Gustavo Farfan

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 offers unparallel finishes, state-of-the-art appliances with gas cooking, oustanding 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 the owner is 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 espectacular intercostal 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 International and Fort Lauderdale 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 with over fifteen-years of experience. He can be reached at the following e-mail: gfarfan1@aol.com

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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.