Trump Tower I Sunny Isles Beach closings to Occur 1Q 2008! 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 consider 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 adjust 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 occurred in the new Trump Towers, they will research and look outside the building near Sunny Isles real estate, such as Trump Palace of Sunny Isles (or similar units & square footage ), to determine value.
Trump Tower I Sunny Isles Beach Values
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% of 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 of 2700 sq feet. With a $30K or so investment into finishing the property, I find it 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,