Congress Unanimously Agrees To Make FHA Financing Easier For Condo Buyers
In a rare moment of solidarity, Congress unanimously agreed to pass the proposed changes to the FHA approval guidelines for condo purchases, opening the way for middle-income buyers to participate in the condo market once more.
Over recent years, the FHA has imposed nearly impossible guidelines for condo purchases that have left a large segment of buyers out of the market, particularly first time homebuyers. The problem has been that in order to secure an FHA loan for a property, the buyers must qualify (relatively easy), AND the building must qualify (almost impossible). The approval process was expensive and the costs were not refunded in the event that the project was rejected. The approvals had to be renewed every couple of years as well. Most condo associations opted to forego the application and just not have FHA as an option for purchasers in the building. With the new guidelines, the projects no longer need to go through the approval process. Buyers can now apply for a spot-approval on individual units and the owner-occupant vs investor ratios have been lowered. Bravo!
This is going to be a big help for actual residents of the Downtown Miami area who are ready to buy a condo, but maybe don’t have the 20%-35% down payment that is currently required to buy a property. You can read more about the new guidelines here.
5 Most Expensive Rentals In The Downtown Miami Area
MLS Photo 900 Biscayne 6301
Lots of us are suckers for browsing fancy properties online and Miami is known for our flashy pads. Here is a list of the top 5 most expensive rental properties in the Downtown Miami area.
Four Seasons 48E – $22,500/month
Throughout the last building booms in Brickell, the Four Seasons has retained its stature as one of the best ultra-luxury properties in the neighborhood. People are familiar with the name and the level of service. For $22,500 per month, you can call this 3,357 square foot residence home. It has 4 bedrooms, 4 baths and tremendous east-facing bay views that include South Beach, Fisher Island, the Port of Miami and Key Biscayne. The listing photos don’t do this apartment justice, so here is a photo of the view.
MLS Photo Four Seasons Brickell 48E
Paramount Bay 4502 – $19,900/month
You can actually be the first to live in this full-floor residence at Paramount Bay. It has 4,437 square feet of walls of glass and 360 degree views. There are 4 bedrooms and 4 bathrooms, multiple balconies, a view from your bathtub, a hidden kitchen and all top-of-the-line fixtures that are detailed out in the listing photos.
MLS Photo Paramount Bay 4502
Four Seasons 56CD – $19,850/month
Skipping back over to Brickell, we have another option at the Four Seasons. Just like apartment 48E, this apartment comes fully furnished and designer decorated. This one is a combination of two west-facing apartments, so offers view of all of Brickell and westward into the Everglades. At night, the twinkling lights are amazing. The apartment is 3,253 square feet and has 3 bedrooms and 3 bathrooms. You can check out the photos here.
MLS Photo Four Seasons Brickell 56CD
900 Biscayne Bay 6301 – $16,000/month
Now we’ll head back over to Park West and visit THE apartment to have if you’re into backlit onyx. Probably the most photogenic of the bunch, 900 Biscayne Bay 6301 offers 3,199 square feet indoors and a 1,500 square foot terrace. The custom backlit onyx stretches throughout the apartment, giving it a completely different feel at night versus the daytime look. You have to check the listing photos to see for yourself. It may not be everybody’s taste, but you can’t deny that it is fun to look at. It’s like a family home that transforms into a private nightclub when the sun goes down. Interesting. Very Miami.
MLS Photo 900 Biscayne 6301
Santa Maria 1202 – $15,000/month
Back in Brickell again, we will round out the list at Ugo Colombo’s 1996 stunner, Santa Maria. Possibly the most secure of all of the buildings, there are very few clues that this property is 20 years old. Unit 1202 has 3,170 square feet and 3 bedrooms, 4.5 bathrooms with wraparound terraces and views of both the Biscayne Bay and Brickell. This unit is furnished by Artefacto and I would say the most tasteful of the bunch. Because the building is as secure as a fortress, you will have a treat in the listing photos. There are some shots of the amenities that are not typically seen.
MLS Photo Santa Maria 1202
What do you think of the list? Were there any buildings that you were surprised to not see? Do you like the apartments? Let us know, we love hearing feedback!
Throwback Thursday: Brickell’s Santander Tower
Welcome to TBT! Throwback Thursday, a time when we can pay our respects to what once was (or could have been). For today, let’s pay homage to the Santander Tower.
This was originally proposed to be located at 1401 Brickell Avenue, where the smaller Santander office building still stands today. It was slated for completion in 2018 but never got off the ground after being cancelled several years back during Spain’s economic crisis. If built, it would have stood 843 ft and had 52 stories of offices and retail on the ground level.
