Best Deal at Marina Blue – 1 Bedroom/1.5 Bath – Completely Built-Out – $295K
This 1 bedroom/1.5 bath condo, on the 20th floor, is the best deal currently available at Marina Blue. The condo comes with marble floors throughout, Wenge built-in closets and window treatments in the living room and bedroom. The condo has 843 square feet of interior space, a 152 square foot balcony that stretches the length of the unit and comes with stainless steel appliances, granite countertops, custom Italian-style kitchen cabinetry and washer/dryer.
The lowest priced 1 bedroom condo currently offered at Marina Blue is listed for $290,245. However, that unit is located on the 5th floor and comes “decorator-ready” (no flooring, no window treatments and no built-in closet). Additionally, the view just doesn’t compare to this condo located on the 20th floor with direct views of Biscayne Bay, Key Biscayne and the Downtown Miami skyline. The most comparable deal currently available at Marina Blue is located 3 floors higher and is listed for $319,000 but, again, it comes “decorator-ready”.
A picture of the kitchen in this condo at Marina Blue, as well as some of the living room space.
The view of Downtown Miami is great from this one bedroom condo at Marina Blue, as well as the view of the water.
A shot of the Wenge built-in closet in this 20th floor condo.
The balcony of this one bedroom condo at Marina Blue has 152 square feet of marble flooring.
Marble floors in the bathroom, dual sinks, a “Wet Room” with glass-enclosed shower and bath tub, a bidet and toilet.
The washer/dryer in this condo at Marina Blue resides in the half-bath located near the entrance.
Contact me if you’d like to view the best deal at Marina Blue in person.
Housing Bailout Plan
It’s official! The U.S. Senate has passed a housing bailout plan that will end up costing taxpayers an estimated $25B. This is an estimate that the Congressional Budget Office says could potentially reach $100B. Now, it’s up to George W. Bush to sign on the dotted line to finalize it.
I’m NOT an advocate of this housing bailout plan. I saw too many people unwisely refinance their properties to withdraw money from the paper profits in their luxury homes in Miami in order to spend the money on new vehicles, surround-sound systems, large plasma TVs, furniture, clothes, etc. Now, the government wants the country to foot the bill for these people to reminisce about the times that they were living LARGE?
It doesn’t sound like a “plan” to me. Senator Charles Grassley, of Iowa, says it best when he states, “This bill has fallen prey to the special interests on Wall Street and K Street at an unjustifiable expense to taxpayers and homeowners on Main Street”. Who are we kidding when we think that we actually have a say in what happens in this country? Large corporate banks, mortgage companies, real estate conglomerates, developers and any other real estate-related entities have lobbyists that have the upper hand over what the American people actually want. We’re all just pawns with hopes to checkmate, but end up being eliminated after the third move.
You may also want to watch the video of Congressman Ron Paul’s comments on the housing bailout plan. It is quite interesting and makes you see the other side of the story from a true American who cares about this country.
South Beach Luxury Condo Sales
There have been 10 closed sales for luxury condominiums in South Beach within the past three months that appear in the MLS. I defined a sale as being a luxury condo sale if it had a sales price at or over $2.5M. As you’ll see below, Apogee South Beach topped off the list with a condo selling for $7.3M. Even more impressive is a Penthouse condo at Apogee South Beach, which did not appear in the MLS, that closed for $16.5M on June 9, 2008.
Il Villagio – Unit 804 – $2,500,000 – $1,506/SF – May 13, 2008
Ten Museum Park Banner Ad
Driving by Ten Museum Park the other day, a friend of mine asked me, “Why would the owners of units in that building allow an ad to be displayed on the side of their building?”. I’m sure many of you have thought the same thing while driving down Biscayne Boulevard. My response was simple, “They likely have no say in the matter”. The office space located on the lower part of Ten Museum Park is not owned by the developer nor the condo association. I believe the office space is owned by Michael Comras, a well known commercial developer in Miami Beach. Michael, if you’re reading this, I vote for new ad sponsorship. A Victoria’s Secret ad featuring Adriana Lima ought to help out with the traffic congestion down Biscayne Boulevard. Ha!
Scoring Criteria for the Miami Condo Rankings Page
For quite some time, I’ve been wanting to launch this new addition to my site. I think part of me was a bit timid about publishing the Miami Condo Rankings page because I knew that there would be a lot of criticism about my rankings. It’s important for everyone to realize that this is only my subjectiveopinion. I felt it necessary, however, to publish these rankings to provide nonlocal Miami buyers with a way to sift through the various condo developments here in Miami in order to narrow down their choices. Besides, I’ve received a number of emails from people suggesting that I provide them with this sort of information. The link to the Miami Condo Rankings page will remain towards the top of this page underneath the header.
