New Foreclosure On The Market In Prestigious Beacon Harbour Condo
July 19th, 2009 | categories: Coconut Grove Condos
I hate to write about foreclosures so many days in a row, but this one I found so interesting I couldn’t help myself.
A foreclosure came on the market today in Beacon Harbour. It is Unit 302, priced at $1,790,000 and features 3,444 square feet of living space with 3 bedrooms and 3.5 baths.
Beacon Harbour is a luxury boutique condo that features 10 units total and 5 floors. This particular unit sits on the third floor and has Bay Views with 2 separate boat docks (with a 15,000 LB Hydro Hoist), private elevator, glass cased high impact doors, mahogany built-ins and gorgeous views. It appears that this unit was purchased from the developer back in 2004 at a price of $1,816,000.
There has not been a lot of turnover in this building since its completion in 2004. In fact, it appears to me that there have only been 2 resales in Beacon Harbour since 2004 (the Penthouse Unit which featured 3 bedrooms and sold for $3,750,000 in 2007 and Unit 201 which featured 4 bedrooms and sold for $$2,050,000 in 2006).
There are 2 other units (aside from unit 302) currently on the market which include:
- Unit 102 (3 bedroom) is on the market priced at $2,600,000
- Unit 201 (4 bedroom) is on the market priced at $3,000,000.
How Does It Compare to The Residences of Vizcaya?
Residences of Vizcaya (expected to be completed in early 2010) is a similar “boutique” style condo located next door to Beacon Harbour. At The Residences of Vizcaya the 3 bedrooms with direct water views are going for roughly $3,000,000.
Is Beacon Harbour Healthy?
There is one other unit that is distressed in the building, it is in pre-foreclosure.
So there you have it, you be the judge.
If you are interested in viewing this unit, I would be happy to arrange a showing for you and offer my opinion as to its value. Just send me a note here, or call at 305.342.1623.
You may also want to read: Residences of Vizcaya, Hard Hat Tour
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Broker is Brickell Bay Realty LLC
The number of recent condo foreclosures could be a signal the market has bottomed as banks generally delay foreclosures on condos until they feel the condo will sell quickly.
This is because condos have higher mainteance costs than single-family homes (security, management staff, etc.). Thus, if a bank feels it will be a long selling process, it tends to shy from immediately foreclosing on a condo.
An advantage of this unit is there aren’t a lot of units in this condo building listed for sale.
I would still be wary from buying in any condo building with more than 10% of its units on the market. Prices will usually decline in a condo building until building inventory is under control. After all, the second mouse usually eats the cheese.