I thought it would be helpful to offer a perspective on how much oceanfront condos are actually selling for in different areas, as compared to the asking price. The sales data below is provided for Miami Beach oceanfront condos, Bal Harbour-Sunny Isles oceanfront condos, Hollywood-Hallandale Oceanfront condos, and Fort Lauderdale Oceanfront condos.
As you will see, Miami Beach and Bal Harbour are prices are holding strongly, whereby Hallandale Hollywod is showing much greater flexibility. In Miami Beach oceanfront condos that sold in the last three months averaged a selling price of 90% of the asking price. In the Bal Harbour- Sunny Isles area sold prices averaged around 91% for the last three months. The real discounts are in Hollywood and Hallandale Beach. Buyers purchased condos for 80% of the asking price. As I have written in a previous posts detailing per square foot price, the per square foot prices in South Florida are also the lowest in Hollywood Hallandale. Finally, Fort Lauderdale purchase prices averaged 84% off the asking price.
Miami Beach oceanfront condos on average are selling for around 90% of the asking price.
The chart below will has the same criteria for Sunny Isles- Bal Harbour Oceanfront Condos.
The information below is for Hollywood-Hallandale Beach oceanfront condos.
And finally, here is the data for Fort Lauderdale oceanfront condos.
Of course, depending on the individual situation opportunities will vary. After analyzing the averages, I wanted to find the “outliers” and I know they are out there. There are those break out sales that defy the averages….
Fisher Island is a private island only accessible by private ferry and helicopter. According to Forbes.com, Fisher Island FL tied for first place in their list of 500 most expensive zip codes in the U.S. Well, in November there was a 5900 square foot penthouse offered for $12,000,000. It sold for $8,000,000. That is 38% off asking price !
In Bal Harbour, there were two. Majestic Tower, 2160 square feet, asking price $1,700,000. This 16 th floor unit sold for $1,400,000. 17% discount. One Bal Harbour, a 2114 square foot flow through unit had an asking price of $1,465,000. It sold at $1,125,000. A 23% discount !
In Sunny Isles, Turnberry Ocean Colony, a 2235 square foot unit on the 17th floor had an asking price of $1,525,000. It sold for $1,200,000. 79% of asking price.
In Hollywood Hallandale at the Diplomat Residences, an 04 unit was offered at $1,250,000 and sold for $850,000. 68% of asking price.
In Fort lauderdale, at L’Hermitage, a 2845 square foot unit had an asking price of $1,799,999. It sold for $1,200,000. That is a 67% of asking price.
Just a foot note, this information is to provide readers with a perspective on the market. Each buying opportunity and each building has its own unique situation.
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