Ten Recent Multi-Million Dollar Condo Closings in Miami – April 2009

April 21, 2009 by Lucas Lechuga

IL Villagio 6 & 7

The following are 10 luxury condos that have closed in Miami-Dade County since my last luxury condo closing update in January:

  1. IL Villagio – PH6&7 – 3 bedroom/4 FB/2 HB (5,700 square feet) – This condo sold for $7,000,000, or $1,228 per square foot, on February 12, 2009.  Note: This condo was listed for $13.9M.
  2. Ocean Tower II – Unit 208 – 7 bedroom/8 FB/2 HB (6,584 square feet) – This condo sold for $6,100,000, or $926 per square foot, on March 30, 2009.
  3. Apogee South Beach – Unit 1502 – 3 bedroom/3.5 bath (3,100 square feet) – This condo sold for $3,750,000, or $1,210 per square foot, on March 20, 2009.
  4. Continuum North – Unit 2301 – 3 bedroom/4.5 bath (3,017 square feet) – This condo sold for $3,700,000, or $1,226 per square foot, on January 30, 2009.
  5. Continuum North – Unit 2101 – 3 bedroom/3.5 bath (3,017 square feet) – This condo sold for $3,695,000, or $1,225 per square foot, on April 2, 2009.
  6. IL Villagio – Units 1201&1202 – 2 bedroom/2 bath (2,910 square feet) – This condo sold for $3,600,000, or $1,237 per square foot, on January 27, 2009.
  7. Oceanside – Unit 7831 – 3 bedroom/3.5 bath (3,580 square feet) – This condo sold for $3,100,000, or $866 per square foot, on February 9, 2009.
  8. Continuum South – Unit 2705 – 3 bedroom/2.5 bath (2,847 square feet) – This condo sold for $3,000,000, or $1,054 per square foot, on March 30, 2009.
  9. Bellamare – PH6 – 6 bedroom/5 bath (5,469 square feet) – This condo sold for $2,950,000, or $539 per square foot, on February 12, 2009.
  10. Oceanside – Unit 7631 (3,691 square feet) – This condo sold for $2,625,000, or $711 per square foot, on January 30, 2009.

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66 Comments on "Ten Recent Multi-Million Dollar Condo Closings in Miami – April 2009"


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Anonymous
AJ
7 years 5 months ago
Lucas, Thanks to your blog, I made a new friend. Me and Lara (with another friend of hers) toured Icon on Sunday. Collectively we gasped with the stupidity of the whole project. The drive way is super dark and dingy and the sales man says it is starcks imagination of a cave!! I don’t want to live in a cave. sorry. The units are very very unimpressive and small. The views are looking into each other. The only good views are the 3 BR facing East and costing a super bundle. And by the way, studios and 1 brs and… Read more »
Anonymous
AJ
7 years 5 months ago
I ate at Texas de Brazil at the Miami Beach marina and was very impressed. Then I walked all the way to south pointe park and was very very impressed with the job they did. I just could not tear myself away from the park. It is very beautiful. And by the way, they connected the marina walk and south pointe park in front of Apogee. I am very happy about that. Everyone should visit this area, especially during Evening, just aftyer sunset twilight. You know why we all love Miami so much. One more thing, last Friday I bicycled… Read more »
Anonymous
AJ
7 years 5 months ago

another update. I met the chief engineer of Opera towers. He said Tibor is planning a tall hotel tower just behind Opera in that empty lot. He said ground breaking should be very soon. I said why do we need another hotel here and he replied that the Opera hotel project is doing very well!

Anonymous
Richard
7 years 5 months ago

The spiral staircase looks like 2nd floor was afterthought. No clue where Oceanside and Ocean Tower II are located. 7 bedroom condo–wonder what the HOA is. Anyone know an attorney that will fight hard to get a deposit back??

Anonymous
jcrimes
7 years 5 months ago

richard
what building is it?

