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!
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 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.
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.
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.
For those of you not familiar with Atlantis on Brickell, I’ve included a video tour below of the amenities and common areas. Atlantis on Brickell was completed in 1982 and is well recognized for its colorful and unique architecture. This iconic building is well remembered as being featured in the opening credits of the 1980s hit TV show, Miami Vice. The steps to the entrance of the lobby of Atlantis on Brickell was also featured in the 1980s cult classic Scarface. Welcome to Atlantis on Brickell:
A 3 bedroom/3 bath condo foreclosure at Atlantis on Brickell came onto the market last Thursday. It’s an 01 floor plan with 2,149 square feet of interior and a direct view of Biscayne Bay. The condo came onto the market at an initial list price of $544,500, or $253 per square foot. I visited the unit last Friday and had a chance to take several pictures. This is only one of two 01 units that are currently on the market at Atlantis on Brickell. The other, unit 1401, is listed for $599,000 and is located two floors lower than the one in the pictures below. Contact me at 305-428-3860 if you have an interest in viewing this 3 bedroom foreclosure at Atlantis on Brickell in person.
Maintenance fees are $1198 per month.
Living Room
Kitchen
Master Bedroom
Master Bathroom
Second Bedroom
Second Bathroom
Third Bedroom
Third Bathroom
Laundry Room
Atlantis on Brickell was completed in 1982 and is considered a landmark building located at 2025 Brickell Avenue, Miami, FL 33129.
I was notified earlier this week that The Mark on Brickell was granted the Special Approval Designation by Fannie Mae. This news hasn’t been disclosed on the Fannie Mae website yet but the information has been confirmed. It should appear on the site this upcoming Monday when their next update is released. It will now be possible for qualified buyers to obtain a conventional loan for condos at The Mark on Brickell.
The Mark on Brickell recently completed the installation of a seawall between the building and the bay that cost nearly $500,000. This expense, however, is expected to save the association hundreds of thousands of dollars in insurance every year.
Currently, inventory at The Mark on Brickell is rather light. The 22 listings for sale in the MLS represent just slightly over 6 percent of the total number of units in the building. 11 total units have closed at The Mark on Brickell within the past six months. Furthermore, there are currently 10 pending sales in the MLS. These sales figures should only get better now that the building is Fannie Mae approved. For those who are curious, there are currently just 10 units available for rent at The Mark on Brickell in the MLS. That represents slightly less than 3 percent of the total number of units in the building.
I plan to release overall inventory figures for Miami-Dade County next week. I fully expect the data to show a significant improvement since the last time I provided an update in July 2009.
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.
