Oceanfront Condo Sales Price vs. Asking Price-Bath Club Miami Beach

Miami Beach offers a handful of newer luxury oceanfront condominiums built after the year 2000.  With all that has happened in the economy since then, buyers from outside the area come to Miami Beach with varying expectations of what they will be paying for a direct oceanfront condominium in a luxury building.

One of the very fine buildings in Miami Beach is the Bath Club. The Bath Club sits on 5.3 gated acres of oceanfront real estate. All that wonderful space and only 118 residences.  The Bath Club history dates back to 1926 where its most esteemed club of the day still resides on the property.  The condominium itself is 20 stories high built in 2005. On property are also 6 very exclusive oceanfront villas offering over 5700 square feet of living space with private pools and impressive direct oceanfront balconies from the several levels.

The Bath Club is a luxury building and although smaller than most, looking at the sales data for the past 12 months, indications of the market as a whole can be clearly seen in the data.

There have been 14 closed sales in the last 12 months.  Asking prices ranged from a high of $4,495,000 to a low of $675,000, with the majority of sales between $2-$3 million.

The chart below shows the variance between asking price and sales price.  The highest price condominium asking $4,395,000 sold very close to asking price. This is a very unique penthouse over  4135 square feet.  One of a kind.

On the other end of the scale is the lowest priced unit, asking $675,000.  That unit was a distressed property that sat on the market for a very long time with continual price decreases until it finally closed.  Many of those extremely low priced distressed units sold in 2010 and are hard to find.  The lowest priced offering today at the Bath Club is a comparable unit  with an asking price of $849,000.

The largest spread between asking price and selling price is in the price range where most units are offered. That makes sense, because there is competition amongst sellers. Supply and Demand.  In the $2 million- $3 million price range there were 9 units that closed with sales prices averaging around 15% less than asking prices.

Each oceanfront building along the coast has its own set of criteria, however,  looking at the data at the Bath Club is pretty representational of other luxury oceanfront condos in Miami Beach as well as up the Coast into Sunny Isles, Bal Harbour, Fort Lauderdale, Boca Raton and Palm Beach.

February 6, 2010-February 6, 2011

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