Remaining Developer Inventory at Met 1 to Go on Sale This Sunday

Get ’em while you can!  Starting this Sunday, the developer of Met 1 will sell its last remaining developer units.  With 1 bedroom condos starting at $231,000 and 2 bedroom condos starting at $385,000, this is an amazing opportunity!  If you look at currently available inventory in the area you will quickly learn that it is virtually impossible to find a 1 bedroom condo in a building of comparable quality to Met 1 for less than $250,000.  300 developer units will be sold in batches.  The first units sold will be the best priced.  For those who missed the boat on other well priced developer close-outs over the past two years, this could be your last chance to redeem yourself.

Met 1 is located on the southern edge of Downtown Miami at 300 S Biscayne Blvd, within a few blocks of Brickell and a short walk to Mary Brickell Village.  Contact us if you would like to learn more about the inventory and pricing for the first batch of units which will go on sale this Sunday.  You can reach us via email at [email protected] or by phone at 305-428-3860.

All That Remains of Camillus House in Downtown Miami

While showing property in a nearby Downtown Miami condo development yesterday afternoon, I noticed the pile of wreckage that was once Camillus House.  As expected, the site had been demolished early Monday morning.  Even though it had only been just a day since the demolition, I decided to drive around the neighborhood yesterday evening to see if I could recognize any differences in the neighborhood.  I weaved in and out of the streets around the area and found literally just one homeless person.  I truly did not expect to find much of a difference yet but the difference is there and quite obvious even to the most critical of people.  This is great news for Downtown Miami!

The Lebron Effect on Downtown Miami Real Estate Prices

It has been a long and winding road but the Miami Heat accomplished Thursday night what they had set out to do in July 2010 – to win an NBA championship.  The Miami Heat defeated the Oklahoma City Thunder 4-1 in the NBA Finals to become the 2012 NBA champions.  In all honestly, the Miami Heat obliterated the OKC Thunder and made a mockery of them – but we won’t go there.  Few would refute that LeBron James, the Most Valuable Player of the 2011-2012 season, was the most contributing factor which allowed the Miami Heat to raise the NBA trophy Thursday night for only the second time in franchise history.  LeBron James’ decision in July 2010 to take his talents to South Beach single-handedly changed the landscape of the league and set forth in motion an inevitability that no one outside of Miami wanted to see.

James’ arrival in the summer of 2010 was celebrated not only by die-hard Heat fans but also anyone with any type of business or property interest in the city. His announcement was seen as a godsend to the hotel and tourism, restaurant and real estate industries throughout Miami.  The area most positively impacted by LeBron James’ decision to join the Heat was most certainly Downtown Miami, the neighborhood immediately surrounding the Miami Heat arena.  Prior to James’ arrival, property values in Downtown Miami had endured several years of double digit price declines.  Furthermore, retail spaces and hundreds of condominiums within walking distance of the arena sat completely empty.  However, that was all about to change.

Within days of James’ announcement, there were reports of buyers snatching up condos in the area in a flurry of excitement.  As a result, developer inventory began to dwindle and Miami real estate prices started to recover over the subsequent months.  Since LeBron James’ decision in 2010, real estate values in Downtown Miami have increased over 20 percent.  Additionally, across the street from the arena, several new businesses – such as a pizza restaurant, wine bar, Chinese restaurant and sports bar – have opened their doors.  One could argue that James’ arrival played an instrumental role in the real estate recovery seen in Downtown Miami in recent years.

Camillus House to be Demolished Monday

Demolition of Camillus House is expected to begin Monday, as reported yesterday by The Miami Herald.  The last residents of the homeless shelter will be relocated to its new campus the same day.  Camillus House, located in Downtown Miami at 726 NE 1 Ave, has served the community since 1960.  In recent years, however, with the continued urbanization and growth of Downtown Miami, Camillus House has been considered a neighborhood blight. With multi-million dollar condominiums just a few short blocks away, the removal of the shelter makes logical sense.  It will allow for a safer environment conducive to the type of growth that Downtown Miami has seen within recent years.  The move has been heralded by condo and business owners in the area in expectation that property values and business opportunities will improve as an immediate result.

Below is a map showing the Camillus House location that will be demolished on Monday along with various condominium developments in Park West Miami that will be positively affected the most:

MyBrickell and Millecento Pre-construction Sales Update

Pre-construction sales at MyBrickell and 1100 Millecento have been remarkably strong this year.  MyBrickell, which broke ground about a month and a half ago, has only 11 of 192 units remaining.  Completion is slated for the end of 2013.  Millecento has been even more impressive.  Millecento should be completely sold out long before groundbreaking.  Only 13 of 382 units remain and groundbreaking is not expected to take place until October. Delivery is scheduled for November 2014.

Contact us if you have an interest in reserving one of the last available units at MyBrickell or Millecento.

Investment Group Sells Last of 60 Units at Marina Blue

As you might recall, an investment group operating under the name Welcome Bay LLC paid $13M, or $200 per square foot, for 60 units at Marina Blue in a bulk-sale acquisition on December 24, 2008.  It ended up being the second largest bulk sale that took place that year in Greater Downtown Miami. Up until last year, the investment group still maintained control of all 60 units.

In early 2011, after failing to solicit a suitable offer for the 60 units in a package deal, the investment group decided to sell each unit individually in hopes to arrive at an average sales price of around $310 per square foot.  They did just that. The last of their 60 units at Marina Blue sold last month.  The investment group did not allow any financing contingencies in their sales contracts and required the buyers to pay the seller’s closing costs.  The units, which already had tenants in place, were well suited for individual investors with “rental-grade” build-outs.  Each of the units had either carpeting or laminate wood flooring throughout, vertical blinds and no built-in closets.

Now that the last of the 60 units has sold, the good deals at Marina Blue are relatively scarce.  There are currently 24 units available for sale at Marina Blue on the MLS.  The average asking price of the 24 units is $443 per square foot.  That is quite a far cry from the $310 per square foot that the 60 units fetched.  Nonetheless, there are still a few units available for sale that buyers should have their eyes on:

• Unit 1603 – 1 bed + den/1.5 bath – $285,000 ($302 per square foot) – this is a short sale
• Unit 2103 – 1 bedroom + den/1.5 bath – $320,000 ($339 per square foot) – REO
• Unit 2310 – 1 bed/1.5 bath – $298,000 ($353 per square foot) – regular sale