Which Of These Condos Should Derek Jeter Choose As His Miami Home?
Now that he’s the owner of the Miami Marlins, it is time for Derek Jeter to pack up his new family and find a place in Miami. Where will Derek Jeter live? Page 6 reported this week that the Derek and Hannah Jeter were spotted checking out rental apartments at the Four Seasons Residences in Brickell as well as the Grovenor House in Coconut Grove. We scoured the listings and found the two that are the best match for the Jeters’ family and lifestyle. In which home should Derek Jeter and family chose to live?
Size: 3,928 square feet
Layout: 3 Bed / 4.5 Bath
View: Bay & City
Price: $19,500/month (just reduced from $20,000/month)
Built in 2003, this corner apartment has marble floors throughout the living area, wood floors in the bedrooms, high ceilings and a kids’ play room. It is walking distance to Brickell City Centre and has easy access to I95, for Derek Jeter’s commute to Marlins’ Stadium or to the airport.
Four Seasons Residences Miami, once the tallest in Florida at 789 feet, also has an Equinox Fitness Club for those days when Derek and Hannah Jeter want to work out at home.
Size: 4,026 square feet
Layout: 5 Bed / 5.5 Bath
View: Bay & Marina
Price: $25,000/month
The Grovenor House was built in 2006 by Ugo Colombo’s CMC Group, who is also responsible for the Santa Maria, Bristol Tower, Epic Residences and more recently, Brickell Flatiron. Grovenor House is located near the downtown area of Coconut Grove and offers beautiful views of the marina.
One of the nice things about this Miami apartment is that it is also listed for sale at just under $5 million, so Derek Jeter and family could stay permanently if they enjoy the home. Grovenor House also has a playground for the children, and the home is outfitted with a little boy’s bedroom as well as a nursery for a little girl, in case Derek and Hannah Jeter decide to expand their family.
Market Stat Monday: 1010 Brickell
It has now been just over six weeks since 1010 Brickell opened its doors, sending the market into the flurry of interest and curiosity we have become familiar with when the neighborhood gets a new newest building. But does 1010 live up to the hype? Let’s have a look at the market after a few weeks and see…
Closings
Although Hurricane Irma put a hold on closings for two weeks in early September, 12 buyers were able to receive keys before the storm hit. Once the storm passed, things went back to normal and a total of 84 units have closed to-date with an average price of $411/square foot, according to the tax rolls.
Resales
Of the 84 units that closed, 34 have come back to the market as resales so far. None have found buyers yet, but the asking prices are:
When shopping in 1010 Brickell, make sure to look at the floor plan of the apartment you are planning to visit prior to the tour, as I did see several units with dens that were being sold as an extra bedroom. You will want to double check that the den has actually been converted.
For potential buyers who are financing their purchase, you will be pleased to know that 1010 Brickell is one of the few buildings in the area that has Fannie Mae Approval. This will make financing much easier and less expensive.
Rentals
So far there has been only one closed rental in the building, but there are at least four that have already found tenants and are waiting for move-in day.
The rental that has already closed was a 1778 square foot 2 bedroom/3 bath apartment on the 15th floor with a private elevator, a den and a partial bay view. The landlord had listed the property for $4,000 per month and received a full price contract.
The four that are waiting to close all have city views and are listed as follows:
– A two bedroom, three bath on the 37th floor for $3,400 per month.
– A one bedroom, two bath plan with a converted den on the 14th floor for $2,875 per month.
– A one bedroom, two bath with an open den on the 15th floor for $2,700 per month.
– A 28th floor studio for $1,800 per month.
Of course, since these four have not yet closed, we do not yet know the final lease prices but I expect them to be very close to the list price since owners are not very motivated to negotiate when they are among the very first listings in a brand new building.
One surprising factor that I will continue to monitor over the coming weeks is the fact that six weeks after opening, there are only 15 available rentals in a 389 unit building. I had expected to see three times that number! It could be because the closing schedule moves at a more leisurely pace in 1010 Brickell than in Related Group’s projects like Brickell Heights or SLS Brickell. Related Group typically closes 30-40 units per week until all have closed. According to the tax roll, 1010 Brickell is closing 10-15 per week.It could also be because more buyers are moving into their apartments, rather than leasing them out. Only time will tell.
For tenants who are hoping to move to 1010 Brickell, here are the price ranges as of today.
– Studios: $1,800 per month.
– One Bedrooms: $2,150-$2,900 per month. All of these have city views, and some have dens.
– Two Bedrooms: There are currently only two available. For a city view, $3,250 per month and for a partial bay view with a private elevator, $5,000 per month.
