Turnberry Ocean Colony, Acqualina and One Bal Harbour Market Profile

posted by Susan Reiter on October 8, 2008

Turnberry Ocean Colony North, Turnberry Ocean Colony South,  Acqualina and One Bal Harbour are luxury oceanfront condomimiums in Sunny Isles and Bal Harbour.  All three properties are relatively new.  Following our previous post, we wanted to provide our readers with a market profile for select buildings in the Sunny Isles Bal Harbour area. 

Certain markers of interest, Acqualina has the lowest percentage of units on the market, only 12%. One Bal Harbour had the lowest priced sale at $1.2 million as well as the lowest price per square foot sale of $601 per square foot.  Turnberry Ocean Colony has had 11 closed reported closed sales in the last 6 months One Bal Harbour had 22 closed sales.  When One Bal Harbour units closed there were many investors that put it right back on the market.  

Closed sale data is based on information from the last 6 months.    

South Florida newer condominiums have been averaging around 20% of the building on the market for the past year.  That number hasn’t increased in fact, as I mentioned in a previous post, inventory numbers appear to be on the decline.  

Several large scale investors such as Jorge Perez and others are stepping in to take advantage of current market conditions and attractive prices.  Real estate will have its ups and downs but unlike other investment instruments it is real property !

 

 

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Categories: Acqualina, Buying Real Estate, Condo Statistics, One Bal Harbour, Turnberry Ocean Colony

Buying Opportunities For an Oceanfront Condo in South Florida

posted by Susan Reiter on September 6, 2008
Turnberry Ocean Colony Views 

Turnberry Ocean Colony

Through my research I come across “break out” properties. I call these South Florida Oceanfront properties “break out” properties because they stand out from the inventory.  Certain properties that I identify are very  unique and presents attractive buying opportunities.

Criteria that I analyze that makes these “break out” properties unique can include some or all of the following:

Building Quality & Amenities

  • View
  • Square footage
  • Number of bedrooms
  • Price per square foot
  • Price
  • Comparables
  • Location
  • Uniqueness

 

I have found that when I have identified these properties, they always sell rather quickly. So even though the Average Days on the Market for most waterfront condos is about 156 days, these opportunities sell considerably quicker than that.

Here is an example. Most recently, at the Diplomat Residences in Hollywood, there was a 3,000 square foot direct oceanfront unit that was being offered for $1,199,000 on a high floor.  We can pretty much assume that it sold for less than asking price. Comparable units were going for $1.9 million a year ago.  This particular unit has gone to contract.  The next somewhat comparable unit is being offered today for $1.5 million.

I have identified “break out” opportunities in several extraordinary buildings, including Ocean Palms, Turnberry Ocean Colony, One Bal Harbour and  the Continuum in South Beach just to name a few.  They are out there!

This is such an exciting time for the oceanfront condo market!

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Categories: Buying Real Estate, Diplomat Oceanfront Residence, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, One Bal Harbour, Turnberry Ocean Colony, What Can You Buy For $1 million

Watching the Market….Or Buying An Oceanfront Condo Now

posted by Susan Reiter on May 31, 2008

South Florida Oceanfront condo Great View

We receive a constant stream of phone calls from buyers from all over the world that are interested in purchasing oceanfront condos. There are buyers who are seizing the moment so to speak, and stepping in to take advantage of the great opportunities out there right now.

Are there opportunities? You bet there are and I have been in situations, where once we identified a great unit at a great price, other buyers were also putting offers in on the same units.

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There are varying degrees of motivation by sellers in all price ranges. There are some units in building less than 2 years old that the original developer still owns that now are very motivated to sell. There are units that are being sold by investors that are several hundred thousand dollars less than what they paid for it. Each situation is different but the opportunities are there. The units that are available under these circumstances include the most desirable oceanfront floor plans in premier buildings.

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All I can say is that if there is a desire to own an oceanfront condo in South Florida, at this point in time, you can get the best of the best at deeply discounted prices. When the media says…”We are now at the bottom and the market is going to turn around”… the best units in the A rated luxury buildings will be long gone!!!

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Categories: Acqualina, Aquazul, Beach Club Hallandale, Best of the Best Oceanfront Condos, Boca Raton Oceanfront Condos, Buying Real Estate, Canyon Ranch, Cipriani Ocean Resort and Club Residences, Continuum South Beach, Diplomat Oceanfront Residence, Europa By The Sea, Fort Lauderdale Oceanfront Condos, Icon-Las Olas, L'Ambiance, L'Hermitage, Las Olas Beach Club, Luxuria, Miami Oceanfront Condos, Ocean Palms Hollywood, One Bal Harbour, One Thousand Ocean, Palm Beach Oceanfront Condos, Porto Vita Aventura, Pre-Construction-Luxury Oceanfront Condos, Regalia, Ritz-Carlton South Beach, St. Regis Residences Ft. Lauderdale, St.Regis Bal Harbour, The Excelsior-, The Palms Tower I & II, Trump Hollywood, Turnberry Ocean Colony, Villas of Positano

Turnberry Ocean Colony-Luxury Oceanfront Condos With 4 or 5 Bedrooms- Buying Opportunities

posted by Susan Reiter on March 23, 2008

Turnberry Ocean Colony

It is really quite exciting to work with buyer’s on newly completed luxury oceanfront condos. As I have written before, there are incredible opportunities in this particular scenario. Closings are underway at Turnberry Ocean Colony in Sunny Isles and there are prime units to choose from.

Turnberry Ocean Colony, a private, gated community, is one of Miami Beach’s newest and most-luxurious oceanfront residences. Service and amenities offered here are amongst the finest you will find. At Turnberry Ocean Colony you can find large oceanfront condo’s with spectacular oceanviews with 4 or 5 bedrooms.

Here is some data that will provide you with an overview of activity:

  • North Tower and South Tower have a combined total of 260 units
  • In the past 6 months there have been 10 closed re-sales ranging from $1.1million-$2.43 million
  • There are 3 pending contracts
  • There are 58 listings on the market ranging from $1.369 million- $5 million
  • 25 listings are offered for units over 3000 square feet with 4 bedrooms
  • Views offered from residences are both direct ocean and westerly views
  • Residences for the most part are decorator ready, however some units have been finished out

To View Listings at the Turnberry Ocean Colony North Tower Click Here

To View Listings at the Turnberry Ocean Colony South Tower Click Here

Even in the luxury condo market you can find motivated sellers and buying opportunities. If you need a large luxury oceanfront condo with the finest service and amenities now is a great time to look into Turnberry Ocean Colony.

Oceanview from balcony at Turnberry Ocean Colony

Turnberry Ocean Colony Balcony

West View from a residence at Turnberry Ocean Colony

Turnberry Ocean Colony West View

Turnberry Ocean Colony Bar

Turnberry Ocean Colony Bar

Turnberry Ocean Colony Pool

Turnberry Ocean Colony Pool

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Categories: Best of the Best Oceanfront Condos, Buying Real Estate, Miami Oceanfront Condos, Turnberry Ocean Colony
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