Top Five Condo Deals in Downtown Miami

As mentioned in my last blog post I think real estate values in Downtown Miami for a number of exciting reasons are ready to take off  Museum Park is about a year from being completed Miami Worldcenter seems an almost certainty and a proposal for a 1000 foot observation tower called Skyrise Miami was recently submitted to the city of Miami for approval  Also with prices starting at $4M the addition of One Thousand Museum will only help position the area as Miamis equivalent to New York Citys Park Avenue  If there were ever a time to be excited about the prospects for Downtown Miami the time is now

So how does one take advantage of all this fabulous news  Well surprisingly there are still a number of great deals to be had in the existing condo market in Downtown Miami  Due to the illiquid nature of real estate market news oftentimes get disseminated at an almost snail like pace and as a result does not manifest itself in pricing for quite some time  The same however does not hold true for the pre construction real estate market  Prices there are set by developers who take into account any and all information that will have a positive effect on neighborhood values from now until completion of the project  In that regard it is sort of like buying commodities futures with the price determined by future expectations and the likelihood of those expectations being met  The hope for contract holders is that market values present at the time of delivery will be at or above their contract price  That is why one will notice a sizable gap between the price per square foot for existing condos and the price per square foot for pre construction condos  In other words the promise of what is yet to come has already been taken into consideration when determining the contract price

My point is that the existing condo market is slow to act  As a result there are definitely still good deals to be had  Below you will find a list of five condos currently available for sale in Downtown Miami that I believe are undervalued and well positioned to take advantage of the positive news that is now shaping the neighborhood

Before I start I want to first say that none of the properties listed below are my exclusive listings  These were chosen unbiasedly by me because I truly feel that they warrant inclusion

5. Marquis 3707 This is a bi level 2 bedroom+den3 bath corner unit with 2081 interior square feet and 20 foot floor to ceiling glass windows  The unit is located on the northeast corner of the 37th floor offering beautiful views of Biscayne Bay and the Atlantic Ocean  It also overlooks Museum Park which is currently under construction  The only drawback to this unit and likely the reason why it hasnt sold yet is the fact the landlord is getting very low rent until October 2014  The tenant was able to negotiate a great deal in exchange for paying the entire lease upfront  A triumph for the tenant but an ill advised move by the landlord because from an investment standpoint low rent has an adverse effect on a propertys value  If a buyer can stomach the low rate of return until October there is an opportunity here to buy at a great price the only bi level 2 bedroom corner unit currently offered for sale at Marquis Residences  Asking price is $1250000 or $601 per square foot
   
4. Marina Blue 5205 This unit likely wont win any Best in Show Awards but it has incredible potential  If one can look past the traditional almost anti Miami decor Im sure one will find incredible value here  This is one of the largest 2 bedroom floor plans at Marina Blue a rare combination unit found only on floors 52 56  It is a 2 bedroom25 bath condo with 1660 interior square feet and 10 foot floor to ceiling glass windows  The unit faces east southeast and enjoys a panoramic view of the Atlantic Ocean Biscayne Bay and Downtown Miami skyline  Asking price is $725000 or $437 per square foot which in my opinion is low considering the fact that it is a prime floor plan located on a very high floor  Given a few recent comps and the fact that the listing has grown stale after sitting the market for 600 days there should still be room to negotiate on the price
3. Marina Blue 1603 This might be your last opportunity to own a 1 bedroom + den at Marina Blue for under $370000  This is an approved short sale priced at $355000 or $376 per square foot an incredible value no matter how you slice it  Every unit at Marina Blue has a direct water view and this unit located on the 16th floor is no exception  In fact it not only offers a view of Biscayne Bay but also the Downtown Miami skyline
2. Ten Museum Park 3101 Unfortunately the listing agent hasnt uploaded any pictures of this unit onto the MLS  Ive seen it in person though and its a beauty  The bi level 2 bedroom25 bath corner unit sports 20 foot floor to ceiling glass windows offering an amazing view of the water and a front row seat to all the action down below at the upcoming Museum Park  The unit is impeccably designed and exudes the sexy clean look for which Miami is known  Asking price on this 1802 square foot loft is $1150000 or $638 per square foot
1. 900 Biscayne Bay 5302 While there are cheaper 02 and 09 lines available for sale in the building this one is located on the 53rd floor and comes completely furnished  Equally important the unit has always been owner occupied and it shows  The condo is tastefully decorated and offers not only direct bay and ocean views but also sunrise and sunset views from this 53rd floor flow through unit  In my opinion these flow through units which are relatively rare in Downtown Miami will become extremely valuable once Miami Worldcenter gets built  Not only will owners get to enjoy the amazing water views to the east but they will also be able to check out the action down below at MWC to the west  It would be like overlooking Time Square in New York City  The price was reduced $115000 yesterday and is now asking $975000 or $619 per square foot  Also the listing states that the owner is motivated  This could be a good time to snag an amazing unit at an excellent price

If you or someone you know has an interest in learning more about any of the above properties or would like to view any in person please contact me via email at lucasmiamicondoinvestmentscom or by phone at 786 247 6332