Last week, our client agreed to reduce the price of his condo at Two Tequesta Point from $696,000 to $674,000. This is a level that we are confident that it will sell quickly. The 2 bedroom/2.5 bath condo is located on the 29th floor and has 1,540 square feet interior, a large terrace off the bedroom and living room, marble flooring in the main living areas and carpeting in both bedrooms. The unit also has crown molding, an eat-in kitchen with separate dining room, custom built-in closets in both bedrooms and full side-by-side washer and dryer.
For those not familiar with Two Tequesta Point, it is a luxury high-rise located at 808 Brickell Key Drive in a privately gated neighborhood of Miami called Brickell Key. Two Tequesta Point is the building on the left in the above picture. The building offers spectacular amenities such as tennis, racquetball, basketball, 24-hour concierge and security, 24-hour valet parking, a bi-level fitness center and a beautiful bayfront swimming pool.
If you’re in the market for a luxury condo rental in Downtown Miami then you may want to take a look at the two gems below. Both rentals are stunning and came onto the market earlier this afternoon.
The first is a 4 bedroom/4.5 bath bi-level condo at Marquis Residences. The 57th floor unit has 3,880 square feet of interior with wood flooring throughout and comes fully furnished. Asking price is $12,000 per month.
The second rental is a 3 bedroom + den/4.5 bath penthouse at 900 Biscayne Bay. The unit has 3,493 square feet of interior, marble flooring throughout and an over-sized terrace unique to the 59th floor. The floor plan is pretty spectacular. Asking price is $8,900 per month. The condo is also available for sale at an asking price of $2,099,000.
900 Biscayne Bay #5901 – 3 bedroom + den/4.5 bath – $8,900 per month
Don’t hesitate to contact us if you have an interest in viewing either of the above two rentals. If these properties aren’t quite what you have in mind, please feel free to use our property search to find a rental that suits your style and needs.
Recent Luxury Condo Sales in Miami
Below are five recent luxury sales that have closed in Miami within the past 30 days. The unit at 900 Biscayne Bay marks the highest priced condo sale in the building for a non-penthouse unit.
Four Seasons Residences 49F – 3 bedroom/3.5 bath (3,795 square feet) – This condo sold for $3,025,000, or $797 per square foot, on February 17, 2011.
Four Seasons Residences 46B – 2 bedroom/2.5 bath (2,309 square feet) – This condo sold for $1,500,000, or $650 per square foot, on February 28, 2011.
Asia Brickell Key 1002 – 2 bedroom/2.5 bath (1,781 square feet) – This condo sold for $1,200,000, or $674 per square foot, on March 8, 2011.
900 Biscayne Bay 4006 – 3 bedroom/4 bath (2,335 square feet) – This condo sold for $1,100,000, or $471 per square foot, on February 28, 2011.
Bristol Tower 2101 – 3 bedroom/3.5 bath (3,065 square feet) – This condo sold for $419 per square foot, on March 11, 2011.
Beachfront Condo Foreclosure with Direct Ocean View at The Bath Club
For those not familiar with the South Florida condo market, The Bath Club is a luxury, beachfront condo development located at 5959 Collins Avenue in Miami Beach. The Bath Club, completed in 2005, offers spectacular amenities such as a tennis court, swimming pool, spa, fitness center, beach service, clubhouse, on-site restaurant, 24-hour concierge and valet parking.
Currently, the only foreclosure available at The Bath Club is unit 607. It’s a 2 bedroom/3.5 bath condo with 2,959 square feet of interior and a direct view of the Atlantic Ocean. The asking price is $1.15M, or $389 per square foot, which is the lowest price per square foot offered at The Bath Club. The next lowest priced 07 in the building, a unit just one floor higher, is asking $2.2M. Over the past six months, only one 07 unit has sold. Unit 1707 sold for $2M, or $676 per square foot. Contact us at 305-428-3860 or [email protected] if you would like to learn more about unit 607 at The Bath Club or schedule a showing.