Anonymous
Dave
7 years 5 months ago

Oceanside is on Fisher Island and Ocean II is in Sunny Isles Beach.

Anonymous
la la
7 years 5 months ago

AJ,

I heard it’s great to sit at South Pointe Park on Sunday afternoons late in the day and watch all the cruise ships pull out of port…I hope to do it sometime soon.

Awhile back we all engaged in an argument as to whether South of Fifth is a nice “neighborhood” and livable community or not…This just furthers my argument that it is a hidden gem in Miami…

I hope real estate prices stay this beat up for awhile so that someday I might be able to purchase a place there as well…

Anonymous
Criterion
7 years 5 months ago

Ocean Tower II is in Key Biscayne

Anonymous
jcrimes
7 years 5 months ago

there is nothing about south of fifth that makes it a “hidden” gem. anyone who lives on the beach (or frankly, is in the know about miami), is aware that the south of fifth area is nice. twenty years ago, it was a slum but perez had a vision…

the renovated park is great. took the city long enough to do it.

Anonymous
la la
7 years 5 months ago

well jcrimes, maybe you were one who was in agreement with me before, but i remember getting pretty beat up for saying that months ago…

Anonymous
jcrimes
7 years 5 months ago

la la
they’re wrong

a caveat about south of fifth…for down here, it’s really nice. i don’t think it compares though to similar high end neighborhoods in other large cities, e.g., georgetown, gold coast etc.

Anonymous
7 years 5 months ago

The following article is interesting. I’m surprised that it was written in 2004.

http://www.bizjournals.com/southflorida/stories/2004/11/01/story6.html

Anonymous
Lola
7 years 5 months ago

Hahaha, jcrimes is so right. Comparing south of fifth to the gold coast is like comparing a nice part of Mexico city to the gold coast…just doesn’t work. What high rise condos don’t use Chinese drywall Lucas?

Anonymous
la la
7 years 5 months ago

Sigh, that’s right, now I remember why I don’t bother commenting anymore. Talk about putting words in my mouth. Who said anything about comparing it to cities like Georgetown that were established before the advent of the automobile, or comparing it to the Gold Coast? I said it’s a nice, compact livable neighborhood, that now has a very nice park where you can watch cruise ships pull out of port. Period.

Anonymous
2pence
7 years 5 months ago
AJ, I went to look at Icon a few weeks ago and thought the same thing as well. In fact, standing in the lobby, I had the feeling I was on the deck of the Titanic. We saw three different unit layouts and not only were they expensive, they were generally unimpressive. Half of the units face each other and/or the building’s interior courtyard. In general I found the building very kitschy. It seems like the kind of thing you will tire of very quickly. The lobby was ghastly. I am also very interested in seeing what the actual maintenance… Read more »
Anonymous
7 years 5 months ago

yeah aj,
people were eating out, so theres no signs of recession ??? i hope you were joking……….

Anonymous
Hugo P
7 years 5 months ago

Great article on yesterday’s NYT:

http://www.nytimes.com/2009/04/22/business/economy/22leonhardt.html?_r=1&emc=eta1

Best quote (for you RT): “So if you are part of the 30 percent of American households who rent and you’re trying to decide when to buy, relax.

The market is still coming your way.”

Anonymous
AJ
7 years 5 months ago
2pence, Yes, when Infinity, Icon, Marquis, paramount all hit the market at the same time, prices should be very affordable. I just want to know when it is going to happen. BTW, mint and Ivy have started renting but the grounds around them are unceveloped dirt. Have they no shame? Drew, I cannot understand how a 10 oz. steak in Smith & Wollensky costs $40 and sides extra and you cannot even pass through the damn place. Well, it may not be a good barometer to measure the recession but I always wonder how some of these losers in Miami… Read more »
Anonymous
Renter Tom
7 years 5 months ago

Hugo P – Yep, called it last year to skip 2009 entirely and get to the real deals in 2010, being patient isn’t easy, but I really do like the place I am renting so it works for me. In fact I’d rent forever with these prices!

