Paramount Bay Condos – Market Report for 2013

Paramount Bay Condos Real Estate Market Report

There are currently 28 Paramount Bay Condos for sale:

• Highest priced listing is unit PH4602 for $4,899,000 (4 bedrooms / 4.5 bathrooms)
• Lowest priced listing is loft unit 102 for $649,000 (2 bedrooms / 2 bathrooms)
• Pending Sales (properties under contract): 6
• Closed sales in December 2013: 6 (compared to 1 in November)

There were 24 Paramount Bay Condos sold in 2013 – ranging from $590,000 for unit 608 with 1 bedroom and 2 bathrooms and 1,240 sq.ft. of living space, to $1,317,000 for unit 3302 with 3 bedrooms and 2 bathrooms and 2,353 sq.ft. of living space.

The average price per square foot in 2013 at Paramount Bay was $596 with the lowest selling at $428 (unit 2001 – HGTV Urban Oasis winning Unit sold furnished and turn-key). The highest sale was for $744/sq.ft. (unit 3510 – corner unit with wood floors, unfurnished).

The media sales price in 2013 was $920,000 and median list price was $960,000.

We expect the average price per square foot to continue to increase gradually but keep in mind that final pricing not only depends on seller’s willingness to negotiate, but also on finishes, location within building and floor height (usually the higher the floor, the more you pay).

The 6 Paramount Bay Condos sold in December 2013 were the following:

• Unit 1610 – Turnkey Steven G residence listed for $1,199,000 and selling for $1,190,000 ($709/sq.ft.)
• Unit 910 – Flow through corner unit (lease until March 2014) listed for $1,150,000 and selling for $1,150,000 ($633/sq.ft.)
• Unit 2905 – 1 bedroom plus den residence listed for $779,000 and selling for $715,000 ($589/sq.ft.)
• Unit 1405 – Turnkey residence never lived in, listed for $699,000 and selling for $670,000 ($584/sq.ft.)
• Unit 1090 – 1 bedroom plus den residence listed for $615,000 and selling for $600,000 ($532/sq.ft.)
• Unit 909 – 1 bedroom plus den residence listed for $605,000 and selling for $600,000 ($532/sq.ft.)

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.

Featured Paramount Bay Condo For Sale

Residence 2302 – high floor and turnkey with custom interiors by Steven G. – 3 bedrooms / 3.5 bathrooms.  Direct Bay Views as well as flow-through (with East and West exposure).  This one is priced above average price per square foot at $786 and that would mean a $100,000 price reduction even if you pay the highest price per sq.ft. from 2013.

Priced at $1,850,000

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.

For further information, please email us at ParamountBay@miamism.com

Condo Name:  Paramount Bay
Architecture:  Arquitectonica
Interior Design:  Lenny Kravitz
Location:  2020 N Bayshore Dr – Miami, FL 33137
Contact:  paramountbay@miamism.com