Why we bought this
Four bedrooms and 3,018 sq ft on the 38th floor, acquired roughly $350,000 below the contemporaneous market benchmark.
The buyer purchased the spread, not only the view. In May 2024, Oleg Sergiienko represented the buyer of a 3,018-square-foot, four-bedroom oceanfront residence on the 38th floor, closed at $2,325,000 - approximately $770 per square foot. The brokerage's analysis of competing units and recent closed sales placed the unit's market benchmark near $2.675M, meaning the negotiated price came in roughly $350,000, or about 13.1%, below it. Residences of this size are rare above the 30th floor on this stretch of Collins Avenue; most oceanfront inventory at this price point is half the square footage. The discipline was in refusing to pay for the view what the comparable set would not support, and in using the unit's time on market and the competing inventory to hold the price down. The result was a single-family-scale home in the sky entered with a measurable pricing cushion from day one.
What made this one work
- $2,325,000 closing price (May 2024)
- ~$770 per sq ft
- 3,018 sq ft, 4 bed / 4 bath, 38th floor oceanfront
What you're buying
Inside the property
The math behind the deal
- Price / SF
- $770
See the cap rate, rent roll, comps & exits
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What the numbers mean
A $350,000 gap between the price paid and the supported market benchmark is immediate pricing protection equal to roughly 15% of the purchase price. It does not guarantee future value, but it means the buyer did not need the market to rise to justify the decision.
From the agent
Oleg Sergiienko built the comparable-sales case, negotiated the price against the competing inventory, and represented the buyer through closing.
The bottom line
The strongest feature of this residence was not the ocean. It was entering roughly $350,000 inside the market's own numbers.
Buying on the oceanfront? Ask SunSt to compare the asking price with the true competitive set before you offer.
Common questions
How far below market did 17201 Collins #3805 sell?+
The unit closed at $2,325,000, approximately $350,000 (13.1%) below the brokerage's contemporaneous benchmark built from competing units and recent closed sales. The benchmark is a brokerage analysis, not an appraisal.
What did the buyer pay per square foot?+
Approximately $770 per square foot for 3,018 interior square feet.
Why was this unit a disciplined purchase rather than a lifestyle splurge?+
Because the price was supported by the comparable set. The buyer acquired single-family scale on a high floor at a basis below what similar units had recently commanded.
Who represented the buyer?+
Oleg Sergiienko, Broker/Owner of SunSt Real Estate, represented the buyer.