Bayfront Brickell Condo Foreclosure to Sell Below $200 Per Squar Foot?
I’ve been keeping a close eye on a 4 bedroom/4 bath split-level bank-owned condo at Atlantis on Brickell for quite some time. It has 2,628 square feet of interior living space and is located on the third floor. The price has continually been reduced throughout the months that I’ve kept an eye on it, but it now looks appealing. The list price on this unit is $559,900, or $213 per square foot, at the present time.
Below you will see the price changes since it was listed on May 16, 2007:
- 05/16/2007 – $799,900
- 06/13/2007 – $759,900
- 07/16/2007 – $719,900
- 08/03/2007 – $679,900
- 08/28/2007 – $644,900
- 09/25/2007 – $559,900
Unfortunately, the pictures that accompanied the listing are no longer available. I haven’t personally viewed this property yet, but the pictures that were previously available made it apparent that the unit definitely needed some TLC. A few people in my office did visit the unit about six weeks ago and did confirm that the unit does need much work. On the high end, a $170,820, or $65 per square foot, build-out project should make this unit into an A+ residence. A $500,000, or $190 per square foot, offer should seal the deal on this condo given the continual decrease in price every month. I’m sure that Deutsche Bank is growing tired of keeping this property on their books month after month.
A 3/3 with 2,171 square feet of interior space on the same floor at Atlantis on Brickell, which needs some work of its own, is currently listed on the MLS for $750,000, or $345 per square foot. Invest $65 per square foot to fully renovate the unit, with an overall price per square foot of $255, and you should do well.
Saturday Afternoon View of the Arts District
It was a gorgeous afternoon here in South Florida yesterday. I was heading west on the Venetian Causeway and was compelled to pull over after paying the toll. The developments along Biscayne Bay looked so magnificent from this view that I wanted to share it with my readers. (Especially those who aren’t local to Miami.)
Above, you will see the following developments from left to right: Venetia Condo (completed in 1980), Marriott Hotel, The Grand (completed in 1986), Opera Tower (completion by the end of this year), Bay Parc Plaza (rental building), The 1800 Club (completion by the end of this year), Quantum on the Bay (completion by the first quarter of 2008), Cite on the Bay (completed in 2004) and Paramount Bay (completion by the first half of 2009).
On the northern half of the Arts District we have the following new developments: New Wave (completed in 2006), Star Lofts on the Bay (completed within the last three months), Onyx on the Bay (completed within the last three months), Platinum Condominium (completed within the last five months) and Blue Condominium (completed at the end of 2005).
The following is a close-up of The 1800 Club, Quantum on the Bay, Cite on the Bay and Paramount Bay:
The pictures above make the Edgewater look like a million bucks. It’s amazing what perspective can do. The reality is that the Arts District is still an up-and-coming neighborhood. Three years ago you wouldn’t dream about walking the streets after dark. The neighborhood has cleaned up a lot within the past three years but it’ll be another three years until somebody actually wants to walk the streets at night. The long-term outlook for the Arts District, however, is bright. The views from these bayfront buildings are amazing. In time, the neighborhood will blossom and it will become an attractive place to live. In the meantime, however, newly constructed condos in high-quality buildings are available at prices that don’t make sense for the neighborhood. Prices will come down and opportunities will emerge as the new condo supply far outpaces demand in the Arts District.