– Sadly, the CFO of Freddie Mac committed suicide. This is not a joke, just came over the news. Maybe the worst is yet to come…

Anonymous
AJ
7 years 5 months ago

If anyone realtor can hook up with me to show me Infinity, Axis, Epic and Everglades I will appreciate that. That would only leave me with Marquis and Paramount to explore.

Anonymous
AJ
7 years 5 months ago

link to the Sonesta Mikado at Pace Park due soon:

http://www.travelpulse.com/Resources/Editorial.aspx?n=50804

Anonymous
7 years 5 months ago

AJ, THATS WHY I SHOULD HAVE GONE INTO THE “FOOD” BUSINESS, NO MATTER WHAT HAPPENS, IT SEEMS LIKE
AMERICANS (or those that live here) love to eat!!! i dont send alot of $ on much anymore but i still eat in the same places…….

seems to me the deals are in other parts of florida, do we have to live in mia ??

when do i get to buy my dream condo for 150 k ???

Anonymous
7 years 5 months ago

RENTER TOM, WHY DO YOU SAY SADLY, ???

THERE ARE THOUSANDS OF BASTARDS THAT HELPED CAUSE, STEAL, DUPE, THE SYSTEM TO ENRICH THEMSELVES…..

ALMOST NONE HAVE BEEN PROSECUTED (thanks obama) SO I REALY DONT THINK ITS SAD WHEN THIS SC M BAG TAKES HIS OWN LIFE TO AVOID DOING THE REDUCED SENTENCE THAT HE WOULD HAVE PLEADED TOO

LETS SEE SOME PERP WALKS ALREADY,

Anonymous
AJ
7 years 5 months ago
Lucas, What ever happened to 3405 in 1800?? I don’t see it in the MLS. Is it sold or the developer took it off the market (listed as per you for 385K)? Today the developer told my friend that Fannie Mae approval is almost imminent and the discounts he offered on 10 of his units will be either rolled back or will not be offered on any more new units once his approval is finalized. He said that he sold enough to cross the 70% hump and do not need to discount no more. Please tell any of your clients… Read more »
Anonymous
BMW M3
7 years 5 months ago

Aj,

I hope you’re not tired yet because this recession still has another year and more disasterous home price crashes left in her. LOL!

Anonymous
Renter Tom
7 years 5 months ago

drew299 – Sadly, since it is sad anytime anyone dies, esp. suicides. We’re all human and mortal… Just my opinion.

Anonymous
Kramer
7 years 5 months ago

AJ

Y all got to admit that Aj acts like some kind of pide-piper for MCI. When he is absent the store really slowed down and now that he is back it seems to rev everyone up again including RT and now even la la is back after a long lay off and somebody with a Lola handle. Lola and lala -you gotta love it. Need some female persuasion in here.
AJ BTW – waiting for your opinion of 50 Biscayne and the surrounding area. What did you think?

Anonymous
Joe on the go
7 years 5 months ago

By the sounds of it……AJ was really missed on here??? Maybe AJ’s new found friend LARA was a LOT more than he could handle??LOL LARA LALA & LOLA Glad you came up for air AJ!!!!!!!!!!!

Anonymous
joebob
7 years 5 months ago

Boy, who are these people who are buying Continuum at $1200/sf or pretty much any of those units listed above? Does anyone by chance have any anecdotes of what is going on in these people’s minds? Are these decamillionaire foreigners who just can’t wait to own a vacation home and don’t care if they’re condo goes down in value? Or are these investors who think the market has bottomed? I am puzzled… Renter Tom, any ideas?

Anonymous
NJ Dave
7 years 5 months ago

AJ – Is the Sonesta Hotel planned on the park to be accross the street from 1800 Club? Has any demolition started?

