Marina Blue – Closings to Begin Towards the End of September 2007
August 3, 2007 by Lucas Lechuga
I was notified today that closings at Marina Blue are scheduled to begin towards the end of September. Marina Blue is a 60-story luxury high-rise building going up in the neighborhood known as Park West. The fantastic thing about Marina Blue is that every unit has a beautiful view of Biscayne Bay.
As closing dates approach, there are some great opportunities to own a condo at Marina Blue. As in other developments, there are investors who purchased condos at Marina Blue in hopes to flip them prior to closing. As everyone knows, the market has changed dramatically in the past two years and many of these speculators are content to accept a loss on their deposit to avoid having to close.
I received a phone call last weekend from someone who placed a one bedroom condo under contract at Marina Blue for $296,000 as a resale. The condo is on the 15th floor and has 845 square feet of interior space. He was still in his 15-day rescission period and wanted to know if I felt that he got a good price. I told him that he got a great price. In my opinion, anything under $300,000 is a solid buy at Marina Blue. The long-term prospects for that neighborhood are great. I feel that one bedroom condos at Marina Blue will easily rent for $1,700 per month.
Currently, there's a one bedroom for sale at Marina Blue that is on the 17th floor. It is listed at $320,000. The condo has 845 square feet. I think this unit can be acquired for under $300,000.
There's also a 2 bedroom at Marina Blue on the 9th floor that is listed for $455,000. This condo has 1,327 square feet of interior space. If you can get this condo for around $430,000 then I think that your long-term prospects are bright.
In the upcoming years, I feel that Park West will be the best condo neighborhood in all of Miami. It was developed to be Miami's equivalent to Manhattan's Park Avenue.
At the beginning of July, I published a post about the neighborhood of Park West and the four luxury high-rise buildings being developed in that neighborhood. The post was entitled "Pictorial & Video Review of The Fantastic Four in Miami". Take a look at that post for more information about the Downtown Miami neighborhood of Park West and what it has to offer. You will also see some pictures and a video of Marina Blue as it stood towards the beginning of July.
I’ve always had my radar on Marina Blue and as a local avid investor, I totally agree with you about the phenominal things going on in with the project and that area. Thanks for the post. I’ll relay it to my partners.
keep me posted
I purchased a unit on the 33floor 1 bed + den for $440. Do you think it is wize to close or leave the money on the table and run?
I bought a2 br line 04 unit on the49th floor for 520K. Do you think I should just walk away or try to close. Thanks very much in advance for your comment.
I have the opportunity to purchase in the IVY on the 38th floor a 3/3 with 2,331 sp ft for $625,000. Do you think this is a good price? Other apartments with the same floor plan are closing for $800,000 and up.
run forest run!