100 Montaditos Brickell Location Coming Soon
This past February, 100 Montaditos opened its first location in the United States. It chose Midtown Miami as the spot in which to introduce itself to America. The restaurant, known for its tapa-sized bread roll sandwiches, has since opened five other locations – all in South Florida – including one at the base of 50 Biscayne Vizcayne in Downtown Miami. It now looks to expand once again by opening a seventh location – this time in Brickell – at the former site of Deli Lane. Admittedly, I have not had the chance to try 100 Montaditos for myself but I have heard great things and I’m sure its success speaks for itself.
Apogee Beach Renderings
As many of you already know, Apogee Beach is a luxury beachfront condo development which will be located in Hallandale Beach. Pre-construction sales recently began and 40% of the total 49 units at Apogee Beach have already been sold. The developer behind the project is The Related Group which of course also developed Apogee South Beach, one of South Florida’s most exclusive condo developments. Apogee South Beach set the bar extremely high when it comes to quality and attention to detail. Name recognition and reputation go a long way in this business and perhaps there’s no better name for a new condo development to be associated with than “Apogee”.
After reviewing the renderings for Apogee Beach, however, I could not help but think that it bears an uncanny resemblance to two Miami condo developments – 50 Biscayne and Icon Brickell. The lobby for Apogee Beach appears to be a clone of the lobby at 50 Biscayne while the kitchen and bathroom are glaringly similar to those at Icon Brickell. What do you all think?
Apogee Beach rendering
50 Biscayne’s lobby
50 Biscayne’s lobby
Apogee Beach rendering
Icon Brickell’s bathroom
Apogee Beach rendering
Icon Brickell’s kitchen
Downtown Miami Rental Market
Below, is a spreadsheet I compiled earlier this afternoon that shows various statistics regarding the Downtown Miami condos rental market. Click on the link below the spreadsheet to view it in its entirety. I calculated the months of inventory figure by dividing total units available by the average units rented over a three month period from December 1, 2010 to February 28, 2011. You will see that Downtown Miami currently has 2.55 months of rental inventory.
Downtown Miami Rental Market as of March 15, 2011
The Arts District & Downtown Miami Closed Condo Sales – November 2009
Edgewater Miami Closed Condo Sales – November 2009 – There were 12 closed condo sales in the Edgewater Miami last month in the MLS. The average sales price of these condos was $177 per square foot.
Downtown Miami Closed Condo Sales – November 2009 – 18 condos in Downtown Miami closed in the MLS in November 2009. These sold at an average sales price per square foot of $318. It’s interesting to note that of the four neighborhoods in Miami, the condos in Downtown Miami sold at the highest price per square foot last month.
Recently Listed Condo REOs in Miami – August 2009
Earlier this evening, I did a search for condo foreclosures in Miami for a client. There were 9 condos that were recently listed that caught my attention.
- Santa Maria #2506 – 2 bedroom/2.5 bath (2,100 square feet of interior) – Asking $899,900, or $429 per square foot – 24 days on the market
- Jade Brickell #1201 – 2 bedroom/2.5 bath (1,878 square feet of interior) – Asking $667,900, or $356 per square foot – less than 2 hours on the market
- Carbonell #1805 – 2 bedroom/2.5 bath (1,505 square feet of interior) – Asking $525,000, or $349 per square foot – 8 days on the market
- Four Seasons Hotel #3203 – 1 bedroom/1.5 bath (983 square feet of interior) – Asking $460,000, or $468 per square foot – 7 days on the market
- Emerald at Brickell #1101 – 2 bedroom/2.5 bath (1,594 square feet of interior) – Asking $364,900, or $229 per square foot – 3 days on the market
- Blue Condo #1701 – 2 bedroom/2.5 bath (1,449 square feet of interior) – Asking $208,395, or $144 per square foot – 7 days on the market
- 50 Biscayne #4705 – 1 bedroom/1 bath (845 square feet of interior) – Asking $179,900, or $213 per square foot – 3 days on the market
- The Club at Brickell Bay #4304 – 1 bedroom/1 bath (825 square feet of interior) – Asking $119,900, or $145 per square foot – 8 days on the market
- 1800 Biscayne Plaza #1203 – 2 bedroom/2 bath (1,040 square feet of interior) – Asking $117,590, or $113 per square foot – 8 days on the market
Fannie Mae Approved Condo Buildings in Florida
As of June 1, 2009, Fannie Mae updated their website to reflect the condo developments in Florida that are now approved for financing.
