I was on the phone today with a prospect that lives in Switzerland. He is an avid reader of blogs and information about Real Estate investing and opportunities in Sunny Isles Beach, South Florida. He is a little confused about how to find the best deal in the South Florida marketplace and he's having a hard time digesting all the information coming from so many angles and interests.
He tells me that he read an article that I had written that stated the best deals are in the "default" area and he liked it. I had written that "defaults" are good because the investors don't have to compete in bidding war at foreclosures or auctions, or go through interminable process and technicalities of the short sale.
With that information in hand, he announces that he and his wife are ready to buy Turnberry Ocean Colony at 2004 prices, a four bedroom "defaulted" unit minus the 15% deposit from the original buyer. "I would take an airplane today, fly there and buy the apartment" he states. If that type of deal would be available in that building, it will be sold before he calls his travel agent. This type of deal doesn't exist simply because default units in that building.
I would like to clarify a few of these points. There are a lot of people making outrageously low verbal offers in Miami but not being able to make a deal. The first step for an offer to be taking serious is to put it in writing with an escrow deposit. Second, not everything is foreclosures and not everything is for sale at 50% off in Miami! The Real Estate in South Florida is highly fragmented and properties have different location, prices and quality. Most important, different supply and demand parameters apply for each area and each building.
Turnberry Ocean Colony is an amazing building, oceanfront in a prime location, ultra-luxury, very sophisticated and very private and is not for everybody. In fact, there are only 130 units in the South Tower which was just delivered. Supply and demand all over again. If I were a developer from a different building with 800 units and a 25% default ratio and I have 200 units back in the market burning a hole in my hands, yes I would let them go for the original contract price minus 15% (the maximum legal amount that developers are entitled to keep from the default buyer's deposit). But, on the other hand, if I were the developer of a product that is unique in the marketplace, with only ten default units (just to mention a number), those units would be gold. I would definitely be able to sell them fast at fair market price. Market price is a great price for today's standards. Market price today means lower price. In the good old days units that defaulted were sold from 50% to 60% above the original prices. The good news is that market today is all about opportunities, but make sure to identify the best market prices and their bottom line, and once you are in front of a great deal don't hesitate, grab it. Remember that the worst deal you can make in this marketplace is not making a deal at all.
I've decided to make an in-depth analysis of the available inventory in the best buildings in Miami. I will start with the ones that I consider a great opportunity and I am going to give you my opinion as if I were buying them myself, considering parameters of price, price per square foot, elevation, views, tower number, floor-plans, developer and demand. I will start with Turnberry Ocean Colony, because it's just my favorite buildings. Here are the best opportunities in that building:
TURNBERRY OCEAN COLONY BEST OPPORTUNITIES IN THE SOUTH TOWER (NEWEST ONE)
Status | Model | Unit # | Liv Area | List Price | LP$/SqFt | # Beds | # FB | # HB |
Active | Exuma | 1002 | 2,245 | 1,369,000 | 609.80 | 2 | 2 | 1 |
Active | Exuma | 1602 | 2,245 | 1,480,000 | 659.24 | 2 | 2 | 1 |
Active | Exuma | 2402 | 2,245 | 1,695,000 | 755.01 | 2 | 2 | 1 |
Active | Abaco | 601 | 2,772 | 1,795,000 | 647.55 | 3 | 4 | 1 |
Active | Abaco | 2801 | 2,772 | 2,100,000 | 757.58 | 3 | 4 | 1 |
Active | Abaco | 3601PH | 2,772 | 2,200,000 | SOLD | 3 | 4 | 1 |
Active | Martinique | 3103 | 3,480 | 2,549,000 | 744.25 | 4 | 5 | 1 |
Active | Martinique | 1703 | 3,480 | 2,600,000 | 747.13 | 4 | 5 | 1 |
Active | Martinique | 2703 | 3,480 | 2,650,000 | 761.49 | 4 | 5 | 1 |
Active | Eleuthera | 2504 | 3,735 | 2,750,000 | 788.49 | 4 | 6 | 1 |
Please, CLICK HERE to see the key plan and individual floor plans.
