1 Bedroom Short-Sale at The Bentley Bay – $299,000
Yesterday, a 1 bedroom/1 bath short-sale at The Bentley Bay came onto the market for $299,000. The condo has 780 square feet of interior space and direct views of Biscayne Bay, Star Island and the Downtown Miami skyline from the 23rd floor. It has marble floors throughout and appears to be in immaculate condition. The current owner paid $600,000 for the condo in August 2005.
I normally don’t give much weight to short-sales because 8 out of 10 times they end up being a waste of time. However, it may be worthwhile to submit an offer to at least see how the lender responds. Given the previous sales price and recent comparables in the building, it’s likely that the bank will counter with a price that’s higher than the asking price. Within the past four months, there have been 3 one bedroom condos at The Bentley Bay of comparable size that have sold. The sales prices were: $436,500 (14th floor), $325,000 (4th floor) and $415,000 (9th floor). Of the one bedroom condos currently available at The Bentley Bay in the MLS, the next best priced one bedroom is listed at $380,000 (10th floor).