Miami Condo Market Hot Again According to CNBC’s Diana Olick
Yesterday afternoon, Diana Olick of CNBC discussed the Miami condo market on her segment “Spring Realty Check”. The Miami condo market has made an amazing recovery over the past four years and is once again heating up. Miami condo sales are up 134 percent from a year ago and investors are rushing in to scoop up condos. As Diana says, “Investors should pay attention, or miss the boat”.
Downtown Miami Rental Market
Below, is a spreadsheet I compiled earlier this afternoon that shows various statistics regarding the Downtown Miami condos rental market. Click on the link below the spreadsheet to view it in its entirety. I calculated the months of inventory figure by dividing total units available by the average units rented over a three month period from December 1, 2010 to February 28, 2011. You will see that Downtown Miami currently has 2.55 months of rental inventory.
Downtown Miami Rental Market as of March 15, 2011
The Brickell Rental Market Under a Microscope
The rental market is a very interesting segment of the real estate market, not only for potential tenants on the prowl for a new pad but also current landlords and would-be investors trying to assess the demand for rentals across various neighborhoods and, more specifically, across various condo developments. Only a few years ago, the supply of rentals in Miami far outpaced demand. As a result, rental prices plunged and renters ruled the day. Fast forward to the present and an entirely different rental market is upon us in Miami. Nowadays, rental inventory is being absorbed quickly and overall rental prices are on the rise. For those living in Miami, I’m sure this a message that you have not only read in the local paper but have also heard directly from friends and family who have experienced it firsthand.
Obviously, not all neighborhoods and condo developments are created equal. Factors such as price, location, views, quality and recommendations from peers help determine rental demand. As a result, one would assume that demand can vary greatly from building to building and even neighborhood to neighborhood. Which condo developments are the leaders when it comes to rental demand and which are the laggards? More importantly, which buildings should we expect to see prices climb in the near future?
In this first segment, I decided to analyze the Brickell rental market to answer the above questions. Below, you will find a spreadsheet containing rental data for various condo developments in Brickell. Click the link below the spreadsheet to view it in its entirety.
Brickell Rental Market as of March 01, 2011
Columns C through G show the number of available rentals pertaining to each condo development grouped by number of bedrooms. Column I displays the total number of rentals available in each condo development while column J shows the total number of units within that development. I debated whether or not to include column K, the number of available rentals over the total number of units in the development expressed as a percentage, because the figure can be deceiving in buildings where developer inventory remains which has neither been sold nor rented. This is the case in buildings such as Icon Brickell and Infinity at Brickell. Regardless, I decided to include the figure because it can provide additional insight in buildings where this is not the case.
The main objective in creating this spreadsheet was to calculate months of inventory for each condo development. This can be seen in column M. Months of inventory was calculated by dividing total units available for rent by the monthly average number of units rented over a 3-month period from November 16, 2010 to February 15, 2011. You may be wondering why I did not include closed rental data from the past two weeks in determining the monthly average. I have noticed that it can take real estate agents days, and even weeks, to change the status of a rental in the MLS from pending to rented. As a result, I felt that the average would be skewed to the downside and not be an accurate representation of the Brickell rental market. Furthermore, if I had to venture a guess, I would also say that it is highly likely that around 10 percent of the total number of units available for rent are in fact no longer available. In this case, the listing agent has yet to change the status from available to pending.
Regardless, a lot can be ascertained from the spreadsheet above. In my opinion, any building with 1.5 months of inventory or less has a solid rental market. 1060 Brickell, The Plaza on Brickell and Vue at Brickell are standouts with absorption rates hovering around one month. I expect rentals prices in these developments to continue to rise in the near future. For those in the market to lease a condo in one of these developments, I advise that you act quickly and put your best foot forward when making an offer.
According to the spreadsheet, there is currently 2.29 months of rental inventory available in Brickell. Some may expect this number to increase as more units from Icon Brickell and Infinity at Brickell hit the rental market. Of course, this will all depend on how quickly the units become available and at what pace demand absorbs them. Only time will tell, but I plan to watch Brickell rental market closely and post updates on a monthly basis.
