Neo Vertika 2 Bedroom + Den on the 29th Floor – $303,000
Two Mondays ago I reported that a 2 bedroom + den loft at Neo Vertika went up for auction. The auction had a dismal turnout and the highest bid was quickly rejected by the bank.
Since that time I have submitted two offers to the bank. The bank has recently stated that they would accept an offer of $303,000 if the closing can happen by September 20, 2007. They want absolutely no contingencies, such as financing or inspections. The unit has never been lived in and comes “decorator-ready”.
The loft faces south and has views of the bay and overlooks the swimming pool. The unit is on the 29th and 30th floors and has 1,255 square feet of interior space as well as a large balcony off the main floor. It has 20-foot ceilings and comes with the upgraded stainless-steel appliance package.
The lowest that a 2 bedroom at Neo Vertika of this size has sold for in 2007 is $400,000. If you, or anyone you know, would like to make an offer then please contact me. A pre-approval letter must accompany the offer.
Now That’s What I Call a View – Penthouse Condo at Santa Maria
Scanning through MLS listings a few weeks ago I came across an extraordinary condo for sale at Santa Maria. It is a 5 bedroom/6.5 bath condo with an amazing 6,300 square feet of interior space and a total of 3,250 square feet of terrace space. The views from this penthouse are breathtaking, to say the least. In my opinion, this is the best luxury condo currently available for sale of all Brickell condos. The price tag on this baby is a cool $5.6M.
The following description accompanies the listing:
Eclectic sophistication at Santa Maria. Unsurpassed panoramic views from the downtown skyline to Key Biscayne & the Atlantic Ocean. This luxurious 6,300 SF private penthouse boasts the largest curving terraces: 3,250 SF total. The 5BD, 6.5 Bath split floor plan affords maximum privacy for family living. Floor to ceiling glass walls, marble floors. Motorized window treatments & lighting, plasma TVs & surround sound, custom built-in bar with 2 wine coolers. A lavish master suite with his & her baths, walk-in closets & office. Secondary bedrooms with Ensuite marble baths & walk-in closets. Fully equipped kitchen with Snaidero cabinets and 3 parking spaces.
Click here to view the listing information and other pictures of this 5 bedroom/6.5 bath Penthouse condo at Santa Maria.
The Fate of Prices at Vue at Brickell and The Club at Brickell Bay
For months I’ve been writing about the rampant mortgage fraud that has occurred in certain buildings located in Brickell such as Vue at Brickell and The Club at Brickell Bay.
The August Brickell Condo Index revealed that over the last six months Vue at Brickell had closed sales with an average price per square foot of $522.37 while The Club at Brickell Bay sold at an average price per square foot of $723.35. Both averages have been inflated as a result of the mortgage fraud that has occurred in these two buildings. Both figures seem outrageous to me since both are non-waterfront buildings and, by most, would not be considered top buildings in Brickell.
It is inevitable that in upcoming months both figures will come down drastically. Both have a lot of short-sale and foreclosure units that are currently listed. For example, Vue at Brickell currently has 8 condos that are marked as either short-sale or foreclosures. The Club at Brickell Bay currently has only three but I suspect that many more will arise in upcoming months.
One bank-owned property at Vue at Brickell is listed at $325 per square foot while another is listed at $343 per square foot. These represent an almost $200 per square foot reduction compared to what has sold at Vue at Brickell over the last six months. That is a difference of over 35 percent. Keep in mind also that these are the list prices. They will ultimately sell for less. These transactions will bring the averages down to a more realistic figure. Anyone who purchased a condo in Vue at Brickell about a year ago won’t be able to refinance for many, many years. This will lead to more foreclosures which will bring down the average even more.
The best price per square foot currently offered of the foreclosure or short-sale units at The Club at Brickell Bay is $471. That is a difference of $252 per square foot when compared to what has sold in the past six months, or a little over 34 percent. I feel that there is a lot more room for this figure to drop. There are just too many other brand new non-waterfront units that will be coming onto the market in Brickell within the next 12 months that offer much better prices than those offered by some of the existing Brickell condo buildings that were riddled with mortgage fraud.
My prediction is that a year from now Vue at Brickell will have an average price per square foot of around $325 for units sold over the preceding six months while this figure for The Club at Brickell Bay will be around $375. Of course, this is just an average, so some will sell for less while some will sell for more. I don’t think this will be the bottom though for condos at The Club at Brickell Bay. They will likely plateau around $350 per square foot. The latest foreclosure and short-sale listings shed new light as to the fate of prices at Vue at Brickell and The Club at Brickell Bay.