Do you think this would have been a welcome addition to our skyline?
On a side note, if you’re ever curious about the status of proposed or rumored towers, feel free to reach out! We keep track of the status of all of the projects, whether approved or not.
Brickell Homeowners Association Proposes Upgrades To 1814 Brickell Park
Five years ago, residents of Brickell were overjoyed at the addition of a new park designed by Enea Garden Design at 1814 Brickell Avenue. At the time, it was envisioned that the park would be frequented by “businesswomen in high heels” and “workers relaxing from the business district”. Now that the park has been open for awhile, it is evident that they missed the demographic big time. The businesswomen and businessmen that were envisioned are instead young children with their mothers or nannies an nowhere to play.
Currently, the park has some picnic tables outside of the gated area and beautiful yet non-functional landscaping. The playscape is great for big kids and there is a dog park area. The dog park is really just a fenced in area with a bench, and I rarely see anyone there. Tibor Hollo donated a sculpture that was formed from beams from the 9/11 terrorist attacks and there is a CitiBike station.
As of now, the only parks for little kids nearby are Brickell Key Park and Alice Wainwright Park. Both are very nice, but not necessarily walking-distance for those living in the Brickell condos. Considering that we’re one of the densest neighborhoods in America and Brickell residents make up 2/3 of Miami’s tax base, there really aren’t enough play areas for our little ones. In order to accommodate the 0-7 year old crowd, a few changes will need to be made such as:
– Remove the large landscaping and add better lighting for security purposes.
– Add a playscape suitable for smaller children. Ideally a slide and swings at the very least.
– Move the picnic tables into the gated playscape area so that the moms and nannies can watch over their children as they play.
– Install sunshades over the playground to protect the equipment and children from the sun.
A petition has been started on Change.org and needs just 135 more signature. I signed it here, will you?
1814 Brickell Park – Proposed Changes on Scribd
Brickell Is The Best Neighborhood To Be In During a Hurricane. Here’s why. (UPDATED)
It’s been a long time, my friends. The last notable storm that hit South Florida was back in 2005, when Brickell was simply a banking center that emptied out at 6pm. Today, as we all sit in anticipation of Hurricane Matthew’s path, something occurred to me. I sure am glad that I live in Brickell. As far as safety and discomfort from a storm is concerned, I feel that Brickellians (or Brickellites) sure have it easy relative to other areas of South Florida.
We don’t have to worry about storm shutters.
Most of the residential buildings in the Brickell area were constructed with hurricane impact glass, so we don’t have to worry about the hassle of putting up our shutters. Sure, we have to clean off our balconies, but we dodge the issue of who is responsible for installing the shutters and sitting in the dark, should we decide to weather the storm at home.
Our cars are stowed away safely in the garage.
Since the parking garages in Brickell are typically in the pedestal of the building, our cars are safely parked in their spots. There is no need to worry about them blowing away or a tree falling on top of them. Also, because they are typically 2-12 floors above ground, your risk of losing your car to flood is relatively low.
We have 3 Publix locations.
Ok, so one of the locations is on the west end of West Brickell, but practically anywhere you live in the neighborhood, there is a Publix that is close enough to scurry into between swells in case you forgot something or need more beer and wine.
If you’re afraid to run to Publix, you could order from any of the countless delivery services. Sure, they may stop delivering during the storm itself, but service will be restored quickly and we can be back to our convenient living.
We will be first on the list when it comes to having power restored.
Speaking of getting back to convenient living, Brickell is one of the most populous neighborhoods in America. According to the Downtown Development Authority’s recent demographics report, there are an estimated 35,000 people living in our little neighborhood that is just over 1 square mile. We are also one of the biggest banking hubs in the nation. Because of this, the FPL regards Brickell as an important neighborhood to keep running. We are the first to receive power restoration after the hospitals. Other neighborhoods that are on the ‘high priority’ list are South Beach along Collins and Downtown Miami.
Several of our favorite go-to restaurants and bars will remain open.
Our friend and contact over at Swire, Jami Reyes, reminded me yesterday that Perricone’s is always open during storms. I also saw that The New Times has a handy list of eateries and bars that we can rely on in case we didn’t properly prepare. Here are the Brickell locations:
– Batch Gastropub: Batch is on SW 12th Street, just under the Hampton Inn. They have a full bar and amazing food (even though I still wish they would bring back their roasted peppers. Looking at you, Kevin). They also make their own Fireball, so there’s that.
– Blackbird Ordinary: This is on SW 1st Street just north of Mary Brickell Village. They have some pretty amazing craft cocktails and Jenga.
