Miami Beach Foreclosure and Great Deal Condos

With the downward pressure of prices in housing market due to the current credit crisis and uncertain financial market, I’d like to highlight a few of the best deals in Miami Beach luxury waterfront condos market. Every buyer today wants a “spectacular deal”, but how do we define this great deal in this current market? One possibility – just roll prices back to pre-boom pricing from 2003-2004.  Another not so precise formula is to take an overall price reduction anywhere between 30%-70% off 2005/2006 prices (height of the real estate bubble).

However, I’d like to highlight what I consider one of the better real estate valuations for a truly “great deal”, which involves looking at the cash flow from potential rental income.   A few of what I consider to be “great deals” in Miami Beach luxury condos:

Bentley Bay Unit 2211

Bentley Bay Condo Unit-2211
2/2- 1,250 S.F.- Wrap Around Terrace, Direct Bay Views, with potential monthly rental income ranging from $3K – $5K/month.   Foreclosure Sale Asking Price: $459,000 ($367/SF)

Icon South Beach Condo unit 1804

Icon South Beach Condo Unit 1804
2/2- 1,536 S.F.- Large Terrace, Intracoastal & Bay Views, with potential monthly rental income ranging from $4K – $6K/month.   Foreclosure Sale Asking Price: $829,000 ($539/SF)

Murano Grande Unit 1809

Murano Grande Condo Unit 1809
2/2- 1,437 S.F.- Large Terrace, Open Views of South Beach & Ocean, with potential monthly rental income ranging from $4K – $6K/month.   Foreclosure Sale Asking Price: $740,000 ($514/SF)

Wavelry South Beach Unit 804

Waverly South Beach condo unit # 804 – SOLD
2/2- 1,084 S.F.- Spectacular Intracoastal & Bay Views, with potential monthly rental income ranging from $2,500 – $3,500/month.   Foreclosure Sale Asking Price: $364,900 and Sold/Closed for $330,000 ($304/SF)

My team and I are committed to providing strong value added service to our clients, which means delivering the best purchasing opportunities to today’s buyers of Miami Beach luxury condos.