Bitcoin-denominated Penthouse Switches to U.S. Dollars
Well, that didn’t last long! The Bitcoin-denominated penthouse at Platinum Condominium has switched its denomination to U.S. Dollars. With Bitcoin’s recent plunge in value and high-risk volatility, this should come as no surprise. As of today’s trading, Bitcoin had lost 50 percent of its peak value set just last month.
The asking price of the penthouse is now quoted as $525,000. Had it remained listed in bitcoins, the price would be roughly equivalent to $355,000…$170,000 less than its current asking price but still $40,000 more than what the seller paid! The owner of the penthouse purchased it for $315,000 about one year ago.
Perhaps Bitcoin had its shining moment but, today, it’s all about the Benjamins baby!
Monthly Assessments at 900 Biscayne Bay Drop 12 Percent Year-over-year
The owners at 900 Biscayne Bay received highly favorable news heading into the new year – their monthly assessments would drop 12 percent when compared to the amount that they paid throughout 2017. A big reason for the unusually large reduction was the $15M that the condominium association received last year as part of the settlement agreement resulting from 558 construction defect litigation it had with the developer and other related parties.
That litigation had been a thorn in the condominium association’s side, but now, with such a sizable settlement, they can make some nice improvements to the building. They recently updated the spa and, later this year, will begin renovation on their pool deck.
The monthly assessments at 900 Biscayne Bay are now at 74 cents per square foot, which is outstanding considering the level of amenities and services that the building offers. Below are the 2017 vs. 2018 condo dues for three of the 1 bedroom lines at 900 Biscayne Bay:
03 line
2017: $765.85 per month
2018: $673.25 per month
05 line
2017: $780.16 per month
2018: $685.80 per month
07 line
2017: $787.72 per month
2018: $692.45 per month
84 Percent of the Units at Fendi Chateau Residences Have Closed
According to public records, 49 of the 58 total units at Fendi Chateau Residences have closed since closings began in September 2016. The sales prices range from $4,611,600 – for a 3 bedroom, 4.5 bath residence with 3,232 interior square feet – to $21,000,000 – for a 4 bedroom, 4.5 bath penthouse with 6,505 interior square feet.
The very first resale at Fendi Chateau Residences closed just last week. Unit 706, a 3 bedroom, 4.5 bath residence with 4,664 interior square feet (per tax records), sold for $7,970,000 ($1,709 per square foot). The original owner had paid $6,856,000 plus a 1.75% developer’s fee. Additionally, that owner paid to have 48-inch by 48-inch white marble flooring, Ornare closets, and white linen curtains installed throughout the unit.
Currently, there are 11 units at Fendi Chateau Residences that are listed for sale on the MLS, 3 of which are developer units (units 304, 306, and 802). The asking prices for those units range from $5,700,000 to $12,000,000 with an average asking price of $2,077 per square foot.
If you’re in the market for a turnkey furnished unit on the ocean, I highly recommend unit 604 at Fendi Chateau Residences. It was done to the nines and shows beautifully!!! Asking $7,995,000.
Check out our flyover video of Fendi Chateau Residences from 2016, shortly before the building was completed.
One Thousand Museum Has Reached Its Highest Elevation; Top-Off Right Around the Corner
One Thousand Museum has reached its highest elevation 1,137 days into construction. At 706-feet, the last permanent formwork exoskeleton column was set earlier today, according to ODP Architects’ Instagram account:
This of course means that top-off is right around the corner. Soon, the rooftop floor will be laid, which is where the building’s helipad will be located.
According to the countdown clock on the developer’s website, One Thousand Museum will be delivered on December 21, 2018.
Market Stat Monday: Biscayne Beach
As the busy season for Miami real estate progresses, we’ve noticed quite the increase of inquiries from both renters and buyers for one of Edgewater Miami’s most upscale developments: the beautiful, Biscayne Beach. Its most notable feature is found on the ground floor of the building – mainland Miami’s first-ever beach club, complete with sand, lounge chairs, beach volleyball, and cabanas. Also, a highlight of the building is the gorgeous interiors by internationally-acclaimed celebrity interior designer, Thom Filicia (of Bravo’s hit TV show, Queer Eye for the Straight Guy). Completed in July of 2017, Biscayne Beach saw its first condo resale in September and has since seen 6 other resales closed to date.
Let’s check out the stats for our prospective renters and buyers…
Current Inventory
According to the MLS, there are 68 units currently available for rent of the building’s 391 total residences, 9 listed as pending rentals, and 48 marked as rented. Of those 68 units available for rent, 20 are 1-bedroom floor plans, 34 are two-bedrooms, 12 are three-bedrooms, and the final two are a penthouse and a beach house residence.
82 units at Biscayne Beach are currently listed for resale, with 3 marked as pending, and 7 closed.
