Yesterday afternoon, we launched the Miami Real Estate Review FaceBook Fan Page. We have big plans for the fan page so be sure to add us. Starting next week, we will provide daily updates in regards to the Miami real estate market. Important market news, recently closed sales and the best real estate deals currently on the market will be highlighted. The information will be provided in an abridged, concise manner to allow daily updates to be made possible. Of particular note to some, the Miami Real Estate Review Fan Page will have a discussion forum. Participants will be able to create discussion topics and provide their input.
South of Fifth – Miami Beach’s Ultra-Luxury Neighborhood
The video above is meant for the non-local buyer who may not be familiar with the various neighborhoods throughout South Florida. South of Fifth, also known as SoFi, is a neighborhood that encompasses the five southern most blocks of South Beach (and therefore Miami Beach). Once regarded as one of the most dangerous neighborhoods in South Florida, South of Fifth is now considered to be one of the safest and most luxurious for condo living. The revitalization of the area within the past two decades has been remarkable, attributed mainly to visionary Thomas Kramer.
One of the main attractions for South of Fifth condos is South Pointe Park which reopened in March 2009 after undergoing a $22M renovation. The neighborhood also has world-renowned restaurants Joe’s Stone Crab and Prime 112 as well as local favorites Devito South Beach, Smith & Wollensky and China Grill. South of Fifth is reputed for being a clean, quiet, exclusive neighborhood away from the congestion of South Beach but within walking distance to all else that South Beach has to offer. The beach at the southernmost point of Miami Beach, in my opinion, is also one of the most beautiful beaches in South Florida.
Below, you will find a list of the South of Fifth condo buildings that were featured in the video. Click on each link to view the condos currently available for sale.
Earlier this week, we discussed a 3 bedroom/3.5 bath condo listing we recently obtained at the luxury, beachfront condo development called Azure located in Surfside, Florida. Below, you’ll find a video tour of the amenities and common areas at Azure for those of you not familiar with the building.
Here’s the video of the 3 bedroom/3.5 bath condo at Azure priced at $1,499,000. We priced it for a quick sale. The previous list price was $1,755,000. The next best priced 07 line in the building is the unit one floor above which is listed for $2,400,000.
$12.9M Penthouse Foreclosure at Santa Maria Hits the Market
Earlier this afternoon, a penthouse foreclosure at Santa Maria came onto the market with an asking price of $12.9M. It’s a two story condo with 10,000 square feet of interior and has a rooftop terrace with a large hot tub.
Update: As I was writing this blog post, I received word that the penthouse has already gone under contract. Word is that the accepted offer price was $11M. Geez, that was fast!
Video Demonstration of the Miami Condo Investments iPhone App
Below, you’ll find a video demonstration of the Miami Condo Investments iPhone app. It was released this past January and we’ll be releasing an update late next month. The app is free and can be downloaded at the iTunes app store.
Azure Unit 307 – 3 Bedroom/3.5 Bath Luxury, Beachfront Condo
In this video show we discuss our newest listing. It’s a 3 bedroom/3.5 bath condo with 2,489 square feet of interior and 366 square feet of balcony at Azure which is located in Surfside. The condo faces direct east towards the beach and ocean. The list price is $1,499,000, or $602 per square foot. I’ve included the floor plan of the unit below the video.
We also discuss a 2 bedroom condo at Azure which we’ll be getting the listing for next week which is adjacent to unit 307. By combining the two units a buyer can potentially create a 5 bedroom/5 bath with 2 half bathrooms.
Price Increases Seen in the Sub-$250K Market
This video introduces a 1 bedroom/1 bath foreclosure condo at Brickell on the River North which came onto the market yesterday. It’s located on the 24th floor and faces west with a direct view of the Miami River. The asking price is $128,700, or $170 per square foot.
The video also explains why we’ve been seeing prices rebound in the sub-$250K segment of the market. Demand has increased due to the availability of financing in 2010 which had been pretty much nonexistent throughout 2009. Each month we continue to see more and more buildings become Fannie Mae approved throughout Miami. The common element in most of these newly approved buildings is that condos in the sub-$250K market are well represented. Furthermore, supply has decreased as evidenced by recent market reports showing large percentage increases in year-over-year closed sales as well as pending sales. Arguments which point to remaining and future developer inventory hold very little water in this segment of the market. Buildings such as 900 Biscayne Bay, Paramount Bay, Mint, Infinity at Brickell, Marquis and Icon Brickell have very little, if any, inventory in that price range.
Carlos Justo the Previous Owner of the 5 Bedroom Penthouse Foreclosure
Carlos Justo was the previous owner of the 5 bedroom penthouse foreclosure at Imperial at Brickell that was recently showcased on this website. In today’s video show, we feature an Associated Press interview that was filmed in that very penthouse.
5 Bedroom Penthouse Foreclosure at Imperial at Brickell
Yesterday afternoon, I had the pleasure of viewing a bank owned 5 bedroom penthouse at Imperial at Brickell. The two-story condo has 5,034 square feet of interior and is the only residence located on the penthouse level. Furthermore, the terrace is one of the largest that I’ve seen for a Brickell Avenue condo and has an amazing, direct view of Biscayne Bay, Key Biscayne and the South Beach skyline. It truly is an entertainer’s dream.
A few days ago, the list price was reduced $300,000 to its current asking price of $1.49M, or $296 per square foot. The unit needs to be renovated considerably. In fact, if it were me, I would gut the entire condo and start from scratch. The condo is perfect for someone who is creative and has the vision to transform this space into one of the most spectacular residences along Brickell Avenue.
Without a doubt, this is a rare opportunity at a great price. Contact us at 305-428-3860 if you have any questions regarding this 5 bedroom penthouse or would like to schedule a personal showing.
Imperial at Brickell was completed in 1983 and is located at 1627 Brickell Avenue.
Icon Brickell Developer Agrees to "Friendly Foreclosure"
Yesterday, The Related Group and its lenders agreed to a “friendly foreclosure” for Towers 1 and 2 of Icon Brickell. This video provides our commentary as well as the details pertaining to the agreement.