– Coyo Taco: Our local Coyo Taco is under Axis on SW 1st Street. I don’t think I really need to say more. It’s not Taco Tuesday, but it’s always time for Coyo Taco.
– PM Fish and Steakhouse: In case you’re feeling sophisticated, you can go to PM Steakhouse on 15th and South Miami Avenue for a fine cut of beef or a lobster tail.
– Perricone’s: This is a Brickell staple since forever. Perricone’s is on 10th Street, just north of Mary Brickell Village. Typically viewed as a romantic date spot and also a solid choice for a business lunch, they also have a generator and roll it out for storm days.
– Sushi Maki: They have recently moved from their original location and are now in the old Rosinella spot at 11th and South Miami Avenue.
– Tino’s: Next to Sushi Maki is Tino’s, the newest pizza location in Brickell and one of my favorites. Their pizza is top-notch. The service is really friendly and they have a really romantic secluded patio in case you visit between swells.
Does this mean that I’m skipping the preparation? No. I ordered enough LaCroix and flat water to get my family through the next few days and will pass by the store for beer and wine after work. I am thankful though that I’m not hustling with storm shutters.
Almost 40% of Downtown Miami Residents Have Pets – Strategies for Investors and Tenants
The Downtown Miami DDA (Downtown Development Authority) released its updated demographics study today, and they found that 39% of Downtown Miami households include a pet. This is interesting because so many of the developments impose strict pet policies upon their residents. Some only allow certain sizes of pets, some only cats, some only allow pets for unit owners and some say no pets at all.
This is always a touchy subject when we are working with a client who has a pet. There is so much misinformation out there regarding which buildings do and do not welcome pets. If a resident gets caught with an unauthorized pet, they are forced with the difficult choice of paying a lease cancellation fee (which is typically the value of 2 months’ rent), or re-homing their beloved pet. Unfortunately, not all agents verify the pet policies before entering into a contract, which wastes time and gets the client all excited about an apartment that they cannot have. No bueno.
I even once had a client who cheated on me with another agent that had told them they could have a large pet in a pet-restricted building. That is completely irresponsible and self-serving of that agent. Thank goodness, the clients realized what would happen if they went forward with that deal. The agent would have been paid and then they would have either had to break their lease or part with their dog. That is a horrible choice to have to make when most people consider their pets as members of the family.
In order to have an authorized pet in the building, many associations require an additional registration and application. The pet’s weight is verified (many times with a report from the veterinarian), their vaccinations are verified and some buildings even take it a step further. Infinity at Brickell requires a DNA sample to be placed on file and in the event that messes are found in the lobby, the mess is sent in for a DNA match. The resident that pops up after the DNA test is issued a fine. I call it Maury Povich enforcement… but it works. If people know they’re going to get busted breaking the rules, they’ll be less likely to do so. This way, the building can continue to allow large pets for everyone.
Over recent years, a popular workaround to the ‘No Pets’ buildings has become all the rage. There are websites where you can claim that you need a therapy dog. They’ll issue you a certificate for a fee and, viola! Your dog can go with you everywhere and nobody can say anything… except the condo associations have started to get wise of this ruse. The Jade at Brickell verifies these Therapy Dog certificates through an attorney. It takes an extra few days during the application process and you don’t get your application fees back if you get caught with a phony form. I don’t recommend the fake therapy dog stunt.
If you are curious of whether a particular building accepts pets, just have a look at the building page on our website. We have verified all of the buildings’ policies and list them in the FAQ section of the website. Every now and again, a building will change their policy in between when we last called to verify, but we update it frequently. Our agents also keep themselves updated of the pet policies and fees for the buildings in the area. We’re all about efficiency and not wasting your time or energy…
So what about investors?
With the rental market changing, it is important to have apartments that appeal to as many people as possible. Purchasing an investment condo for sale in a pet-restricted building automatically crosses out almost 40% of the prospective tenants that could be interested in moving in. Some of my favorite pet-friendly buildings are MarinaBlue and 900 Biscayne Bay in Park West, Infinity at Brickell in Brickell, the Midtown developments in Midtown and One Miami in Downtown.
For investors who are concerned with having animals in your property without knowing the behavior or cleanliness of the pets, it is completely customary to charge a pet deposit for the unit. In many cases, the building has a separate pet deposit or fee, but I suggest a refundable deposit for the unit itself. The amount can vary depending upon the pet. Puppies would require a bit of a larger deposit since they tend to chew and have accidents. You could also lower the deposits in the event that a tenant was able to submit a diploma from obedience school or behavior training.
