Latitude on the River in Brickell
The picture above shows Latitude on the River and Latitude One. Latitude on the River is a residential condominium building comprised of 427 units on 44 floors while Latitude One is a condo office building made up of 217,000 square feet spread across 22 floors. Latitude on the River is located along the Miami River directly west of Neo Vertika at 615 SW 2 Avenue.
Many local Miamians have expressed an interest to me in acquiring a condo at Latitude on the River because the pricing is attractive and because the neighborhood has come a long way since sales initially began. It is difficult not to take notice of Latitude on the River while driving down the southern end of I-95 as it towers over all surrounding buildings. It reminds me of an NFL lineman with broad shoulders and a thick upper body.
There are a total of five listings in the MLS right now, two of which are from the developer. The other three listings appeared 2-3 weeks ago. Closings will begin towards the end of August.
I visited with a sales agent representing the developer of Latitude on the River a few months ago with a client of mine to see what was available. The prices were all over the place but there seemed to be a few well priced units. For example, you could get a one bedroom for around $270,000 on a relatively high floor with a view of Biscayne Bay. My client decided to wait a while though until closings began as we both felt that better opportunities would become available at that time. The five listings currently on the MLS, however, are far from opportunistic as many are well above $400, and even, $500 per square foot. I feel that prices will settle around $300-$375 per square foot as more people realize the true condition of the real estate market at this time.
At the beginning of 2005, when I initially visited the sales center of Latitude on the River, I was pretty impressed with what I saw, given the price point. The amenities of the building as well as the vision for that neighborhood is what really grabbed me. However, there were a few aspects of the neighborhood that were difficult to look past, and are worth mentioning. For one, the large electrical plant across the river directly north of Latitude on the River was one eyesore. Condo units facing south that clear the Latitude One condo offices should hold a higher value than those facing north. Those units will have a nice view of Biscayne Bay.
The second eyesore is the Pleasure Emporium III that you’ll see as you make your way into the entrance of Latitude on the River on SW 6 Street. It is literally a half a block west of Latitude on the River and is something you will see daily if you live there.
The neighborhood does have its appeals, however. The shops and restaurants at Mary Brickell Village that are within walking distance are a definite plus, as it provides convenience. Latitude on the River, as the name insinuates, is also directly on the Miami River and offers a riverwalk that will eventually connect as far east to the river promenade now in place at the entrance of One Miami. It will be great once the planned restaurants along the Miami River are complete and the planned water taxi system goes into effect. Latitude on the River is also conveniently located near I-95, making it a cinch to get to South Beach, Miami International Airport, Coral Gables, Coconut Grove and other areas of interest throughout the Miamiland area.
I will keep everyone posted when good deals become available at Latitude on the River once more units are listed in the MLS.