Bank owned properties for the most part are opportunities priced below market and deals that can close very quickly for cash buyers. Â There are just a few luxury oceanfront condominiums on the market that are bank owned. Â Condominiums come on the market periodically but there are not that many.
Here are a few outstanding luxury units on the market today.
The Icon in South Beach, there is a 4300 square foot unit on the 18th floor, 3 bedrooms 4 baths with an asking price of $2,200,000. Â Asking price $511 square foot. Unit 1901 closed recently for $694 square foot, although only 2100 sq.ft.
The Residences at the Bath Club, just under 3000 square feet on a low floor. 2 bedrooms 3 and 1/2 baths with an asking price of $1,773,900. Asking price $599 square foot. Recent closed sales, although on higher floors were in the low to mid $600’s sq.ft.
Setai Resort South Beach, 1141 square feet 2 bedroom 2 baths on a high floor. Asking price $1,100,000. Â This is the only unit at the Setai with an asking price under $1000 square foot. This is one of the highest priced properties along the coast.
For large square footage, direct oceanfront condominiums in a newer building with great amenities there is a bank owned unit at the Beach Club that is an attractive buy.
Beach Club in Hallandale Beach, 37th floor over 2000 square feet 3 bedrooms 3 and one half baths direct ocean with wrap balcony. Asking price $629,900. That is only $303 per square foot !!!! Tremendous.
These select units are current bank owned units in great buildings priced below market. Â Again, they are far and few between !
Educated buyers have learned the hard way that pursuing short sale properties are a shot in the dark and many who have tried have waited months and months to find out the deal will never close. Â Meanwhile great opportunities by motivated sellers or even bank owned units came on the market and sold. Â As I have written, phenomenal deals have been made between motivated sellers and cash buyers !!!
Tags: Bank Owned Oceanfront condo, Bath Club Miami Beach, Beach Club Hallandale, Great Oceanfront condo Deals, Icon South Beach, oceanfront condo realtor, Setai South Beach