Whether you are an investor, or if you are buying/renting a home for yourself, if there is a specific building that you are curious about, don’t hesitate to drop us a line and inquire. We’re happy to help.
Brickell Flatiron Gets Its Tower Cranes
Ugo Colombo’s Brickell Flatiron site work is coming right along! In April, The Next Miami reported that CMC Group had filed permits for two tower cranes but did not yet know when they would be installed.
Well, the answer is this week. One crane will be 760 feet above ground and the second will be 800 feet. When we last checked in with the development in August, they were 52% sold.
I don’t know about you guys, but this is one of the most interesting projects coming to the area. I can’t wait to see it in the skyline!
Friends of the Underline Host UnderLounge Event in Brickell
The Underline, Miami’s new 10 mile linear park that will be installed underneath the Metrorail tracks from Brickell to Dadeland South, is inviting everyone to a free festival at underneath the Brickell Station. The event is called The Underlounge and will take place Saturday, October 15 from noon-6pm.
There will be activities for all ages including face painting, the world’s longest mini-golf hole, interactive chalk art madala, pop-up dog park & pet costume contest, caricature artist, balloon animals, kids play, fitness classes, yoga, and of course – a DJ. I already have my dog’s camel costume ready to go.
The Underline is being designed by James Corner Field Operations, the same designer of the popular High Line in New York City. The $120 million project will be funded by donations from developers (including Swire’s $600,000 contribution), impact fees from developments built within 1,000 feet of the metrorail, private donations and was recently approved as an EB-5 project.
Construction is set to begin next fall on the Brickell segment. Initial funding for this segment was the first to be received and we are very much looking forward to utilizing this space!
Find out more about the Underlounge here.
Miami Science Barge Honors International Coastal Cleanup Day with Brickell & Miami River Event
September 17 marks the 30th anniversary of the International Coastal Cleanup Day, where volunteers from all over the world gather to contribute to the beautification of their cities. Last year’s cleanup removed more than 18 million pounds of trash from the waterways worldwide. Here in Miami Dade, they collected 17,500 pounds of marine debris from 31 miles of coastline. The cigarette butts, styrofoam containers, plastic bags, plastic bottles, etc are not only unsightly, they are also harmful to our marine life and the marine ecosystem.
If you are so inclined to participate this year, the Miami Science Barge is hosting an event at the Presbyterian Church in Brickell. Volunteers will gather from 9am-12pm to collect debris from the waterways along the Biscayne Bay shoreline as well as the Miami River. A post-cleanup celebration will take place on the Miami Science Barge, which docks at Museum Park. The event is free for all participants of the cleanup, but you must register in advance.
#LoveWhereYouLive
A Look Inside the SLS Brickell as They Prepare for Opening Day
October 3rd is the big day. The SLS Brickell will officially be open, although the site is very clearly still under construction. We were lucky enough to get a hard-hat tour of the project from bottom to top this week and wow! Brickell is in for a treat! Here are some of the highlights from our outing:
The residential lobby has a really cool textured finish on all of the walls and the ceiling.
The hotel lobby has a dramatic curved staircase & direct entry to Fi’lia, Michael Schwartz’s newest restaurant in Miami. They will serve ‘honest Italian food,’ according to their instagram profile @filiarestaurant. (Check it out for pics of the plates).
Speaking of Fi’lia, here is a snap of the progress in the restaurant. It will have an open kitchen and be the more casual of the restaurants in SLS Brickell.
Up on the pool deck, things are coming along with the poolside restaurant and the signature Philippe Starck duck already in place. The pool deck has 2 large pools, a reflection pool and 2 jacuzzi’s along with cabanas and the restaurant.
Along side of the pool deck is the start of the meeting rooms. We anticipate many distractions from those meetings with the views of the South Brickell skyline and all of the action from the pool. But, what do you expect from Miami?
Up top, the residents will enjoy a private pool deck that they will not share with the hotel guests. (Sorry, guys. You have to pay to play.) This deck is on the 54th floor with crazy views all around.
The penthouses have private rooftop terraces with their own private pools.
Back down on the ground level, we toured Bazaar. That is the more fancy seafood restaurant that will have custom tile murals with mermaids, leopards, boating wildlife and all kinds of fun things. The spot will also have a fish tank and separate sushi room.
They already have plenty of parties booked, including a farewell party for a certain much-loved Miami Heat player.
The residences should start closings as well in October, but are pending their TCO (temporary certificate of occupancy). Currently there is only 1 unit remaining, a 50th floor penthouse for $1,698,900.
The hotel is already booking rooms, with a crazy introductory rate of $200/night! I’m sure that won’t last long, but get it while it’s hot! See you there!
