The article published in Bloomberg news on October 16. 2009, by John Gittelshon could not be further away from the truth.
Quoting Peter Zalewsky unproductive opinions manipulate the information only to the best of his interest. Zalewsky should not be trusted as an independent, unbiased opinion, what else can you expect from somebody that calls himself a "vulture"?
Media manipulation by presenting partial statistics just confuses consumers with doom and gloom news about the real estate market, with the purpose of making the property prices accessible to their own investors. Fortunately these "formulas" from big funds making offers for 30 cents on a Dollar did not work the way they planned. Their famous call for a real estate "Blood Bath" did not happen according to their predictions. Instead, the market is ripe for individual investors, first and second home buyers that can benefit from the price drop or "market correction" that we are experiencing, if only they could be provided with complete information.
McCabe's opinions are also outrageous, for a real estate consultant it makes me wonder who are his clients....? A few years ago McCabe said to the Miami Herald "I think our population growth is about zero right now" and "Who is going to live in these things?". During the last couple of years, I have read quotes about "Zombies", "At the Current 2007 sale pace it will take 30 years to sell all the apartments" and "there are over 25,000 apartments unoccupied in Miami". When in-fact the apartments where not ready to be occupied yet! I can go all day mentioning these quotes, somebody should make a compilation of them with the original author reference, it would be hilarious! Today, the Brickell and Downtown areas that McCabe was referring to, have experienced an amazing growth in population. The MLS reports over 4,500 closed rentalsin the Miami - Brickell area since Jan 2009. According to the US Census, there is an average household size of 2.61 in Miami, which means Miami has had over 11,000 new residents move into the city in the past year! You don't have to be a market analyst to understand that we officially have a new vibrant urban area, with dozens of restaurants, shops offices and an amazing night-life.
It is one thing to misquote predictions about the future market, I have to admit I was in denial about the real estate crisis until I experienced it. But, you can not close your eyes with today's facts. Today, in the above mentioned article McCabe quotes "If you're thinking you can come here and buy and sell condos for a profit in less than five years, you're sadly mistaken," and that "you better wait 10 years, before the property turns into profit or appreciates". These quotes, in my opinion are irresponsible and cannot be further away from the truth. Thousands of new buyers, Realtors and - why not - Small Investors are profiting from this market and they will continue to do so as the real estate infrastructure continues to solidify and populate.
The truth is that nobody is buying at the original pre-construction prices. Although developers had delivered the buildings, as promised, the whole real estate crisis began when people who had placed deposits into new developments did not close, technically bankrupting the developers. However, I do not blame them, I would not have closed at those prices either. Currently, the Miami market place is the best opportunity to make money, I represent clients who are buying property at 50 and 60 percent of the LOAN value.
For years we have been hearing McCabe and Zalewsky misinform the consumers, but it is time that the consumers as a whole start hearing the real "market pulse" of other real estate professionals, that are active in the marketplace and provide unbiased information. That way, rather than a few individuals profiting from this marketplace, we can spread the wealth to allconsumers that wanted a city like the one we have right now, and dreamed of accessible and realistic property prices. Whether you are buying a Miami residence to live, rent, or as Vacation buyers, everybody is welcome.
Artech, a state-of-the-art new development in Aventura whose architecture resembles the shape of a luxury cruise ship, is following the $200 per Square Foot building sell-out trend that started with the Brickell developments such as Brickell on the River, Mynt, 500 Brickell, Ivy,etc. whose prices were also drastically reduced to be sold-out almost overnight.
In today's ever changing Miami marketplace, when the banks take control of the prices of a given development (call it developer short sales) they reduce the prices drastically. When the prices reach around $200 per Square Foot levels, the whole building sells like magic.
The sell-out of these buildings in Miami is so fast, that if you enter a sales center it looks more like a Publix supermarket. The sure sign that the buyers are flocking into their offices is when the sales people no longer answer the phones or do not return messages. Developer sales teams that were starving for three years, are now taking advantage of the opportunity of finally having buyers fight for the chance to buy units at below construction costs and have kept their offices open until close to midnight in many cases.
The next buildings that we think will follow the trend, has to be Infinity at Brickell and Everglades on the Bay. These two brand new developments have already UN-OFFICIALLY reached the "magic number" levels of $200 per Square Foot. Be among the first buyers to benefit from this one-in-a-life time opportunity by calling me to reserve your new apartment in Miami at the lowest price ever!
