Bal Harbour's Most Expensive Condo Units Trade At 11% Discount In 2012 Published on 1/29/2013 10:34:00 PM
Buyers achieved an average discount of 11 percent off of the original asking price for the priciest luxury condos in the Bal Harbour / Surfside / Bay Harbor Islands market to transact in the year 2012, according to a new report from CondoVultures.com.
Between January and December of 2012, buyers - in unrelated transactions - paid a combined $36.5 million - an average of about $1,060 per square foot - for the 10 priciest luxury condo resales in the Bal Harbour / Surfside / Bay Harbor Islands market, which stretches from 87th Street north to Haulover Beach Inlet, and and the Atlantic Ocean west to the Intracoastal Waterways, according to an analysis by the licensed Florida brokerage CVR Realty™.
Prior to the transactions, these luxury condo units were originally put on the resale market for a combined $40.7 million for an average of about $1,185 per square foot, according to an analysis based on Florida Realtors association data.
CondoVultures.com is scheduled to profile condo trends in the fourth quarter of 2012 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of Jan. 14, 2013.
The Condo Vultures® Market Intelligence Report™ is scheduled to publish a 10-part weekly series that analyzes the markets of Greater Downtown Miami, South Beach, Bal Harbour / Surfside / Bay Harbor Islands, Sunny Isles Beach, Aventura, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Pompano Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
This is a ranking of the Bal Harbour, Surfside, Bay Harbor Island market's 10 priciest condo resales - with a minimum asking price of $2.7 million - to transact between January and December of 2012:
| 1 || St. Regis || Bal Harbour || 4 || $6,500,000 || 2% |
| 2 || Majestic Tower || Bal Harbour || 4 || $4,200,000 || -15% |
| 3 || One Bal Harbour |
| Bal Harbour || 3 || $3,600,000 || -6% |
| 3 || Bellini |
| Bal Harbour || 4 || $3,600,000 || -6% |
| 5 || One Bal Harbour |
| Bal Harbour || 3 || $3,450,000 || -12% |
| 6 ||One Bal Harbour |
| Bal Harbour || 3 || $3,300,000 || 0% |
| 7 || One Bal Harbour |
| Bal Harbour || 3 || $3,150,000 || -12% |
| 8 || Bal Harbour Tower || Bal Harbour || 3 || $3,000,000 || -29% |
| 9 || Majestic Tower |
| Bal Harbour || 3 || $2,900,000 || -27% |
| 10 || Bal Harbour Tower |
| Bal Harbour || 3 || $2,750,000 || 0% |
As of Jan. 28, 2013, no luxury condo resales - with a minimum asking price of $2.7 million - are under contract in the Bal Harbour / Surfside / Bay Harbor Islands market waiting to transaction, according to the data.
Nearly 50 luxury condo resales are actively available on the market in Bal Harbour / Surfside / Bay Harbor Islands market with a minimum asking price of at least $2.7 million, according to the data.
The completed luxury condo resales do not reflect any deals that that may have been transacted without being marketed on the Multiple Listing Service.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.
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