Bal Harbor Real Estate Market Report for October 2014

Bal Harbor Real Estate Market Report

There are currently 175  Bal Harbor condos for sale:

• Highest priced listing: One Bal Harbour Penthouse (PH2604) for $27 Million  – 5 bedrooms / 5.5 bathrooms and 7,779 sq. ft. of living space
• Lowest priced listing: Harbour House Cabana for $85,000 (only available to Harbour House residents).
• Next Lowest priced listing:  Short Sale at Carlton Terrace Condo 9G for $193,000
• Pending Sales: 29
• Closed sales in October: 12

The 12 Bal Harbor Condos sold in October were the following:

• One Harbour Way Co-op #206 – listed for $325,000 in August and selling for $300,000 ($244/sq.ft.)
• Harbour House Condo #1125 – listed for $449,900 in September and selling for $450,000 ($502/sq.ft.)
• Harbour House Condo #715 – originally listed for $510,000 in November of 2013, with several price reductions and selling for $450,000 ($502/sq.ft.)
• The Plaza of Bal Harbour Condo #1011 – listed for $489,000 in August and selling for $465,000 ($355/sq.ft.)
• Harbour House Condo #1417 – listed for $639,900 in May of 2014, with one pending contract that apparently fell through and finally selling at $570,000 ($540/sq.ft.)
• Balmoral Condo #14N – listed for $780,000 in July and selling for $700,000 ($504/sq.ft.)
• One Bal Harbour Resort & Spa #317 – listed for $890,000 in July and selling for $800,000 ($697/sq.ft.)
• Balmoral Condo #8U – listed for $955,000 in August and selling for $905,000 ($536/sq.ft.)
• Balmoral Condo #20W – listed for $1,079,000 in May and selling for $940,000 ($557/sq.ft.)
• Balmoral Condo #17S –  listed for $1,150,000 in July and selling for $1,100,000 ($556/sq.ft.)
• St. Regis Bal Harbour #805N – listed for $3.25 Million and selling for $2.8 Million ($1,751/sq.ft.)

Bal Harbor is one of those cities where general price per square foot stats do not work and would be a total injustice for both buyer and sellers.  Just look at the huge discrepancy per square foot between sales at The St. Regis and One Harbour Way (difference of $1,507 per square foot). We recommend that you look at comps in the same building and go back as far as 6 months to be able to get an idea of the trends in each building.  The winner in October sales was Balmoral with 4 sales and averaging $538/sq.ft.  The runner-up was Harbour House with 3 sales averaging $515/sq.ft. Remember that height of residence (which floor), views and condition will make a difference with comparables. Oceana Bal Harbour is currently in preconstruction and you can already see a lot of movement with the actual construction with expected completion date of 2016. We are Bal Harbor REALTORS, ready to list and market your property! Call us for a listing appointment. We are now also providing these quick services to help with your real estate needs – your email address will be necessary to get the reports. And always keep in mind that these are automated and should only give you a ballpark figure. CHECK YOUR CURRENT HOME VALUE To sell or buy your Bal Harbor home or condo, please contact us at BalHarbor@miamism.com