Marina Blue – Closings to Begin This Week

February 11, 2008 by Lucas Lechuga

Marina Blue

The moment has finally arrived. Closings will begin at Marina Blue this week. I’m not quite sure which exact day they will begin but I know someone who has his closing scheduled for this Friday morning. My guess is that the first closing took place earlier today though.

I’ve been looking quite forward for Marina Blue to be completed. Architecturally, Marina Blue is my favorite of the new buildings that have arrived on the Miami condo market within the past 12 months, and of those that will arrive within the upcoming 12 months. Marina Blue is very impressive to look at while driving down Biscayne Boulevard or driving west over the MacArthur Causeway.

Everyone already knows that the views from within the Marina Blue condos are going to be some of the best in Miami. I can’t think of one other building in Miami that offers unobstructed, direct bay views from EVERY unit in the building. (Someone help me here…there has to be at least one other building in Miami that offers this). The 12 line may have slightly obstructed views but this remains to be seen.

If Marina Blue ends up meeting just 90 percent of everyone’s expectations then I think it’s going to be a winner!

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57 Comments on "Marina Blue – Closings to Begin This Week"


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Anonymous
8 years 7 months ago

Lucas, I think Onyx offers unobstructed views from every unit. :) Although I like the 04 line best with both bedrooms facing directly towards the bay. Some of the other units have just the living room facing the bay.

Anonymous
8 years 7 months ago

Samir,

Good call! New Wave doesn’t right? I’m pretty sure that it has its one bedrooms on the west side.

Anonymous
Omar
8 years 7 months ago
Lucas, While I agree with your sentiments on the building’s impressive look and façade, I was thoroughly unimpressed with the units. Maybe my expectations were too high but a building with this look and location should have larger condos, be more exclusive than inclusive. I was particularly disappointed with the 08 line, a great plan on paper. Unfortunately despite the phenomenal views, which are enhanced by the unit’s floor-to-ceiling glass, it’s a very dysfunctional floorplan. It doesn’t feel like the 1300+ sqft advertised. A large round column in the center of the living room doesn’t help. Another quirk was the… Read more »
Anonymous
RA
8 years 7 months ago
I agree architecture is excellent. Very nice driving up to it on Biscayne. The wavy lofts also add a cool element. The West side even looks really good at night cause the corrider lights are turned on and make the building stick out with a cool lighting effect when driving on the expressway towards the beach. Samir…you have been lucky enough to take the tour. How was the living space/area wise on the 01 Line. Spacious? Views? Where you able to view the party area/room? How was it? Also is there an entrance driveway/porte corche entrance? The outside doesnt have… Read more »
Anonymous
Juan
8 years 7 months ago

Great looking building, but I just hate how the back looks during the day. It’s like prison grey

Anonymous
Jack Frost
8 years 7 months ago

Lucas-

Do you think Marina Blue will hold prices better than other buildings? As of right now, prices are about $375 a sq ft for a decent height and plan. Do you feel these are going to drop to the $300$325 mark that most condos in the same price range will most likely reach? I really like the 01 line.

Anonymous
RA
8 years 7 months ago
The back of the bldg looks great at night. I think maybee white instead of gray would have made a better look. Like the sister BLUE. I also think this bldg will hold up prices higher than the other bldgs. Had it not been for the let down @ TMP with the delays then you’d prob be seeing $450 + a square foot. With 900 Biscayne looking good and Marquis looking amazing these 4 buildings are offering a very premium product in a really centralized location with a slew of potential for a high end neigborhood to come and great… Read more »
Anonymous
jcrimes
8 years 7 months ago

“a really centralized location”

i’m not gonna rehash my comments about this area (the so called “park west”…park my ass), but suffice to say, it may be centralized in the sense of being near work, near the beach and near the highway, but one thing’s sure, there ain’t shit to do in your ‘hood.

and the sand idea is just downright foolish. mark my words – will be gone within the next two years with a special assessment for the unit owners to boot!

