I have stayed at Ocean Place approx. 3 times and I keep going back there because the location is so perfect. It is situated on the quiet end of South Beach, but is within walking or biking distance to all the action. Great restaurants nearby, a dog park across the street (which my doggies make great use of), a market next door, Ocean Drive a few blocks north, and of course the beach within 100 ft. The condo we stay in is a two bedroom/two bath with full kitchen. We cook about half of our meals.
Shopping and eating at Lincoln Road is a 5 minute cab ride (or you can walk if you're feeling adventurous). We have also used the place as 2 or 3 day pit stop before setting sail on cruise from the nearby Port of Miami (17 minute cab ride).
I have recommended this place to a couple of friends who have loved it also.

Understand that this is a condo, and every unit is decorated differently. The pictures on this site show a 2 bedroom unit. We just stayed in a 1-bedroom unit (7J) which looked very different (except for the kitchen). So be sure you get pictures and descriptions of your specific unit before booking.

We booked through dreamdestinationsllc.com, which quoted a 1-br at $130/night. But after they added tax, $100 cleaning charge and $125 condo association charge, it was $230/night.

Ocean Place consists of 2 buiildings, one directly facing the ocean (across from a street and park), and the other buiilding (the one we were in) is behind the first. We had a decent ocean view, partially obstructed by the first building, but it was OK.

The swimming pool is located at the first building, and the hot tub is at the 2nd. I used the hot tub, which was clean and worked well.

Our unit was furnished reasonably well, and we did save good money by making our own breakfasts - could have saved a ton of money if we wanted to make our own dinners, as restaurants are all pricey down there. There is a small but well-stocked little market just next door - very convenient.

I agree with the other poster that the location is great. And for a family of 4, you do save good money staying in a condo over a hotel, although you have to be your own concierge.

great location...a block from the beach, south of fifth...so quieter at nights...beautiful place..and much cheaper than a hotel...with beautiful kitchens. much nicer than most of the hotels in sobe...