– Three Bedrooms: $5,250 per month with a partial bay view and private elevator.
To stay up-to-date with the available inventory yourself, you can visit our 1010 Brickell Rentals page to get real-time availability.
About 1010 Brickell
It isn’t just 1010’s status as the new newest building on the block that has the market so excited. The building also has the most expansive array of family-friendly amenities in the neighborhood, including play rooms for toddlers/little kids, climbing walls, an arcade, basketball court, bowling alley and more in addition to the expected state-of-the-art fitness center, spa, social room and hammam. Scroll through the photos below to get an idea… what do you think?
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Rapper Gucci Mane To Wed In $1 Million Brickell Wedding Next Week
Miami is known for over-the-top living, and rappers are known for over-the-top spending, so what do you get when you combine the two?
A wedding fit for a television special.
That’s right, rapper Gucci Mane and his fiancèe, Keyshia Ka’oir, are set to tie the knot in a live television special on October 17 at the Four Seasons Miami, which is located at 1425 Brickell Avenue. The future Mrs. Mane is a Jamaican video model turned businesswoman with a successful cosmetics line. She captured the rapper’s heart in 2010. He proposed in 2016 on the Kiss Cam at an Atlanta Hawks basketball game with a 25 carat ring.
The wedding is said to have 200 guests, and the budget for invitations alone is $50,000! The invitations are said to have cost $1,000 apiece, according to TMZ, and are mirror-inspired booklets dripping in Swarovski crystals. In addition to the $1 million being shelled out by BET for the nuptuals, the happy couple will take home an additional $650k for themselves. Not a bad gig…
For over 10 years, the Four Seasons Miami was the tallest tower in Florida, until it was recently surpassed by Panorama Tower a few blocks away. Prices of the residences range from $750,000 for a 1 bedroom up to $25 million for a 6 bedroom penthouse. The tower is also home to a hotel (where the wedding will be held), an office tower that is home to an Equinox Fitness, and a condo-hotel section that is a good opportunity for AirBnb investments.
Inside MUSE In Sunny Isles; Compare Renderings To Real Life
We were honored this morning to be one of the first to preview the construction at Property Markets Group’s MUSE in Sunny Isles, and it’s coming together even more spectacularly than I had anticipated! It is easy to get jaded after a few years working on luxury Miami condos, but I was really impressed by the well thought-out floor plans, the level of quality of the finishes and the extras that are included in the asking price.
Of course, the shape of the Carlos Ott-designed 57-story tower is something to admire. We’ve been looking at it ever since they topped off earlier this year. Inside the tower, you will find the first 21 floors are dedicated to an automated parking garage and amenities. The Residents’ Lounge (rendering below) was still too much of a construction site to do a comparison, but we could get an idea of how it would take shape.
Despite the fact that the amenities are not far enough along for a comparison, there are some units that are certainly far enough along to see how they shape up against the renderings. The one we toured is an 01 line, which is the East facing half-floor plan with 3,635 interior square feet, a 720 square foot terrace (60 feet wide & 12 feet deep), 3 bedrooms, 3 baths, and a den or media room. There are a few of this plan remaining, all of the smaller plans have sold.
The first thing that really blew me away was the kitchen at Muse. With the soaring 12 foot ceilings, and marble backsplash reaching all the way to the ceiling, the kitchen is simplistic yet dramatic. Of course, the custom Helidon Xhixha sculptures that are included in the purchase price have not yet been hung in the actual residence, but everything else is true to what was promised.
Another area that is prone to discrepancy between rendering to real life is the master bath and closet. In this case, I feel the closet is better described as a dressing room, and I was again pleasantly surprised by the quality.
The dressing room is lined with solid wood Italian cabinetry and leather-covered doors. The configurations are decided by the owners, and the buyers of the apartment we toured chose a different configuration than the rendering, but the quality certainly matched.
Just off of the dressing room is the master bath. So many developers love to install the beautiful backlit mirrors in their sales centers without bringing up that it is an upgrade. Not at MUSE. Each master bath has the backlit mirror with a hidden 27 inch television.
The showers have dual shower heads as well as the Swedish rain shower from the ceiling and floor-to-ceiling marble on the wall. The soaking tub is positioned in front of floor-to-ceiling windows that are tinted for privacy.
Another unique factor about MUSE is the 60 foot wide balconies that are also between 12-38 feet deep, depending upon the unit’s placement in the building. They are even more dramatic in real life than they were in my imagination. With the summer kitchen, it makes for an additional living area and entertainment area.