TURNBERRY OCEAN COLONY BEST OPPORTUNITIES IN THE NORTH TOWER
Status | Model | Unit # | Liv Area | List Price | LP$/SqFt | # Beds | # FB | # HB |
Active | Exuma | 2202 | 2,245 | 1,494,999 | 665.92 | 2 | 2 | 1 |
Active | Exuma | 2602 | 2,245 | 1,495,000 | 665.92 | 2 | 2 | 1 |
Active | Exuma | 3402 | 2,245 | 1,500,000 | 668.15 | 2 | 2 | 1 |
Active | Exuma | 2802 | 2,245 | 1,569,000 | 698.89 | 2 | 2 | 1 |
Active | Martinique | 403 | 3,480 | 2,249,000 | 646.26 | 4 | 6 | 1 |
Active | Eleuthera | 2904 | 3,735 | 2,690,000 | 720.21 | 4 | 6 | 1 |
Active | Martinique | 3203 | 3,480 | 2,750,000 | 790.23 | 4 | 5 | 1 |
Active | Grand Cayman | TS3702 | 5,690 | 5,000,000 | 878.73 | 4 | 6 | 1 |
NOTE: PRICES AND AVAILABILITY ARE SUBJECT TO CHANGE, CALL YOUR REAL ESTATE AGENT TO GET AN UPDATE ON THIS UNITS.
Questions, Comments?
Gustavo Farfan is a luxury waterfront Real Estate specialist in Miami, with over 25 years of Real Estate experience. Currently, with Marka-Tech Associates. He can be reached at 786-200-8700 or gfarfan1@aol.com
http://activerain.com/blogs/gfarfan1
http://www.technorati.com/people/technorati/gfarfan1
http://turnberryoceancolony.blogspot.com
http://www.immobel.com/miamicondo
http://ezinearticles.com/?The-Truth-About-Miamis-Buyers-Market&id=1092629
http://ezinearticles.com/?Selling-Your-Property-in-a-Buyers-Market&id=977548
http://www.turnberryoceancolony.com/
Turnberry Ocean Colony, Sunny Isles. Best Prices and List of All Available Inventory.
Luxury Condo News Updates
SUNNY ISLES BEACH - (April 16, 2008) -Turnberry Ocean Colony, a luxury oceanfront condo developed by Turnberry Ltd, had a very successfull closing ratio from its 130 South Tower residences.
Turnberry Ocean Colony is located on the directly on the ocean between Bal Harbour and Golden Beach, just south of Sunny Isles Boulevard and features two 37-story towers and a $15 Million resident-only beach club and spa on approximately 650 feet of ocean frontage.
Turnberry Ocean Colony offers residences priced from $1.3 Million to over $5 Million. Each of the two towers includes approximately 130 units, all with private direct-entry elevator lobbies and individual security systems.
These unique oceanfront luxury residences in Sunny Isles Beach have were constructed with the finest materials and unparalleled attention to detail. Ten-foot ceilings, Snaidero Italian cabinetry, exotic granite countertops, European appliances, Sub-Zero refrigeration, classic marble baths, steam showers, Jacuzzi hydrotherapy tubs with built-in TV screens and private wrap-around balconies providing unparalleled ocean and Intracoastal views are just a few of the amenities awaiting Turnberry Ocean Colony residents.
With its classic style and décor, the 35,000-square foot beach club and spa includes an oceanfront dining room, cocktail lounge, card room, swimming pools, a European-style spa complete with a state-of-the-art fitness center and the ultimate in personal service.
In the next post I will give tips on selecting the best deals in the building based on Price, Square Feet, Model Type, Elevation and comparable active units for sale. Meanwhile, please browse down for a list of all available inventory and prices.
Questions, Comments?
Please contact:
Gustavo Farfan
Marka-Tech Associates
786-200-8700
PLEASE BROWSE DOWN TO SEE A LIST OF ALL AVAILABLE INVENTORY AND PICTURES AS PER 04-11-08
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TURNBERRY OCEAN COLONY • SUNNY ISLES BEACH, FLORIDA 33160
SOUTH TOWER (THE NEWEST TOWER)
***FEATURED PROPERTIES***
16047 COLLINS AVENUE #2504 ELEUTHERA $2,950,000
16047 COLLINS AVENUE #3103 MARTINIQUE $2,590,000
Property Features:
Master Bedroom: | 1BR+GRND, ENTRY LEVEL |
Interior Features: | COOKING ISLAND, ELEVATOR |
Master Bathroom Description: | DUAL SINKS, SEPARATE TUB&SHOWER, WHIRLPOOL SPA, BIDET, 2MASTER |
Equipment/Appliances: | DISHWASHER, DISPOSAL, RANGE-G, REFRIGERATOR, SMOKE DETECTOR, WASHER, DRYER, ICEMAKER, INTERCOM, MICROWAVE |
Rooms Information: |
|
Construction Type: | BLOCK |
Restrictions: | NO DAILY RENTALS, OK TO LEASE, RENTING LIMIT |
Windows/Treatment: |
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Pet Restrictions: | NONE |
Exterior Features: | OPEN BALCONY, COURTYARD |
Maintenance Includes: | BUILDING EXTERIOR, ROOF, CABLE, COMMON AREA, HOT WATER, LAWN-LAND, MANAGER, PESTCNTL, POOLSVC, RECFACIL |
Parking Description: | VALET, GARAGE |
Heating Description: | CENTRAL |
Cooling Description: | CENTRAL |
Amenities: | BIKE STORAGE, ELEVATOR, EXERCISE ROOM, EXTRA STORAGE, HEATED POOL |
Waterfront Property: | Y |
Waterfront Description: | OCEANFRONT |
Security Information: | COMPLEX WALLED, GUARD AT SITE, LOBBY |
Remarks (Line 1): | Amazing direct ocean and intracostal views, Private Elevator, Decorator Ready, Exquisite Italian eat-in Kitchen, Honey Anagre Cabinets, Gorgeous Marble Bathrooms, Last Building to be Built Wide on 600 Ft of Beach, 10 Ft. Ceilings, Gas Cooking, Bay Views on the West, Sunrise and Sunsets, Spa, Restaurants, The Ultimate in Privacy and Luxury!! |
TURNBERRY OCEAN COLONY ALL AVAILABLE RE-SALE INVENTORY
(Highlighted units reflects my opinion of the best opportunities in each building. Based on Price, Unit Model, Elevation and Price per Sq. Ft.)