Where are really my deposits? How do I get them back?
How to profit from a group purchase approach.
If you made a commitment to purchase a property in pre-construction and you put down a deposit and did not go to the closing, technically you have bankrupted the Developer. The perception is that Developers, have big egos, are greedy and pushy, however there are some Developers that did deliver what they promised they would deliver. The market changed and affected every one of us the same. Most Developers, not only are not making money, they are already bankrupted or in reorganization and they can not reduce the property prices below what they owe to the bank.
Which brings us to our next point "When the Bank loses money you win." The approach to negotiating with the bank has a lot to do with timing. Remember banks are not in the Real Estate business. Banks are in the money business and they do not want to lose more money by holding Real Estate for too long, since they prefer the cash to reinvest it, even if they have to take a big cut or a big loss. However with the same token they are not going to go down without a fight. They will try several approaches to get the most amount of people to purchase at higher prices and as they fail to attract enough buyers to come to close, they will gradually reduce their prices. When this happens, a big opportunity is created and individual buyers that put their deposits into these buildings at pre-construction can not compete with bigger investors that come to buy in bulk the whole property at a fraction of the price. These powerful investors are competing as we speak for a chance to make it big and get the next big deal.
So how can a single buyer win in these scenarios? One solution is to "mix and match" and group people together that share common interests such as type of property, place of residence, rental property vs. primary residence etc. The only problem is that grouping more that two individuals will not work in any given building. The reason is that the Developer is already holding and in most cases has spent your money, so it is better for them to keep four buyer's deposits than to give one apartment away in exchange. However, groups of up to two people have been proven to work in some case-scenarios.
A second option is to acquire negotiation leverage by grouping buyers for individual purchases. This can be very effective. Grouping together Real Estate packages rather than people is the most accepted way in which the bank and the courts will make a quick decision in favor of the purchaser. In this case purchasers will be competing with sophisticated investors for the building. In my opinion, the original purchasers that defaulted and are having problems getting the money back from the Developers, should have the first right of refusal when making an offer in court. This initiative can be organized building by building (at least in the remaining buildings). If you purchased a property at $600-$800 per Sq.Ft. and today you can buy it for $400-$500 per Sq.Ft., you might be able to get away with $200-$300 per Sq.Ft., depending of course on the quality and location of the building. But pay attention this can not be accomplished by individual efforts.
Lets face it, you may not get your deposits back, you may only get a fraction of them or you may get this fraction in a year or two. But if you can acquire a property at half of the price that you originally purchased it for, is it worth more than the deposit that you originally put in place. So what are you going to do? Sit a year or two waiting for that fraction of your deposits and watch your cash depreciate? Or close at the right price and for the next five years sit on a Real Estate investment that will certainly appreciate.
The media manipulates the data to create confusion, rather than explaining the reality of the real estate situation. While they are professionals that understand the market, it may not be in the best of their interest to help a consumer get the best deal in the market, since their professional fees are based on different parameters.
To clarify, there is not only one "rock bottom price" or a date in which the "rock bottom price" is going to be reached, and it doesn't necessarily depend on an area or a building. Just like the market value of any given unit in the marketplace is what an individual buyer is willing to pay for it, the infamous "rock bottom price" is the relationship between the lowest price negotiated for the best price-positioned property model that matches the individual need of a consumer.
Based on the previous analysis we get to the conclusion that there are many "rock bottom prices", even within a single building there will be the "rock bottom price" of the 01, 02, 03, 04, etc. models and additional "rock bottom prices" of high floor units within the same models. There also will be different "rock bottom prices" of furnished and unfurnished units. There cannot be and a cookie-cutter "rock bottom price" approach that is useful for one consumer. The idea of "rock bottom price" is being misinterpreted and branded by the media creating confusion and undecided consumers.
The real "rock bottom price" of an industry or a city cannot be defined with accuracy. The existing analysis only measures information from different sources in large economies of scale. Real estate analysts cannot accurately pinpoint the "rock bottom price" of a single unit in any given property. A more accurate method from a consumer's perspective would be to hire an appraiser to give a consumer a closer idea of the current market value of a property. Real estate analysts rely on different types of considerations for their market analysis. Just like most analysts generally consider a market healthy when there is a housing supply of about six months because it indicates a balance between buyers and sellers. The Realtor association relies on an index, based on the relationship of units for sale and units that change hands in the last 12 months which is roughly 3%. This means it would take three years to work through the supply. What analyst are not taking into consideration is that approximately 70% of the properties listed in the marketplace are overpriced. Those units are owned by misinformed, resilient owners and shouldn't even been considered in the market because of being unmarketable. That leaves approximately 30% of the units of realistic property available in the marketplace. Based on those figures the same Realtor Association index for the same period could be 10%. But what will happen down the line with the rest of overpriced units listed in the MLS? Most of them will eventually catch up with the market and will give way to yet another index figure.
