Why we bought this
Oceanfront 2-bed at $885K - about 7.7% below the original ask - in a tower whose rental program was vetted before the offer, not after.
This residence suited a specific investor profile: someone who wanted oceanfront personal-use flexibility while retaining access to a hotel-oriented rental model. Oleg Sergiienko represented the buyer of this 1,470-square-foot, two-bedroom oceanfront unit, closed at $885,000 - approximately $74,000, or 7.7%, below the reported original asking price of $959,000, and roughly $602 per square foot. The diligence ran in an unusual order: the building's rental program terms, fees, and self-management rules were analyzed before the offer was written, because in hotel-style towers the program economics can make identical floor plans worth different amounts. Only after the numbers were vetted did the negotiation proceed. No income was projected or promised; program terms change and performance varies. What the buyer secured was a verified structure at a below-ask basis.
What made this one work
- $885,000 closing price
- ~7.7% below the reported original asking price
- ~$602 per sq ft
- 2 bed / 2.5 bath, 1,470 sq ft oceanfront
- Rental-program terms vetted pre-offer
What you're buying
Inside the property
The math behind the deal
- Price / SF
- $602
See the cap rate, rent roll, comps & exits
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What the numbers mean
In buildings with hotel or short-term rental programs, the fee structure and management rules are part of the price. Two identical units in two towers can carry very different real economics - which is why the program review comes before the offer, not after closing.
From the agent
Oleg Sergiienko analyzed the rental program and fee structure, benchmarked competing oceanfront inventory, and negotiated the below-ask closing for the buyer.
The bottom line
The offer was written after the spreadsheet, not before it.
Buying in a rental-program building? Have SunSt vet the program terms before you offer.
Common questions
How far below asking did unit 1201 close?+
Approximately $74,000 (7.7%) below the reported $959,000 original asking price, at $885,000.
Does the building allow short-term rentals?+
The tower operates a hotel-oriented rental model; exact program terms, fees, and self-management rules should be verified with the building before purchase, as they change over time.
What income can an owner expect?+
SunSt does not project income for this building without documented program statements. Rental income is never guaranteed.