Sunny Isles Luxury Condo - Turnberry Ocean Colony

Sunny Isles Beach Luxury condos - Turnberry Ocean Colony - News
By Gustavo Farfan
One of the newest cities in the Miami-Metro area is Sunny Isles Beach. Formerly "Aventura Beach" like we used to call it back in 1995, when the city wasn't as popular as it is today, to describe its location to Real Estate buyers!
Sunny Isles, also called "The Florida Riviera" and in less than ten years was transformed from "Motel Row" to the home of several of the most luxurious ocean-front high-rises in South Florida. One of my favorite buildings is Turnberry Ocean Colony. This ultra-luxury building offer unparallel finishes, state-of-the-art appliances with gas cooking, outstanding amenities and amazing views to the Atlantic Ocean.
A four-bedroom ocean-front condominium at the Turnberry Ocean Colony starts at the low $2 Million Dollars and goes up to the high 5 Million Dollars. The final price depends on the view, the elevation, the floor model, and how motivated is the owner to sell it. There are two towers at the Turnberry Ocean Colony, the newest one is the South Tower, where the proud unit owners have just started to move in.
There are several good opportunities in the Turnberry Ocean Colony buildings, such as apartment number 2504 that is selling for $2,945,000 and has 3,735 Square feet of living area plus 745 Square feet of terraces with beautiful ocean sunrises and spectacular Intercoastal sunsets. Another good example of a good opportunity in the building is the unit 3103 that has an asking price of $2,650,000. Please click here to see some pictures of these units.
Sunny Isles is located between Miami International and Fort Lauderdale International Airports and only 5 minutes driving distance to the Aventura Mall and Bal Harbour. The beauty of Sunny Isles is the almost three-mile long coast line with impeccable beaches and a melting pot of international residents. The commercial area, just west of Collins Avenue has an amazing growth potential due to the captive audience that they cater to. The city is expected to increase its infrastructure at a fast pace due to the tremendous tax income coming from the real estate luxury high-rises and the lack of poor areas to support.
For a complete list of four bedroom apartments in Turnberry Ocean Colony, please click here.
Questions, comments?
Gustavo Farfan is a Luxury Real Estate Specialist in the area with over fifteen-years of experience. He can be reached at the following e-mail: gfarfan1@aol.com
www.immobel.com/miamicondo.com
http://miamiwaterfront.sef.mlxchange.com/
http://activerain.com/gfarfan1

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The Truth About Miami's Buyers Market

The Real Estate in Miami is experiencing a total "Buyers" market right now. A famous online encyclopedia describes a “Buyers Market” as “market relations between prospective sellers and buyers of a good. The supply and demand model determines price and quantity sold in the market.”

Now that we have our fundamentals refreshed, let’s evaluate the correct opportunities in the Miami marketplace.

In the residential end the current amazing deals lie in the "defaults". The most profitable type of default is when buyers are unable to follow-through with their previous commitments to close on a ready-to-occupy unit. This commonly happens in brand new buildings. The big advantage for the new buyer is that since there is an excess inventory of properties in the market, the developer is selling these properties at 2004-2005 prices minus the 15% deposit that comes from the previous buyers abandoned down payment!

The next set of opportunities is in the "Owner Motivated" arena. These types of properties were priced right BEFORE the market correction, and they had continued to be available in the market mostly due to the resilience of their owners to lower their prices to today standards. It has come to a point that many of these property owners have experienced either financial difficulty, market panic or they just want to benefit from the “Buyer’s Market” as well and trade up to a larger, more expensive property. Whichever the case is, the new "priced to sell" inventories present themselves like a great opportunity to acquire prime Miami real estate in great locations at corrected prices. Motivated sellers are coming with great buyer’s incentives, such as boats or cars included with the property and sometimes even with a positive rental income that pays for the expenses!

Is it better to buy or to wait a little longer?
Sometimes speculation leads to a better profit margin. But, speculation is also a risky business. A lot of investors could be speculating at the same time about the right moment to buy real estate in Miami. When the market turns around the buyer’s frenzy will boom again. The buyer's incentives, most of the defaults, the “Motivated Owner”, the "By Owner” financing at prime rates, etc. will be long gone. Most important, real estate is all about location and right now you can select the right location and the best property with ease. Unless of course, you are a pro and are willing to wait a little longer and fight with the pack of wolves for your dream property in Miami in the near future.

Miami Market Trends

In the past years Miami Real Estate has been "Bombarded" by negative media articles. While “bubble talk” may seem old news for us in the domestic market, the sequels of such massive effort to discredit Miami “Manhattanization” are still reaching foreign countries and delaying the stabilization of the real estate market.

The majority of property prices in Miami have not really decreased in price from their original prices and homeowners are still holding record level equity on their homes. The new property prices just reflect a market correction. The market saturation has increased the inventory to historic high levels, which contributed to the market slow down. There is no doubt that the market will absorb this inventory in the next 12-18 months due to the high-volume migration of people to Miami-Dade.

Miami, the “Magic City” has been recently named on of the top ten cities of the future and by 2010, Miami is expected to have one of the largest skylines in the world.
Just like when the stock market goes south, panicking opens opportunity for savvy investors. In Miami’s current real estate marketplace, there are plenty of opportunities. From hard-to-get foreclosures and short-sales, to more accessible and easy to obtain ready-to-occupy defaults and early stage new construction opportunities.

Interest rates are coming down to historic low levels, but the real opportunity is to identify the best value for the right properties in the best locations.

What is going to be left in the aftermath of this real estate correction? A brand new and exciting city with brand new infrastructure, vibrant, urban-friendly Brickell and Downtown area, which will be both business and family friendly. And then the prices will soar. After all, infrastructure is what makes real estate value increase.

Finding buyers for your property in today’s marketplace can be tricky, however a professional, well seasoned Realtor should be able to help you identify and attract clients from current Florida main market feeders, such as Canada, Italy, Spain and UK. These countries are already knowledgeable about Miami and have a currency exchange advantage.

Buyers in today's market place are looking for value, which is not only reflected in the price that they pay for the apartment but also the ability of the property to be rented and produce an income to help carry the expenses. That is the reason why waterfront properties in good locations with easy accessible infrastructure will always represent an attractive investment for second home buyers.