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BY Michael Light / On January 26, 2015
Paramount Bay Condo Value Skyrockets 41%

Paramount Bay Condo Value Skyrockets 41%

With stunning, direct bay views, chic yet sophisticated modern interior designs and extraordinary amenities designed by the one-and-only famous Lenny Kravitz, it should be no surprise that the values of condos at Paramount Bay have skyrocketed!

For example, let’s look at the numbers of one of the Paramount Bay condo units that I sold back in February of 2013, unit 601, to a client from New York.  Unit 601 closed at $687,000 which is $392.35 per square foot (according to Paramount Bay floor plan dimensions), but today this unit is worth about $970,000, according to comparable sales in the building.  What an increase!  So, how do we know that the value has skyrocketed this much?  Recently, unit 501 closed at $970,000 and unit 701 is currently listed at $999,999.

If the owner of unit 601 were to sell today according to comparables at $970,000, he would be gaining a profit of $283,000 which equals a 41.2% return in 24 months!

Paramount Bay Condos 01 Line Floor Plan

Paramount Bay Condos 01 Line Floor Plan

Paramount Bay is a 47-story, luxury residential condo tower situated bayfront in the trendy Edgewater neighborhood of Miami.  Paramount Bay was developed by Daniel Kodsi, the same developer currently developing the highly-anticipated Paramount Miami Worldcenter, further developing the overall Paramount luxury brand in South Florida.

Paramount Bay consists of 346 luxury condo units offering a variety of 1 to 5 bedroom floor plans. Condos at Paramount Bay uniquely offer oversized terraces with expansive, direct water views of Biscayne Bay and the Atlantic Ocean.  In addition, Paramount Bay offers extraordinary amenities including a grand contemporary lobby, club room, a 2-story 6,000 square foot spa and fitness center, Pilates studio, business lounge, billiards room and much more.

If you, or someone you know, are interested in selling your Paramount Bay condo for a premium, please call me today for a complimentary market analysis of your residence.

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