In today's marketplace, consumers buying unique waterfront properties must take advantage of the oversupply of properties available in the Miami Metro area, since it lowers the prices of the unique properties that match their search criteria. Oversupply allows consumers to have the opportunity to acquire unique property at bargain prices like we've never seen before. The real market size for the average consumer of unique waterfront properties is about five or ten best-priced properties located in two or three buildings of their preference. The rest of the property in the marketplace does not apply to their search criteria because of location, style or price. The "rock bottom price" for these consumers is identified when they negotiate the lowest price for the best price-positioned unit type in the building that they wish to buy. Will the market go any lower? Yes and No. The overpriced units will continue to reduce in price until they become marketable by today's standards. But in every building there are units that have reached the "rock bottom price" or are very close to reaching the bottom. The trick is to find an experienced Realtor that knows how to identify the correct opportunities in every building.
For savvy consumers this should not be about indexes of industry averages, look for the unique properties that are priced-to-sell, they exist in every city, in every building and in every model type of property in the marketplace. We all know by now that real estate is a cycle. The consumers that buy early in the cycle, when the supply is strong will always obtain the best equity and future resale value. There are only a handful of unique properties for any particular search criteria that are available at a bargain price and for a limited time. Consumers today have the luxury to choose from a whole selection of properties that can be purchased today at "rock bottom prices" so why wait?
SHOULD I BUY NOW OR WAIT UNTIL THE PRICES DROP MORE?
I hear the same line of question from clients and Real Estate agents. The one that catches my attention the most is "Should I buy now or wait until the prices drop more?"
The answer is simple, if you find a great property with the right location and price and you have the means to buy it, go ahead and start enjoying it now. Exclusive and Unique properties in prime oceanfront areas are limited. Such a rare commodity that is available today might not be available tomorrow. Of course you may argue that there may be others in the future, but if you found "the one" and the price is right, then what are you waiting for?
There are not going to be so many properties that you will fall in love with. So, if you have already spent your time and effort to find the perfect property for you and your family, my advice is to act now.
If you wait, the market could suddenly turn around. It's a simple law of supply and demand, just like the price of gasoline!
Real Estate is highly fragmented, I cannot speak for every area, but I firmly believe that the prices of luxury oceanfront properties in South Florida have bottomed-out. This is my are a of expertise, I am constantly analyzing and visiting properties in this area, getting input from hundreds of clients and real estate professionals on a 24/7 basis regarding the market conditions. This makes me a little more knowledgeable than your Attorney in Chicago, your Accountant in Wichita or your Overseas Banker. It seems to me, that some people are waiting for a subliminal sign or an official New York Times announcement that the market "has bottomed-out".
Meanwhile, at this very moment, shrewd investors are cherry-picking the best properties available. There are very good opportunities out there. Today's Real Estate marketplace is like a giant buffet ready to be eaten. So what are you going to do? Be first in line and get the lobster? Or wait, be second-in-line and get the leftovers.
Contact me now for a complete analysis of the best opportunities in prime South Florida's oceanfront locations.
You can find great local Sunny Isles Beach, Florida real estate information on Localism.com Gustavo Farfan is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
The Brickell and Downtown area are poised to be the center of the Universe for Miami, almost everyday I see a new restaurant opening, the stores, movie theaters and shopping centers will soon follow. Miami has already a amazing night-life, fueled by locals and professionals that live work and play in the area defining the new Miami urbanism.
There is a national trend to leave the suburbs and return to the cities, which is becoming more relevant now, due to the fuel prices and the high cost of commuting, which seems to be irreversible. It's easy to see how the Brickell and Downtown areas of the Magic City will finally be the next best area that benefit from a great appreciation in the next Real Estate cycle.
