1060 Brickell 1 Bedroom/1.5 Bath Loft Reduced for Quick Sale
We currently have an exclusive listing for a beautiful 1 bedroom/1.5 bath bi-level loft at 1060 Brickell. The unit has 1,128 square feet of interior, polished porcelain tile throughout, stainless steel appliances, stackable washer/dryer, an upgraded full bathroom and a balcony facing west overlooking Mary Brickell Village.
Three months ago when we took the listing, the initial asking price of the loft was $335,000. Yesterday, we were contacted by the owner and he requested that we lower the price to $259,000 for a quick sale. $230 per square foot is an amazing deal for a unit at 1060 Brickell. In fact, our listing is currently the lowest price per square foot of any unit at 1060 Brickell.
For those not familiar with 1060 Brickell, it is centrally located in Brickell just a block away from the shops, restaurants and bars at Mary Brickell Village. Additionally, the building is within walking distance of two Publix grocery stores. 1060 Brickell has a number of great amenities such as 24-hour security and valet, swimming pool, hot tub, state-of-the-art fitness center, yoga room, steam rooms, game room with billiard table and a virtual golf room.
Below, you’ll find a video tour which shows the view and interior features of the loft. For additional information and pictures click on the following link to view the MLS property listing for unit 2216 at 1060 Brickell. Contact us at 305-428-3860 if you have any questions or have an interest in viewing the unit in person.
Three Bank Owned Condo Foreclosures Worth Pursuing
The foreclosure forefront has been quite slow ever since several U.S. banks initiated a voluntary freeze in October. The freeze on foreclosures was implemented after banks had acknowledged using “robo-signers” to approve hundreds of foreclosure documents a day without first verifying the information in them. Bank of America, the largest U.S. financial institution, announced the week of December 6, 2010 that it would lift its national foreclosure freeze and resume taking possession of properties. Despite the announcement, I had not seen any foreclosure condos in Miami or Miami Beach hit the market that I felt would be of any interest to my readers for quite some time. That is, until yesterday. The following are three Miami or Miami Beach condo foreclosures along with my commentary detailing why I feel they are deals worth pursuing.
One Miami #3103 – This 31st floor, 1 bedroom/1 bath bank owned foreclosure has 868 square feet and is asking $182,000 or $210 per square foot. The unit faces south overlooking the Miami River with views of Biscayne Bay from the balcony. Taking a look at recent sales at One Miami, one can see that unit 803 which is in the same line but located 23 floors lower sold for $188,000 on November 9, 2010. This is the only 03 line that has sold within the past six months. Unit 3103 at One Miami is currently the second best priced condo in the building, second only to a short sale by $2,000. If you’re looking for a quick purchase without the hassle of a short sale then this is a great condo to look into right away.
Vue at Brickell #2115 – With an asking price of $159,900, or $143 per square foot, this 2 bedroom/2 bath corner unit is an exceptional deal but I expect it to sell well above asking price. Of the recent sales at Vue at Brickell, units 1415 and 815 are by far the best comparables because, once again, they are in the same line as the subject property. Unit 815, residing 13 floors lower sold for $180,000 on October 28, 2010 while unit 1415, just seven floors lower sold for $185,000 on August 5, 2010. You also have to take into account that unit 2115 appears to be an upgraded unit from the pictures. It has hard wood floors throughout the living areas while units 815 and 1415 both had carpeting.
The Cosmopolitan #2213 – If you’ve been waiting for a well priced condo foreclosure in South Beach, then look no further. The Cosmopolitan is located at 110 Washington Avenue in the South of Fifth neighborhood of South Beach which is one of the most sought after neighborhoods in Miami Beach. This 1 bedroom/1 bath condo has 861 square feet and comes with 2 parking spaces, a rarity in the Miami Beach condo market. The asking price is $241,433, or $280 per square foot, which is an unbelievable deal for a 1 bedroom condo at The Cosmopolitan. Notice that next best priced 1 bedroom condo currently available at The Cosmopolitan is asking over $75,000 more than unit 2213. For some reason, our website isn’t showing any of the seven condos that have closed at The Cosmopolitan over the past six months. Three of the seven closed sales were one bedroom units which ranged from $270,000 to $349, 500.
Latest Report Shows Buying Property in Miami More Affordable Than Renting
It is more affordable in Miami to buy vs rent, according to the latest Rent vs Buy Index released by Trulia.com earlier this afternoon. Miami and Las Vegas topped the list of metropolitan cities where it is more affordable to buy rather than rent. The report compared the cost of leasing a 2 bedroom home with the cost of ownership. An increase in demand from renters along with a shrinking inventory has caused the pendulum to shift in the opposite direction.
