beach real estate market. The last unit has been sold at 734 Michigan Avenue, also known as 7 Townhomes. The ultra-modern townhomes are located at 734 Michigan Avenue in the heart of South Beach and consists of seven tri-level townhomes. Each residence features soaring 28-foot ceilings, private rooftop terraces a...Read More
 
One Bal Harbour:: A look inside of one of Miami's most luxurious condominums
8/11/2008 12:11 PM
Located at the northern tip of Bal Harbour sits one of the most luxurious condominiums ever built. When it comes to luxury and quality, One Bal Harbour stands alone. It is positioned directly on the Atlantic Ocean where the ocean connects to Biscayne Bay via the Baker's Haulover Inlet. One Bal Harbour opened it's doors in early 2008 and has been ge...Read More
 
Filling Station Lofts: Transforming the Neighborhood
2/8/2008 3:38 PM
While it won’t necessarily change the Miami skyline, Filling Station Lofts is a project that will dramatically transform the west end of the Performing Arts District also known as Park West. The somewhat shady neighborhood west of Biscayne Blvd is currently home to Parc Lofts, one of the most successful loft projects ever built in Miami. Parc Lofts...Read More
 
A Look Inside Apogee South Beach:: Video and Photo Tour Jan 27, 2008
1/31/2008 4:05 PM
A few days ago, I had the opportunity to tour Apogee South Beach. It was my first time in the building since it recently opened and Rosario and I were able take a quick video tour and shoot some decent photos. I have a client who is interested in the 04 line and was able to see two different layouts in this line, one of the 11th floor and the other...Read More
 
Miami Beach Luxury Condos:: What’s in a Name?
1/22/2008 12:15 AM
During the last few years, Miami Beach has been at the forefront of luxury condos and high-end developments. One of the most notable changes to the Miami Beach real estate market is the introduction of luxury branded condos. The Setai. W South Beach. Mondrian. Ritz Carlton. These are just a few of the new branded condos that are changing Miami Beac...Read More




Info on South Beach and Link to Local Blogs:
 
Setai Penthouse Reduced to a Cool $19,999,999
3/8/2010 7:03 PM
Penthouse B at The Setai is one of the most visually stunning pieces of real estate in South Florida.  The 10,000 square foot penthouse was reduced last month to $19,999,999 from a previous asking price of $22M.  In February 2006, the sellers were asking a whopping $34M.  The fully furnished 4 bedroom/4.5 bath penthouse has [......Read More
 
Top 5 Distressed Condo Sales Closed in February 2010
3/6/2010 12:13 PM
Below, you will find what I believe to be the five best condo deals of the 40  distressed sales that closed in February 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. Two Midtown #H1002 – 1 bedroom/1.5 bath (735 square feet) – This unit sold for [......Read More
 
1 Bedroom Foreclosure at Brickell on the River North – $138,000
3/4/2010 4:48 PM
A 1 bedroom/1 bath condo foreclosure at Brickell on the River North became available yesterday for $138,000.  The unit has 757 square feet of interior space, a balcony off the living room, a Jacuzzi tub in the bathroom, carpeting in the living room and bedroom, ceramic tile in the kitchen and marble flooring in the [......Read More
 
Marina Blue Penthouse to be Featured in Season 4 of “Burn Notice”
3/3/2010 5:13 PM
Earlier this afternoon, an episode for next season’s “Burn Notice” was filmed in Penthouse 5708 at Marina Blue.  The 4 bedroom/4 bathroom penthouse has 4,198 square feet of interior across two levels, 20-foot ceilings with floor-to-ceiling glass windows and panoramic views of Biscayne Bay, the Atlantic Ocean and the Miami Be...Read More
 
Fannie Mae Special Approval Designation – Updated
3/1/2010 10:34 AM
The following are six well known condo buildings in Miami that were given the Fannie Mae Special Approval Designation since my last update on January 18, 2010.  The special designation makes it now possible to obtain financing for condos in these buildings using a conventional loan. Brickell Key II One Miami East One Miami West Skyline on B...Read More
 
5 Highest Condo Sales Closed in January 2010
2/17/2010 2:38 PM
The following are the 5 highest condo sales in Miami-Dade County that closed in January 2010 through the MLS: Acqualina PH4501 – 5 bedroom/6.5 bath (6,353 square feet) – This penthouse sold for $4,700,000, or $740 per square foot, on January 27, 2010. Continuum North Tower #TH6 – 4 bedroom/4.5 bath (2,901 square feet) – Thi...Read More
 
Top 5 Distressed Condo Sales Closed in January 2010
2/9/2010 9:43 AM
Below, you will find what I believe to be the five best condo deals of the 66 distressed sales that closed in January 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. Ten Museum Park #1905 – 1 bedroom/1.5 bath (791 square feet) – This unit sold for $137,000, or [......Read More
 
Condo Rankings Updated
2/8/2010 4:58 PM
Just wanted to let everyone know that I updated the Condo Rankings page late last week.  It had been around 9-10 months since I had last updated the page so it’s something that was long overdue.  I only adjusted the location and risk scores and left the other columns untouched.  Santa Maria still ranks #1 [......Read More
 
Miami Condo Investments iPhone Application Now Available
1/29/2010 1:22 PM
I’m happy to announce that the Miami Condo Investments iPhone application is now available for download at the Apple iTunes store.  Click on the image below to access it.  Any feedback that you might have is much appreciated. addthis_url = 'http%3A%2F%2Fwww.miamicondoinvestments.com%2F2010%2F01%2F29%2Fmiami-condo-investments-...Read More
 
iPhone Application Release Update
1/28/2010 2:18 PM
Just wanted to give everyone an update regarding the iPhone application.  It was submitted to Apple about two and a half weeks ago.  Apple contacted me late last week stating that a few minor changes needed to be made.  Those changes were made and the app was resubmitted this past Monday.  We’re hoping that it [......Read More




Info on South Beach and Link to Local Blogs:
 
Throwdown: Miami Beach vs. Greenwich, CT
2/26/2010 9:31 PM
...Read More
 
Miami Beach Real Estate: Rapper Lil Wayne Lists South Beach Condo for $2.8M
2/16/2010 4:24 PM
...Read More
 
Miami Beach Real Estate: 2009 South Beach Condo Market Index
2/9/2010 11:57 PM
...Read More
 
Real Estate Developer Sells Miami Beach Estate for $4.6M
1/7/2010 5:52 PM
...Read More
 
Miami Beach Luxury Real Estate: Waterfront Homes PPSF Falls 25% Y-O-Y
1/1/2010 3:45 PM
...Read More
 
Christmas Came Early For Me:”Miami Social” Starts Filming 2nd Season in March UPDATED
12/16/2009 5:45 PM
...Read More
 
Miami Beach Luxury Real Estate: Reduction of the Day -1350 S. Venetian Drive
12/14/2009 1:29 PM
...Read More
 
Haute Linkage: More South Beach Hotels in Trouble; Art Basel Round Up
12/9/2009 1:26 PM
...Read More
 
Days Before Art Basel: Was Romero Britto’s Art Vandalized? Is It Prettier Now?
11/29/2009 11:42 AM
...Read More
 
Miami Beach Real Estate: Luxury Waterfront Stats for 3Q 2009
11/20/2009 8:39 PM
...Read More





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