Anonymous
RA
8 years 7 months ago
That’s what I meant centralized…close to eveything…a quick drive or Metro Mover ride. Park West now isn’t the best as far as a hood but with the residents moving in to MB and 900 Biscayne you’ll see the intrest spur up in the area. I think the beach sand is cool . If it’s maintained then should be fine. I’m sure there was a plan to have this maintained. You don’t just throw up piles of sand and not have a plan. Don’t hate….appreciate! I’ll see you from the 14th floor beach with a big jug of Pina Colada from… Read more »
Anonymous
Julian
8 years 7 months ago
Working on a simple premis that you have to compare property values like with like, I believe you have to equalize the tax implications of the real estate you buy. For example, pay $1,000,000 with 2.5% property taxes requires an equalisation to be made. Best way is to produce a present value, so in effect, if you were to pay all your property taxes for ever today, you’d are in effect paying $1.5m for your property (i.e. you and Miami-Dade should be indifferent to paying that money up front) You see, I think that is the problem with South Florida… Read more »
Anonymous
Wild Bill
8 years 7 months ago

During certain hours these people will be prisoners in their own building. They had better enjoy the view. Those who venture out during certain hours will also not be allowed back in. That’s an inside joke for those of you who attend Arena events.

Anonymous
Buyer Tom
8 years 7 months ago

What are the real estate property tax rates for the FL residents primary residences?

Anonymous
brian
8 years 7 months ago

I would have to agree that the balconies will be almost like a shared common area. Views will be nice though. The sand will be a disaster after a few tropical storms this fall.

Anonymous
brian
8 years 7 months ago

Speaking of 10 Museum Park…i see that 62 units are now for sale and still climbing (out of 200).

Anonymous
RA
8 years 7 months ago
Well….exactly my point. If you are single in Miami and have an average job you will prob have a hard time affording that amount. However, these are 1 and 2 bd condos so you have to factor 2 incomes contributing to let’s say the median 2bd unit not the 1 Million Unit. So in essence your average Miami job is say $40k for arguments sake. That’s $80k in income for a couple which should be able to afford a 2 bd condo with HOA, Morgage and taxes in that area and stil have enough for a decent car lease, small/medium… Read more »
Anonymous
Mr Waverly
8 years 7 months ago
Lucas, All units in the tower of Paramount Bay are direct bay view. Wild Bild, Jcrimes and especially Julian I agree 100% with your comments, forecast and calculations. I agree too with the others that these buildings are wonderful and have amazing views but those views and whatever wonderfulness will not sustain values or demand. The glossy brochures and virtual videos make everything look like paradise, everyone is glamorous, happy, skinny and we all assume able to afford those apartments. Reality is showing is real face and those faces have either walked away from deposits or soon they will wish… Read more »
Anonymous
jcrimes
8 years 7 months ago
RA…i’m not sure you realize the real numbers that are in play here in miami. let’s take me for example. i make a an above average income, i.e., in between 100k and 150k. won’t be eating dinner with gordon gecko any time soon, but i’m progressing to the upper middle class dream. let’s say the net, after taxes is $7,500/month debts…school loans at 650/month and a 550 payment for my car including insurance (nothing fancy…unlike most people in miami, i actually bought the damn thing instead of leasing from the collection). throw down $1,000 month for the 401k, another 500… Read more »
Anonymous
Juan GM
8 years 7 months ago

100% Unobstructed Ocean Views from Every Unit .. .. ..

If you include Key Biscayne, Casa Del Mar Condos (881 Ocean Drive), ALL !!! units face both the Atlantic Ocean & Biscayne Bay; cant be that anywhere….

Anonymous
GT3
8 years 7 months ago
Everyone, Been there. Took the tour. It’s OK. No doubt that the views are amazing. Kitchens are subpar and exactly the same in every unit. Same with the bathrooms. I mean c’mon… subway tile in the bathrooms? I thought I was in a public school restroom. On size, I agree with Omar. The 08 line felt quite narrow. The column eats up almost half the width of the room. Ra, You stated, “Don’t hate….appreciate! I’ll see you from the 14th floor beach with a big jug of Pina Colada from Let’s Make a Daquiri @ Bayside chilling on my beach… Read more »
Anonymous
Lookin' 2 Buy Maybe
8 years 7 months ago

If you were a 37 y.o. single guy with a net worth of a bit over $5M, fairly conservative financially, wanted to move to Florida for the weather, no state income taxes, and wanted a change of lifestyle….and probably wanted to live on the beach, where is the best place to live? Or should I just move to Las Vegas and get a vacation home in San Diego?