TURNBERRY OCEAN COLONY
SOUTH TOWER 16047 COLLINS AVENUE, SUNNY ISLES, FL 33160
| Status | Model | Unit # | Liv Area | List Price | LP$/SqFt | # Beds | # FB | # HB |
| Active | Exuma | 1002 | 2,245 | 1,369,000 | 609.80 | 2 | 2 | 1 |
| Active | Exuma | 1602 | 2,245 | 1,480,000 | 659.24 | 2 | 2 | 1 |
| Active | Exuma | 2402 | 2,245 | 1,695,000 | 755.01 | 2 | 2 | 1 |
| Active | Abaco | 601 | 2,772 | 1,795,000 | 647.55 | 3 | 4 | 1 |
| Active | Exuma | 2702 | 2,245 | 1,850,000 | 824.05 | 2 | 2 | 1 |
| Active | Exuma | 3102 | 2,245 | 1,850,000 | 824.05 | 2 | 2 | 1 |
| Active | Abaco | 401 | 2,772 | 1,895,000 | 683.62 | 3 | 4 | 1 |
| Active | Abaco | 2801 | 2,772 | 2,100,000 | 757.58 | 3 | 4 | 1 |
| Active | Abaco | 3601PH | 2,772 | 2,200,000 | 793.65 | 3 | 4 | 1 |
| Active | Abaco | 3101 | 2,772 | 2,299,000 | 829.37 | 3 | 4 | 1 |
| Active | Martinique | 3103 | 3,480 | 2,590,000 | 744.25 | 4 | 5 | 1 |
| Active | Martinique | 1703 | 3,480 | 2,600,000 | 747.13 | 4 | 5 | 1 |
| Active | Martinique | 2703 | 3,480 | 2,650,000 | 761.49 | 4 | 5 | 1 |
| Active | Eleuthera | 804 | 3,735 | 2,650,000 | 709.50 | 4 | 6 | 1 |
| Active | Eleuthera | 1004 | 3,735 | 2,650,000 | 709.50 | 4 | 6 | 1 |
| Active | Martinique | 1103 | 3,480 | 2,750,000 | 790.23 | 4 | 5 | 1 |
| Active | Eleuthera | 904 | 3,735 | 2,900,000 | 776.44 | 4 | 6 | 1 |
| Active | Eleuthera | 2504 | 3,735 | 2,945,000 | 788.49 | 4 | 6 | 1 |
| Active | Martinique | 3003 | 3,480 | 3,195,000 | 918.10 | 4 | 5 | 1 |
| Active | Eleuthera | 3404 | 3,735 | 3,575,000 | 957.16 | 4 | 6 | 1 |
| Active | Eleuthera | 1804 | 3,735 | 3,700,000 | 990.63 | 4 | 6 | 1 |
| Active | Eleuthera | 2804 | 3,735 | 3,949,000 | 1,057.30 | 4 | 6 | 1 |
| Active | Eleuthera | 3304 | 3,735 | 4,295,000 | 1,149.93 | 4 | 5 | 1 |
TURNBERRY OCEAN COLONY
NORTH TOWER 16051 COLLINS AVENUE, SUNNY ISLES, FL 33160
(Highlighted units reflects my opinion of the best opportunities in each building. The criteria I used is Price, Unit Model, Elevation and Price per Sq. Ft. )
| Status | Model | Unit # | Liv Area | List Price | LP$/SqFt | # Beds | # FB | # HB |
| Active | Exuma | 1202 | 2,245 | 1,494,999 | 665.92 | 2 | 2 | 1 |
| Active | Exuma | 2202 | 2,245 | 1,494,999 | 665.92 | 2 | 2 | 1 |
| Active | Exuma | 2602 | 2,245 | 1,495,000 | 665.92 | 2 | 2 | 1 |
| Active | Exuma | 3402 | 2,245 | 1,500,000 | 668.15 | 2 | 2 | 1 |
| Active | Exuma | 1702 | 2,245 | 1,525,000 | 679.29 | 2 | 2 | 1 |
| Active | Exuma | 502 | 2,245 | 1,549,900 | 690.38 | 2 | 2 | 1 |
| Active | Exuma | 2802 | 2,245 | 1,569,000 | 698.89 | 2 | 2 | 1 |
| Active | Exuma | 1902 | 2,245 | 1,875,000 | 835.19 | 2 | 2 | 1 |
| Active | Martinique | 403 | 3,480 | 2,249,000 | 646.26 | 4 | 6 | 1 |
