Buying Unique Condos in Miami is a Must for Investors

Miami condos can be a dime-a-dozen, so I like to advise my clients to pick the most unique condo units when making an investment in Miami. For instance, purchasing unique combination units, penthouse residences or buying multiple units on the same floor of pre-construction condo developments for the option of combining units is smart, in my opinion.

Side-by-Side-by-Side

For example, a client of mine just reserved 3 units at Paramount Miami Worldcenter, the pre-construction condo tower that will sit atop the Mall at Miami Worldcenter in Downtown Miami. These are side-by-side-by-side units on the 46th floor which is the highest floor offering standard residences (penthouse residences and duplexes will begin on the 47th floor). These luxury condos are all northeast facing with spectacular views of Biscayne Bay and the Miami skyline and will soon overlook the iconic residential luxury condo tower, One Thousand Museum.

It’s All About Options

So, why did I advise my client to purchase a 3-bedroom, 2-bedroom and 1-bedroom condo all side-by-side-by-side on the same floor, instead of selling my client 3, 3-bedroom units (which is what he considered) on the same floor at opposite ends or on different floors? Well, most real estate agents would say, wait, you would have made more commission that way. My response….that doesn’t matter. My goal is getting the best possible investment for my client. Choosing side-by-side-by-side units in this luxury new construction condo development gives my client multiple options. He can either combine 2 or all of the units to make a truly unique mega condo or can leave them all separate but have that option available at a later time.

Penthouses at Paramount Miami Worldcenter have not been released officially yet. I can tell you that they are going to start around 4,500 square feet of interior space just 1 floor above my clients purchase, and I speculate will start around $1,000 per square foot, making this penthouse approximately $4.5 Million.  If my client chooses to combine his 3 units, he will have over 5,500 square feet…and all I can say is that I got him a much better deal than $4.5 Million!

Unique = More Money/Better Return

When making a Miami condo investment it is important to choose unique units.  Imagine, you purchase a 2-bedroom unit…fast forward 5 years down the road, and you want to sell your unit. Do you want to sell against 50 other 2-bedroom condos exactly the same as yours? Or, do you want to sell your unique combination unit or penthouse condo that has little to no competition? I think the answer is pretty obvious…little supply = greater demand and, in turn, a higher sales price!

If you, or someone you know, are interested in purchasing a pre-construction condo in Miami, please contact your Miami condo specialist, Michael Light. You may reach me on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.