Marina Blue Receives Fannie Mae Approval

April 22, 2010 by Lucas Lechuga

On April 20, 2010, Marina Blue received a letter from Fannie Mae stating that the building has been accepted under Fannie Mae’s Special Approval Designation for twelve months.  Qualified buyers will now be able to obtain financing using a Fannie Mae conventional loan.

Potential buyers may want to take a look at unit 2203 at Marina Blue.  It’s a 1 bedroom + den/1.5 bath condo with 943 square feet of interior, 9-foot ceilings and a balcony that stretches the length of the unit.  The condo offers views of Biscayne Bay, Key Biscayne, the Miami Beach skyline and Downtown Miami.  At an asking price of $300,000, it is being offered at the lowest price per square foot of any 1 bedroom condo at Marina Blue currently active in the MLS.  Take a look at the video tour below.

Be sure to also take a look at the video tour of the amenities and common areas at Marina Blue.

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16 Comments on "Marina Blue Receives Fannie Mae Approval"


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Anonymous
6 years 5 months ago

http://www.nbcmiami.com/news/local-beat/Condo-Sales-Surge-91778939.html

I’m compiling the inventory figures. It should be up within the next day or two.

Anonymous
JL
6 years 5 months ago
Seriously, for the piece, couldn’t NBC Miami find a better representative “first time home buyer” for the Icon/Viceroy? … ” first time home buyer Alicia Lamadrid knew where to get the biggest bang for her buck” ————————– http://www.rcrs.net/featuredassociate.php?id=302 …Alicia has a long-standing family legacy in Miami Real Estate as her grandmother founded Cervera Real Estate. She is excited to finally be working in the field she grew up surrounded by and joined the RCRS team in November 2009. She has lived in Costa Rica, as well as Buenos Aires, and Milan. She is currently a member of the Icon Brickell… Read more »
Anonymous
SLOTH
6 years 5 months ago

The cheapest unit in Marina Blue is $320/foot and the Icon is selling at <$300/foot. Something is wrong with this picture

Anonymous
Gixxer 1000
6 years 5 months ago

SLOTH,

The under $300/sqft condos at Icon are in tower 3. So not only are the views obstructed by the other two towers but you also have the privilege of living with the Viceroy hotel guest.

If you look at tower 1 you can see that everything is selling higher than $320/sqft.

Anonymous
Vince Vaughn
6 years 5 months ago
Sloth, What is so hard to understand about the pricing at Icon? The prices are being determined by the bank and they are giving HUGE discounts to sell the units…just like Marina Blue did last summer. In June 2009, Marina Blue sold the last of their inventory at $200 a sq/ft and Lucas told everyone to buy. Of course, most of you “oh, the sky is falling” so called “investors” laughed at that opportunity. What happened? 9 months later, those people smart enough to take Lucas’ advice are know selling their units at an average price of $300 + per… Read more »
Anonymous
JL
6 years 5 months ago
Anonymous
owneratinfinity
6 years 5 months ago
Gixxer 1000, I myself have seen that the prices that the developer/starwood are closing units for in my Infinity Building has went up from last year when I bought my condo from the developer/Starwood. Last month, in March the developer/Starwood sold 4 units excatly like them (however these 4 were are lower floors) to an investor. The Investor paid $30,000 more per unit then I did. I am an end user and I am on the highest floor that my unit is built on. I was shocked. I was told that the deevloper/Starwood is in no hurry to sell out… Read more »
Anonymous
Elvis
6 years 5 months ago
While I agree that there are some good deals out there, I am still very doubtful on the affordability of these units. When looking at the total cost of ownership each month, what is it really going to cost and how much do you need to make for your debt to income ratio to be realistic? It would be nice if with each posting of the unit there was a quick table listing the monthly cost of mortgage (with an estimated 5.5% rate and 20% down), taxes, basic services (electrical, etc.. that are not included in dues), HOA dues. example:… Read more »
Anonymous
SLOTH
6 years 5 months ago
Gixxer, I still think the views looking either north or east to be very nice. And I personally wouldn’t mind sharing the pool with hotel guests. After all its a boutique 5-star hotel, not the airport mariott. A bunch of NFL players were staying there during superbowl and tennis players during the Lipton. Pretty cool . Vince, you are 100% correct when you say that I think Icon is a great deal. I understand what happened with the pricing at Marina Blue and am happy for those investors that are flipping for a profit. What I meant by my last… Read more »
Anonymous
Gixxer 1000
6 years 5 months ago
SLOTH, I was just trying to put in in perspective. $320/sqft at Marina Blue are the best units at Marina Blue whereas the units at Icon under $300/sqft are the worst. Reading back over you post I noticed that you said the “cheapest unit” in Marina blue sold for $320/sqft. That might be where the confusion is coming in at. Almost all the units at Marina Blue are less than $320/sqft. The cheapest units at Marina Blue are going for $219/sqft. So a true comparison would be a 840 sqft unit with unobstructed water views at Marina Blue for $219… Read more »
Anonymous
JL
6 years 5 months ago

Sloth, are you serious they won’t sell you a unit in the Viceroy right now? This sounds strange in light of their advertising blitz and recent newspaper “advertorials”. Sounds like they’re marketing like a Club…. Promoting an event then directing a doorman to keep people out even though it’s empty to try create more demand.

Anonymous
RA
6 years 5 months ago
Nothing special at Icon. i went to see and altough all the ammenities and stuff look great the physical actual units arent really that great. They are failrly small for a 2bd and the views are not that great in most cause you have some sort of obstruction. I think most people buy to live in their units and if it’s cramped quarters then I hope you’re spending most of your times by the pool . Regarding waiting list that’s non-sense. When I went over they had plenty of inventory and wanted to show me anything and eveything to sell… Read more »
Anonymous
why bother
6 years 5 months ago
Anonymous
What Do You Think
6 years 5 months ago
Dear Sloth, Your post #8 Do not dispair! I focused on more mundane aspects and asked myself many questions when I was there such as – How are they going to keep up with the cleanliness of the pool water that’s 100 meter long? And the cost of maintaining it? How would it be like to share the club with so many hundreds of strangers? How would the parking and getting out of the narrow entrance like when there are so many more people? – it looked pretty bad during the rush hour when I was there. And if you… Read more »
Anonymous
F-35
6 years 5 months ago

Dear What Do You Think,
yesterday I stumbled upon this article about rents creeping back up in Manhattan:

http://www.nytimes.com/2010/04/25/realestate/25cov.html?hpw

There is a slide show attached to this piece, and from what I could glimpse from it, I can conclude pretty confidently that people who choose to live in NYC at those prices in those types dwellings must be the biggest suckers in the world.
I don’t get your thinly disguised snobbery, given what you Manhattanites have to contend with …
Did you actually measure thickness of Icon walls? And how thick are the walls in those pathetic Manhattan apartments?

Anonymous
DJ
6 years 5 months ago
MB is a nice building. I looked at a 2/2.5 on a high floor there (I think around 50th floor). IMO the units were a little small for my taste and also overpriced. Mainteance was also too high to justify buying there. Of course that’s just my opinion. What does the recent sales data show? Are units selling? From what I recall, MB was pretty close to being sold out last time I checked. If units are selling at these prices, obviously there are buyers, which would seem to signal that things are/have improved, or dare I say, bottomed (for… Read more »
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