Anonymous
Renter Tom
7 years 5 months ago

joebob – The market hasn’t bottomed….that is, as a “market”. That doesn’t mean there aren’t any good deals out there though…… I’d look for single family home deals, but condos, by and large, have a ton of risk on soooo many levels right now.

Anonymous
AM
7 years 5 months ago
I love all the Icon bashing on these threads. Really quite amusing. I have been to every building in downtown Miami and not one is even in the same universe as Icon. If you don’t like the style or the decorations that is fine. I can agree people have different tastes. I guarantee we also won’t have the sames tastes in clothes or places to go out . People can nit pick about any building. Every building will have some units that are not as desirable as others. And as far as the amenities not being enough for 1700 people.… Read more »
Anonymous
7 years 5 months ago

I wouldn’t pick Icon.

Anonymous
AJ
7 years 5 months ago
BMW, I read some areas in Miami have bottomed out, some have an year to go and others have 2 years to go. So every area is not the same. Kramer, I love 50 Biscayne and the neighborhood. But as in all downtown buildings, noise is a problem when you step out into the balcony. That is one reason I like the Pace Park ringed buildings as it is very quiet and peaceful on the North Bayshore Drive. But conveniences wise nothing beats 50 Biscayne. joebob, If only I had 1.5 million dollars, I would buy in Continuum North Tower.… Read more »
Anonymous
AJ
7 years 5 months ago

Past Saturday, The residents of either 900 Biscayne or Marina Blue called the police and shut down the entire Metropole nightclub complex with 3 seperate clubs at about 1:30 AM. How could they do that? The clubs were there eons before the buildings came up. This will be interesting to watch who is going to win in this battle.

Anonymous
makes me think
7 years 5 months ago

AJ just came back from miami myself and I have to say it was an enjoyable stay (as usual) I did notice that there were a lot ewer people than last year around this time. I also drove down to Islamorada for some fishing and it looks like the marinas/fishing business in down drastically from the last few times I’ve been down there. I was very surprised by that. I should be back in a few months with the guys for some more fishing hope things improve for the folks down there.

Anonymous
Renter Tom
7 years 5 months ago

Here is an article for AJ…..I think he is shacking up for his current visit down here… (maybe he’s the guy with the glasses on LOL).

http://www.chicagotribune.com/business/chi-thu-recession-roommates-0423apr23,0,7791006.story

Anonymous
john
7 years 5 months ago
one question and a comment: RT, I suspect you have looked into most of the oceanfront buildings on Sunny Isles beach. I would really value your opinion on which buildings would be best to look into from both a renter and purchaser perspective. It’s getting closer to the time I will be willing to ‘ take the plunge’. I agree, 2010 – early 2011 should offer good long term real estate valuations. Capitulation should have set in fully, by then ( I hope). AJ, I love the maturity (most of the time), enthusiasm and information (both objective and subjective) that… Read more »
Anonymous
Renter Tom
7 years 5 months ago
John – It all depends on your budget and what you are looking for….Practically every building has plenty to rent or buy in. A very very very helpful and revealing resource for rentals is this website with the recently rented list which tells you the true market rents. I’ve been toying with maybe moving to the Trump Towers since the rents are getting cheaper by the day…. As of now, I don’t know of any building on the beach in SIB that I would stay away from as a RENTAL….as a buyer, there are the usual concerns. But for renting,… Read more »
Anonymous
Renter Tom
7 years 5 months ago

Jobs (and in the past easy loans) drives home prices….Florida looks terrible going forward:

http://www.usatoday.com/money/economy/2009-02-06-new-jobs-growth-graphic_N.htm

Anonymous
DJ
7 years 5 months ago

Who runs miamicondoforum.com? I just stumbled across this blog post about the Pace Park murder, and it seems that whoever runs the site has a personal bone to pick with 1800. Not that I think 1800 is anything special myself, but whoever this is takes hating that place to a new level.