| Active | Abaco | 2201 | 2,772 | 2,295,000 | 827.92 | 3 | 4 | 1 |
| Active | Abaco | 2801 | 2,772 | 2,300,000 | 829.73 | 3 | 4 | 1 |
| Active | Abaco | 3401 | 2,772 | 2,599,000 | 937.59 | 3 | 4 | 1 |
| Active | Abaco | 3701 | 2,772 | 2,600,000 | 937.95 | 3 | 4 | 1 |
| Active | Eleuthera | 2904 | 3,735 | 2,690,000 | 720.21 | 4 | 6 | 1 |
| Active | Eleuthera | 1004 | 3,735 | 2,690,000 | 720.21 | 4 | 6 | 1 |
| Active | Martinique | 3203 | 3,480 | 2,750,000 | 790.23 | 4 | 5 | 1 |
| Active | Martinique | 803 | 3,480 | 2,750,000 | 790.23 | 4 | 5 | 1 |
| Active | Eleuthera | 1404 | 3,735 | 2,800,000 | 749.67 | 4 | 6 | 1 |
| Active | Martinique | 1103 | 3,480 | 2,849,000 | 818.68 | 4 | 5 | 1 |
| Active | Martinique | 2203 | 3,480 | 2,850,000 | 818.97 | 4 | 5 | 1 |
| Active | Martinique | 3403 | 3,480 | 2,850,000 | 818.97 | 4 | 5 | 1 |
| Active | Martinique | 603 | 3,480 | 2,950,000 | 847.70 | 4 | 5 | 1 |
| Active | Eleuthera | 804 | 3,735 | 2,950,000 | 789.83 | 4 | 6 | 1 |
| Active | Eleuthera | 2604 | 3,735 | 3,400,000 | 910.31 | 4 | 6 | 1 |
| Active | Eleuthera | PH3504 | 3,735 | 3,595,000 | 962.52 | 4 | 6 | 1 |
| Active | Eleuthera | 304 | 3,735 | 3,595,000 | 962.52 | 4 | 6 | 1 |
| Active | Eleuthera | 1204 | 3,735 | 4,200,000 | 1,124.50 | 4 | 6 | 1 |
| Active | Grand Cayman | TS3702 | 5,690 | 5,000,000 | 878.73 | 4 | 6 | 1 |
| Active | Grand Cayman | PH | 5,690 | 5,750,000 | 1,010.54 | 4 | 6 | 1 |
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| Questions, Comments? I specialize in luxury oceanfront properties in Sunny Isles Beach, South Florida. Please contact regarding the best opportunities at Turnberry Ocean Colony Gustavo Farfan Marka-Tech Associates 786-200-8700 http://www.immobel.com/miamicondo |
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Your very own Mansion in the Sky! Introducing, the best priced five bedroom Eleuthera unit in the neswest delivered and most private South Tower in the most prestigious address in Sunny Isles by Turnberry Group. Unbelievable Ocean and Intercostal views from this 25st floor Eleuthera model. World class amenities which include a restaurant, spa, fitness center, beach level pool, outside pool bar, concierge, valet, and more. Also available is the only remaining beach front cabana. (See MLS #M1206286). Please call now for your private viewing. |
| Amenities |
An elite private club and spa introduces you to a recreational world of magnificent excesses. |
By Gustavo Farfan
The Real Estate in Miami is experiencing a total "Buyers" market right now. A famous online encyclopedia describes a "Buyers Market" as "market relations between prospective sellers and buyers of a good. The supply and demand model determines price and quantity sold in the market."