In contrast, the above list shows the top 10 cities where it is still more affordable to rent vs buy along with their associated price-to-rent ratio.
iStar Financial Takes Ownership of South of Fifth
Earlier today, iStar Financial announced that it will now have full ownership of the luxury beachfront condominium project known as South of Fifth. iStar Financial had recently filed and won a foreclosure action against the developer of South of Fifth, BR Villa Luisa. Completed in 2008, South of Fifth is located at 125 Ocean Drive in the South of Fifth neighborhood of Miami Beach, Florida. 25 units remain unsold in the 28-unit luxury building along the picturesque beaches of South Beach.
Mint – Sales Expected to Launch at the End of This Month
Over the past three months, I’ve received a number of inquiries from people in regards to Mint. A few have inquired as to when sales are expected to begin while others have asked when they should expect rental listings to hit the market. Over the past four months, ST Residential has been working with original contract holders to get them to the closing table. According to public records, closings at Mint began on August 27, 2010. Since that time, there have been 110 recorded closings with prices ranging from$203,900 to $1.09M. Rental listings at Mint started to appear on the MLS within a few months of the first closing. There are currently 20 condos available for rent at Mint on the MLS with prices ranging from $1,575 to $1,750 per month for a one bedroom and $2,200 to $2,900 per month for a 2 bedroom. Sales are officially expected to launch at the end of this month to the general public. It’ll be interesting to see how the general public reacts to pricing once it is released. Mint is located at 92 SW 3 St, Miami, FL 33130.
Ten Museum Park 3 Bedroom Penthouse Reduced to $850K
A 3 bedroom/3.5 bath penthouse at Ten Museum Park was reduced last month to $850,000, or $347 per square foot. The bi-level penthouse has 2,581 square feet of interior, 519 square feet of exterior, hard wood flooring throughout and floor-to-ceiling windows facing southwest from the 44th floor. The penthouse also comes with a rooftop pool which is a nice selling point of the penthouses at Ten Museum Park. The original list price was $1.19M.
We’re putting the finishing touches on our Ten Museum Park website. It should be finished by the end of the week. Check there for available sales and rentals at Ten Museum Park.
The first resale has closed at Marquis Residences. A 4 bedroom/4.5 bath, bi-level condo recently sold for $1.85M, or $487 per square foot. The unit has 3,800 square feet of interior, 428 square feet of terrace and a stunning view from the 57th floor. Also, the original owner didn’t spare any expense in building out the unit. According to the MLS listing, over $300,000 was spent on build-out improvements. Developer inventory still remains so give us a call if you have an interest in purchasing a luxury condo at Marquis Residences.
Everglades on the Bay – The Wait is Over
Like many, I’ve been waiting for the dust to settle at Everglades on the Bay(now known as Vizcayne North and Vizcayne South) Rockwood Capital, as you may already know, acquired the development in a $141M cash transaction this past November. Since that time, I’ve eagerly anticipated the relaunch of sales and, of course, to get my hands on pricing. The wait is over! The development will be sold in phases with 60 very well priced units to be released in the initial phase. The objective is to get sales off to good start. Over the next couple of months, Rockwood will also be focused on performing capital improvements and improving building operations. I’ve been asked not to publicly discuss pricing at this time but I will say that I haven’t seen pricing this good since the developer blow-out sales at Marina Blue and 1060 Brickell in 2009. I anticipate these initial 60 units to be sold within the first 3 weeks. Contact us if you have an interest in purchasing a condo at Everglades on the Bay or to learn more about the 849-unit mixed-use development.
4,400 Square Foot Luxury Condominium at Acqualina in Sunny Isles Beach to be Auctioned
A remarkable 4,400 square foot 3 bedroom/2.5 bath condo at Acqualina is set to be auctioned February 12, 2011. The flow-through unit offers unobstructed views of the Atlantic Ocean to the east and of the Intracoastal Waterway to the west from the 38th floor. The unit will be sold furnished along with advanced technology features such as a Crestron system and remote controlled window treatments. The luxury condo is a private residence, not a condo-hotel unit, but is still afforded all of the building amenities such as 24-hour security, 24-hour valet parking, 3 pools, room service, housekeeping, 20,000 square foot oceanfront spa and 2 restaurants. Previously offered for over $5.4M, the property will be auctioned to the highest bidder at or above $3.3M.
Starwood Capital Group Hungry for More Distressed Condos
Acquiring $4.5B in property 15 months ago wasn’t enough. Starwood Capital Group is back for more, and this time, according to the Wall Street Journal, they are targeting individual properties and portfolios offered by banks and the FDIC. Recently, as the article points out, Starwood Capital Group bid on Everglades on the Bay (now known as Vizcayne Southand Vizcayne North) but lost out to Rockwood Capital LLC.
Through the acquisition of Corus Bank’s portfolio in October 2009, Starwood controls roughly 6,700 units throughout the country, with a good chunk of them residing in South Florida. Paramount Bay and Mint at Riverfront are two luxury condominium developments under Starwood’s control. Both Miami developments are scheduled to begin sales in the first quarter of this year.
