Paramount Bay Condos – Market Report for October 2014

Paramount Bay Condos Real Estate Market Report

There are currently 32 Paramount Bay Condos for sale: (1 less than last month)

• Highest priced listing is unit PH4602 $4,899,000 (4 bedroom / 4.5 bathroom Artefacto premier designer unit)
• Lowest priced listing is unit 1708 for $700,000 (1 bedroom / 2 bathrooms)
• Pending Sales (properties under contract): 4 (3 less than last month)
• Closed sales in October: 3 (compared to 4 in September)

The Paramount Bay Condos sold in October 2014 were the following:

• 2202 – 3 bedrooms / 3 bathrooms – listed for $1.8 M and selling for $1.95 Million ($886/sq.ft.)
• 501 – 2 bedrooms / 2.5 bathrooms –  originally listed for $1,190,000 in February of 2014, with several price reductions and finally selling for $970,000 ($611/sq.ft.)
• 2109 – 2 bedrooms / 2 bathrooms –  originally listed for $795,000 in March of 2014, reduced twice and finally selling for $646,000 ($573/sq.ft.)

The average price per square foot in October was $690, compared to September’s average of $609 and 2013’s average of $596.  We are seeing a huge discrepancy in pricing at Paramount Bay and it has to do not only with buyer’s motivation, but upgrades and condition of units.  Buyer’s are making a differentiation between developer finishes and remodeled units with high-end materials.  There are also furnished units in the equation which throw the numbers off a bit.  Pay attention to the appreciation in this building – it’s the clear choice for ready-to-move in Edgewater instead of buying pre-construction like in The Paraiso complex. (great options now at Paraiso Bay Views – contact us for more info) PLEASE CALL US FOR A LISTING PRESENTATION The Miamism Sales Team specializes in Paramount Bay and can represent you in the sale or purchase of a condo.  Please contact us ParamountBay@Miamism.com.  We prepare monthly market reports to keep you informed of sales stats at Paramount Bay. We are now also providing these quick services to help with your real estate needs: CHECK YOUR CURRENT HOME VALUE For more information about this Miami condo building, take a look at  Paramount Bay Condos written after my visit in September of 2012.  You can also visit www.Paramount-Bay-Condos.com to go straight to source of information. Condo Name:  Paramount Bay Architecture:  Arquitectonica Interior Design:  Lenny Kravitz Location:  2020 N Bayshore Dr – Miami, FL 33137 Contact:  paramountbay@miamism.com