Why we bought this
The building's most sought-after corner line, renovated, sold at $1.13M - a premium earned by scarcity within the building itself.
Inside a large oceanfront building, the market is line versus line. This renovated three-bedroom corner residence occupies the stack most requested in the building - ocean exposure from the main rooms and corner light the interior lines cannot offer. SunSt listed and sold it at $1,130,000 by pricing against the unit's true competition: other three-bedroom corners in the same and neighboring buildings, not the smaller interior units that trade far below. The renovation removed the buyer's largest objection - renovation risk inside a condominium, with board approvals and elevator schedules - and the line scarcity did the rest. Corner three-bedrooms come to market rarely; when one is renovated and priced on its own comparable set, it does not need to chase the market down.
What made this one work
- $1,130,000 closing price
- Renovated 3-bedroom corner line
- Ocean exposure from principal rooms
- Listed and sold by SunSt
What you're buying
Inside the property
The math behind the deal
See the cap rate, rent roll, comps & exits
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What the numbers mean
In condo towers, the comparable set is the line, not the building average. A renovated corner three-bedroom priced against interior two-bedrooms looks expensive; priced against its own line's history, it looks correct - and it sold that way.
From the agent
SunSt priced the unit on line-specific comparables and marketed the renovation and corner exposure to end users and investors.
The bottom line
The premium was not negotiated. It was located - in the corner of the building.
Selling a condo? Ask SunSt to price your unit against its line, not the building average.
Common questions
Why did unit 1011 command a premium?+
It sits in the building's corner three-bedroom line, which offers ocean exposure and light interior lines cannot match, and it was already renovated.
How should condo units be priced?+
Against the sales history of the same line and directly comparable lines - not against the building-wide average, which mixes incomparable units.
What did it close for?+
$1,130,000, with SunSt representing the seller.