Paramount Bay Penthouse With 3,000sf Terrace Lists For $5.75M
If you are into outdoor space, we have a treat for you! This Paramount Bay penthouse has a sun deck that is larger than most people’s homes. It is really more of an outdoor living and dining room with 360 degree wraparound views for you and your 40 closest friends.
The property was listed a couple of weeks back by our very own Dora Puig and was the Elle Decor model residence when the building was undergoing their initial sales from the developer. It has light bleached oak hardwood floors, 10 foot ceilings and a fully customized kitchen. The layout is open and offers a full master bedroom wing with a private balcony. Both guest bedrooms have ensuite baths and the fourth bedroom is used as a service quarters. The apartment comes with 4 parking spaces and 2 storage units.
Paramount Bay condominiums is located in Edgewater, at 20th and North Bayshore Drive. The building opened in 2011 with interiors by Lenny Kravitz. The asking price is $5.75 million. Here are some additional photos, let us know if you are interested in a tour.
Just Listed – Beautiful 3 Bedroom Condo at the Luxurious Jade at Brickell Bay
I am pleased to announce our newest listing – a beautifully renovated and furnished 3 bedroom, 3 bath, flow-through residence at the luxurious Jade at Brickell Bay with 2,130 interior square feet; 32-inch by 32-inch, white porcelain tiled flooring throughout the living areas and marble flooring in all bathrooms. It also includes motorized shades on all windows; closets with built-in cabinets; custom lighting; Samsung front-loading washer and dryer; and Master Bath with Jacuzzi tub, separate glass-enclosed shower, bidet, and double vanity. Best of all, the unit is located on the 41st floor offering breathtaking views of the Atlantic Ocean, Biscayne Bay, Virginia Key, and Miami Beach skyline.
It is rare that a 3 bedroom unit on a high floor becomes available for sale at Jade. In fact, it has been almost 3 years since one above the 36th floor has been listed for sale. From these very high floors, the view to the north becomes significantly better because it completely clears all but one of the high-rises on Brickell Key. It is also rare to find a renovated unit at Jade, especially one with such a clean, modern decor. Unsurprisingly, the feedback that I have received thus far from agents and their prospective buyers has been very positive. I have no doubt that this showroom-quality residence will soon find its way to a very happy buyer. The asking price is $1,999,999 and condominium association dues are $1,747 per month. It includes 2 parking spaces (1 assigned space + 1 valet space) plus storage.
Despite being built in 2004, Jade at Brickell Bay is still regarded as one of Miami’s finest condo developments. It is a waterfront development located along Biscayne Bay at 1331 Brickell Bay Drive. It is comprised of 338 total residences and rises 48 stories. Amenities at Jade at Brickell Bay include: infinity-edge pool, hot tub, state-of-the-art fitness center, spa, full-service concierge, rooftop sky lounge, complimentary valet parking for guests, 24-hour business center, and more.
See below for additional photos and information. If you or someone you know have an interest in scheduling an appointment to view this spectacular property, please contact me via email at [email protected] or on my cell phone at 786-247-6332.
Jade at Brickell Bay #4107 listing
Jade at Brickell Bay drone video
$200k Price Chop For Andy Murray’s Brickell Apartment
Four months ago, Andy Murray relisted his 45th floor 4 bedroom apartment at Jade Residences at Brickell Bay, and we were optimistic at his chances of coming out on top with a workable deal. Well, that didn’t happen. As of today, he has slashed his price by nearly $200,000 in order to reduce it below $2.5 million.
To be honest, the listing photos really don’t do this lovely apartment justice. Jade Residences at Brickell Bay is a great building and is increasingly popular despite the inventory struggles of our current market. The apartment is a 3,415 square foot 4 bedroom, which is insanely large for the Brickell area. It is also on the northeast corner of the building, offering amazing views of Brickell Key, the Port of Miami, Brickell, Miami Beach and of course the Biscayne Bay. Unit 4201 has the same layout and recently sold for $2.7 million. We recently sold apartment 904, which is a smaller plan, but the buyer was able to take out a conventional mortgage on the property… something that is not particularly common in the Brickell real estate market and speaks very highly of how the building is being run.