BTW, that quote about driving past the murder scene was my quote from here, lol.

http://www.miamicondoforum.com/?p=1426#comments

Anonymous
7 years 5 months ago

The Miami condo oversupply will be snatched up quickly with Obama’s Pro-Millionaire agenda. It will require newly minted millionaire’s who want a tony 2nd residence to take care of the oversupply, and Obama’s agenda is Pro-millionaires, correct?

Regarding the recession, people still go out, they just buy less.. whether it’s window shopping at the Mall or going to Joe’s Stone Crab and ordering the Fried Chicken

Anonymous
Klo
7 years 5 months ago

I’m coming to Miami in a couple of weeks to take a look at some condos, but since I haven’t been there in 8 years, I can’t really claim to be familiar with the city anymore.

My question: which ones of the buildings are absolute must-sees? I’m looking for a sub-$200/sqft, 1000-1400 sqft, 1-2 bedroom condo. From the the sound of things (AJ), I defnitely need to see 1800, but what others would anyone recommend? I’m also leaning towards the Brickell area, but I’m open to other suggestions.

Thank you!

Anonymous
DJ
7 years 5 months ago

Klo,

I’ve been loooking at condos from Brickell up to North Bay Village over the past 8 months or so. I’ve seen most of the buildings out there. Check out the Lexi in North Bay Village…I’m currently under contract for a unit there.

Anonymous
jcrimes
7 years 5 months ago

la la
chill the hell out. no one is trying to put words in your mouth. i’m taking my own stand as to what i think about south of fifth. jesus.

Anonymous
AJ
7 years 5 months ago
DJ, It’s run by Mo whose stated goal in that blog earlier on (which is deleted about a few months ago) was to discourage anyone from buying a miami condo (with a goal of dissuading at least 10 buyers a month) and snag a flat for cheap for himself. I have been saying the same thing for a while, get a flat for cheap or cheaper than anyone else. but don’t bite the hand that feeds. This guy shits where he eats and sleeps. Don’t bother. I have already spent a whole week in the Pace Park at all kinds… Read more »
Anonymous
GT3
7 years 5 months ago
Klo, There are tons of options in Miami right now. You need to come down and look at specific areas first, then decide which building in a specific area you would rather buy in. Southern Brickell is strictly residential. Northern Brickell is mixed use. But they each have a somewhat similar feel and noise level. Downtown has a different overall feel. Arts District has its own vibe, as well. Each area, except for Southern Brickell, has several new buildings. Southern Brickell has more stability, however, from an association standpoint because basically all of the buildings are older and more established.… Read more »
Anonymous
DJ
7 years 5 months ago
AJ, I agree, people give the Pace Park area a bad name on here, at least worse than it deserved in my opinion. I live across from the park and I wouldn’t call it a bad or dangerous area. I do play basketball fairly often and I have seen some shady characters around the courts however. Either way, I don’t think it’s anymore dangerous than a lot of other areas in Miami, and its nice to have the option to take a walk by the water or play a pick up game. You seem to have a real love for… Read more »
Anonymous
Russ
7 years 5 months ago
I came in to town to pick up a cruise, and being curious walked all over downtown. From an outsider perspective, the area north of Bayfront station was strange and empty. Not really scary, because even the homeless were half asleep. It looked like it would take a decade to come to life. Then I looked at the Icon Brickell. I like funky elements, but it was just too surreal and dark. if they turned on the lights it might help, a little, maybe? The Brickell financial district was a who’s who of busted international and US financial institutions. At… Read more »
Anonymous
Kramer
7 years 5 months ago
Those werent owls – they were vultures. For real. Its a seasonal thing here in Miami around spring time. There is two or three different species of vultures this time of year near downtown with the majority being turkey vultures. Ugly beasts and harmless except for the condo vultures. You can google it -theres a picture of one titled “Miami Courthouse Vultures” at http://www.miamimirror.blogspot.com. They have a pic of one of the vultures there. And as the article says they are not referring to the lawyers who work at the courthouse, in case there might be any sensitive lawyers on… Read more »
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