2 Bedroom Miami Foreclosure at Blue Condo – $197,000

A 2 bedroom/2.5 bath foreclosure at Blue Condo came onto the market Tuesday afternoon for $197,000.  I had a few moments in between showing appointments yesterday so I decided to stop by to take a look.  The unit has 1,158 square feet of interior, recessed lighting in the living room and both bedrooms, dark hard wood flooring throughout most of the condo and a balcony with a view of Biscayne Bay from the 16th floor.  All of the appliances, however, are missing so they will need to be replaced by the new buyer.  The condo comes with 1 assigned parking space.  The maintenance fee is $850 per month.

As I mentioned in a previous post, Blue Condo is now Fannie Mae approved so financing is available to qualified buyers.  If you have an interest in viewing this condo foreclosure at Blue Condo or have any questions, give me a call at 786-247-6332.

Top 5 Distressed Condo Sales Closed in February 2010

Below, you will find what I believe to be the five best condo deals of the 40  distressed sales that closed in February 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

1. Two Midtown #H1002 – 1 bedroom/1.5 bath (735 square feet) – This unit sold for $100,000, or $136 per square foot, on February 25, 2010.  Foreclosure
2. Cite on the Bay #2404 – 1 bedroom/1 bath (706 square feet) – This unit sold for $110,000, or $156 per square foot, on February 26, 2010.  Short Sale
3. Two Midtown #H1009 – 1 bedroom/1 bath (735 square feet) – This unit sold for $115,000, or $156 per square foot, on February 1, 2010.  Short Sale
4. 1800 Club #1811 – 1 bedroom/1.5 bath (1,095 square feet) – This unit sold for $190,000, or $174 per square foot, on February 25, 2010.  Short Sale
5. Marina Blue #2710 – 1 bedroom/1.5 bath (845 square feet) – This unit sold for $185,000 or $219 per square foot, on February 10, 2010.  Short Sale

Top 5 Distressed Condo Sales Closed in January 2010

Below, you will find what I believe to be the five best condo deals of the 66 distressed sales that closed in January 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

1. Ten Museum Park #1905 – 1 bedroom/1.5 bath (791 square feet) – This unit sold for $137,000, or $173 per square foot, on January 11, 2010.  Short Sale
2. Neo Vertika #PH226 – 1 bedroom/2 bath (1,155 square feet) – This unit sold for $158,000, or $137 per square foot, on January 11, 2010.  Foreclosure
3. Parc Lofts #206 – 2 bedroom/1 bath (1,267 square feet) – This unit sold for $122,000, or $96 per square foot, on January 8, 2010.  Foreclosure
4. The Club at Brickell Bay #1506 – 1 bedroom/1 bath (825 square feet) – This unit sold for $108,000, or $131 per square foot, on January 15, 2010. Foreclosure
5. Solaris at Brickell #806 – 1 bedroom/1 bath (754 square feet) – This unit sold for $120,000 or $159 per square foot, on January 29, 2010.  Foreclosure

Blue Condominium 2 Bedroom Sells For $190K

A 2 bedroom foreclosure condo at Blue Condominium closed earlier this afternoon for $190,000.  This marks the lowest that a 2 bedroom in the building has ever sold.  Unit 1207 has 1,158 square feet of interior space and a view of Biscayne Bay.  It originally went under contract on August 10, 2009 but the closing was delayed for months due to problems that needed to be corrected with the deed.  Currently, there are twenty 2 bedroom short sales at Blue Condominium, two of which are listed for less than $190K.  Hopefully this recent sale will give banks the kick in the butt to start approving some of the short sales in the building.

Top 5 Distressed Condo Sales Closed in December 2009

Below, you will find what I believe to be the five best condo deals of the 59 distressed sales that closed in December 2009 in the MLS located in Brickell, Brickell Key, Downtown Miami, and the Arts District.

1. Uptown Lofts #1005 – 1 bedroom/2 bath (1,280 square feet) – This unit sold for $135,900, or $106 per square foot, on December 4, 2009.  Foreclosure
2. Cite on the Bay #3304 – 1 bedroom/1 bath (797 square feet) – This unit sold for $107,000, or $134 per square foot, on December 16, 2009.  Short Sale
3. Solaris at Brickell #1001 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $182,000, or $159 per square foot, on December 23, 2009.  Short Sale
4. Latitude on the River #2407 – 1 bedroom/1.5 bath (899 square feet) – This unit sold for $148,000, or $165 per square foot, on December 4, 2009. Short Sale
5. 2 Midtown #M0707 – 2 bedroom/2 bath (986 square feet) – This unit sold for $165,000 or $167 per square foot, on December 7, 2009.  Foreclosure

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.

Paramount Bay Penthouse

The long awaited Paramount Bay is now available for purchase.  I had a chance to tour the building last week and take a look at some spectacular penthouse condos.  Paramount Bay is the most technologically advanced residential building in the city of Miami.  It is completely wired with fiber optics for Internet, telephone and cable which are included in the monthly maintenance fees.  Additionally, channels from over 30 countries are available through the digital cable provider.  Each and every unit comes with a P:Link tablet system which allows you to control and monitor lighting, music, window treatments, etc. from anywhere in the world.  Each unit also comes with one assigned parking space plus one complimentary valet space.  Additional spaces are available for purchase.  There are three floors of parking with a total of 600 (correction: 595) spaces available.  All of the condo residences have a private elevator and 10-foot ceilings.  Monthly HOA fees are 55 cents (correction: 65 cents) per square foot which are fixed for the first two years.  The building is expected to be Fannie Mae approved by the end of the month.  I also know a lender who can do stated income/stated asset loans at 60 percent LTV for foreign national clients.

