I was approached to assist in selling this 2012 project years ago and with the anticipated prices hovering $800+ psf, I was not interested. The immediate neighborhood had long-term potential but short term, the comparable values were nominal. The Baylights development has today proven to set area records however at 25% less in market values.
PH1; I watched Penthouse #1 as the largest (2,516 SF) trophy penthouse sit for 1,003 days on the market. The seller had renovated to perfection for themselves and yet were overly optimistic about what they thought it was worth. We call it “riding the market” as over the course of 3 years, they dropped & dropped their hopeful value to eventually sell. And while I showed the PH1 to client’s, NO ONE thought it was worth $2.995M let alone $2M. It ended up selling (not through me) at a super 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 the savvy buyer’s now calling it home.
PH3; 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 no activity. I knew its unique strong points and pushed each point to approximately 3 buyers with precision. 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.
PH2; 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 over the years, used it far less 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 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 was able to 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 quite 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 Penthouses Sold/Closed this year. Happy People. 💪😎
PS. when a property is overpriced from where it should be, the end result is typically a lingering/stale property listing with an eventual sale price less than where it should be. This is certainly true in a buyer’s market as we see today. In a seller’s market, pushing the value limits is expected and encouraged but 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 w/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. #888.38.DREAM.
@1910 Bay Drive Miami Beach, Florida 33141
- 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
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I’m connected with the world’s best luxury real estate brand and a vast global network of friends & colleagues who offer a bespoke experience wherever you are in the world. Locally, I offer the very best in real estate knowledge and client services as a master broker-associate with the leading firm, ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, prestige, their propensity for perfection, and quite simply, the immense global reach in curating luxury goods and real estate. Since 2002, I’ve been active in the South Florida residential market with knowledge, experience, and white-glove service that rarely disappoints.
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