Baylights Penthouse 2 Miami Beach, Florida

Baylights Penthouse Miami Beach, Florida, #2 was SOLD! I was approached to assist in selling this 2012 project years ago, and with the anticipated prices hovering at $800+ psf, I was not interested. The immediate neighborhood had long-term potential but short term, the comparable values were nominal. Today, the Baylights development has proven to set area records at 25% less in market values.

Baylights Penthouse 1

I watched Penthouse #1, the largest (2,516 SF) trophy penthouse, sit for 1,003 days on the market. The seller had renovated it to perfection for themselves and yet was overly optimistic about what they thought it was worth.

We call it “riding the market” as over 3 years, they dropped & dropped their hopeful value to eventually sell. And while I showed the PH1 to clients, NO ONE thought it was worth $2.995M, let alone $2M. It ended up selling (not through me) at a market value of $1.550M back in AUG 2017. I thought its value should have been over $1.750M, but the buyer knew they could get a great deal, and with trial, error, and no results, the seller threw in the towel to ‘finally’ sell. This grandiose penthouse property is simply amazing and a keeper for savvy buyers now calling it home.

Baylights Penthouse 3

As of January 2018, the owner of the smaller Penthouse #3 hired me to sell their property, and with just 1 day on the market, Baylights PH3 sold at $1.050M (1,513 SF). Noticing stellar marketing in place on Penthouse #2, the owner of Penthouse #3 asked to meet with me and, upon our meeting, relisted right away. The owner was in a rush to sell, and his property had been listed for the entire year of 2017 with another broker and had no activity. I knew its unique, strong points and precisely pushed each point to approximately 3 buyers. It didn’t take long!

The value was out of extreme motivation from not getting any results (showings or offers) with the prior broker and the intent to leave the Country asap. Those strong points mentioned above included the staircase going directly to the private terrace above. It, too, is an incredible penthouse.

Baylights Penthouse 2

Just Sold! This was the Penthouse sale that started it for me at Baylights. The International buyer bought it in 2014 as a starter home in Miami and used it far less over the years than he had hoped. It was originally sold through the developer at $1.2M and relisted at $1.539M two years later to no avail. When I relisted it a year later at $1.395M (6-month marketing), the penthouse began to get solid activity and traction, however no offers.

A year later, we relisted with the intent to sell for certain at $1.190M and also for rent at $6,000/month – the property was rented right away to a famous Columbian singer, and upon his move-in, the phone didn’t stop ringing for showings. Unable to show from lack of tenant cooperation, I could sell PH3 from those several phone inquiries, as noted above. We took PH2 off the market to allow this well-respected tenant to have peace and quiet for the remainder of 2018, and to our surprise, a cash offer arrived in JUN contingent on previewing the week before closing. Quite the juggling act, we made it all work for all parties involved at $1.140M (1,890 SF).

2 Baylights Penthouses Sold!!

Additional Notes: When a property is overpriced from where it should be, the result is typically a lingering/stale property listing with an eventual sale price less than it should be. This is certainly true in a buyer’s market as we see it today. In a seller’s market, pushing the value limits is expected and encouraged. Still, when there is a high supply with low demand, you must implement proper pricing and have a killer marketing strategy.

MLS Remarks Baylights (2012) Miami Beach LAST AVAILABLE PENTHOUSE with an extremely large private terrace from the residence & also above. This 2,050SF rooftop terrace is accessible by private elevator, where you’ll find your personal Jacuzzi facing South across the open waterways to South Beach & Downtown Miami over Biscayne Bay – Unique property with gorgeous views and a spacious floor plan to match. 2 Garage Parking, Secure Code Entry, 12 Neighbors in total and a community pool & gym below. Very private. Very secure.

Storied Location. Exquisite Living. Remarkable Life. #1.888.38.DREAM

Baylights Miami Beach @1910 Bay Drive PH2

• Year Built 2012
• 2 Bedroom | 2.5 Bathroom
• List Price (Off-Market) $1,190,000
• Sale Price $1,140,000 (as Cash)
• 1,890 Interior Sq. Feet (176 Sq. Meters)
• $603 SP$/PSF
• 95.7% of List Price (LP/SP Ratio)
• White Tile Floors Throughout
• 2 Assigned Garage Space
• HOA Maintenance – $1,040 (Monthly)
• 2017 Taxes $17,653 (No Homestead)
• Seller Representation; International
• Baylights Miami Beach – MAP Here

Baylights Penthouse 2 Miami Beach Gallery