As for the active and available alternatives to this listing, we have had apartment 4107 on the market for just over a week and have already had several prospective buyers. Apartment 4107 is a three bedroom with bay and city views. You can compare the layouts and photos here.
Do you think Andy will have success this go-round?
Dana Dorsey: Miami’s First Black Real Estate Developer
Image Courtesy of The305
In the spirit of Black History Month and Throwback Thursday, I wanted to highlight an interesting fact about Miami History. Before Fisher Island was the wealthiest zip code in the United States, it was sold to Carl Fisher by the South’s first black millionaire… Dana Dorsey.
Mr. Dorsey was born in 1872 and was the first in his family to not be born into slavery. Both of his parents were freed slaves and were only able to give him a fourth-grade education.
As an adult, Mr. Dorsey moved to Miami to work on Henry Flagler’s East Coast Railroad. While he was working, he recognized a shortage of housing for his fellow black workers. He purchased a lot in Overtown and built a house, using the rental income from that house to buy a second lot to build a second home, and so on.
In 1919, Carl Fisher was developing Miami Beach and purchased a barrier island from Dana Dorsey. That island was Fisher Island. Eventually, Mr. Fisher traded the island to the Vanderbilts for a 200ft yacht. Over the following years, the island served as a winter home until the 1960’s, when it was sold for development.
Today, Fisher Island is the wealthiest zip code in the United States (according to the 2010 census data). The island is accessible only by ferry, boat or helicopter. Prices range from $1 million to more than $26 million. Late last year, we did a drone tour of Palazzo Del Sol, one of the the island’s new construction buildings.
By the time he passed away in 1940, Dana Dorsey was also the first African-American hotel owner, bank owner, and a philanthropist. He was passionate about the importance of education and still to this day has schools, libraries and parks that are dedicated to his contribution to Miami’s development.
Checking In On IconBrickell’s Sales And Rental Values
It has been 3 months since we last checked in on IconBrickell’s pool project, and construction is now well underway. The photo above was taken this morning during one of our showings. You can see that the trees have been removed and their soil is now being removed to make way for the tile demolition.
Back in November, we noticed that the prices were in a virtual free-fall. Thankfully, the trend has not continued now that the work is underway. In the last 3 months, the average sales price per square foot has actually risen to $492/square foot and sellers have been discounting their listing prices less than the Brickell market overall. IconBrickell sellers are accepting an average of 94% of their asking price, opposed to the average of 92% of asking price that is being accepted throughout the neighborhood.
In the rental market, we have seen a flurry of action! A whopping 96 apartments were leased in the building during the last 3 months, with 49 pending contracts waiting for move-in day. The prices have fallen, but not as far as many have feared. Apartments are starting at $1,700/month for studios, $1,900/month for one bedrooms and $2,500/month for two bedrooms. Please also note that the prices I am giving are AFTER negotiation. The landlords are not negotiating as much as some may hope. The studios are offering very little room for negotiation, one and two bedrooms may reduce their asking price by $100 or so, but nothing dramatic. Despite the pool hiccup, it seems the building is still very popular to tenants.
One metric that was alarming to me was the fact that there are currently 228 active listings for sale in the project, but only 12 closings during the last 90 days and 14 units with contracts in escrow. Since inventory is up and closings are down but values are holding steady, this tells me that only the owners who really need to sell are doing so. This is good news for IconBrickell fans, it shows the owners understand that the building will be restored to its former glory once the repairs are complete. Unfortunately for those who were hoping to capitalize on the building’s situation, it doesn’t look like that strategy is panning out as well as many had hoped.
We will check back in a few months and see how the trend is moving along. In the meantime, you can browse the available options here.
Prive in Aventura Prepares To Open In July 2017
When we took our hard-hat tour of Prive Residences in Aventura last summer, the project was still very much a construction site. They have been hard at work since that day, because the development is scheduled to open in July, right on schedule.
