New Park Along Brickell Avenue Coming Soon

A few weeks ago, The Miami Herald reported that the city of Miami, along with the Hollo family, acquired a one-acre parcel along Brickell Avenue which will be converted into a park by the end of this year.  There has been a dire need for more green space in the Brickell area over the past couple of years as an influx of people have moved into the area.  I had a chance to take an aerial shot of the site yesterday afternoon while showing property at Santa Maria.

Brickell Park

Miami Condo Market Highlighted on "Today Show"

The Miami condo market was featured this morning on NBC’s “Today Show”. The focus was on the recent increase in condo sales resulting from discounted developer inventory. This just goes to show that good deals are available in the Miami condo market and buyers are finally stepping in to scoop them.

Visit msnbc.com for breaking news, world news, and news about the economy

Setai Penthouse Reduced to a Cool $19,999,999

The Setai South Beach

Penthouse B at The Setai is one of the most visually stunning pieces of real estate in South Florida.  The 10,000 square foot penthouse was reduced last month to $19,999,999 from a previous asking price of $22M.  In February 2006, the sellers were asking a whopping $34M.  The fully furnished 4 bedroom/4.5 bath penthouse has approximately 6,200 square feet of interior space and 3,800 square feet of terrace which includes a lavish private pool and hot tub.  Encompassing the entire 40th floor at The Setai, Penthouse B offers 360 degree views.

living room

dining room

Setai penthouse

sitting room

sitting room

bedroom

bedroom

third bedroom

bathroom

master bathroom

Master bathroom shower

private rooftop pool of the Setai penthouse

private hot tub

Setai penthouse floor plan

Top 5 Distressed Condo Sales Closed in February 2010

Below, you will find what I believe to be the five best condo deals of the 40  distressed sales that closed in February 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

  1. Two Midtown #H1002 – 1 bedroom/1.5 bath (735 square feet) – This unit sold for $100,000, or $136 per square foot, on February 25, 2010.  Foreclosure
  2. Cite on the Bay #2404 – 1 bedroom/1 bath (706 square feet) – This unit sold for $110,000, or $156 per square foot, on February 26, 2010.  Short Sale
  3. Two Midtown #H1009 – 1 bedroom/1 bath (735 square feet) – This unit sold for $115,000, or $156 per square foot, on February 1, 2010.  Short Sale
  4. 1800 Club #1811 – 1 bedroom/1.5 bath (1,095 square feet) – This unit sold for $190,000, or $174 per square foot, on February 25, 2010.  Short Sale
  5. Marina Blue #2710 – 1 bedroom/1.5 bath (845 square feet) – This unit sold for $185,000 or $219 per square foot, on February 10, 2010.  Short Sale

1 Bedroom Foreclosure at Brickell on the River North – $138,000

Brickell on the River North exterior

A 1 bedroom/1 bath condo foreclosure at Brickell on the River North became available yesterday for $138,000.  The unit has 757 square feet of interior space, a balcony off the living room, a Jacuzzi tub in the bathroom, carpeting in the living room and bedroom, ceramic tile in the kitchen and marble flooring in the bathroom.  Earlier this afternoon, I stopped by the condo to take a look at it for myself.  The unit appeared to be in great condition with all appliances, including the washer/dryer, still present in the unit.  The 24th floor condo faces west with a direct view of the Miami River and the sunset in the evening.

This is definitely one of the best priced 1 bedroom condo foreclosures that I’ve seen come onto the market within the past three months.  $182 per square foot is a good deal for a condo in a quality building like Brickell on the River North.  Amenities in the building include 24-hour concierge and valet parking, fitness center, yoga room, sauna, steam room, conference room, club room, swimming pool and hot tub.  The previous owner paid $305,000 in February 2006 for this 1 bedroom condo.  This unit will likely have multiple offers and be under contract by next Friday.

Call me at 305-428-3860 if you would like to view the condo in person.

entrance to condo

Brickell on the River North kitchen

living room

Brickell on the River North bedroom

bedroom

walk-in closet

Brickell on the River North bathroom

View from 1 bedroom foreclosure

Marina Blue Penthouse to be Featured in Season 4 of "Burn Notice"

Burn Notice Miami

Earlier this afternoon, an episode for next season’s “Burn Notice” was filmed in Penthouse 5708 at Marina Blue.  The 4 bedroom/4 bathroom penthouse has 4,198 square feet of interior across two levels, 20-foot ceilings with floor-to-ceiling glass windows and panoramic views of Biscayne Bay, the Atlantic Ocean and the Miami Beach skyline.  It offers what many would call the most spectacular view in all of Miami.

Penthouse 5708 has been on the market for 71 days at an asking price of $3.3M, or $786 per square foot.

Marina Blue penthouse 5108

Marina Blue penthouse 5108

penthouse at Marina Blue

Fannie Mae Special Approval Designation – Updated

The following are six well known condo buildings in Miami that were given the Fannie Mae Special Approval Designation since my last update on January 18, 2010.  The special designation makes it now possible to obtain financing for condos in these buildings using a conventional loan.