South Beach

I have had 3 listings at the Bentley Bay condos since 2007, originally listed in the mid to high 700’s.  During that time I showed the units once or twice per month.  Three weeks ago the owners decided that they really need to sell and with their financial position need to request short sales.  A short sale occurs when a property is sold for less that the mortgages owed on the property and the bank takes the lion share of the loss.  Owners need to prove financial hardship that will prevent them from continuing to make the scheduled payments on the loans and the lien holders must agree to take the loss.  Short Sales can also be considered pre-foreclosures because these units if not approved, will usually get foreclosed.

After doing the necessary market analysis on these units, the values were estimated between 400k and 490K.  The units were listed for 459k, 469k and 489k.  Within two weeks, I showed them roughly twice per day and received cash offers on all three.  Since then buyers have even offered to pay more that the asking price.

So yes, after location, price has become the defining factor in the Miami Beach Condos Market.  So how does a buyer find these deals?  You need a hard working, knowledgeable Miami Beach Realtor because the deals come and go very quickly.