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| Bal Harbour Tower |
The luxury condominiums in the market of Bal Harbour, Surfside, and Bay Harbor Islands were sold at an average discounted price of 11 percent below original asking price in 2012. Indeed, for the year, buyers spent approximately $36.5 million on the top-ten priciest condos in the area, despite initial offerings totaling nearly $41 million. These sales estimates equate to a drop from an average $1,185 per square foot to an average of about $1,060 per square foot.
While a few of the most expensive units in the market were sold above, or at, the original listing price, the majority took a steep dive before being transacted. The priciest condo home to be purchased last year was by far a four-bedroom unit in St. Regis Bal Harbour, selling or $6.5 million, a 2 percent increase over initial asking price. Two other units that sold at asking price include two three-bedroom homes in the One Bal Harbour project, selling at $3.3 million and $2.75 million.
Homes in Bal Harbour Tower and Majestic Tower experienced the greatest discounts at 29 percent and 27 percent, respectively. The remaining highest priced (and discounted) condos in Bal Harbour include three- and four-bedrooms in Bellini, One Bal Harbour, Bal Harbour Tower, and Majestic Tower. Currently, there are approximately 50 luxury condo resales in the Bal Harbour/Surfside/Bay market with prices beginning at $2.7 million.