With the current uncertain financial market and credit crisis exerting strong downard pressure on prices in housing market, I’d like to expose some of the best condo deals in South Beach luxury waterfront condos market. Every Buyer today is looking for a “great deal”, but how do we define this in today’s real estate market? One possiblity is to roll prices back to pre-boom prices of 2003-2004. Another possibility is – not so precise formula – is to take an overall price reduction anywhere between 30%-70% off 2005/2006 prices (peak of the real estate bubble).
However, I’d like to highlight what I consider one of the better income valuations for a truly “great deal”, which involves looking at the cash flow from potential rental income. Below are a few waterfront condos I consider to be “great deals” in Miami Beach luxury condos:
The Bentley Bay #2211
2/2- 1,250 S.F.- Wrap Around Terrace, Direct Bay Views, with potential monthly rental income ranging from $3K – $5K/month. Foreclosure Sale Asking Price: $459,000 ($367/SF)
Icon South Beach #1804
2/2- 1,536 S.F.- Large Terrace, Intracoastal & Bay Views, with potential monthly rental income ranging from $4K – $6K/month. Foreclosure Sale Asking Price: $829,000 ($539/SF)
Murano Grande #1809
2/2- 1,437 S.F.- Large Terrace, Open Views of South Beach & Ocean, with potential monthly rental income ranging from $4K – $6K/month. Foreclosure Sale Asking Price: $740,000 ($514/SF)
Waverly South Beach #804
2/2- 1,084 S.F.- Spectacular Intracoastal & Bay Views, with potential monthly rental income ranging from $2,500 – $3,500/month. Foreclosure Sale Asking Price: $364,900 and Sold/Closed for $330,000 ($304/SF)
My team and I are committed to providing strong value added service to our clients, which means delivering the best purchasing opportunities to today’s buyers of Miami Beach luxury condos.