When creating the Miami Condo Rankings, I tried to be as unbiased as possible. The rankings are based on my experience of viewing the various condo buildings and condo units throughout Miami in order to arrive at the stated figures. Everyone is going to have a different point of view, however. My Miami Condo Rankings aren’t set in stone. I will be revising them over time and adding new condo developments as I get the chance to view them. For example, the risk adjustment category will be adjusted periodically once I feel that the risk for buying in a particular condo building has changed.
I’m a firm believer in democracy and rarely delete comments. I appreciate everyone’s input on various topics and, although I may not agree with certain opinions, I do believe that visitors to my site should be able to read a variety of opinions. Therefore, you will all have the ability to submit your personal rankings for any or all condo buildings. This came as a suggestion from my website developer and I loved the idea. I want everyone to view not only my feelings about the various condo developments in Miami, but also the opinions of the general public as well. I just ask that everyone try to be as unbiased with their scores as I have been. It doesn’t do anyone any good if you give your condo building all tens for each category, or if you give another condo development all zeroes just to make your own condo building look good. You can also submit your thoughts about the various condo developments in the comments section towards the bottom of the Miami Condo Rankings page so everyone can learn about other aspects that aren’t transparent in the five included categories. There are a plethora of other factors that, in reality, also play a role in someone’s decision to choose one condo development over others such as parking, floor plans, balcony space, etc. I tried to keep it as simple as possible, however, and highlight the most important contributing factors. The Miami Condo Rankings page is to act as more of a guide to nonlocal buyers. Nothing is cut-and-dry when buying real estate.
Below, you find some determining factors that I took into account when deciding on the score for each category for the Miami Condo Rankings:
Location
It’s important to note that the scores for the location category were determined based only on Miami. I did not take Miami Beach into account. Obviously, because of the proximity of the beach, restaurants, and nightlife, Miami Beach buildings would have received higher scores. I may include Miami Beach condo buildings at a later date and adjust the scores for the location category of each condo development throughout Miami. I know that a lot of people who frequent this site are very attached to their neighborhoods and may feel that their neighborhood deserves a higher score. Please feel free to contribute your comments so others can view what you have to say. Proximity to restaurants, grocery stores, shops, nightlife and the overall quality of the neighborhood played a determining factor when creating the location scores.
Views
I based my scoring for this category on the average views offered in the condo building. Most condo developments provide the best views to the 3 bedroom units (or 2 bedroom units if 3 bedrooms aren’t offered). Obviously, if you’re in the market for a 3 bedroom and the condo development that you might have your eyes on only has a score of 6 then you’ll need to make the adjustment for yourself. Again, the score for views is based on the average views of all of the condo units in the building.
Quality
Of the 5 categories included in the Miami Condo Rankings, this was the most difficult to determine. This category was the reason why it took so long for me to publish these condo rankings. There were so many factors to take into account when calculating these figures. First most, I took the quality of the building into account along with the amenities offered. Second, I wanted to factor in the average quality of the units. This was difficult because some of these Miami condo buildings have been around for over 20 years and some of the condo units have been completely upgraded. As a result, age of the building played a role in determining the scores. Some people love the stability, larger floor plans (in most cases) and historical significance of older condo buildings. Meanwhile, I think most people, at least the buyers I have encountered, love the freshness of a brand new building. If you’re the type of buyer who appreciates the positive aspects that an older building affords, then you’ll definitely want to adjust my score upwards for this category as well.
Waterfront
This was the easiest of the 5 categories to determine scores for each condo development even though it wasn’t as simple as one might think. If a condo development is located directly on the waterfront then I gave it a score of 10. If it isn’t waterfront but resides across from a city park or other unobstructed piece of land with no other future use then I gave it a 7.5. If it is a riverfront condo development then I gave it a 5 and if it was completely landlocked then it got a score of 2.5. I did make an exception for Four Seasons Residences, however. The condo units at Four Seasons Residences begin on the 40th floor. Even though it is a landlocked building, I gave it a 7.5 because it offers gorgeous views and I don’t think any nearby buildings will impede on these views any time soon.
Risk Adjustment
There’s definitely risk associated with buying a condo in Miami. The risk varies from condo building to condo building, however. I calculated my risk score for older buildings based on how many foreclosures and short-sales there currently are in the condo building. The score was determined for newer buildings based mainly on how well the condo development is presently doing with their closings. The risk adjustment score will periodically be adjusted to reflect any changes in risk. I’m hoping that these scores will eventually be close to a score of 10 within 3-5 years. We shall see. It is important to note that risk isn’t necessarily a bad thing. With risk comes reward (in some cases). Jade at Brickell Bay currently has a risk adjustment score of 4. It’s a gorgeous building but there are a ton of foreclosures, hence the score. With recent closed sales near $400 per square foot, I think prices have fallen in line with what the market is dictating. Regardless, the building does have a lot of foreclosures so there is risk.