Prive is situated on a private island behind three levels of security and offers a serene luxury island lifestyle that is still very convenient to city life. There are still some purchase opportunities available, priced between $850/square foot up to $1,200/square foot.
Have a look at the updated renderings of what the project will look like when completed.
The location & entry:
Amenities:
The Residences:
Reserve Collection Residence:
Four Ambassadors’ Waterfront Restaurant Space To Be Redeveloped As ‘Brickell Bay Boardwalk’
A long underutilized stretch of waterfront restaurant space is being offered for lease with a redevelopment plan, according to an offering summary we received this week. Many people would be surprised to learn that there is a nearly 15,000 square foot waterfront restaurant underneath the Four Ambassadors at 8th Street & Brickell Bay Drive. At long last, a redevelopment plan is in place.
The Brickell Bay Boardwalk will be a 14,354 square foot restaurant space with 160 feet of linear bayfront space and an option for tenant docks. Once completed, the restaurant will have beautiful views of the Biscayne Bay and Brickell Key. The Mandarin Oriental is just across the bridge and Brickell City Centre is just 2 blocks to the west.
After a 6 month rent abatement for build-out, the space is offered for $96/square foot NNN with $14/square foot CAM charge. The space is also divisible in to two restaurant spaces of 5,260 square feet and 9,094 square feet. It looks like an interesting addition to Brickell and a great use of the space! What do you think?
Investing In Condos For AirBnb Income Is A Risky Idea
Despite Miami Beach’s crackdown on AirBnb properties, we receive regular calls from hopeful investors who want to buy properties in order to lease them out on the short term rental website. It is important to understand the risks involved in breaking the rules with hopes of high returns.
Miami Beach Crackdown
Because AirBnb rentals do not contribute to the hotel taxes that largely fund Miami Beach and they take away from the bookings at hotels, they are strictly outlawed. The government is in the midst of a strict crackdown of the policy, levying $20,000 fines on investors who break the rules. That’s $20,000 PER OFFENSE. Unless you’re leasing a $25 million waterfront mansion for $8,000/night to Kylie Jenner, the risk is just not worth the reward.
It was also announced yesterday on The New Times that Miami is considering a similar crackdown.
Condo Regulations
Many condo associations prohibit rentals of less than 30 days, or even less than 6 months. Some older buildings require owners to wait 1 to 2 years before leasing their condos. It is important to be clear about the rental policies of buildings prior to investing, because your bottom line will be affected if the policies don’t line up with your investment goals.
But what happens if you ignore the condo association rules and continue to lease your property on AirBnb? According to our contact at the management office at Infinity at Brickell, where the minimum lease term is 6 months, fines of $100 per infraction are issued to the owners of the apartments that get caught. He said that it is also not uncommon for visitors to be given violations for failure to obey conduct and noise rules in addition to giving themselves up for being nightly renters by treating the front desk like a front desk at a hotel. Eventually, the fines add up to make the investment not profitable enough to continue.
Some other buildings are taking enforcement a step further. Mint at Riverfront requires each applicant to sign an acknowledgment of the rules pertaining to short term rentals. MarinaBlue has posted a sign at the front desk alerting visitors that short term rentals are prohibited and violators will be removed from the premises.
With condo buildings, the issue is about security rather than the hotel tax. Each resident in a condo building must undergo a background check to ensure the safety of all residents. If one condo owner (or tenant) sublets their unit to vacationers, this security measure is compromised.
Renting A Condo To Use As AirBnb Rental Investment
The investors we’ve seen are not only buyers who purchase with the intention to run a short term rental business. We have also seen entrepreneurial tenants inquiring about a strategy of leasing a furnished condo and then subletting it online. This is not only a violation of the City (if the property is in Miami Beach) and condo association policies, but it is a violation of the lease terms. Most Florida leases do not allow subletting, putting the tenant at risk of eviction and penalties.
