Porsche Design Tower Condo Among Distressed Units For Sale In Sunny Isles Beach
At least seven distressed units - both REOs and shortsales - are listed for sale at an average price of about $784 per square foot in Sunny isles Beach.
We have crunched the statistics for the Year 2023 and plan on publishing a series of of reports during the next two weeks looking at the winners and losers in the northern portion of the barrier island in Miami-Dade County. If you want the reports emailed to you, just sign up for the Miami Condo Market Intelligence Report With Peter Zalewski™ newsletter at: PeterZalewski.substack.com
A foreclosed condo in the pricey Porsche Design Tower in the barrier island city Sunny Isles Beach has been listed for sale by the lender, according to an analysis by CondoVulturesRealty.com.
The three-bedroom unit with nearly 3,530 square feet of living area has an asking price of nearly $4 million or about $1,132 per square foot, according to the analysis.
The property was originally purchased for about $5 million or about $1,417 per square foot in 2021, according to the Miami-Dade Property Appraiser’s website.
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The Porsche Design Tower unit is one of the distressed condos listed for sale in a municipality situated between the Atlantic Ocean and Intracoastal Waterway, and stretching 2.5-miles long from Haulover Park north to the town limits of Golden Beach.
Sunny Isles Beach’s distressed condo market - shortsales and Real Estate Owned (REO) by lenders - is nothing like it was during the Great Recession years but the deals that are available or recently traded are notable for where the units are located.
In addition to the Porsche Design Tower, the distressed condos currently listed for sale in Sunny isles Beach are in projects including Parque Towers, Coastal Towers and Le Cartier, according to the Southeast Florida MLX Matrix.
In 2023, discount buyers picked off only one distressed unit - an REO condo - at a transaction price of about $196,500 or about $546 per square foot, according to the stats.
Currently, seven distressed condos are listed for sale in the Multiple Listing Services (MLS) - a database used by Realtors to market units - at an average asking price of nearly $1.1 million per unit or about $784 per square foot.
To assist with better understanding the market, CondoVultures.com has analyzed the Sunny Isles Beach’s distressed condo units and created a chart that shows the results.
This chart was created by CondoVulturesRealty.com using proprietary statistics along with data from the Southeast Florida MLX Matrix, Cranespotters.com, Miami-Dade Property Appraiser’s Website and Miami-Dade Clerk Of The Court.
This chart and others are available behind the paywall for members of the Miami Condo Market Investment Club™.