I also added a few other columns to the Miami Condo Rankings page. You will find Year Built, Developer and Architect included on the page. These columns weren’t used to create a final ranking but they are important to note. I hope the Miami Condo Rankings page helps nonlocal and local Miami condo buyers in their search for a Miami condo.
Photo Tour of Axis – Brickell Condo
I had the opportunity to tour Axis last Tuesday morning with a client. I brought my digital camera with me and had the chance to snap off a bunch of pictures of the common areas at Axis as well as a few model units. Axis has a large amenity level which includes a resort-style pool, separate lap pool, hot tub, audio/video room, steam room, barbecue grill, bar lounge area, billiards tables, various seating areas with flat-screen TVs and a fitness center. I tried to shoot most of the amenities at Axis but wasn’t able to get quite everything.
The following is a shot of the seating area in the lobby of the South Tower at Axis.
Here you’ll find the resort-style pool at Axis.
Here’s an aerial shot of the resort-style pool at Axis from one of the balconies. I wasn’t able to get a shot of the lap pool.
Here’s the hot tub at Axis.
The two billiards tables at Axis.
The bar lounge at Axis located off the pool deck.
A seating area with a flat-screen TV at Axis.
Another seating area with a flat-screen TV.
Yet another seating area but without a flat-screen TV.
Steam room at Axis.
A shot of the fitness center at Axis.
Another shot of the fitness center at Axis.
As I mentioned, I was able to also tour a few of the model condo units at Axis. I was told that all of the kitchen appliances and cabinetry are standard except the Penthouse condos. The Penthouse condos come with upgraded Viking appliances.
Here’s one of the fully decorated model units that I saw at Axis.
Here’s a corner 2 bedroom condo at Axis which faces northwest. If you are interested in a north facing unit then you’ll likely want to clear the Camden Brickell development directly across the street. I believe Camden Brickell has about 16 floors.
The bathrooms were pretty nice. This is a shot of the master bath in a 2 bedroom unit. The 1 bedroom units have only one sink in the bathroom though.
The master bedroom was quite spacious in this 2 bedroom condo at Axis.
The closet in the master bedroom was also quite spacious.
The stackable washer/dryer at Axis.
That concludes my photo tour of Axis. Overall, I was pleased with the building and units given the price range for condos at Axis. I definitely wouldn’t categorize it as a high-quality building but one shouldn’t expect that given the price point. Axis is a great option for a young professional working in the Financial District who wants to be in a brand new building but wants to be towards the lower end of the spectrum on price. I think the quality of the building and units is most comparable to Plaza on Brickell, although I do prefer Plaza on Brickell minus the parking woes there. Compare the pricing of both condo developments by checking the available listings of both below.
New Condo Deals Page Goes Live
The new “Condo Deals” section is now live on our Miami Real Estate Social Wall. I had been pretty bad about keeping the condo deals page updated. This should no longer be a problem. The backend improvements now allow me to publish new listings in much less time. I plan to update the condo deals page at least 2-3 times per week. Enjoy!
New Miami Condos – Closings Rates for July 2008
The last closing rate update was published on May 28, 2008. I collected the data for this month’s update this past Sunday, July 6, 2008. This month, I also included the number of closed units below each graph in parentheses.
Below you will find the date that each condo development began closings followed by the number of closed units in each condo development:
Not much has changed with this first group of condo developments since the May update except with 50 Biscayne. It went from having around a 67% closing rate to about a 75% closing rate since the last update. However, I took a close look at the numbers and noticed that 26 of the 43 newly closed condos were deeded to TRG 50 Bisc Suites LLC. All 26 units were suite units. It appears as though The Related Group transferred these 26 units to another one of its own entities. I’m not exactly sure though. Even without these 26 units, 50 Biscayne would have had 17 newly closed units. Onyx on the Bay had 5 newly closed units.
Plaza on Brickell saw the most improvement in the group of condo developments above since the last update with a 13 point increase in closings. It now shows that 52% of the overall 1,000 units have closed. You’ll also find slight to moderate improvements in the other condo developments in this group. According to public records, Apogee South Beach now only needs 6 more condo units to close in order to reach 100%.
Marina Blue continued to show good improvement in this update with around a 14 point increase in closings. Marina Blue now has nearly 60 percent of its condos closed. Wind had an increase of around 11 points, Asia around 10 points and Avenue at Brickell slightly over 7 points.