Now that we have our fundamentals refreshed, let's evaluate the correct opportunities in the Miami marketplace.
In the residential end the current amazing deals lie in the "defaults". The most profitable type of default is when buyers are unable to follow-through with their previous commitments to close on a ready-to-occupy unit. This commonly happens in brand new buildings. The big advantage for the new buyer is that since there is an excess inventory of properties in the market, the developer is selling these properties at 2004-2005 prices minus the 15% deposit that comes from the previous buyers abandoned down payment!
The next set of opportunities is in the "Owner Motivated" arena. These types of properties were priced right BEFORE the market correction, and they had continued to be available in the market mostly due to the resilience of their owners to lower their prices to today standards. It has come to a point that many of these property owners have experienced either financial difficulty, market panic or they just want to benefit from the "Buyer's Market" as well and trade up to a larger, more expensive property. Whichever the case is, the new "priced to sell" inventories present themselves like a great opportunity to acquire prime Miami real estate in great locations at corrected prices. Motivated sellers are coming with great buyer's incentives, such as boats or cars included with the property and sometimes even with a positive rental income that pays for the expenses!
Is it better to buy or to wait a little longer?
Sometimes speculation leads to a better profit margin. But, speculation is also a risky business. A lot of investors could be speculating at the same time about the right moment to buy real estate in Miami. When the market turns around the buyer's frenzy will boom again. The buyer's incentives, most of the defaults, the "Motivated Owner", the "By Owner" financing at prime rates, etc. will be long gone. Most important, real estate is all about location and right now you can select the right location and the best property with ease. Unless of course, you are a pro and are willing to wait a little longer and fight with the pack of wolves for your dream property in Miami in the near future.
Comments? Gustavo Farfan is a Miami real estate specialist with Marka-Tech Associates.
He can be reach via e-mail gfarfan1@aol.com or via cell at 786-200-8700
Sunny Isles Beach Luxury condos - Turnberry Ocean Colony - By Gustavo Farfan
One of the newest cities in the Miami-Metro area is Sunny Isles Beach. Formerly "Aventura Beach" like we used to call it back in 1995, when the city wasn't as popular as it is today, to describe its location to Real Estate buyers!
Sunny Isles, also called "The Florida Riviera" and in less than ten years was transformed from "Motel Row" to the home of several of the most luxurious ocean-front high-rises in South Florida. One of my favorite buildings is Turnberry Ocean Colony. This ultra-luxury building offer unparallel finishes, state-of-the-art appliances with gas cooking, outstanding amenities and amazing views to the Atlantic Ocean.
A four-bedroom ocean-front condominium at the Turnberry Ocean Colony starts at the low $2 Million Dollars and goes up to the high 5 Million Dollars. The final price depends on the view, the elevation, the floor model, and how motivated is the owner to sell it. There are two towers at the Turnberry Ocean Colony, the newest one is the South Tower, where the proud unit owners have just started to move in.
There are several good opportunities in the Turnberry Ocean Colony buildings, such as apartment number 2504 that is selling for $2,945,000 and has 3,735 Square feet of living area plus 745 Square feet of terraces with beautiful ocean sunrises and spectacular intercoastal sunsets. Another good example of a good opportunity in the building is the unit 3103 that has an asking price of $2,650,000. Please click here to see some pictures of these units.
Sunny Isles is located between Miami and Fort Lauderdale International Airports and only 5 minutes driving distance to the Aventura Mall and Bal Harbour. The beauty of Sunny Isles is the almost three-mile long coast line with impeccable beaches and a melting pot of international residents. The commercial area, just west of Collins Avenue has an amazing growth potential due to the captive audience that they cater to. The city is expected to increase its infrastructure at a fast pace due to the tremendous tax income coming from the real estate luxury high-rises and the lack of poor areas to support.
For a complete list of four bedroom apartments in Turnberry Ocean Colony, please click here.
Questions, comments?
Gustavo Farfan is a Luxury Real Estate Specialist in the area. He can be reached at the following e-mail: gfarfan1@aol.com
http://sunny-isles.fl.house.info/65059-condo-sale
www.immobel.com/miamicondo.com
http://miamiwaterfront.sef.mlxchange.com/
http://activerain.com/gfarfan1
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LUXURY WATERFRONT SPECIALIST MARKETING THE BEST REAL ESTATE OPPORTUNITIES IN SOUTH FLORIDA. DEFAULTS, SHORT-SALES, PRE-FORECLOSURES, BY OWNER FINANCING. SUNNY ISLES BEACH, MIAMI BEACH
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