Unit 301 at 1800 Club came onto the market earlier today and I’m intrigued for a couple of reasons. One, the price. It’s a corner 3 bedroom/3 bath with 2,189 interior square feet. The asking price is $625,000, or $286 per square foot. That’s an amazing price for a 3 bedroom condo with a direct water view in Greater Downtown Miami. The unit is only on the third floor but as you can see in the picture above, the unit clears the trees and still offers an unobstructed view of Biscayne Bay and Margaret Pace Park. Two, this unit has vaulted ceilings which is unique to units 301 and 401 of all the 01 line units. The listing does not include any pictures but mentions that the unit has tiled floors throughout. It’s definitely worth taking a look at if you’re in the market for a well priced 3 bedroom condo.
As an aside, the current owner closed on the unit in December 2007 which is around the time that 1800 Club was completed. This indicates to me that he/she purchased the unit pre-construction. The purchase price was $688,750 for the unit which means that a loss will be taken.
61 Units Re-released at Midtown 2
As some of you may recall, an investment group acquired 539 units at Midtown Miami last October in a bulk transaction. Over 300 of those units are located in the 32-story Midtown 4 tower, 172 units reside in the rental building called Midblock and 61 of those units are located in the 29-story Midtown 2 tower. The investment group recently announced the re-release of the 61 units at Midtown 2 with prices starting at $184,900. Below, you will find the price ranges for the various types of units that are available for sale at Midtown 2. The monthly maintenance fee is 72 cents per square foot. The pricing for units at Midtown 4 is expected to be higher so this will likely be your best opportunity to acquire a unit in one of the towers. Contact us if you would like to schedule an appointment to tour Midtown 2 and/or learn more about the units available for sale. Feel free to download the Midtown 2 fact sheet for an overview of building.
Paramount Bay and Brickell House Hit 60%
I discovered yesterday afternoon that Paramount Bay now has 60% of its total units either sold or under contract. That’s quite an accomplishment seeing that it was only four months ago that sales were launched. The penthouse units at Paramount Bay have all been sold. The next most popular unit has been the 02 line which is a 3 bedroom/3.5 bath condo with 2,353 interior square feet. That’s the largest non-penthouse floor plan at Paramount Bay. Only 3 of those units remain.
For those unfamiliar with the development, Paramount Bay is an all-glass, luxury, waterfront condo development located at 2066 North Bayshore Drive in the Arts District of Miami. The vast majority of the condos at Paramount Bay have a direct water view. A number of great units still remain so don’t hesitate to contact us if you have an interest in touring the building and viewing any current availability that interests you. Paramount Bay is a very high-end, exclusive building and will be a perennial favorite for years to come.
Brickell House, which began accepting pre-construction reservations in October, has 60% of its 374 total units under contract as of last week. The 46-story, luxury condo development will be located at 1300 Brickell Bay Drive across the street from Jade. Sieger Suerez was contracted to serve as the development’s design architect while Yabu Pushelberg and Artefacto will oversee interior design components. To learn more about this pre-construction development, please download the Brickell House brochure or feel free to contact us with any questions that you might have.
These type of success stories demonstrate the current level of demand for new condos in Miami. It’s no wonder that new condo developments are expected to soon be announced.
Resorts World Miami to Put Miami on the Map
Genting and Arquitectonica held a press conference yesterday afternoon to unveil plans for a $3B mixed-use development known as Resorts World Miami. The development will reside on the 13.9-acre Miami Herald land which was purchased for $236M in May of this year. The 10 million square-foot bayfront resort will have a total of 5,200 hotel rooms distributed amongst four hotels, two condominium towers with 1,000 units, more than 50 restaurants and bars and a 250,000 square-foot luxury retail center. The development will also have 750,000 square feet of convention and meeting space, including a 200,000 square-foot ballroom which would be the largest of its kind in the nation. The focal point of the development will be 3.6-acre outdoor lagoon, the equivalent of 12 Olympic-size swimming pools, surrounded by natural sand beaches. The plan also includes space for a casino but Genting first needs the Florida Legislature to approve expanded gaming for that to come to fruition.
Resorts World Miami is estimated to create 15,000 direct and indirect construction jobs as well as 30,000 permanent positions once construction is completed. Development is expected to start as early as Spring 2012 and could be completed as early as Fall 2014.
There’s no doubt that Resorts World Miami will have a huge impact on the city of Miami. “This will put Miami on the map and make it a destination,” said Bernardo Fort-Brescia, co-founder of Arquitectonica, the design team behind Resorts World Miami. I couldn’t agree more with his assessment. The development will allow Miami to compete with the big boys which includes the likes of New York City, Chicago, Los Angeles and Las Vegas. It will turn Miami into a first-rate city almost overnight and have a profound effect on property values as a result. To put everything into perspective, Resorts World Miami is a game changer.
Here’s a video that discusses Resorts World Miami more in-depth:
A lot has been written about Resorts World Miami since the master plan was unveiled. Follow the analysis and commentary from the major local media outlets below.