The following is a list of recent condo developments in South Florida that are now Fannie Mae approved:
View the full list of Fannie Mae approved condo developments in Florida.
Views from the 54th Floor at 50 Biscayne
Earlier this afternoon, I showed a 2 bedroom + den/2 bath rental at 50 Biscayne on the 54th floor. I wanted to share the pictures below with those who haven’t had a chance to visit an east facing unit at 50 Biscayne. Asking price of the 2 bedroom + den with 1,357 square feet is $2,600 per month.
Northeast view from the 54th floor at 50 Biscayne:
East view from the 54th floor at 50 Biscayne:
Southeast view from the 54th floor at 50 Biscayne:
The New Face of Downtown Miami
Downtown Miami has changed tremendously within the past 4-5 years. I just wanted to share a few pictures that I took earlier this week. As you can see, the construction cranes are gone from the Downtown Miami skyline.
New Downtown Miami condo developments 50 Biscayne, Vizcayne, Marina Blue, 900 Biscayne Bay, Ten Museum Park and Marquis can be seen in the pictures above and directly below. The American Airlines Arena, Bayside Marketplace and Bayfront Park appear in the picture above as well.
(Below) A look south down Biscayne Boulevard.
(Below) The view east from a Downtown Miami condo high-rise.
New Miami Condos – Closing Rates for February 2009
It’s been a few months since my last Miami condo closing rate update. The percentage of closed units for 25 major condo developments are provided below, starting with the first development to begin closings. Four condo developments have been added: Icon Brickell, Everglades on the Bay, Infinity at Brickell and Epic. You’ll find these towards the bottom of this post.
Below, you will find the date that each condo development began closings followed by the number of closed units in each condo development:
With the exception of Onyx on the Bay and 50 Biscayne, the first group above has remained unchanged. Onyx on the Bay was able to close one additional condo while 50 Biscayne was able to close two.
Quantum on the Bay and Plaza on Brickell once again were able to show a decent improvement in their closing rate. Quantum on the Bay closed an additional 14 condos while Plaza on Brickell was able to close 21. 1800 Club did not have any new closings but I did find another deed that had been recorded twice. This is the reason why the total number of closed condos in this update is one less than the total stated in the December 2008 post for 1800 Club. It needs just 7 more closed condos to hit the all-important 70 percent mark.
As a result of the 60-unit bulk sale, Marina Blue showed the most improvement of the above five condo developments since the last update. I did, however, find re-recorded deeds for Marina Blue that I had previously missed. The developer of Marina Blue has now closed around 82% of the total number of units.
In my opinion, the five condo developments above are all likely candidates for some sort of bulk deal taking place in the future. Met 1 was able to close 7 additional units, Asia 2, 900 Biscayne Bay 13, 500 Brickell 17 and Axis 8. As a result of the new Fannie Mae guidelines, it is not likely that we’ll see significant improvement in any of the condo developments that haven’t thus far reached the 70 percent mark.
Above, you’ll find the four newly added condo developments which began closings within the past 3 months. Timing could not have been worse for these four. They’re going to need to find a plethora of cash buyers who are willing to pay dated prices. Ivy at Riverfront, which began closings back in June 2008, was able to close 14 additional condos since the December 2008 update.
The bright side is that the condo construction cranes of Miami are gone. The cranes that remain are for commercial developments. Marquis and Paramount Bay, which should begin closings within the next 3 months, will be the last of the newly constructed condos to hit the market in Miami. It does appear, however, that Met 3 has begun to lay its foundation. Hopefully, the condo market will reach some sort of equilibrium by the time that development has been completed.
Disclaimer: The above closing rate information was derived from public County records. There can be a 2-3 week delay from the time that a closing occurs and the time that the closing is recorded. The information above is not deemed 100 percent accurate as a result of delays in the recording of deeds and deeds being re-recorded.
Distressed Condos Report – New Condo Developments
The spreadsheet below reveals 13 distressed condos currently listed in the MLS which reside in developments in Miami completed within the past two years. I expect this list to grow in coming months. I plan to provide future updates with new listings as well as track the outcome of condos previously listed. 12 of the 13 condos listed below are short-sales. The foreclosure process can be quite lengthy so I don’t expect to see many distressed condos in new developments become bank owned until at least the second half of the year.
View Full Spreadsheet