[Miami skyline ranks third in the US. Behind New York and Chicago. The Cranes in the background are topping-off Everglades on The Bay]
The Downtown and Brickell area is gold, if this area were fully-developed; prices would be much higher. The same happened in Sunny Isles and in South Beach "South of Fifth", nobody wanted to live there when there wasn't enough infrastructure in the area and most people didn't see the opportunity coming.
And it's infrastructure which makes Real Estate prices to go up.
The Real Estate in Miami is experiencing a total "Buyers" market. This simply means if you are a buyer and you have cash you are able to get the best deals in town right now.
In the residential end, the current amazing deals lie in the "defaults". The most profitable type of "defaults" 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, some developers are selling these "defaults" properties at the original 2004-2005 contract prices, sometimes even with an additional discount.
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 better yet, they also want to benefit from the "Buyer's Market" and trade up to a better, more expensive property at an exceptional price, this allows them leverage to discount their property for sale even at below their original purchase price! 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 "Free Mortgage" for the first two years, "owner financing", boats or cars included with the property and sometimes even with a positive rental income that pays for the expenses. Today's market is all about opportunities.
So, is it better to buy now or to wait a little longer?
I hear people say all the time, "In six months the prices will be lower" But these same people are still going to be playing the same shpil two years from now, it's just an excuse for not taking risk. I don't blame them, but then after the fact I always hear them saying "I should've bought". Let's take the Blackberry for example: Should you buy a Blackberry now or wait until the prices go down a few years from now? The answer is: If you buy it now, you will start reaping the benefits of it today. It's a little different in Real Estate I agree, opportunities come and go but don't expect to find the same opportunity again.
Sometimes speculation leads to a better profit margin. But, speculation is also a risky business. We got in this trouble for speculating too much, the only people that are safe are the ones that bought early. Today a lot of investors are also speculating at the same time about how much lower the Real Estate will fall. But be careful, everybody speculating at the same time could create a lot of buyer competition for you. Remember that "people make the market" and when everybody starts buying at the same time, the market will automatically turn into an "upswing" cycle and the best opportunities and incentives could disappear. Most important, Real Estate is all about location and right now you can be the first to select the best property in the best locations.
Comments? Gustavo Farfan is a Miami Real Estate specialist with HRP Realty Services.
You can find great local Sunny Isles Beach, Florida real estate information on Localism.com Gustavo Farfan is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
Today's marketplace can be defined as a target rich environment for real estate investors. There are several good opportunities in the South Florida residential market, but which is the best investment? When will the prices hit the bottom? Should I buy now or should I wait?
Those are some of the classic questions that I have heard from clients looking to buy Real Estate. Now, add in to the equation all the foreclosures, short sales, pre-foreclosures, auctions, default properties, etc. and you get the perfect recipe for not making a decision. Too much information can hurt too.
The best time to buy an investment property is when you get in front of a great deal. When that happens, grab it, secure it, lock it and take it out of the market. Don't worry too much, if you don't do it somebody else will. Somebody sharper and perhaps better prepared to identify great opportunities and seize them.
In our last blog, we talked about great deals coming from the "motivated owner" area. The "motivated owner" is our best friend. Sometimes it is best to keep it simple: Here's a text book example buying a second home or an investment home and getting a great deal in today's marketplace.
OWNER FINANCING PENTHOUSE IN SOUTH FLORIDA
ONLY $147,000 DOWN PAYMENT MOVES YOU IN
PAY NO MORTGAGE for two years! NO qualification, NO closing cost from mortgage. Best deal ever in this Buyer's market!!!
Enjoy Amazing views from the two large roof top terraces
Approximate Monthly Expenses
Taxes $485 (2007)
Maintenance $401 (2008)
***OWNER FINANCING*** $886 per month expenses.
Description:
2 bedroom / 2 bathroom 1,417 S. F. Living area. Upgraded PH W/ Marble Floors, Granite Counter-Tops In The Kitchen, Hurricane Impact Sliding Glass Doors And Floor-To-Ceiling Windows. California Closets, Lg Private Storage, 2 Covered Parking Spaces, Gated Community, Key-Access Elevator. Ref # M1202555
Property Address: 2350 NE 135th Street PH-W
North Miami, FL33181.
OK, now that we have this information, here's what I would do:
1. I would buy this property, It's owner financing, so that comes without the hassle of having to deal with a financial institution and all their new limitations due to the sub-prime financing.
