In determining value at Trump Tower I from a Banks perspective, they will send out someone who may or may not even know the local market. They research similar units in the same tower that have already closed and take into account floor height, view direction and finishes (detail) such as marble floors vs. carpet or raw & unfinished. If 3 to 5 other units have closed b.w $1.1 & 1.5 price range they will make the adjustments so that yours fits into the puzzle and come up with an estimated value. Because of the mortgage market situation today’s banks are more conservative than ever. If not enough resales have yet occurred in the new Trump towers they will research and look outside the building but in the immediate vicinity of Sunny Isles real estate such as Trump Palace of Sunny Isles (or similar units & square footage ) to determine value.
I believe as we get closer to closing units at Trump Tower I, prices and values will go downward for a short time as we find 2% sellers extremely motivated. The most motivated speculators try and get theirs sold first with pricing wars usually occurring b.w unit owners of similar units such as #2903, 1703, 503, 4003 and so on…Today’s value in my mind, is somewhere around $1.1M for a high floor 2700 sq feet. With a $30K or so investment into finishing the property, I find it to be very cost effective and almost mandatory as today’s buyer(s) do not like the hassle of ‘what it might take to finish it themselves’. The return for finishing each unit at Trump Tower condos should at least cover the expense if not add $50-$100K additional (first come first serve so act fast) but again it comes down to active competition and what the most motivated are doing at that time.
Hope this helps,