The workers were still putting the finishing touches on this terrace and the side glass walls were still covered by tape, but you can see how large it really is.
After previewing the finishes of the unit that was already sold, we went up to preview the views from some units that are still available with the same layout and finishes. Here is the view from Residence 4701, the highest level before reaching the penthouses. This apartment is available for $7.2 million.
Despite earlier estimates that the building would be delivered in the Fall of 2018, it now seems it will be able to happen in the Spring of 2018. Prices range from $5.7 million to $7.2 million.
Salt Bae’s Nusr-et Miami Steak House Opens In Two Weeks
Turkish chef and internet sensation, Nusret Gökçe (aka “Salt Bae”) is putting the finishing touches on his Miami restaurant, Nusret Miami. We caught up with the famous butcher and chef after a day of interviewing potential staff directly followed by training for those who were chosen. In between selfies, he confirmed that the restaurant will be open in two weeks, right on schedule.
For those who are unfamiliar, Nusret shot to fame in January, when a video of him expertly slicing a perfectly cooked ottoman steak and then ceremoniously sprinkling salt onto the dish so that it bounces off of his forearm and spreads across the meat perfectly.
After the first video went viral, others followed, turning the butcher’s cooking style into a form of performance art. He throws slabs of meat in the air, slaps them, cuts them mid-air and always ends up with a perfectly-cooked, beautifully-plated dish for his patrons and followers.
Rather than letting his 15 minutes of fame come and go, he capitalized on his new status as an Internet celebrity. He has embraced his nickname of #SaltBae and expanded his chain of restaurants. The initial locations started in 2010 and were in Instanbul, then Dubai and Abu Dhabi. The Miami location will be the first location in the United States, with a second steakhouse opening soon in New York City. The Nusret Miami location will be located at 999 Brickell Avenue.
Here are a few of our favorite recipe performances, from his Instagram…
How Did The $1 Million+ Downtown Miami Condo Market Fare In Q3 2017?
Last week, one of our faithful readers requested more information on the million dollar-plus condo market in Greater Downtown Miami, and I had planned to make it our Market Stat Monday entry for this week, but got sidetracked with Missoni Baia’s groundbreaking and the waterfront sale on the Venetian Islands, but here we are…it’s not Monday anymore, but the stats are just as interesting.
During the time period of July 1, 2017-September 30, 2017, there were a total of 18 closed condo sales in the area that garnered at least $1 million.
The Highest Priced Sale
Marquis Residences‘ PH6301 was the overall priciest listing to sell during Q3. It is a duplex with 3 bedrooms, 3.5 baths and just over 3,800 interior square feet. After 8 months on the market (243 days), a buyer surfaced and paid $3.5 million ($913/square foot) cash. The seller had been seeking $3.745 million ($977/square foot).
The Lowest Priced Sale / Lowest Price Per Foot
The lowest priced million dollar sale of the quarter is also the lowest price per square foot, and the buyer landed a really nice deal! Pictured above, the duplex Lanai Units at The Imperial at Brickell rarely come available, and they are really quite unique! Unit 407 has 2,673 interior square feet with 4 bedrooms and 4 baths. Despite being built in 1983, the unit was recently remodeled and has close-up direct bay views from the 4th floor.
The residence had been asking $1,050,000 ($393/square foot) and received $1,000,000 cash ($374/square foot) after just 65 days of marketing.
Highest Price Per Foot
The apartment that commanded the highest price per square foot is also one of the few luxury listings that sold with conventional financing. The Four Seasons Residences #62E is a 2,738 square foot 2 bedroom with 2.5 baths, a den and sweeping bay views. It had been listed for $3.2 million ($1,169 per square foot) and sold for $3,079,999 ($1,125 per square foot) after just under 4 months on the market.
Longest Marketing Time
There is a lesson here. Brickell Key’s Three Tequesta Point 2001 took nearly 23 months to sell after numerous price reductions and the addition of commission bonuses. The seller had listed the property at $1.48 million ($629 per square foot) and finally accepted $1.3 million ($552 per square foot) after nearly two years.
The unit is quite lovely, it is a corner apartment with marble floors and lots of natural light. The building is one of the most desirable on Brickell Key, and there is an enormous terrace with huge bay views. So, what happened? The seller had decided to forego a listing agent, instead going with a flat-fee firm that only provides the MLS listing. Although clearly trying to save money by not hiring a listing agent, the sellers ended up having to pay nearly a full commission anyway and the marketing time dragged on for YEARS. A trusted, knowledgeable and hard working agent is worth every nickel of their commission and could have certainly gotten the job done in a fraction of the time, probably garnering more profit as well.