Paramount Bay has a total of 46 floors but the penthouse condos are staggered across the building.  There are a total of 11 penthouse units.  The most appealing aspect about the penthouses at Paramount Bay is the size of the terraces.  They are enormous!  These were made for people who love to entertain outdoors for a large group of people.  Another interesting feature of the penthouses is that they each come with a maid’s quarters that is located outside the unit.

The penthouse in the pictures below has 3,455 square feet of interior and an amazing 3,089 square feet of terrace.

All of the appliances hadn’t yet been installed in the penthouse I saw.  The unit will have 2 Sub-Zero refrigerators, 2 Wolf ovens, 2 microwaves and 1 full height Sub-Zero wine bottle refrigerator.

Every unit in the building has a direct view of Biscayne Bay and the Miami Beach skyline.

The master bedroom

Master bathroom

Air jet Jacuzzi tub

The penthouse master bathroom has a glass-enclosed shower with a rain shower head, handheld shower wand and body jets.

All units in the building have a dual flush toilet.  This is a great eco-friendly feature and will end up saving the HOA money.

Second bedroom also has a direct water view.

Second bathroom

Third bedroom faces west

Full-sized side-by-side washer and dryer

Three shots of the maid’s quarters which is located across the hall from the unit.  It comes equipped with a full bathroom.

The terraces are an entertainer’s dream

The condo docs do not contain covenants against the placement of a hot tub, pool or outdoor kitchen.  In fact, the terraces were poured with 12 inches of reinforced concrete with the purposes of supporting the weight of a pool or hot tub.

Penthouse at 1800 Club Sells for $170 Per Square Foot

The best condo deal that closed in the month of September actually wasn’t a short sale or foreclosure.  Unit 3715 at 1800 Club was a developer unit that sold for $700,000, or $170 per square foot, on September 3, 2009.  The 4 bedroom/4.5 bath penthouse condo has 4,120 square feet of interior and a 2,327 square foot bi-level rooftop terrace with a private Jacuzzi.  Grant it, the penthouse faces southwest and only has partial views of Biscayne Bay, but I think the developer gave this sweet pad away at $170 per square foot.

Top 5 Distressed Condo Sales Closed in September 2009

Below, you will find what I believe to be the five best condo deals of the 53 distressed sales that closed in the month of September in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.  It was tough to decide between the first two for the number one spot but The Mark on Brickell #1608 took it based on location and view.

1. The Mark on Brickell #1608 – 2 bedroom/2 bath (1,140 square feet) – This unit sold for $210,000, or $184 per square foot, on September 18, 2009.  Short Sale
2. Blue Condominium #1701 – 2 bedroom/2.5 bath (1,449 square feet) – This unit sold for $210,000, or $145 per square foot, on September 10, 2009.  Foreclosure
3. Brickell on the River North #3715 – 3 bedroom/2.5 bath (1,512 square feet) – This unit sold for $287,000, or $190 per square foot, on September 4, 2009.  Short Sale
4. Jade Brickell #1201 – 2 bedroom/2.5 bath (1,878 square feet) – This unit sold for $675,000, or $359 per square foot, on September 30, 2009. Foreclosure
5. Marina Blue #2302 – 1 bedroom/1.5 bath (843 square feet) – This unit sold for $190,000 or $225 per square foot, on September 30, 2009.  Short Sale

As a side note, bidding on foreclosures has become extremely competitive.  I noticed that the majority of the condo REOs that closed in September closed at a price that was above the asking price.  This was the case in 19 of the 26 REO listings that closed last month located in the aforementioned neighborhoods of Miami.  It has become more important than ever to know the comparable sales in the neighborhood.  The mentality of automatically going in with a bid 10-15 percent below asking price doesn’t fly anymore.  With season right around the corner, I’m confident that the worst is well behind us.

Onyx on the Bay Note Purchased By Hyperion Onyx Partners, LLC

I learned late last week that Hyperion Onyx Partners, LLC, an affiliate of Hyperion Development Group purchased the note for Onyx on the Bay.  The note was held by the now defunct Corus Bank and was acquired just days before the Chicago-based bank was taken over by the FDIC.  Hyperion Development is the developer behind Marina Blue, one of the few recently constructed condo developments that have been able to close 100 percent of their units. This represents Hyperion Development Group’s first soiree into asset acquisition.  Details of the transaction have yet to be disclosed.

Onyx on the Bay is a 118-unit bayfront condo development located in Edgewater Miami at 665 NE 25 Street.  Condo closings began on July 31, 2007.  It’ll be interesting to see at what price the unsold condos at Onyx on the Bay are priced at if Hyperion Development Group chooses to resell them immediately.  There are currently 11 condos available for sale on the MLS at an average price per square foot of $368.  3 of the 11 condos are short sales.  There are currently zero pending sales and a condo hasn’t closed at Onyx on the Bay in over a year.  My guess is that pricing will need to be at around $175 per square foot in order for the unsold inventory to move.