Above is the newest batch of condo developments that recently began closings. I must say that I’m pretty impressed with 900 Biscayne Bay having 79 closed units within the past 2 months. It probably actually has 100 or more closed units by now since there can be a 2-3 week delay in the time that a condo closes and the time that the deed is recorded. It’s still too early to judge the other three condo developments in this group. The next update should shed a little more light. I did have a chance to tour Axis today for the first time. I’ll try to share some pictures with everyone towards the end of the week. By the way, I wasn’t able to find Met 1 which is why it wasn’t included in this update.
Disclaimer: The above closing rate information was derived from public County records. There can be a 2-3 week delay from the time that a closing occurs and the time that the closing is recorded.
Brickell Key Condo Index – June 2008
The following data was collected on June 27, 2008. It’s been quite some time since my last Brickell Key Condo Index. In fact, the last was published in January 2008, or 5 months ago. What’s interesting is that it has been one year since I started the Brickell Key Condo Index, so in this update we’ll be able to see how prices have fared over the past 12 months.
As many of you might have guessed, the average price per square foot of Brickell Key condos listed in the MLS has continued to go down since the January 2008 update. In fact, average list prices have gone down across the board throughout the 10 Brickell Key condo buildings represented in this index. I’ll show you the percentage decreases in each building towards the bottom of this post. In January 2008, the average price per square foot of condos listed in Brickell Key was $486.07. The average now stands at $450.49. That’s about a 7.3% drop in list prices in 5 months. More interesting is the drop since June 2007. At that time, the average price of condos listed in Brickell Key was at $519.97. That means list prices in Brickell Key have come down a little over a 13% in 12 months.
Average price per square foot of Brickell Key condos currently listed on the MLS:
The average price per square foot of condos that have sold within the past five months has gone down as well. This average dropped to $367.19 per square foot from the $416.92 that we saw in January 2008. This average stood at $445.59 in June 2007. That’s a 11.9% drop within 5 months and a 17.6% drop within 12 months. The average price per square foot for closed units at St. Louis was not included in this month’s index, however, because there haven’t been any closed sales within the past 6 months. That’s why you’ll see the absence of a bar for St. Louis in the graph below. The percentage drop may have been smaller had there been closings at St. Louis but nobody knows for sure since we don’t know where the market clearing value for these condos lies.
The average price per square foot of condos sold within the past six months:
Isola – 770 Claughton Island Drive | 33131 | $265.79
One Tequesta Point – 888 Brickell Key Drive | 33131 | $392.33
St. Louis – 800 Claughton Island Drive | 33131 | N/A
Three Tequesta Point – 848 Brickell Key Drive | 33131 | $465.02
Two Tequesta Point – 808 Brickell Key Drive | 33131 | $455.98
The chart below reveals additional statistics pertaining to the 10 aforementioned condo buildings in Brickell Key:
The first column to the right of each condo development is the difference in the average sales price and list price for this month, expressed as a percentage. As you can see, there is, in some cases, very large discrepancies in the average list price versus the average sales price for condos that have closed within the past six months. Notice the 36.75% difference in these two averages for Isola and about 29% differences for Brickell Key II and Carbonell. Wow! I guess list prices in these buildings still have a ways to go to catch up to price level where there’s actual demand to buy.
The second column is the number of active listings in each development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. If you compare this month’s chart to the one published in January 2008, you’ll notice that the majority of the Brickell Key condo buildings have had a slight increase in the number of available listings. The cells highlighted in green reveal those developments that have active listings that represent less than 10 percent of the the overall units in the building. As I’ve stated before, I find this to be a very healthy number. The ones highlighted in red reveal those developments that have active listings that represent over 20 percent of the overall units in the building. Proceed with caution if you’re buying in a condo building where the available listings represents over 20 percent of the total number of units. Condo developments with active listings representing less than 10 percent of the overall condos are considered very safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.
The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past six months in the MLS. All of the buildings have had at least 3 closed sales within the past six months except St. Louis, which laid a fat goose egg. Two Tequesta Point experienced the most closings in that time frame with 9.
The sixth column shows the difference in the average list prices from January 2008 and this month, expressed a percentage. Those highlighted in red reveal those condo developments which have had a drop in their average list price. As you can see, each of the 10 buildings in Brickell Key, represented in this index, have experienced a drop in their average list prices within the past five months.
The seventh column reveals the difference in average sales prices from January 2008 and this month, expressed as a percentage. Only Two Tequesta Point and Three Tequesta Point have had increases in their average price per square foot for units sold within the past six months. With 9 and 6 closed sales, respectively, within the past six months, perhaps these two buildings have established a floor? I guess time will tell.
It’ll be interesting to see where prices for Brickell Key condos will reside in another 12 months. My take is that about 4 or 5 of these condo buildings are close to reaching their bottoms while the other half still needs at least another 4-6 months to reach that point.