Closed Rentals
Here are the price ranges for the closed rentals to date:
-1 bedroom units: $2300 – $2900 per month
-2 bedroom units: $2,500 – $4,200 per month
-3 bedroom units: $5,200 – $6,600 per month
Closed Resales
Here are the sales prices for the 7 resales that have closed to date:
-1 bedroom units:
-#1009 – $573,000 ($488 per sq ft)
-#2009 – $504,000 ($477 per sq ft)
-#3509 – $530,000 ($501 per sq ft)
-3 bedroom units:
-#1907 – $1,050,000 ($499 per sq ft)
-#2307 – $1,255,000 ($597 per sq ft)
-#3307 – $1,250,000 ($594 per sq ft)
-#4007 – $1,400,000 ($666 per sq ft)
The fact that all the closed resales so far are either of the 07 or 09 lines tells us that these two floor plans are the building favorites. Considering that they are located at the southeast (07 line) and southwest (09 line) corners of the building, there’s no wonder why. The view really opens up to the south with the added bonus of being able to enjoy views of the Downtown Miami skyline and sunset.
While stunning bay views, gorgeously designed interiors, and high-end finishes are bountiful at Biscayne Beach, there’s no question that its amenities are what makes this building so unique. From a family-friendly club room and children’s water feature at the impressive beach club to a residents-only amenities floor with a BBQ, tennis courts, dog walking area, and a pool; all it’s missing now is a tenant for the large, commercial restaurant space on the waterfront side of the lobby level. Check out the photos below.
If you or anyone you know has an interest in leasing or purchasing a condo at Biscayne Beach, email us at [email protected] to speak with one of our expert agents.
Gran Paraiso Construction Video Showcases Jaw-dropping Views from Paraiso District
Construction of Related’s Paraiso District is in the home stretch. Along with Amara at Paraiso – a Michael Schwartz restaurant which opened last week along Biscayne Bay – Paraiso District is comprised of four luxury, high-rise towers, each scheduled to open later this year: Paraiso Bay, which is nearly finished with delivery expected this quarter; One Paraiso – expected to begin closings in Spring of this year; Paraiso Bayviews – expected to begin delivering units this Summer; and Gran Paraiso, which is very close to topping off and is aiming to begin closings this Fall.
The drone video below showcases the jaw-dropping views that one can expect from the condos at Paraiso District:
Paraiso Bay is completely sold out; all that remains at One Paraiso is a single penthouse which is asking $2.1M; Paraiso Bayviews has limited inventory starting at $579K; and Gran Paraiso has 1 to 4 bedroom options available starting at $800K.
Miami’s First Roof-to-Table, Plant-Based Restaurant
Vegans rejoice! Planta, an upscale plant-based restaurant hailing from Toronto, is set to debut its first U.S. location here in South Beach this winter. According to the Miami New Times, the restaurant will open in early 2018. David Grutman (best known as the owner of LIV, OTL in the Design District, and Komodo in Brickell) and Toronto-based co-owner Steven Salm will deliver this delicious sounding concept to the trendy South of Fifth neighborhood in Miami Beach, at 850 Commerce Street.
Planta will serve 100% plant-based dishes, offering guests a selection of freshly-picked produce grown right on the restaurant’s rooftop. While a set menu has not yet been confirmed, dishes may include the 18 Carrot Dog, Coconut Ceviche, Cauliflower Tots, and cold-pressed cocktails, to go along with music and a friendly vibe. Planta will be David Grutman’s third Miami eatery – and based on the successes of his other restaurant ventures, it will no doubt be a hit!
Alex Rodriguez Visits Midtown Miami for Possible Second Site of UFC Gym
Yesterday afternoon, along with business associate Jason Figorski, Alex Rodgriguez toured a commercial space at Eve at the District in Midtown Miami in search of a site to open his second UFC gym in Miami-Dade County. The former MLB All-Star’s first UFC gym opened last August in Kendall.
The above photo was shared on Alex Rodriguez Instagram account as a story. Jason Figorski later shared the following post on his Instagram account with the following caption and hashtags:
Brightline is Bringing Premium Hospitality to South Florida’s Passenger Rail Service
Beginning this Saturday, Brightline will take passenger train travel to a whole new level with introductory service running between Fort Lauderdale and West Palm Beach. For a one-way ticket aboard their 66-seat Smart Coach, fares will start at $10. For an extra $5, you can hop aboard their Select Coach, which is basically their equivalent of a first-class cabin. Kids up to the age of 12 will receive a 50% discount while senior citizens and veterans will get a 10% discount. The introductory service will include ten daily round trips throughout the week and nine on the weekends, each with travel times averaging between 30 to 35 minutes. Trains will depart between 6am and 11pm, with schedules varying between weekdays and weekends.
Once full service begins, there will be 16 daily round trips. As of now, the train will only travel to and from Fort Lauderdale and West Palm Beach. In the coming months, once construction on Miami Central Station is completed, service will extend to and from Miami with stops in Fort Lauderdale and West Palm Beach. Miami Central Station is located in Downtown Miami, right off NW 1st Ave and between NW 3rd St and NW 8th St.
Phase two construction, which will extend the route all the way to Orlando, is expected to begin in the first quarter of this year with completion projected for 2021. Great news for Miami, Fort Lauderdale, West Palm Beach, and Orlando, as it connects Central and South Florida in a much needed way!
