Continuum South Beach Shows a Surge in Sales and Sales Prices | What are the Best Performing Units?
- loes
- June 22nd, 2018
The Best Performing Continuum Units | Renovated vs Original units
Sales and Sales Prices are Surging in 2018
Unit 1706 in the south tower achieved a sales price of $2566 per SF. The unique features of the unit justified the high sales price for an original unit
The renovated unit 3803 at the south tower sold for $2,723 per Sf. This 4 bedroom was one of the highest sales in 2018 offers.
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Original vs Remodeled Continuum Units
The South Tower was completed by developer Bruce Eichner in 2003, while the North Tower, originally thought as a hotel, was delivered in 2008. With units in both towers now respectively 15 and 10 years old, you can expect the original finishes to be somewhat surpassed for the taste of many Miami Beach buyers.
Among the recent sales (Those that occurred in the last 6 months) more than half of the units were either fully renovated or partially remodeled. Those redone units have achieved the highest price per SF, regardless of the views, with prices ranging between $1,700 and $2,725 per SF. Original units have closed at lower prices per SF ranging between $1,245 and $1,700 per SF
Exceptions will always occur, for example Paul Shaffer’s original south tower unit 1706, which was sold for $2,566 per SF. Of course this line is undoubtedly the most desirable sized, 3 bedroom unit with views of the whole complex and a wrap around terrace overlooking the ocean. Even with original finishes, the unit achieved a very high sale price as the potential of this type of unit cannot be overlooked.
Advice to Sellers
Updating your condo will definitely attract more buyers to the unit as many buyers prefer a modern, more polished look and you can substantially increase your asking price. Be aware that even with increased buyer’s confidence, most buyers are still more price conscious than they were some years ago and they want to make sure they are paying the right price. Luciana Fragali, CEO of renown Miami design firm Design Solutions Miami, tells us that owners need to budget around 15% of the unit’s market value, to renovate a unit. Keep this in mind to not ‘over improve’ your unit.
Advice to Buyers
Our advise to buyers is to keep a close eye at the finishes and quality of the renovations and take that into account when purchasing a unit in the complex. With the 15% rule (Owners need to budget around 15% of the unit’s market value to renovate a unit) you can calculate whether an owner has not over-improved his or her unit and you are paying over market price. If you are buying an original unit look at the potential and the overall quality of the line. You can again use the 15% rule here to see whether after a renovation you still have room to sell your unit with a profit.
