900 Biscayne Bay’s Attention to Detail

There are several reasons for why 900 Biscayne Bay gets a 9.5 out of 10 quality score on our Condo Rankings page.  The building management’s attention to detail is definitely one of them.  In the photo above, take note of the pattern across the back of the sofa. Each morning, the cleaning person vacuums this pattern into the back and sides of each of the sofas that reside in the club room at 900 Biscayne Bay.  Attention to small details like these that don’t go unnoticed by the most discriminating of buyers.

The Lebron Effect on Downtown Miami Real Estate Prices

It has been a long and winding road but the Miami Heat accomplished Thursday night what they had set out to do in July 2010 – to win an NBA championship.  The Miami Heat defeated the Oklahoma City Thunder 4-1 in the NBA Finals to become the 2012 NBA champions.  In all honestly, the Miami Heat obliterated the OKC Thunder and made a mockery of them – but we won’t go there.  Few would refute that LeBron James, the Most Valuable Player of the 2011-2012 season, was the most contributing factor which allowed the Miami Heat to raise the NBA trophy Thursday night for only the second time in franchise history.  LeBron James’ decision in July 2010 to take his talents to South Beach single-handedly changed the landscape of the league and set forth in motion an inevitability that no one outside of Miami wanted to see.

James’ arrival in the summer of 2010 was celebrated not only by die-hard Heat fans but also anyone with any type of business or property interest in the city. His announcement was seen as a godsend to the hotel and tourism, restaurant and real estate industries throughout Miami.  The area most positively impacted by LeBron James’ decision to join the Heat was most certainly Downtown Miami, the neighborhood immediately surrounding the Miami Heat arena.  Prior to James’ arrival, property values in Downtown Miami had endured several years of double digit price declines.  Furthermore, retail spaces and hundreds of condominiums within walking distance of the arena sat completely empty.  However, that was all about to change.

Within days of James’ announcement, there were reports of buyers snatching up condos in the area in a flurry of excitement.  As a result, developer inventory began to dwindle and Miami real estate prices started to recover over the subsequent months.  Since LeBron James’ decision in 2010, real estate values in Downtown Miami have increased over 20 percent.  Additionally, across the street from the arena, several new businesses – such as a pizza restaurant, wine bar, Chinese restaurant and sports bar – have opened their doors.  One could argue that James’ arrival played an instrumental role in the real estate recovery seen in Downtown Miami in recent years.

One Developer Unit Remaining at 900 Biscayne Bay

900 Biscayne Bay is on the brink of being completely sold out of its developer inventory.  Only one developer unit remains, unit 1708, which is a 2 bedroom/2 bath with 1,285 square feet of interior.  At this time last week, four other developer units remained but various buyers have stepped in since that time to help close out the building.

900 Biscayne Bay will be the first luxury condo development to sell out in Miami of those built during Miami’s recent construction boom.  It’s an amazing feat given the state of today’s economy, the extent of the real estate market downturn in Miami since the peak of the market and the fact that 900 Biscayne Bay has 516 total units.  In my opinion, 900 Biscayne Bay is a first-rate product that sells itself.  It has a timeless decor, amenities that impress even the most discerning of visitors to the building and breathtaking water views of the Atlantic Ocean and Biscayne Bay. 515 down, 1 to go.

CBS4 Reports on the Downtown Miami Condo Market Turnaround

For those who missed it earlier this evening, CBS4 aired a segment entitled “Is Downtown Miami’s Condo Market on the Rebound?“.  CBS4 reporter, David Sutta, highlighted the recent sellout of the Viceroy Tower at Icon Brickell and interviewed our very own, of the Miami Condo Investments team, to get his perspective regarding the dwindling condo inventory in Downtown Miami. He compares the condo inventory at the peak of the market to the inventory that now exists. Over the past year, prices have begun to rebound in Downtown Miami as inventory has been swallowed up predominantly by foreign buyers. There is no reason to believe that the market turnaround will reverse course anytime soon as new condo inventory in Downtown Miami is years away from hitting the market.

Best Priced 2 Bedroom at 900 Biscayne Bay – $510,000

We recently got a new listing at 900 Biscayne Bay.  It’s a 2 bedroom/2.5 bath condo with 1,355 square feet of interior and 597 square feet of balcony.  The unit has American maple wood floors throughout the living areas and marble floors in the bathrooms.  The unit faces northeast with a view of Biscayne Bay.  The asking price is $510,000 which currently makes it the best priced 2 bedroom at 900 Biscayne Bay.  Contact us if you would like to view the unit in person or if you would like more information regarding unit 2012 at 900 Biscayne Bay.

Floor plan for unit 2012 at 900 Biscayne Bay.

Luxury Condo Rentals in Downtown Miami

If you’re in the market for a luxury condo rental in Downtown Miami then you may want to take a look at the two gems below. Both rentals are stunning and came onto the market earlier this afternoon.

The first is a 4 bedroom/4.5 bath bi-level condo at Marquis Residences. The 57th floor unit has 3,880 square feet of interior with wood flooring throughout and comes fully furnished.  Asking price is $12,000 per month.

Marquis Residences #5706 – 4 bedroom/4.5 bath – $12,000 per month

The second rental is a 3 bedroom + den/4.5 bath penthouse at 900 Biscayne Bay. The unit has 3,493 square feet of interior, marble flooring throughout and an over-sized terrace unique to the 59th floor. The floor plan is pretty spectacular. Asking price is $8,900 per month. The condo is also available for sale at an asking price of $2,099,000.

900 Biscayne Bay #5901 – 3 bedroom + den/4.5 bath – $8,900 per month

Don’t hesitate to contact us if you have an interest in viewing either of the above two rentals.  If these properties aren’t quite what you have in mind, please feel free to use our property search to find a rental that suits your style and needs.

Recent Luxury Condo Sales in Miami

Below are five recent luxury sales that have closed in Miami within the past 30 days.  The unit at 900 Biscayne Bay marks the highest priced condo sale in the building for a non-penthouse unit.

1. Four Seasons Residences 49F – 3 bedroom/3.5 bath (3,795 square feet) – This condo sold for $3,025,000, or $797 per square foot, on February 17, 2011.
2. Four Seasons Residences 46B – 2 bedroom/2.5 bath (2,309 square feet) – This condo sold for $1,500,000, or $650 per square foot, on February 28, 2011.
3. Asia Brickell Key 1002 – 2 bedroom/2.5 bath (1,781 square feet) – This condo sold for $1,200,000, or $674 per square foot, on March 8, 2011.
4. 900 Biscayne Bay 4006 – 3 bedroom/4 bath (2,335 square feet) – This condo sold for $1,100,000, or $471 per square foot, on February 28, 2011.
5. Bristol Tower 2101 – 3 bedroom/3.5 bath (3,065 square feet) – This condo sold for $419 per square foot, on March 11, 2011.

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

Only 40 Developer Units Remain at 900 Biscayne Bay

I was notified earlier today that only 40 developer units remain at 900 Biscayne Bay.  It seems highly likely that 900 Biscayne Bay will be the first luxury condo development in Miami to sell out completely of those constructed during the recent housing boom.  My guess is that the building will sell its last developer unit some time towards the end of April.  The amenities and common areas at 900 Biscayne Bay are second to none which helps to explain why pricing has fared so well despite the downturn in the market.  The building also has strong financials.  I was recently informed that the association has $2M in reserves.  It is rare to find a building in Miami that can boast such stability.  Be sure to check out the video below if you wish to learn more about 900 Biscayne Bay.  Feel free to call us if you have any questions or would like to tour the building.

900 Biscayne Bay Video Tour