I feel that other non-waterfront condo developments in Brickell are in jeopardy as well. A lot of people are talking about the thousands of new units that will be coming onto the market in Brickell within the next couple of years but many fail to mention that only two, Epic and Icon Brickell, are bayfront. The rest are either riverfront or non-waterfront buildings. The bayfront buildings will have a slight downward adjustment in prices but will fare well overall. Once those two developments are completed there will only be one bayfront parcel of land left for development.
One Miami – 2 Bedroom/2 Bath Short-Sale Listed at $329,900
I just noticed a 2 bedroom/2 bath short-sale at One Miami that is priced at $329,900, or $282 per square foot. My August Brickell Condo Index revealed that condos at One Miami have sold for an average price per square foot of $450.94 over the past six months. A 2/2 located directly three floors above the short-sale unit sold for $489,500 on April 26, 2007.
I highly doubt, however, that the bank will accept an offer even close to the $329,900 list price. They definitely won’t pay the 4 percent commission that the listing is advertising. I spoke with the listing agent to find out if the list price is close to what the bank is owed. He said no, the bank is owed much, much more. It is probably a waste of time but it will be interesting to see at what price it ends up selling. Some banks are ready to play ball and some still aren’t. My guess is that it will end up being repossessed by the bank.
Villa Regina Auction – A Much Better Result
The Villa Regina auction that I attended this afternoon had a much better turn out and active bidders than the Neo Vertika auction I attended yesterday morning.
Villa Regina is a very well known building residing on the southern end of Brickell Avenue. It was built in 1982 and recently had a special assessment to update the common areas and the marina behind the building. Much of the work recently started and should be completed in upcoming months. The modernization project will also restore the impeccable reputation that Villa Regina once had.
Villa Regina is well known for its spacious floor plans. The 2 bedroom/2 bath unit up for auction today has 1,895 square feet of living space and a large terrace. The condo also has a nice bay view from within the unit and the terrace. I posted the pictures here a few weeks ago. As you can see from the pictures, the condo is in need of about $100,000 to $120,000 worth of work to make it into an A+ unit. The condo can easily be converted into a 3 bedroom.
The bidding started at $100,000. I attended the auction with a client who was looking to fix it up and sell it one to two years down the road. The bidding quickly jumped to $200,000 and then $300,000. $400,000 was called out but no takers. Then $350,000 was called out and quickly taken. We were out once that bid was made. It slowly proceeded north from there.
The winning bid was $385,000. The guy got a great deal, in my opinion. A highly upgraded unit six floors higher is currently listed at $699,900. That condo will probably sell for around $620,000 to $650,000.
My client and I were both hoping for a turn out much closer to yesterday’s auction for the condo at Neo Vertika. But as my client said, “Brickell Avenue is Brickell Avenue, living on it has much value”. I couldn’t agree with her more.
Neo Vertika Auction – Going, Going…Not Gone?
A few weeks ago I mentioned that a 2 bedroom + den/2 bath unit at Neo Vertika would be auctioned on August 20, 2007. I attended the auction this morning.
A single family home in Palmetto Bay was auctioned first and about 5-6 people participated in that auction. There were probably about 35-45 people in the room but most were spectators. The highest bid for the Palmetto Bay house was $476,000. After that auction was over, the room pretty much cleared out.
Only 2 people participated in the Neo Vertika auction. It seemed as though they were unfamiliar with Neo Vertika but participated for a few rounds simply because no one else was bidding. I think it was a bad idea to have the auction in Palmetto Bay. The highest bid came in at $135,000.
Before everyone gets excited, let me tell you that it is almost certain that the bank will reject that bid. I spoke with the auctioneer afterwards and he told me that it is very, very likely that it will get rejected. He said that the bank is looking for something in the $300K’s.
The unit at Neo Vertika is a 2 bedroom + den/2 bath with 1,255 square feet of interior space and a balcony that spans the length of the unit. It has 20-foot ceilings with floor-to-ceiling windows. The unit is on the 29th and 30th floors, faces south with views of Biscayne Bay and comes “decorator-ready”. Neo Vertika was completed in August of last year.
It isn’t too late to grab this 2 bedroom condo at Neo Vertika. Give me a call if you’re interested in acquiring it.
Latitude on the River – Picture Tour of the Common Areas and a 2 Bedroom/2.5 Bath Condo
Last Monday I visited Latitude on the River with two sets of clients. The picture slideshow below will show everybody what we saw during our tour of Latitude on the River. You will also see some pictures of a 2 bedroom/2.5 bath condo on the 36th floor that we visited.
Everyone was very impressed with the lobby at Latitude on the River. In fact, all of the common areas were impressive, especially given the price point of the building.
Latitude on the River offers a lot of amenities for residents to enjoy. I have a feeling that Latitude on the River is going to be a very social building.
