While working with waterfront homebuyers and condominium buyers just before the Holidays, I noticed that there is an increasing number of recent Miami Beach homeowners attempting to do a quick property flip (for a profit). This is showing up with luxury Miami Beach waterfront homes and condominiums that are located in the luxury island communities of Miami Beach.
How soon homeowners will be able to make a quick profit in a Buyer's market environment is still yet to be determined. Those savvy enough to have picked up REALLY CHEAP properties, especially those who managed to purchase deeply discounted Short Sales and REO (Foreclosure / Bank-owned) homes and condos in Miami Beach at the absolute bottom of the market have a good chance of pulling it off in 2011.
What I've been most impressed with is that these Miami Beach "flip" homes and condos happen to be among the best deals currently on the market. There's a much reduced inventory of well priced waterfront homes and condos available for sale in Miami Beach as we close out 2010.
A few examples of high potential "flip" scenarios currently on the market:
Breathtaking North Bay Road Estate - Miami Beach Home
5150 North Bay Road
Miami Beach, FL 33140
Remarks: 105 feet of waterfrontage, with six bedrooms / 6.5 baths, Private Boat Slip, beautifully appointed Grand Estate-type home with imported marble and completely updated throughout.
Sale Price: $3,750,000 (2/10)
Currently Listed Price : $ 5,490,000
2010 Tax Assesed Value: $3,727,000
Bedrooms: 6
Bathrooms: 6.5
House S.F.: 6,360
Days on Active Market (Multiple Listing): 70+ Days
The Murano at Portofino - Miami Beach Condominium
1000 South Pointe Drive #3102
Miami Beach, FL 33139
Remarks: Second largest floorplan at Murano at Portofino condos with two terraces and incredible Ocean, Intracoastal, Fisher Island, and Downtown Miami skyline Views. Extra large kitchen with enhanced views!
Sale Price: $1,925,000 (6/10)
Currently Listed Price : $2,490,000
2010 Tax Assesed Value: $2,092,000
Bedrooms: 3
Bathrooms: 3.5
Condo S.F.: 2,618
Days on Active Market (Multiple Listing): 30+ Days
The Murano Grande - Miami Beach Condominium
400 Alton Road #2309
Miami Beach, FL 33139
Remarks: Immaculate Two Bedroom split floorplan with direct Ocean views and large balcony. Miele kitchen with enhanced views!
Foreclosure Sale Price: $327,000 (1/10)
Currently Listed Price : $749,000
2010 Tax Assesed Value: $604,810
Bedrooms: 2
Bathrooms: 2
Condo S.F.: 1,437
Days on Active Market (Multiple Listing): 300+ Days