I worked very hard, now I’m done, time for reasonable fun…..

Anonymous
Mr Waverly
8 years 7 months ago

Lookin 2 Buy Miami.. You should rent for a few months to figure out where you would like to be and if you really want to be here. You can find some very nice furnished rentals for $5-$7K per month. That money spent will be your best investment. Besides if you decide you want to be here in another 4-5 months you will probably save 10% off of today’s prices.

Anonymous
8 years 7 months ago

Lookin’ 2 Buy,

I agree with Mr Waverly. At the very least, spend a month out here to figure out which part of the beach you like. Some love South Beach while others want to live away from that scene. Others like Surfside because it is quiet but others don’t like it because it is too quiet. You have to see which neighborhood suits your style.

Anonymous
RA
8 years 7 months ago
As the song say’s I’m Blind to you haters…. Yeah crack on the street bums around the block and? Let me remind u of a bum laden hooker skank ass white powder street, retired blind old fart street in 80’s and early 90’s we now call Lincoln Rd and Ocean Drive. Ohh how about South of 5th? Skank dirty old 5 block hole back then look at it now! Hmmm sounds like a mirror image of Park West to me. Now and what it will become. C’mon…be a frickin pionner will ya. The shit is now the gold will come.… Read more »
Anonymous
Jimmie Greens
8 years 7 months ago

Hey Lucas, any smaller quality developments out there that might be worth blogging about? I’ve seen a few just west of Downtown in Little Havana…any thoughts?

Anonymous
adam value
8 years 7 months ago

Can somebody let me know what resales are going for.?

Anonymous
Terry
8 years 7 months ago

Lucas,

Nice changes in your blog with the building part addition but how come MB is not in the list ? I have seen that 4 condos are available for sale on the MLS… and now that the building is closing more will be available !

Anonymous
Julian
8 years 7 months ago
I guess I don’t mind being a pioneer, but I am going to go back the beginning again. Florida real estate will not recover in any meaningful way until the real estate tax system is equitably and properly reformed. We all talk about investors, some new, some old, some green, some not so green, but why would I “invest” (for yield/capital) today when my holding costs are 2.5% per annum. Nuts. I’m a free-cash investor – and I can tell you Singapore and London look more attractive. Costs of holding are vital – why do you think there’s been for… Read more »
Anonymous
Lucas Lechuga
8 years 7 months ago

Terry,

Marina Blue will definitely be added within the next day or two. When I came up with the list of buildings about a week ago I don’t remember seeing any listings there. Maybe it was oversight. I agree that there will be more and more listings within the next couple of weeks.

Anonymous
MiamiBlue
8 years 7 months ago

No closings have actually occured yet, but I’m waiting for the call.

I’ll suffer the Real Estate Tax (for awhile), but I never thought of the sand blowing off. Damn, hope that doesn’t happen. I get enough of that back here in LA.

Anonymous
8 years 7 months ago
Also forgot about Apogee South Beach – all waterway views, only 4 per floor. Haven’t been inside yet but have been told it is quite impressive. Also Lucas, I think New Wave does have all waterviews. I think the hallway is on the west side of the building. RA – I neglected to ask or see where the drop off was for the Marina Blue. I would expect they only have garage enterance on the West side. There will probably be an area on the East side where you can pull up to hand over the car to Valet but… Read more »
Anonymous
CEO911
8 years 7 months ago

Is this valet-only parking like Ten Museum ???

Anonymous
8 years 7 months ago

I believe you have assigned spaces in Marina Blue. You also had the option to purchase additional parking.

Anonymous
RA
8 years 7 months ago
Thanks Samir for the input. Yeah was curious about the drop/off pick up etc… Seems odd in the front because they have the brick pavers vs kind of a street. So I guess they can do a semi circle w/ the car if there is no entrance in the middle of the building. Correct…you get one assigned spot. You may buy another spot or tandum spot for extra $$. Regarding view on 01..that’s great news. Also I have the develepor city approved building plan to Paramount Park with Marina Blue in plan which illustrates the site plan and view points.… Read more »
Anonymous
Lucas Lechuga
8 years 7 months ago

Samir,

Apogee is the shit! I was there this morning to see two units. The quality is the best of any building in South Florida. I took a bunch of pictures.

