Original Vs Renovated Units for Sale at Continuum on South Beach
- loes
- September 13th, 2019
How Much More Should You Expect to Pay for Renovated Units at Continuum?
It shouldn’t come as a surprise that renovated units are asking for a higher price per SF than original units. The main question here is: “How much more are they selling for?” This information is extremely useful for buyers and sellers alike. We like to educate the buyers on what they can expect to pay for different units while managing sellers’ expectations before they list their unit.
We deep-dived into the sales* in the last year and dissected the sold units into those that were:
- ♦ Original units
- ♦ Partially renovated (Standard / Basic renovations or partial renovations where floors, bathrooms or kitchens are still original)
- ♦ Fully renovated units with top-of-the-line finishes (Wow-factor units)
* We excluded townhomes and 1 bedroom condo units from this research.
Original Vs Renovated Units for Sale at Continuum on South Beach. What can you expect to pay for each unit?
As can be seen from the graph there is only a small price difference between original and partially renovated or updated units. Original units sold between $1,500 and $1,650 per SF while the partly renovated units sold between $1,257 and $2,249 per SF. Renovated units show a slightly higher average price per SF, but a much wider range. Because most of Continuum’s unit are partially renovated this group contained more units with varying types of ocean views.
To off-set for this, we included the quality of the views in this research and combined “levels of renovation” with “Type of Views” (two of the most important features for today’s buyers). Type of views either being city views, partial waterviews/bayviews or full oceanviews
The average sales price per SF for a fully renovated unit with superb oceanviews is $2,488!
Picture taken from the MLS, provided by Michael Duchon of Douglas Elliman
We divided the units into 5 types:
- ♦ Original units with partial water views (think partial water views, obstructed water views, bay views)
- ♦ Partially Renovated units with city views
- ♦ Partially Renovated units with partial water views (think partial water views, obstructed water views, bay views)
- ♦ Partially Renovated with full ocean views
- ♦ Fully renovated units with top-of-the-line finishes (Wow-factor units) and full ocean views
The graph above shows us a combination of three levels of finishes (Original units, partially and fully renovated units) and 3 types of views (City, Partial Waterviews/Bayviews and Oceanviews)
Based on this sample we see that units with city views sell for the most affordable prices per SF while ocean views sell for the highest prices per SF.
There is only a limited price difference between original units and units with basic or partial renovations if the type of view is equal.
The difference between partially renovated and fully renovated units on the other hand shows a significant price difference in price per SF.
It needs to be mentioned that most of the fully updated units with superb ocean views are larger 3+ bedrooms.
