Unit 1508 at Brickell on the River North Revisited

Towards the end of February, I wrote about a 2 bedroom/2 bath condo foreclosure at Brickell on the River North that had recently been listed at the time.  The condo was listed for $159,000, or $151 per square foot.  The 2 bedroom was priced below recently closed 1 bedroom condos at Brickell on the River North and, as a result, attracted the interest of many buyers.  From speaking with the listing agent in February, I learned that he had received over 30 offers for the condo.  The unit closed on April 3, 2009 for $236,000, well above asking price.

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

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.

Brickell on the River South Receives Approval From Fannie Mae

As of yesterday, Brickell on the River South became a Fannie Mae approved development.  As a result, creditworthy buyers will now be able to acquire financing.  This should help Brickell on the River South to bolster sales of its remaining lofts.  1 bedroom lofts start at $180,000 while 2 bedrooms start at $272,000.

I know of a few other condo developments in Brickell that have applied for Fannie Mae approval and should be receiving approval soon.  A lack of financing for new condos in Miami has hindered sales drastically since the new Fannie Mae guidelines went into effect in January.  It’ll be nice to finally see financing back in play once more condo developments have been reviewed and approved.

New & Improved South Florida MLS Property Search for Condos

Many of you have already noticed that a much improved Miami condos search has now taken the place of the old property search.  New search parameters have been added to allow your search experience to be more powerful and effective.  For example, you can now search by year built, number of parking spaces and distressed sales (foreclosures and short sales), as well as many other parameters.  Additionally, you can now draw a shape onto the map to restrict the search to condos located within that shape.  For example, in the picture above, I drew a shape around Brickell Key to restrict the search to only condos located in Brickell Key.  Enjoy!

Top 5 Miami Distressed Condo Sales Closed in March 2009

Below, you will find what I believe to be the five best condo deals of the 47 distressed sales that closed in the month of March in the MLS located in Brickell, Brickell Key, Downtown Miami, and the Arts District.

1. The Mark on Brickell – unit 2702 – 3 bedroom/2 bath (1,470 square feet) – This unit sold for $251,000, or $171 per square foot, on March 20, 2009. Short Sale
2. Brickell on the River – unit 3305 – 1 bedroom/1 bath (757 square feet) – This unit sold for $125,000, or $165 per square foot, on March 17, 2009.  Foreclosure
3. Vue at Brickell – unit 812 – 1 bedroom/1.5 bath (860 square feet) – This unit sold for $90,000, or $105 per square foot, on March 9, 2009. Foreclosure
4. Neo Vertika – unit 1525 – 0 bedroom/1 bath (638 square feet) – This unit sold for $98,500 or $154 per square foot, on March 19, 2009.  Foreclosure
5. Uptown Lofts – unit 1003 – 1 bedroom/2 bath (1,065 square feet) – This unit sold for $100,000, or $94 per square foot, on March 19, 2009. Foreclosure

Runner-up – 1800 Biscayne Plaza – unit 1107 – 3 bedroom/2 bath (1,318 square feet) – This unit sold for $200,000, or $152 per square foot, on March 11, 2009. Short Sale

Asia in Brickell Key – A First Look

Last week, I was able to get another look at Asia in Brickell Key.  I brought my digital camera along this time and was able to get some great shots of the amenities and common areas as well as a large 2 bedroom unit with 2,745 square feet of interior space.

The gatehouse and entryway into Asia:

The concierge desk at Asia:

The lobby:

Outdoor seating area off the lobby:

Tennis court at Asia:

Swimming pool at Asia:

Resistance pool at Asia:

Fitness center at Asia:

Sauna:

Racquetball court at Asia:

After viewing the amenities and common areas, I was able to take a look at unit 703 at Asia.  Unit 703 has a 2,745 square feet of interior space and two large balconies.  It is currently listed for $1,599,888, or $583 per square foot, which is the lowest price per square foot offered in the entire building at this time through the MLS. The unit also comes with a private storage room located right outside the unit.

The living room of unit 703 with 12-foot ceilings:

Another shot of the living room:

The large wrap-around balcony of unit 703 at Asia:

The spacious master bedroom of unit 703:

The large walk-in closet off the master bedroom:

A built-in TV in the mirror of the master bathroom:

A Jacuzzi tub and separate shower:

The bidet and toilet of unit 703:

The kitchen of unit 703 at Asia:

Wine cooler:

High-end stainless steel appliances:

The second bedroom was surprisingly small given how big the floor plan of the unit is:

The second balcony off the second bedroom: