Espirito Santo Penthouse Foreclosure – Condo Deal of the Month
While searching the MLS Friday afternoon I came across a bi-level 3 bedroom/3 bath penthouse foreclosure at Espirito Santo that was extremely well priced. Not surprisingly, the listing agent only found the time in his busy schedule to upload two interior shots. Compelled to check it out for myself, I quickly made it over to Espirito Santo.
Unit 3405, the 3 bedroom penthouse foreclosure, has 1,934 square feet across two levels and a balcony located on the first floor. The condo foreclosure faces south and resides on the 34th and 35th floors. Condos with balconies are found only on the south, east and north sides of Espirito Santo.
Below is a video I shot of the first level which is where the living room, kitchen, third bedroom, third bathroom and balcony are found:
The following video contains footage of the second level which is where the laundry room, second bedroom, second bathroom, master bedroom and master bathroom reside:
As always, I also shot an array of pictures of the 3 bedroom condo and wanted to share them with everyone.
The MLS states that the maintenance fees are $1,000 per month but my guess is that they’re closer to $1,300 per month. (Once again, the listing agent was probably too busy to pick up the phone to find out the correct HOA fee.) This penthouse condo at Espirito Santo has a lot of potential. At this price, the buyer will likely do a complete renovation and create a spectacular penthouse. The asking price of this condo is $799,900, or $414 per square foot. Unit 3405 previously sold for $1.46M in March 2007. There’s no doubt in mind that this penthouse will go for at least full asking price.
Call me at 786-247-6332 if you’d like to make an offer on this Espirito Santo penthouse condo.
Jade Ocean Condos Photo Tour – Designer Ready Condos
The vast majority of luxury condos in South Florida are delivered designer ready by the various developers. The condos at Jade Ocean are no different. Below, you will find two designer ready corner units.
Residence A
This is a 3 bedroom/3.5 bath condo with 2,843 total square feet, including three separate balconies. The condo occupies the entire southern end of Jade Ocean with views to the east, south and west. These flow through corner units have intracoastal and direct ocean views. The residence A floor plan that you see below is the mirror image of the residence A unit that is shown in the photos below.
Residence E
This is a 4 bedroom/4.5 bath condo with 3,416 total square feet, including three separate balconies. This condo also occupies the entire southern end of Jade Ocean with views to the east, south and west. It too is a corner unit and has intracoastal and direct ocean views. Once again, the floor plan below is a mirror image of the residence A unit that is shown in the pictures below. The 4 bedroom corner units start on the 27th floor while the 3 bedroom corners are found up to the 26th floor.
Contact me now to learn about the great opportunities now available at Jade Ocean. 786-247-6332
Jade Ocean Sunny Isles Beach Photo Tour – Fendi Model
After touring the common areas at Jade Ocean, I was given a tour of the Fendi-designed 3 bedroom/3.5 bath model unit. The condo has 2,180 square feet of interior and 437 square feet of balcony. The 05 line is located in the middle of the building and is a flow through unit with ocean and intracoastal views.
Click on the image below to view a larger version of the D floor plan at Jade Ocean
Private elevator leads into your foyer
The dining and living room areas are quite spacious and offer gorgeous views of the ocean
Majestic views from the master bedroom of unit 3605 at Jade Ocean
Master bathroom designed by Philippe Starck with an air jet Jacuzzi tub, separate glass-enclosed shower and bidet
Living room, dining room and kitchen. Kitchen has stainless steel Sub-Zero and Miele appliances.
The second bedroom at Jade Ocean has intracoastal water views to the west.
The third bedroom has intracoastal water views as well.
Jade Ocean Sunny Isles Beach Photo Tour – Common Areas
A few weeks ago, I had the opportunity to tour Jade Ocean located in Sunny Isles Beach. I’m a big fan of Jade Beach so I was very excited about taking a look at its sister project. The main difference between the two projects is that construction costs for Jade Ocean were much higher due to the building being constructed entirely of glass to capitalize on views. Each and every unit at Jade Ocean has a direct ocean view with floor to ceiling glass windows. Most condos at Jade Ocean also have intracoastal water views. The architect, Carlos Ott, did an outstanding job in designing both beachfront buildings.
Closings forJade Ocean started at in August of this year and, with the developer’s willingness to be realistic about prices in today’s market, there’s no doubt in my mind that the building will be a grand success just as Jade Beach. Closings for Jade Beach started in August 2008 and presently the developer only has 6 units remaining. With all the “doom and gloom” talk that’s out there, I call that a tremendous success. Jade Beach and Jade Ocean are both ultra-modern developments which emanate luxury. I guess you can say that buyers in any market know a good thing when they see it. Another added bonus is that Jade Beach and Jade Ocean are both Fannie Mae approved.
Call me now if you’d like to learn about the great deals currently available at Jade Ocean 786-247-6332
Valet area at Jade Ocean with ocean views the moment you drop off your car
Lobby at Jade Ocean with furniture and decor provided by Fendi
Mailroom at Jade Ocean
Spa receptionist. The spa has a steam room, sauna, massage room and lockers.
Fitness center at Jade Ocean with TechnoGym equipment
Jade Ocean has both sunset and sunrise pools
The club room furniture and decor is also provided by Fendi
Movie theater room
Children’s playroom
Bar, kitchen and restaurant for resident use
Later this week, I’ll do a follow-up post with photos of a few model units at Jade Ocean.
Penthouse at 1800 Club Sells for $170 Per Square Foot
The best condo deal that closed in the month of September actually wasn’t a short sale or foreclosure. Unit 3715 at 1800 Club was a developer unit that sold for $700,000, or $170 per square foot, on September 3, 2009. The 4 bedroom/4.5 bath penthouse condo has 4,120 square feet of interior and a 2,327 square foot bi-level rooftop terrace with a private Jacuzzi. Grant it, the penthouse faces southwest and only has partial views of Biscayne Bay, but I think the developer gave this sweet pad away at $170 per square foot.
Top 5 Distressed Condo Sales Closed in September 2009
Below, you will find what I believe to be the five best condo deals of the 53 distressed sales that closed in the month of September in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. It was tough to decide between the first two for the number one spot but The Mark on Brickell #1608 took it based on location and view.
The Mark on Brickell #1608 – 2 bedroom/2 bath (1,140 square feet) – This unit sold for $210,000, or $184 per square foot, on September 18, 2009. Short Sale
Blue Condominium #1701 – 2 bedroom/2.5 bath (1,449 square feet) – This unit sold for $210,000, or $145 per square foot, on September 10, 2009. Foreclosure
Brickell on the River North #3715 – 3 bedroom/2.5 bath (1,512 square feet) – This unit sold for $287,000, or $190 per square foot, on September 4, 2009. Short Sale
Jade Brickell #1201 – 2 bedroom/2.5 bath (1,878 square feet) – This unit sold for $675,000, or $359 per square foot, on September 30, 2009. Foreclosure
Marina Blue #2302 – 1 bedroom/1.5 bath (843 square feet) – This unit sold for $190,000 or $225 per square foot, on September 30, 2009. Short Sale
As a side note, bidding on foreclosures has become extremely competitive. I noticed that the majority of the condo REOs that closed in September closed at a price that was above the asking price. This was the case in 19 of the 26 REO listings that closed last month located in the aforementioned neighborhoods of Miami. It has become more important than ever to know the comparable sales in the neighborhood. The mentality of automatically going in with a bid 10-15 percent below asking price doesn’t fly anymore. With season right around the corner, I’m confident that the worst is well behind us.
Jennifer Lopez & Marc Anthony To Acquire 10 Units at Icon Brickell
I confirmed that Jennifer Lopez and Marc Anthony placed 10 units under contract at Icon Brickell earlier this afternoon. People magazine reported last month that they had acquired a penthouse condo in the same development as well. It looks like Jennifer Lopez and Marc Anthony are very bullish on the future of Brickell Miami. I heard last week from a separate source that prices at Icon Brickell were recently reduced to around $350 to $400 per square foot.
Update: Marc Anthony ended up losing two of the ten condos at Icon Brickell as part of a divorce settlement with wife-number-four Shannon De Lima. The two Miami luxury condos were valued at over $2 million.
The Future of Real Estate
A few months ago, I referred to a secret project that I was working on that would crush my competition. We’ve had a few delays, but after a little over 3 months of work we are now very close to completing it. Today, I provide you a sneak peek of that project. It’s an iPhone application that will revolutionize the industry. I’ve done a ton of research on the capabilities and flaws of the iPhone and have thought of everything. I won’t go into the features of the application at this point for obvious reasons but I must say that I’m very proud of this little pocket rocket. In the picture above, you see the start up screen. I didn’t want to reveal too much at this time but I will unveil other screen shots within the next two weeks and go into all of the features of the Miami Condo Investments iPhone application. I’m also preparing to launch the same application on the Android platform early next year.
Early next month, I’m also planning to launch a new website. It’s coming along very well and it has exceeded all of my expectations. I recently brought in an assistant and showing agent to help me during these months of expansion. I’m looking to bring in 1-2 additional agents within the next couple of months. My plan is to solely concentrate on this website and the iPhone application and crank out 5-6 posts per week. Unfortunately, that means that I won’t be able to do anymore showings. However, you can be rest assured that you will always meet with a quality agent who knows the South Florida condo markets as well as I do (well maybe not that well).
Starwood Capital Group to Acquire Corus Bank Assets
I received a phone call 10 minutes ago from a friend to give me the news that it appears that Starwood Capital Group will acquire the remaining assets of Corus Bank. Unfortunately, Reuters beat me to the punch and reported the story about an hour ago. The rise and fall of Corus Bank has been a story that I have chronicled extensively over the past two years because of the obvious connection the company has to the Miami condo market. The final chapter has now closed and it will be up to Starwood Capital Group to establish the floor for the condo market here in South Florida.
