Miami Condos Investments

Condo Rankings Updated

Lucas Lechuga — Mon, 08 Feb 2010 22:58:37 +0000

Just wanted to let everyone know that I updated the Condo Rankings page late last week. It had been around 9-10 months since I had last updated the page so it’s something that was long overdue. I only adjusted the location and risk scores and left the other columns untouched. Santa Maria still ranks #1 with an overall score of 9.2. Feel free to submit your own scores for each building by clicking on the “Rank Building” links.

Miami Condo Investments iPhone Application Now Available

Lucas Lechuga — Fri, 29 Jan 2010 19:22:10 +0000

I’m happy to announce that the Miami Condo Investments iPhone application is now available for download at the Apple iTunes store. Click on the image below to access it. Any feedback that you might have is much appreciated.

iPhone Application Release Update

Lucas Lechuga — Thu, 28 Jan 2010 20:18:15 +0000

Just wanted to give everyone an update regarding the iPhone application. It was submitted to Apple about two and a half weeks ago. Apple contacted me late last week stating that a few minor changes needed to be made. Those changes were made and the app was resubmitted this past Monday. We’re hoping that it will be approved within the next 2-3 weeks.

In preparation for the launch of the iPhone application I hired a graphic designer to create some marketing material. Here’s a peek at the business card design.

Design work by Erica Bartlett – ericabart@yahoo.com – 630.340.0300

Miami Super Bowl Condo Rental

Lucas Lechuga — Sun, 24 Jan 2010 17:47:13 +0000

A friend of ours has a furnished 2 bedroom/2 bath condo that he would like to lease the week of Super Bowl XLIV. It’s an upgraded corner unit with 1,204 square feet of interior space plus a 164 square foot wraparound balcony located on the 16th floor. The building is located in Brickell within walking distance of the shops and restaurants at Mary Brickell Village. Starting and ending dates are flexible. Asking price for the entire week is $2,500.

1 Bedroom at Ten Museum Park Sells for $137,000

Lucas Lechuga — Mon, 18 Jan 2010 18:40:07 +0000

Earlier today I was going through the recently closed sales in the MLS and came across a 1 bedroom at Ten Museum Park that closed for $137,000, or $173 per square foot, on January 11, 2010. This is by far the lowest that a one bedroom has sold for in the building. The previous low was $215,000.

The unit that closed last week is located on the 19th floor and it was a short sale. Interestingly the unit was listed for $312,500 when the offer was made.

Fannie Mae Special Approval Designation – Updated

Lucas Lechuga — Mon, 18 Jan 2010 15:19:41 +0000

Fannie Mae has updated its list of condo buildings which have received the Special Approval Designation. The special designation makes it possible to obtain financing for condos in these buildings. The following three well known developments have been added to the list:

A complete list of condo developments in Miami-Dade County given the Special Approval Desigation.

Rentals Now Available at Icon Brickell II

Lucas Lechuga — Thu, 14 Jan 2010 20:35:11 +0000

I was notified yesterday that rentals are now available in tower 2 of Icon Brickell. Tower 2 is the southeast tower of the Icon Brickell development. The units are renting fast! 56 rentals were made available on Saturday and as of yesterday 15 had already been rented.

Below, you will find the floor plans that are available along with the starting prices. The rent price includes 800 channels of cable, high-speed Internet, one parking space, water and a health club membership. Pets are NOT allowed.

Call me at 305-350-9842 or email me at lucas@miamicondoinvestments.com if you would like to schedule a showing.

H floor plan – 1 bedroom/1 bath – 732 square feet – starting at $1690
G floor plan – 1 bedroom/1 bath – 984 square feet – starting at $2000
G-Rev floor plan – 1 bedroom/1 bath – 1035 square feet – starting at $2100
E floor plan – 2 bedroom/2 bath – 1327 square feet – starting at $2750
C floor plan – 2 bedroom/2 bath – 1500 square feet – starting at $2850
B floor plan – 2 bedroom/2 bath – 1503 square feet – starting at $2950
D floor plan – 2 bedroom/2 bath – 1600 square feet – starting at $2500

There currently aren’t any studio or 3 bedroom rentals available.

2 Bedroom Rental at Marina Blue – $2,200

Lucas Lechuga — Tue, 12 Jan 2010 23:11:00 +0000

We recently received a rental pocket listing at Marina Blue. It’s a 2 bedroom/2 bath located on the 23rd floor with 1,198 square feet of interior and a 138 square foot balcony. The unit has Italian porcelain flooring throughout, window treatments in all rooms and Wenge built-in closets in both bedrooms. It also has stainless steel appliances, granite countertops and washer and dryer. Asking price is $2,200 per month. Rent price includes basic DirecTV and water. Brokers welcome.

Kitchen and Living Room

Living Room & Kitchen

Master Bedroom

Walk-in Closet in Master Bedroom

Master Bathroom

Shower & Bathtub

Second Bedroom

Second Bathroom

Balcony

Floor Plan

We also have the following rental units at Marina Blue:

A two-story 1 bedroom/1.5 bath loft on the southeast corner. It has 1,152 square feet of interior and a 125 square foot balcony. Asking price is $1,900 per month.
A 2 bedroom/2.5 bathroom condo on the 21st floor. This is an 08 line with 1,334 square feet of interior and a 160 square foot balcony. Asking price is $2,400 per month.

Call 305-350-9842 if you would like to view any of the three units in person.

Special Approval Designation List for Miami-Dade Condo Developments

Lucas Lechuga — Fri, 08 Jan 2010 15:21:23 +0000

Below, you will find a list of condo developments in Miami-Dade County that have already received the special approval designation by Fannie Mae. The following are some of the larger and more widely recognized buildings. Lenders will now be able to originate and deliver mortgage loans to Fannie Mae in these condo developments.

A complete list of the 51 condo developments in Miami-Dade County given the Special Approval Designation.

Fannie Mae to Reassess Lending Guidelines for Florida Condo Projects

Lucas Lechuga — Fri, 08 Jan 2010 02:12:52 +0000

About a year ago, Fannie Mae implemented strict lending guidelines that effectively put the lights out on the Florida condo market. In particular, these stringent guidelines made it next to impossible for buyers to obtain financing in the vast majority of condo developments in South Florida.

Earlier this afternoon, Fannie Mae made the announcement that it will reassess hundreds of condominium projects throughout the state in an effort to jump-start the market. The news is a godsend to a condo market that was heavily supported by cash buyers in 2009.

Here are some excerpts regarding the announcement from PR Newswire and Reuters:

PR Newswire – (full story)

Fannie Mae announced today that it is undertaking a comprehensive review of hundreds of condominium projects in the state of Florida in an effort to allow additional projects to become Fannie Mae-eligible through a new “Special Approval” designation.

A dedicated team of six Fannie Mae professionals based in Florida is conducting a thorough examination of condominium projects across the state that may not currently meet Fannie Mae’s standard eligibility criteria and assessing specific criteria more closely, including occupancy, homeownership association dues, financial stability of the project and property condition. Projects deemed to be sufficiently stable following the closer examination are granted a Special Approval designation, meaning lenders can originate and deliver mortgage loans secured by units in these projects to Fannie Mae

Reuters – (full story)

Fannie Mae, the largest funder of U.S. home mortgages, on Thursday said it is making it easier for some Florida condo buyers to qualify for loans in a bid to stabilize one of the worst-hit real estate markets.

The housing finance giant said it is reassessing hundreds of Florida condo projects to see if they are “sufficiently stable” enough to qualify for funding, even if they don’t meet current requirements, Fannie Mae said in a statement.

These projects would get a “special approval” designation from Fannie Mae, clearing the way for hamstrung Florida lenders to originate loans and help spur a recovery, it said.