Landlords who keep yearly tenants have already picked up on this strategy and have begun to screen potential tenants for risk of violation of the subletting section of the lease, but I anticipate more buildings will follow suit with Mint and MarinaBlue over the coming months even if the City of Miami fails to pass their ordinance outlawing short term rentals.
******Update: One Miami East and West have both jumped on the bandwagon with the following stern message to residents, sent today.
February 16, 2017
Dear One Miami Residents,
As the Associations have previously notified you, short term rentals are not permitted in One Miami for periods of less than thirty (30) days. Despite such prior notifications, we have received numerous complaints that certain owners and tenants are in fact renting their units for short term stays in direct violation of the Associations’ governing documents, whether through websites like Airbnb or on their own. The Associations’ have sent (and will continue to send) violation letters to such owners and tenants who are committing these short-term rental violations instructing them to cease and desist from such actions immediately. The next step will likely be for the Associations to file lawsuit(s) against such owner(s) or tenant(s) without further notice. The Associations also reserve the right to deny access to any such unauthorized parties who may be renting from owners on a short-term basis.
We again remind all Members that the Associations’ take such issue very seriously. Therefore, if you are engaging in such improper conduct, please cease and desist from the same immediately. Additionally, if you are aware of a short-term rental violation that is occurring in the building, please report the same to management. Thank you for your assistance.
Sincerely,
Board of Directors of:
One Miami East Condominium Association, Inc.
One Miami West Condominium Association, Inc.
One Miami Master Association, Inc.
Blighted Lots West Of Adrienne Arscht Center To Become Park Space
Image from The New Tropic
The vacant lots around North Miami Avenue and 13th Street in Downtown Miami have been a blighted eyesore for years now, but that is changing as we speak. Brad Knoefler, the owner of Bar 1306 nearby, has made it his business to redevelop these lots into something more usable and enjoyable. With help of the Omni CRA, the area will become a 4 block park space until construction of the 395 flyover bridge begins.
Knoefler isn’t a stranger to redevelopment of park space, he is the man behind the Grand Central temporary park that was located on the site that was once the Miami Arena and near his previous bar/nightclub, Grand Central. For Grand Central Park, he invested $80,000 of his own money and used $200,000 of CRA funds to transform the lot into a skate park, according to The New Tropic. For Omni Park, he vows to up the ante by investing differently. Rather than purchasing landscaping and permanent structures that will ultimately be removed when the park closes, he is investing in structures that can be relocated at the end of the park’s term.
For shelter, they are designing cafes and restaurant spaces from shipping containers and portable chikee huts for shade outside of the trees that already exist in the space. He is working with a $300,000 budget from the Omni CRA that was earmarked for redeveloping blighted spaces.
The project was approved in mid-December and broke ground on January 16. It should open by the end of the month with an opening celebration set for early March. The park will eventually move to another space when it comes time to begin the construction of the new I395 flyover that has been in the works.
Omni Park Rendering via The New Tropic
Omni Park Rendering via The New Tropic
Omni Park February 2017
The proposed I395 flyover bridge, rendering from FDOT
Spectacular and Colorfully Furnished Residence 18 at Regalia Lists for $9.9M
Inspired by wind and waves, Sunny Isle’s Regalia offers just 39 residences, each with with 360 degree views. The 46 story wavy tower is one of my personal favorites in Miami. While the tower is 90% sold, the developer has recently listed Residence 18, which is completely designed and furnished by five-time Architectural Digest “AD100” interior designer Charles Allem. It is ready for immediate occupancy.
Residence 18 has 5,515 square feet of interior living space with 360 degree views. There are 4 bedrooms, 5.5 baths and a sprawling 2,100 square foot terrace. The kitchen is a top of the line, fully kosher kitchen and the residence also features drop-down, concealed televisions and smart home controls. The developer is asking $9.9 million for the property turnkey furnished, or $1,795/square foot. Just last week, Residence 37 sold for $1,831/square foot. This residence is the same size, yet unfurnished.
Have a look below at the photographs of the penthouse-worthy home in the sky, taken by Daniel Petroni Photography.
