Imperial at Brickell Penthouse Reduced to $238 Per Square Foot
Earlier this week, the 5,034 square foot 5 bedroom penthouse at Imperial at Brickell that we featured this past May was reduced from $1,490,000 to $1,199,999, or $238 per square foot. The unit has an amazing 4,000 square foot terrace with direct views of Biscayne Bay and Key Biscayne. Take a look at the video below for a tour of the Imperial at Brickell penthouse. Call us at 305-428-3860 or email us at [email protected] to schedule a showing.
Unrestricted Free Agent, Carlos Boozer, Sells Coconut Grove Mansion for $5.5M
Tuesday afternoon, The Los Angeles Times reported that Carlos Boozer, the unrestricted free agent of the Utah Jazz, recently sold his Coconut Grove mansion for $5.5M. The home was purchased by him and his wife, CeCe, for $7.3M in 2007. The 7,002 square foot Mediterranean-style estate has 5 bedrooms, 5 full baths, 2 half baths and a 3-car garage. Despite the recent sale, there is still speculation that Boozer will sign with the Miami Heat this off-season. Carlos Boozer had also been the former owner of a 25th floor condo at Jade Brickell which he sold for $1,385,000 in 2006.
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.
Developer Blowout at The Plaza on Brickell
In this video segment, we discuss the developer blowout sale at The Plaza on Brickell that was announced Thursday afternoon. I received word just 24 hours later that 16 units had already been placed under contract. This is now the best deal in Brickell but availability won’t last long. Later in the video, we also discuss the uptick in luxury condo sales in 2010. We end the show with a picture slideshow of Penthouse A at Apogee South Beach which came onto the market last month with an asking price of $16M.
$12.9M Penthouse Foreclosure at Santa Maria Hits the Market
Earlier this afternoon, a penthouse foreclosure at Santa Maria came onto the market with an asking price of $12.9M. It’s a two story condo with 10,000 square feet of interior and has a rooftop terrace with a large hot tub.
Update: As I was writing this blog post, I received word that the penthouse has already gone under contract. Word is that the accepted offer price was $11M. Geez, that was fast!
Price Increases Seen in the Sub-$250K Market
This video introduces a 1 bedroom/1 bath foreclosure condo at Brickell on the River North which came onto the market yesterday. It’s located on the 24th floor and faces west with a direct view of the Miami River. The asking price is $128,700, or $170 per square foot.
The video also explains why we’ve been seeing prices rebound in the sub-$250K segment of the market. Demand has increased due to the availability of financing in 2010 which had been pretty much nonexistent throughout 2009. Each month we continue to see more and more buildings become Fannie Mae approved throughout Miami. The common element in most of these newly approved buildings is that condos in the sub-$250K market are well represented. Furthermore, supply has decreased as evidenced by recent market reports showing large percentage increases in year-over-year closed sales as well as pending sales. Arguments which point to remaining and future developer inventory hold very little water in this segment of the market. Buildings such as 900 Biscayne Bay, Paramount Bay, Mint, Infinity at Brickell, Marquis and Icon Brickell have very little, if any, inventory in that price range.
Carlos Justo the Previous Owner of the 5 Bedroom Penthouse Foreclosure
Carlos Justo was the previous owner of the 5 bedroom penthouse foreclosure at Imperial at Brickell that was recently showcased on this website. In today’s video show, we feature an Associated Press interview that was filmed in that very penthouse.
5 Bedroom Penthouse Foreclosure at Imperial at Brickell
Yesterday afternoon, I had the pleasure of viewing a bank owned 5 bedroom penthouse at Imperial at Brickell. The two-story condo has 5,034 square feet of interior and is the only residence located on the penthouse level. Furthermore, the terrace is one of the largest that I’ve seen for a Brickell Avenue condo and has an amazing, direct view of Biscayne Bay, Key Biscayne and the South Beach skyline. It truly is an entertainer’s dream.
A few days ago, the list price was reduced $300,000 to its current asking price of $1.49M, or $296 per square foot. The unit needs to be renovated considerably. In fact, if it were me, I would gut the entire condo and start from scratch. The condo is perfect for someone who is creative and has the vision to transform this space into one of the most spectacular residences along Brickell Avenue.
Without a doubt, this is a rare opportunity at a great price. Contact us at 305-428-3860 if you have any questions regarding this 5 bedroom penthouse or would like to schedule a personal showing.
Imperial at Brickell was completed in 1983 and is located at 1627 Brickell Avenue.
Icon Brickell Developer Agrees to "Friendly Foreclosure"
Yesterday, The Related Group and its lenders agreed to a “friendly foreclosure” for Towers 1 and 2 of Icon Brickell. This video provides our commentary as well as the details pertaining to the agreement.
