 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
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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. Â We can pretty much assume that it sold for less than asking price. Comparable units were going for $1.9 million a year ago. Â This particular unit has gone to contract. Â 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!
Tags: buying oceanfront condo, diplomat residences, One Bal Harbour, Turnberry Ocean Colony