Anyone else get a chance to visit the building yet? If so, I’d love to hear what you thought. For those of you who haven’t, any comments on the pictures?
Miami Condo Index – Brickell – August 2007
I just finished compiling the data for this month’s Miami Condo Index for Brickell. Last month I revealed that the 18 buildings below had a total of nine closed sales from June 19, 2007 to July 18, 2007. That number surprised myself and many others who follow the real estate market in Brickell. Be prepared to be surprised some more because this figure has dropped. There were a total of eight closed sales from July 19, 2007 to August 18, 2007 in the 18 condo buildings below throughout Brickell. Eight!
Of the eight closed sales, one appears to be yet another fraudulent transaction. A one bedroom/one bath condo with 825 square feet sold for $625,000, or $758 per square foot, on August 3, 2007 at The Club at Brickell Bay. It doesn’t even have a direct water view! The same broker represented the seller and buyer in the transaction. What is really crazy is that a different brokerage had the condo listed for $425,000 in May. It was later canceled and relisted with the broker who sold it for $625,000.
If you think that transaction has the word “fraud” written all over it then take a look at the one bedroom/one bath condo that closed on May 18, 2007 at The Club at Brickell Bay. It too had 825 square feet of interior space and a view of the water from the balcony. The buyer of that unit paid the full asking price of $680,000, or $824.24. The Club at Brickell Bay now has the highest price per square foot of condos sold in the past six months of the 18 buildings included in the index because of these fraudulent transactions. When is somebody going to step in and do something about this? Supposedly the Miami Herald and the FBI are investigating the situation but I’ve been hearing those rumors for months. What is taking so long?
The average price per square foot of condos listed in the 18 Brickell buildings covered in the index went up slightly to $529.05. Last month this figure was $528.84. The weight-adjusted average, however, went down to $537.67 from last month’s weight-adjusted average of $540.17.
Average price per square foot of units currently listed on the MLS:
The average price per square foot of condos sold over the past 6 months actually went down slightly to $471.94 from June’s average of $473.95 despite the fraudulent transaction at The Club at Brickell Bay. Take note that The Club at Brickell Bay now has an average price per square foot of $720.15 for condos sold over the past six months. That is simply ridiculous. This average is based on the three transactions that have occurred at The Club at Brickell Bay over the past six months, two of which appear to be fraudulent. A little over 20 percent of the building is available for sale but nothing is moving. Hmmm…maybe it’s because the list prices there don’t make any f@&#ing sense!!!
Average price per square foot of units sold in the past 6 months:
Atlantis – 2025 Brickell Ave | 33129 | $335.12
Brickell on the River – 31 SE 5 St | 33131 | $409.44
Solaris at Brickell – 186 SE 12 Ter | 33131 | 14.30%
The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | -11.98%
The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | 4.41%
The Palace – 1541 Brickell Ave | 33129 | 3.39%
Villa Regina – 1581 Brickell Ave | 33129 | 36.73%
Vue at Brickell – 1250 S Miami Ave | 33131 | 2.85%
I noticed that a handful of fraudulent transactions will be falling off next month so I’m expecting the average price per square foot of condos sold over the past six months to go down in September. That is, however, assuming that other fraudulent transactions don’t appear in the next 30 days to take their place. We shall see.
Latitude on the River – 2 Bedroom/2.5 Bath Condo on 42nd Floor – $407,000
Here’s a great opportunity two own a spacious 2 bedroom condo at Latitude on the River on a very high floor. This 2 bedroom/2.5 bath is located one floor below the lower-Penthouse level and is located on the southeast corner of the building. You will have fabulous views of Biscayne Bay to the south. The following picture was taken from inside the unit in question.
The condo has 1,300 square feet of interior space and a 128 square foot balcony. The image below is the floor plan of the condo available for sale at Latitude on the River. It is a B12 unit.
The view in south facing units will be much better than the north facing units as long as they clear the Latitude One office building. The Latitude One office building is only 22 stories so this B12 unit on the 42nd floor will easily clear the top of Latitude One. Not only that, but it will also clear Neo Vertika to the east to offer fantastic views of Biscayne Bay and South Beach from the living room.
The price per square foot works out to be $368. The July Brickell Condo Index revealed that units sold over the last six months at Neo Vertika, which is a one-year old building right next to Latitude on the River, had an average price per square foot of $375.53. Here’s your opportunity to grab one of the best 2 bedroom units in a brand new building at a great price. The contract holder is set to close in approximately five weeks. She can assign the contract so a simultaneous closing won’t be necessary.
Update: The following slideshow will show you some pictures of the common areas at Latitude on the River. There are also some pictures of a 2 bedroom/2.5 bath condo on the 36th floor.