There is a lot of excitement in the air regarding the Paramount Bay sales launch so I wanted to take a moment to share with everyone the latest information that we have. Sales are expected to begin on or around October 10th. At that time, a total of 60 units, 6 units from each of the 10 lines, are expected to be released. We expect pricing to increase after the initial 60 units are sold. The location of these 60 units has not yet been determined but we have been told that they will be scattered throughout the building with a few on low floors, a few on mid-level floors and a few located on high floors.
In addition to the 60 units, the 11 penthouses at Paramount Bay will be available for sale at that time. 3 of the 11 penthouses have already been reserved and we expect the remaining 8 penthouses to sell quickly. The remaining 8 penthouses range from 5,128 total square feet to 5,941 total square feet with 5 of the 8 having terraces over 1,900 square feet. It’s important to note that these terraces were constructed with 10-inch reinforced concrete which allows for a Jacuzzi, pool or outdoor kitchen to be installed.
Contact us if you have any questions regarding Paramount Bay or if you would like to schedule a tour.
Top 5 Distressed Condo Sales Closed in October 2010
Below, you will find what I believe to be the five best condo deals of the 71 distressed condo sales that closed in October 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. This should give everyone a good idea of the kind of deals that can be obtained in the Miami condo market at this time. Of the 71 distressed condo sales that closed last month, 39 were REOs and 32 were short sales. I feel it’s important to note that 25 of the 39 REOs sold at or above asking price. Time and time again, we try to emphasize to clients that the majority of well priced REOs in condominium buildings of interest will receive multiple offers and sell at or above asking price. It may be difficult to believe but bidding for condo foreclosures in Miami is very competitive. For example, unit 1601 at Solaris at Brickell was a foreclosure that we discussed on one of our video shows in August. The condo was listed for $168,300. At that price, we felt that the condo was grossly under priced. Last month, the condo closed for $230,000, or about 37% above asking price. It’s important to recognize good value when it becomes available and to have the ability to act quickly. As a side note, in the example above, our recommendation at the time to potential buyers was to bid up to $200,000.
Solaris at Brickell #1204 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $165,100, or $144 per square foot, on October 21, 2010. REO
Brickell on the River North Tower #3417 – 2 bedroom/2 bath (1,157 square feet) – This unit sold for $215,000, or $186 per square foot, on October 1, 2010. Foreclosure
Blue Condominium #2004 – 2 bedroom/2.5 bath (1,158 square feet) – This unit sold for $180,000, or $155 per square foot, on October 8, 2010. Foreclosure
Neo Vertika #2519 – 2 bedroom/2 bath (1,113 square feet) – This unit sold for $159,000, or $143 per square foot, on October 4, 2010. Short Sale
Cite on the Bay #119 – 2 bedroom/1.5 bath (980 square feet) – This unit sold for $136,000 or $139 per square foot, on October 20, 2010. Short Sale
Parc Lofts Foreclosure – $132,000
A 1,169 square foot foreclosure hit the market yesterday at Parc Lofts. The bi-level loft has 20-foot ceilings, concrete floors and exposed piping and ductwork. The unit comes equipped with stainless steel appliances, a stackable washer/dryer, one assigned parking space and a balcony. The asking price is $132,000, or $113 per square foot. The area immediately surrounding Parc Lofts is far from appealing but the unique spaces have drawn the keen interest of artists, photographers, videographers and video editors. The spaces at Parc Lofts are unlike anything you’ll find in Miami and many would say are the only true lofts in town.
For those investors looking to crunch the numbers, the HOA fee is $657 per month. Taxes are approximately 2 percent of the assessed value. I would use $250 per month as an estimate. The unit would rent for $1700 per month. Conservatively, $1600 per month which comes out to a 6.3 percent cap rate. Try finding that elsewhere in Miami. Contact us at 305-428-3860 if you would like more information about this foreclosure at Parc Lofts or if you would like to schedule an appointment to view it.
Four Great Condo Foreclosure Deals on the Market Now
In this video segment, we highlight four condo foreclosure deals that are available at this time. These condos reside at 900 Biscayne Bay, Blue Condominium, The Club at Brickell Bay and Icon South Beach. Give us a call at 305-428-3860 if you would like to learn more about these opportunities or other foreclosure deals now on the market.
Miami Welcomes Times Square – City Approves Electronic Billboards With 5-0 Vote
Looks like Miami will continue to be the “Bright Lights, Big City” of the South. The Miami City Commission, earlier today, approved a change in a zoning ordinance which would allow developer Marc Siffin to erect a pair of electronic billboards atop an eight-story parking garage next to the Adrienne Arsht Center which is located in the Arts + Entertainment District of Miami. According to the Miami Herald’s report, Siffin will pay an annual permitting fee of $2.2M to the city and has agreed to contribute $8M toward the construction of Museum Park as part of a concession package.
Miami Real Estate Review – Episode 7
In this episode, we provide an update regarding the developer blowout sale at The Plaza on Brickell that started last Thursday. We also touch upon pricing at Icon Brickell and discuss news regarding Marquis. We end the show by highlighting four noteworthy foreclosures that came onto the market since last Friday.
