By Sunny Isles Real Estate Expert on March 7th, 2011
Among the luxury condos in Bal Harbour Florida
One Bal Harbour is well known as one of the most luxurious. This towering condominium property has condominiums that range in price from the mid six figures to well into the millions of dollars. For properties in Florida’s luxury market, the sun is starting to shine again. Developers have picked up properties at condominium developments throughout the area and individual buyers are interested in moving in. For owners, this is a good time to consider engaging a real estate agent to list your property, if you’ve been thinking about selling.
As of the last quarter in 2010, there were 42 units for sale at One Bal Harbour Condo. There are several different unit styles at this property, ranging from 2 bed and bath condos to three bed and bath units. The highest price being asked during that quarter was $2.69 million, with a square-foot price of $1,018. While this is above the average for price per square foot in Sunny Isles Beach, that average figure has also been steadily climbing in the past several months. Some of this is due to investor interest. Property developers have been snatching up listings at these properties as the market improves, making available condominium properties scarcer and scarcer.
Part of Bal Harbour One’s appeal
is that it is such an upscale development. Even among the other luxury condominium prices in Bal Harbour, the price is higher than average. In 2010, most luxury condominium properties averaged approximately $511 per square foot of space. At Bal Harbour One condo, residents are asking over $600 on the average, a testament to the level of luxury at this development. Many of the properties were commanding prices well in excess of $1,000 per square foot.
Other statistics show that property owners were averaging over 90% of their asking price per square foot in 2010. For those who are considering listing a luxury condominium on the market, this is obviously a great incentive. Properties such as Bal Harbour One, because they cater to the very affluent, are also not as sensitive to the market in terms of price and demand. The upscale market continues to thrive. There are also unique features of Bal Harbour real estate that make these properties even easier to move.
While southern Florida is a favorite retirement and vacation destination for Americans, it’s also popular with people all over the world. Sunny Isles Beach is renowned for its many residents who hail from other nations, and this means that the real estate market always has an advantage over the general residential market. Luxury buyers are more willing to invest a lot in a property and, with the sort of amenities that are offered at Bal Harbour One, the sell is usually not so difficult for an experienced realtor. The proximity of Collins Avenue, one of the most fashionable streets in the most fashionable part of the Miami-Dade area, is also a huge selling point. There are plenty of places to shop and dine in style in this area.
Miami Beach real estate and Bal Harbour real estate
both been recovering from the aftershocks of 2008. While there were a large number of properties on the market following the crash, this is no longer the case. Even at competing properties, such as nearby Jade Ocean, Jade Beach and others, there are few condominiums on the market. This is, of course, partially due to the amount that have been bought up by property investors. For those considering listing, this all means only one thing: there is interest out there, provided you can reach out to those interested parties.
Over the past couple of years, the median price for One Bal Harbour condominium properties has fallen. This is until the last quarter of 2010, when they started to move upward again. With fewer on the market and more demand, it doesn’t take a sophisticated knowledge of economics to understand the likely performance of prices in the near future. With average prices per square foot on the rise and more interest in buying properties in southern Florida among the luxury demographic, it’s shaping up to be a seller’s market once again.
Selling luxury properties such as those at Bal Harbour takes real skill and experience. If you’re listing, be sure to hire a realtor with experience in this area. The luxury market operates differently than does the regular market. Because of the population of Sunny Isles Beach and the worldwide popularity of the area, it’s also important to deal with a realtor who can get your property in front of the eyes of people around the world. As the market heats up once again and money starts flowing, having a good realtor in your corner is imperative.