2. Since the "motivated owner" is giving me an additional buyer's incentive of two year paid mortgage. I would turn around and rent the penthouse, and It will rent fast for 2,000 per month. That'll give me $24,000 per year income. Deduct agent commissions and expenses and you'll get roughly $11,000 per year. That's a $22,000 cushion.
3. I would rent it for one more year; my expenses will increase to approximately $35,000 because I would have a mortgage payment but I would still have my $24,000 rent income plus my $22,000 cushion equals $46,000. So, I would end up with a positive cash flow of $11,000.
4. In year four, my expenses are going to be $35,000 again and my income from the rent is $24,000 plus my positive cash flow balance of $11,000 totaling $35,000. Break even.
5. Now I am ready to sell this property and get an interesting return. If the property goes up only 30% in those four years I'll be doubling my initial cash investment of $147,000.
But who wants to sell it, it's a great property. Maybe you should just retire and use it as a second home with a dock space for the winter time!
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
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 a 15% discount. "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:
NOTE: SEE INFORMATION ON PRICES, PICTURES AND AVAILABILITY, UPDATED IN REAL TIME:
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 gustavofarfan@glfproperties.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.
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
Questions, Comments?
I specialize in luxury oceanfront properties in Sunny Isles Beach, South Florida.
Please contact regarding the best opportunities at Turnberry Ocean Colony
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.
Three priceless words are behind it all: "Created by Turnberry." From the affluent east coast of South Florida to the posh environs of Las Vegas, Turnberry has been creating unprecedented lifestyles that have earned the legendary developer the respect and admiration of wealthy and influential people throughout the world.
Becoming known as the people who wrote the book on private club lifestyles, the Company has been literally revolutionizing upscale residential-resort living since 1970, first creating Turnberry Isle and the Turnberry Isle Resort and Country Club in Aventura, Florida, following with Porto Vita and the Villa Grande Club, Aventura's finest waterfront residential enclave, and then the even more lavish Turnberry Place and the Stirling Club, the place to live, and the place to play in Las Vegas.
Turnberry has been developing destination resorts and business hotels, and upscale shopping and working environments as well. Today, more than 5000 residences, 1640 hotel and resort rooms, over 20 million square feet of retail space and 1.5 million square feet of office space proudly carry the "created by Turnberry" designation.
And now, Don and Jeffrey Soffer, the accomplished overseers of Turnberry, take you to the newest level of luxury -- Turnberry Ocean Colony.
Amenities
An elite private club and spa introduces you to a recreational world of magnificent excesses.
Owned by the residents and reserved solely for the fewer than 260 families who will live here, the club will be a focal point of your rewarding new life, providing fine dining, gala entertainment, fitness, wellness and unsurpassed individual attention. Elegance will reign supreme, but casual will be the order of the day. And the evening. Spa, fitness center, food and beverage services will also be extended to our beach, pools and private cabanas.
Welcome to Turnberry's latest private club innovation: pampering al fresco.
World-class therapists and personal trainers attend to the exclusive pleasures of our residents.
The latest and finest equipment and facilities. The newest, most advanced exercise regimens, skin care and body soothing therapies, beauty treatments and enhancements. From pilates to power walks on the beach, oceanfront yoga to aqua aerobics, hot-stone therapy to holistic nutrition, anti-ageing Microdermabrasion to mind and muscle-relaxing massages, fashionable hair-do's to the newest diet don't's. All this and a most dedicated staff of professionals to advise and pamper you personally.
The meticulous maitre d' greets you by name and ushers you to your preferred table.
Consider our style "informal chic," or "casual gourmet." The absence of a dinner jacket or designer cocktail dress won't alter the elegance of your dining experience or the quality of the cuisine. Your table will be set with fine china and delicate crystal. You're food will be prepared and presented to perfection. A Sommelier will suggest a perfect wine. And service will be flawless. Our goal is to make "eating at home" more enjoyable than going out.
Your favorite nightcap is waiting in the lounge, along with a warm camaraderie shared with new-found friends.
Retire to the lounge before retiring for the evening. Enjoy the pleasures of a fine hand rolled cigar, a snifter of cognac, or your preferred liqueur, and share the end of your wonderful day with a few of your neighbors, people of like refinement who are fortunate enough to be living at Turnberry Ocean Colony.
Latest News and information about Turnberry Ocean Colony and other Real Estate opportunities in Miami. Sunny Isles, Aventura, Golden Beach Bal Harbour, Miami Beach.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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