Shortest Marketing Time
Jade Residences at Brickell Bay was by far the most popular building of the million-dollar-plus price point during Q3, giving us 7 of the 18 closed sales in the entire Greater Downtown Miami area (Brickell to Midtown/Edgewater). It also gave us unit 2911, which sold after just 32 days on the market. The unit is a beautiful 1,878 square foot corner unit that has Southeast exposure and a large open terrace. There are 2 bedrooms, 2.5 baths, and marble floors throughout. The seller had asked $1.55 million ($825 per square foot) and received a cash deal of $1.395 million ($743 per square foot).
Averages
The 18 listings that sold were asking an average of $744 per square foot and received an average of $690 per square foot after 154 days of marketing time. Sellers are tending to accept 93% of their asking price.
In Conclusion
While these beautiful condos all found buyers over the last few months, it is also important to do a competition analysis before listing property in order to achieve the best results. Looking at the closing rate over the last 3 months compared with the 488 other properties that are listed for at least $1 million (nearly SEVEN years’ of inventory), it is important to single your property out as unique and hire an agent with superior marketing and negotiation capabilities in order to achieve optimal results.
Missoni Baia To Break Ground This Week
When completed, Missoni Baia will bring 57 stories of ultra-luxury residences to the shores of East Edgewater.
The groundbreaking is scheduled for 5pm on Thursday, October 12 at the build site, 777 NE 26th Terrace. The first-ever Missoni branded condominium will feature a vibrant and colorful decor, even with a custom tile mosaic of the brand’s signature brightly colored stripes.
The residences range in size from 1-5 bedrooms and prices of the tower residences range from the $700,000’s up to $3.4 million. Penthouses have not yet been released. The development is slated for completion at the end of 2020.
Here is a teaser video that was released by the developer that shows the quality of the finishes and the amenities…
Venetian Islands Waterfront Manse Trades For $9 Million Post-Irma
Despite our brush with Hurricane Irma last month, it seems that buyers have not been scared off from waterfront real estate. A charming Colonial-style 5,600 square foot waterfront home on Dilido Island has sold for $9 million, or $1,600/square foot ($540/ square foot if you are calculating the land value)..
The buyer, who hails from Ecuador, was represented by Dora Puig of Luxe Living Realty and is also the broker for the Miami Condo Investments Team. “People are paying premiums on land to live on the Venetian Islands,” she told the Miami Herald. “Even after the hurricane scare, deals are closing. People are not running away.”
The home was originally built in 1941 and has 4 bedrooms, each with a bay view, and 5 bathrooms. The 16,700 square foot lot has and infinity-edge pool and 132 linear feet of bay frontage with a boat lift.
This sale marks the most expensive single-family transaction since the storm passed. According to the Venetian Islands Market Statistics page, the average sales price per square foot on the islands over the last 6 months is $1,520/square foot.
Trey Songz Finally Sold His Brickell Key Condo After 20 Months
After more than a year and a half of steady price reductions, R&B superstar Trey Songz has finally found a buyer for his Brickell Key condo. The sale has not yet hit the public records, but according to MLS data, the final sales price was $710,000. That is a huge reduction from the original listing price of $1.05 million in 2016!
Despite the $340,000 price chop, the singer still came out ahead. He had paid just $437,000 for the unit back in 2010, so realized a profit of just over $230,000 after commissions. No word yet on the identity of the buyer, but they closed the deal with a conventional mortgage.
The unit is located in the Courts on Brickell Key, where the average sales price over the last year has averaged $436 per square foot, the same rate that the buyer paid.
Aston Martin Residences Announces Construction Start Date; Releases Video Preview
Staying true to their word that construction will begin this fall, Aston Martin Residences has announced that the actual date will be October 18. A notice of commencement was filed August 10 to begin construction, despite the fact that their $10 million sales gallery just opened on the build site in June.
In conjunction with the announcement that construction is set to begin, the developer has also released a teaser video, highlighting the level of service and quality of finishes that owners will experience once the building is complete in 2022.
Residences will range from 1-5 bedrooms, including duplexes, penthouses and a triplex penthouse. The edifice will have unparalleled amenities and services include Sky Amenities, which is 42,275 sf of amenities divided into four floors (52-55), connected by an elegant glass staircase. The team has masterfully designed Aston Martin Residences Miami for those who want to a live a world-class lifestyle.
Residences range from $600,000 to $7,000,000 and penthouses are available from $16 million to $50 million. Have a look at the video preview below.
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