Priciest Condos in Ultra-Wealthy Bal Harbour Were Heavily Discounted in 2012
by Sep Niakan | April 12, 2013
|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.
by Sep Niakan | December 06, 2016
It’s my favorite time of year to be in Miami! The weather has cooled off a bit. The city’s abuzz with people from every corner of the world (thanks to Art Basel). The holiday spirit is gradually taking over, and there’s a bunch of...
by Sep Niakan | November 29, 2016
This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...
by Sep Niakan | November 24, 2016
Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...
by Sep Niakan | November 22, 2016
It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...