Mansions at Acqualina at Sunny Isles Beach. Success story or problems on the road?

By
Real Estate Broker/Owner with Global Realty Partners

MANSIONS AT ACQUALINA AT SUNNY ISLES BEACH. SUCCESS STORY OR PROBLEMS ON THE ROAD?

I have had a client who was shopping for a penthouse in South Florida, with a price range up to $5,000,000.00. I checked the best building of today, which is Turnberry Ocean Colony. There, Penthouse 3402 was recently sold for $4,900,00.00 and the owner of TS 2 in North Tower wanted some money, which didnot even exist.

Then I send an email to the new pre construction project at Sunny Isles Mansions at Acqualina and asked for any available penthouses. The sales person told me that half of the building already sold out and the remaining half of the building, especially penthouses, starts at the 10-15 million dollars range.

It took me about 2 months of work, sleepless nights and negotiation over negotiation plus back and forth conversation with condo association for an approval to sell 2 units at Turnberry Ocean Colony South Tower, which were 1603 and 1602, with budgets a little bit over what the client wanted to spend at the beginning.

By the time I started shopping forbig unit, preferably penthouses, I became an expert about the properties located on the almost 80 miles shore, and I can tell you that there are a lot of unsold units like ones at Luxuria Boca Raton and One Thousand Ocean, which have not find their client yet. What I am trying to say? A lot of these so called "sold" units are based on speculations in Mansions at Acqualina and have had only preliminary deposits. Even if 50% of the people who put deposits in will go into a contract. Not all of them will be able to close. Until the building will get an approval for financing, all clients will have to close with cash. And who knows what the situation be 3-4 years on the road.

By the way, as you see from the photo, a new building will be squeezed between the existing Acqualina (orange building at the center) and Pinnacle condominiums.

Sunny Isles Beach, FL

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