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.
- 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
- 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
- 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
- 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
- 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.
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
Top 5 Distressed Condo Sales Closed in May 2009
Below, you will find what I believe to be the five best condo deals of the 46 distressed sales that closed in the month of May in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. I think the distressed condos that closed in the month of May were better deals than what we have seen in previous months.
- Jade Brickell – unit 1002 – 2 bedroom/2 bath (1,529 square feet) – This unit sold for $375,000, or $245 per square foot, on May 15, 2009. Short Sale
- Courts Brickell Key – unit 1909 – 3 bedroom/3 bath (1,488 square feet) – This unit sold for $350,000, or $235 per square foot, on May 20, 2009. Short Sale
- Skyline on Brickell – unit 306 – 2 bedroom/2 bath (1,367 square feet) – This unit sold for $349,000, or $255 per square foot, on May 8, 2009. Foreclosure
- Skyline on Brickell – unit 1512 – 2 bedroom/2 bath (1,367 square feet) – This unit sold for $305,000, or $223 per square foot, on May 18, 2009. Short Sale
- One Miami – unit 3916 – 1 bedroom/1 bath (846 square feet) – This unit sold for $150,000 or $177 per square foot, on May 27, 2009. Foreclosure
Runner-ups:
- The Mark on Brickell – unit 1001 – 2 bedroom/2 bath (1,200 square feet) – This unit sold for $205,000, or $171 per square foot, on May 22, 2009. Foreclosure
- 1800 Biscayne Plaza – unit 203 – 2 bedroom/2 bath (1,057 square feet) – This unit sold for $120,000, or $114 per square foot, on May 01, 2009. Short Sale
- Cite on the Bay – unit 2213 – 1 bedroom/1 bath (795 square feet) – This unit sold for $100,000, or $126 per square foot, on May 13, 2009. Foreclosure
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.
Coming Soon – Bayview Market in the Arts District of Miami
Earlier this week, the Miami Today News reported that construction is scheduled to begin on Bayview Market in the first quarter of 2010. The commercial development will consist of up to 535,000 square feet of retail and office space and cost approximately $200M. The 7.35 acre site will be located in the Arts District of Miami on the corner of NE 17 Street and NE Second Avenue and will include big-box retailers and a supermarket.
Bayview Market has been a highly anticipated commercial development in Miami and will be a great boon for the Arts District as well as Downtown. Both neighborhoods currently lack quality retailers and a nice supermarket. Lowe’s, the home improvement store, will act as one of the anchor stores at Bayview Market. It is estimated that the development should take about 18 months to complete.
New & Improved South Florida MLS Property Search for Condos
Many of you have already noticed that a much improved Miami condos search has now taken the place of the old property search. New search parameters have been added to allow your search experience to be more powerful and effective. For example, you can now search by year built, number of parking spaces and distressed sales (foreclosures and short sales), as well as many other parameters. Additionally, you can now draw a shape onto the map to restrict the search to condos located within that shape. For example, in the picture above, I drew a shape around Brickell Key to restrict the search to only condos located in Brickell Key. Enjoy!