Anonymous
Cyrus
8 years 7 months ago

lucas, keep it clean! use “the shiznit” instead!

Anonymous
8 years 7 months ago

Pretty expensive building from what I see:
http://www.condo.com/MapSearch/MapSearch.aspx?BID=1448191

Anonymous
Buyer Tom
8 years 7 months ago

http://www.dailybusinessreview.com/news.html?news_id=47126

Banks won’t lend for some condo buildings? See article. That’s gotta hurt.

Anonymous
Buyer Tom
8 years 7 months ago

For whatever reason, my post wouldn’t post. So here goes again.

Some banks are refusing to lend in a whole bunch of condo buildings in South Florida. Ouch. Would post the link but that is probably why it won’t let me post.

Anonymous
Un-Related
8 years 7 months ago

Here is link to lender “blacklist”:

http://www.dailybusinessreview.com/news.html?news_id=47126

Once there, you will find bank links.

Anonymous
shut up cyrus
8 years 7 months ago

cryus shut up, dont be a wuss

Anonymous
8 years 7 months ago

Lucas,

Thats awesome. Hope you can sell one of those. What do you think of the current pricing there? Like Kevin do you think it will be along the lines of a 740 Park. In a league of its own?

Anonymous
Laurent
8 years 7 months ago

anyone knows if midtown is on the black list of lenders ie 70% investord or if they are a sound and healthy project now that they re backed up by a property fund?

Anonymous
Julian
8 years 7 months ago

Notice Apogee is ineligible on one of those blacklists.

Anonymous
Un-Related
8 years 7 months ago
Here is the Bank United list: ONLY the MIAMI “Blacklist” NON-PERMISSIBLE CONDOMINIUM PROJECT LIST Last updated: 01/14/2008 DATE CONDOMINIUM REASON 01/14/08 50 Biscayne High Investor Concentration & declining market value 08/28/07 600 Biscayne High Investor Concentration & declining market value 08/28/07 1650 Biscayne High Investor Concentration & declining market value 08/28/07 900 Biscayne Bay High Investor Concentration & declining market value 01/14/08 1800 Biscayne Plaza Declining Market Value 01/14/08 500 Brickell Declining Market Value 01/14/08 1390 Brickell Key Declining Market Value 01/14/08 1001 Center Declining Market Value 01/14/08 1800 Club Declining Market Value 08/28/07 Altos de Miami High Investor Concentration… Read more »
Anonymous
lara
8 years 7 months ago

Does it mean that one cannot obtain financing at all from regular lenders?

Anonymous
Charlie Lawsuit
8 years 7 months ago

Seems like that is every condo, why not just list those that qualify, if any? Are there any?

Anonymous
jcrimes
8 years 7 months ago
lara yes and no. i think most s.fla local banks are just outright saying no to these projects. you wouldn’t believe how many toxic assets the local banks are sitting on right now. personal mortgages aren’t big chunks of their balance sheets, but either way, they’re getting clobbered. on the commercial side, you’re seeig a lot of banks just outright refusing to take the property back. heck, there is one very large miami bank that comes to mind that more than likely will either be taken over by the gov’t or bought out before next january. they’re in deep but… Read more »
Anonymous
8 years 7 months ago

Samir,

It is in a league of its own. I know for a fact that contract holders have been able to sell for a pretty big profit.

Anonymous
RA
8 years 7 months ago
It’s all a stupid list. Just about evey new condo is on there even the one’s who haven’t closed. I riddles me how BankUnited somehow has a Crystal Ball to say that these future condos are high investor/declining value. They can’t say with certainty that a condo tower will nor close cause most will default. Who are they to say. This is the same shit as before speculation. Now it’s speculation on how many people are goign to walk. At the end of the day it’s all negative media just as it was when the media was driving the buying… Read more »
Anonymous
CEO911
8 years 7 months ago

There’s a lot I like about Ten Museum, but if I gotta interact with a valet guy every time I go out to run an errand…

Can you please summarize the parking situation at these developments??? … “valet-only” or optional, # of parking spaces per unit, etc …

I still can’t get over the “Valet-Only Parking” in these condos… call me paranoid, but for every one time I get in my car, some valet guy will get in it twice. I mean, an automobile is a man’s best friend.

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