A 1 bedroom/1 bath bank-owned foreclosure with 777 square feet of interior space at Bentley Bay recently had a $100K price drop. At this point, it fell onto my radar as being a good deal. It is currently being offered at $449,900. The condo is located on the 12th floor.
The unit faces west which, in my opinion, offers a better view than those facing east. The units facing west have a view of Biscayne Bay, Star Island and the Miami skyline. I haven’t viewed this unit in person but from the MLS pictures it appears that the appliances are still in place. I’ve noticed in a lot of other foreclosures that the appliances are oftentimes removed from the unit.
A unit in the same line sold for $550,000 in June 2007. That unit was sold furnished, however. There’s usually a price difference of $3,000 per floor in Miami and Miami Beach. If the foreclosed condo is in good shape then I think acquiring it in the low $400K’s would make for a great deal.
The following units in the same line are currently listed at the prices below in the MLS:
- Unit 1013 – $526,500
- Unit 713 – $529,999
- Unit 1613 – $599,000
- Unit 1713 – $599,000
- Unit 1213 – $650,000
- Unit 2313 – $679,500
16 responses so far ↓
1
mark
/Dec 2, 2007 at 10:44 am
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why would a lender remove appliances in foreclosure? i can’t imagine they are saleable at any real value, and they reduce the attractiveness of the property.
2
Brian
/Dec 2, 2007 at 3:20 pm
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I believe all the units at Bentley face west, except the end units, which offer both east and west views throughout the same unit.
Two things to consider about this building.
1. They have been trying to repair hurricane damage for the past 2 years and they still have a long way to go. I wonder if their financials are in good health. Balconies have been closed off for most of the year.
2. Valet only parking. No self parking, which is a huge negative.
3
Jay
/Dec 2, 2007 at 3:40 pm
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How could they build a complex without self parking? That makes no sense. Perhaps the city wouldn’t allow them to build a garage for self-parking, but it still seems odd that a developer would do a project that was being handicapped like that.
4
David
/Dec 2, 2007 at 8:17 pm
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FYI, the new Ten Museum condos have only
valet parking; no self parking ( a huge negative
for that complex also).
5
Mick
/Dec 2, 2007 at 10:50 pm
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I live in the NE and I am planning on buying a condo in one of the So Be high rise complexes sometime next year. Since I don’t live in the area, is there a web site etc. that would provide info. on what is going on (complaints, etc. ) in the condo communities, ?
6
Matt Arledge
/Dec 3, 2007 at 2:31 pm
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I looked at several units in this building and know quite a bit about it. It has definitely had more than its share of problems. On the hurricane damage, I never could get a straight story. I was told that after wilma the city gov told them that somehow the balconies were never built to code, or since they were being repaired, they would have to be “brought up to code”. There was a fight about who would pay (in particular since the original developer went bankrupt and was forced out). And now the residents aren’t allowed out on the balconies until they are fixed and approved. I never see more than one or 2 guys out there working. In the time they have been working on the balconies, Continuum II on the beach has been built from scratch.
On the valet, I was told since they plan to have a restaurant on the ground level of the parking garage, the city demanded valet only (for safety reasons). The problem is, if you have a retail establishment plus the residents using the valet – and only 2 or 3 valet attendants, then during busy times the backup could be rediculous.
The short end of it is, the people in this building are just stuck – they can’t sell because no one wants to move into a broken building when there is so much inventory.
7
Sean
/Dec 3, 2007 at 2:39 pm
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The railing that extends along the top of the clear balcony does not appear visible in
the mid/sliding section of the bigger window in
the picture? Could that be right? I have seen
plywood on some units balconies so wondering
if it was removed for the view/picture?
8
Ignacio
/Dec 3, 2007 at 5:23 pm
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mark :
The appliances are removed by the prev. owners. I have seen a couple of houses like that, in one they even removed a window AC unit. so there was a hole in the wall and the floor was inundated.
Remember those owners might try to make it difficult for the lender to sell the property so it’s not uncommon to find things like clogged drains, etc.
9
Alejandro Diaz
/Dec 3, 2007 at 7:46 pm
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I only show foreclosures and a lot of them have the washer dryer and cplaiances missing, lamps have been ripped out etc. I guess people try to take verything out since they are losing hteir house and crredit as well they figured they can at least walk out with a washer dryer out of the deal
10
Bill
/Dec 4, 2007 at 9:29 pm
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Thank you Matt for the additional information. It doesn’t sound good to me.
11
a
/Dec 6, 2007 at 1:24 pm
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That building is touted as luxury but in reality it stinks.
12
scott
/Feb 18, 2008 at 9:32 pm
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Anyone looking at Las Vegas condos. I am looking into the forclosure / REO market there… anyone wanna discuss drop me an email
Scott
13
scott
/Feb 18, 2008 at 9:33 pm
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,,,at scottnla @ hotmail . com
14
suze
/Mar 1, 2008 at 11:13 pm
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anyone want to rent a place for the month of March, want a large studio or one bedroom, parking a must and the place must be furnished. thanking you in advance
15
Isabel
/Mar 2, 2008 at 8:16 pm
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Hi Suze – I own a 1-bedroom in the Quantum that I would consider renting for March.
It’s on the 40th floor facing the bay with views all the way to Sunny Isles and the Ocean.
Just furnished with brand new pieces from West Elm. Contact me at PassportControl@aol.com if you’re interested.
Cheers
16
Paul
/May 27, 2008 at 12:17 pm
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Balcony glass has been replaced on all units at developer’s cost after hurricane damage. Building ok and now repainted. Valet only parking decreed by city. Residents complaint level now much reduced. If you want waterfront and bayside/downtown views, it’s worth seeing. Pool and gym facilities good, also. No, I am not a realtor!
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