Change is on the Horizon for Guests and Residents of Marquis Residences

A few weeks ago, it was reported that Africa-Israel USA, the developer of Marquis, had sold the lower 15 floors of the luxury high-rise to CGI Merchant Group (CGI), a Miami-based investment and asset management firm, for $37.5M.  The sale included the Casa Moderna Hotel and Spa, Amuse Restaurant and Lounge, 5,700 square foot retail space, parking garage, and the 14 townhomes that are situated around the pool.

Above, you will find the official notice from the Marquis Condominium Association advising building residents of CGI’s acquisition.  It states:

The Miami Marquis Condominium Association and KW Property Management is proud to announce the sale of the hotel portion of the Marquis Residences. 

CGI Merchant Group, a Miami-based investment and asset management firm, has acquired the lower 15 floors of the Marquis tower including the first floor “gallery” space, parking garage, spa and 14 townhomes.

CGI is planning to transform and re-brand the hotel, joining in partnership with an internationally renowned, 5 star hotelier, soon to be announced.

Plans call for extensive renovation and upgrades to include converting the townhomes into full-floor hotel suites as well as major improvements to the pool deck and gym amenities.  Hotel renovations will include additional luxurious suites and a vibrant new restaurant and event space.

An elegant entrance to the front of the property accommodating the hotel and “gallery” space directly off Biscayne Blvd. will also be included as part of the upgrade.

The Marquis Condominium Board has worked diligently alongside CGI to support the sale while strengthening the relationship by negotiating to have a Condo Board Member represent condo owners at the master level.  This opportunity provides direct feedback from the membership while promoting transparency for all parties involved.

The Marquis Condominium Association welcomes the long overdue improvements and amenity upgrades and looks forward to a long-term partnership with the CGI Merchant Group.

More information will be announced within the next couple of weeks.  CGI is planning a “Meet and Greet” to detail the improvements and answer questions from the residents.

Regards,

Marquis Condominium Association

My guess is that one of the first questions asked by residents during CGI’s upcoming “Meet and Greet” will pertain to valet parking.  Currently, valet parking is free for resident guests.  Will the transition to new ownership mean an end to this long-time practice?  Also, how long will it take for improvements to be completed?  Sounds like the pool and gym may be closed for a long period of time.

I hate to ruin surprises, but “rumor” has it that the hotel will be operated by “Me by Meliá”, which is a luxury hotel brand of Meliá Hotels International with its roots in Spain.  I have also heard that The Darby, a popular restaurant and lounge from New York City, will open its first Miami location at Marquis.

On a side note, I was told earlier today that moving forward only owners will be permitted to have a pet at Marquis Residences.  Sorry renters, but you are out of luck…once again!

Skyrise Miami Video and Brochure

All appears to be moving forward with the proposed 1000 feet tall observation tower in Downtown Miami called SkyRise Miami.  In fact, the Facebook page for the development is giving away a weekend trip to Miami to help “celebrate the SkyRise Miami Groundbreaking Ceremony, currently set for mid-2014”.  Furthermore, their website, which recently launched, now includes a promotional video and brochure, which I have included below.  According to their marketing materials, the targeted opening date for SkyRise Miami is mid-2017.  The development is projected to cost $400M and will add approximately 7,100 jobs during the development phase and an additional 17,000 jobs once opened.  SkyRise Miami will include three observation decks, a restaurant, nightclub, SkyHigh Club, ballroom, meeting room, and interactive exhibit.  It will also include three thrill rides: SkyRise Flying Theatre, SkyPlunge Miami, and SkyRise Drop.  Be prepared to lose your lunch on those last two rides. SkyRise Miami is expected to attract 3.2 million visitors per year, which would make it the fifth largest attraction in Florida behind Disney World, Universal Orlando, Seaworld, and Busch Gardens.  If you aren’t excited about SkyRise Miami, you better check your pulse.  It is going to send Miami to heights unknown, literally and figuratively.

Penthouse Sale at Marquis Breaks Record on Per Square Foot Basis

Recently, a record-breaking sale took place at Marquis in Park West Miami.  Unit 6101 – a 4 bedroom, 4.5 bath bi-level penthouse encompassing 3,729 interior square feet – sold last Friday for $2,675,000, or $717 per square foot.  This made it not only the highest sale to ever take place at Marquis on a per square foot basis, but also the first sale in the building to the eclipse the $700 per square foot threshold.  The view – which is amplified by its soaring 20-foot, floor-to-ceiling glass windows – is nothing short of spectacular.  The condo, located on the southeast corner of the 61st floor, offers views of the Miami Beach skyline, Downtown Miami, Biscayne Bay and the Atlantic Ocean.

The penthouse was priced extremely well.  I know firsthand that there was a high level of interest from buyers.  The unit lasted not even two weeks on the market before going under contract and ended up selling $175,000 above asking price.

The unit was purchased decorator-ready directly from the developer in March 2011 for $1,730,000, or $464 per square foot.

It is important to note that this penthouse is not one of the penthouses that includes a rooftop pool.  As you may recall, one of those penthouses sold decorator-ready in June 2010 for $4.2M, or $525 per square foot.  That was the mammoth penthouse at Marquis with 8,000 interior square feet across four levels.  In case you’re wondering, that is the largest penthouse currently in existence in Downtown Miami.  That record will be shattered once THE PENTHOUSE at One Thousand Museum is completed.  That penthouse will have a mind-blowing 15,000 interior square feet.

Marquis condos for sale
Marquis condos for rent

One Thousand Museum – The Best Bargain in Town

There isn’t a preconstruction condo development in town that I’m more excited about than One Thousand Museum.  It will be more than a building.  It will be a work of art.  A work of art that I feel has tremendous upside potential.  Critics cry foul at the $900-$1,200 per square foot prices.  I cry bargain.  In my opinion, there isn’t a better bargain in town.

Keep in mind that critics cried foul when prices at Apogee South Beach pushed $1,000 per square foot.   They thought it was ungodly.  Just four years later, prices there are now over twice that amount.  Also keep in mind that units at Apogee South Beach were delivered decorator-ready while units at One Thousand Museum will be delivered move-in ready complete with ultra-luxe design finishes.

Still, naysayers point to the fact that One Thousand Museum is across the bay.  They feel that condos on that side of the water won’t see prices push $1,000 per square foot anytime soon.  At least, not by 2016 when One Thousand Museum is slated for completion.   I’m here to tell you that prices across the causeway have already eclipsed the $1,000 per square foot mark.  Epic Residences and Paramount Bay have both had units trade for over $1,000 per square foot.  One Thousand Museum will be in an entirely different league.   There’s no comparison.  It will be unlike anything South Florida has ever seen.  And that’s without taking into account the upside potential for the neighborhood as a result of Miami Worldcenter – a 27-acre mixed-use development which will be located directly behind One Thousand Museum.  Completion for Miami Worldcenter is estimated for the end of 2016, just as the first residents of One Thousand Museum move into the building.

To learn more about One Thousand Museum, I highly suggest that you watch the sales presentation below. I captured it recently while wearing Google Glass.

One Thousand Museum sales presentation:

A quick look at the One Thousand Museum floor plans:

One Thousand Museum model kitchen:

Miami Condo Investments Free Mobile App Available for Download on iTunes and Google Play

For those new to the website, or those who might be unaware, Miami Condo Investments has its own mobile app.  It is free and available for download on iTunes, for the iPhone and iPad, and on Google Play, for all Android mobile devices.  I released the iPhone version back in December 2009 and followed it up with the Android version about two and a half years later in May 2012.  I may be a bit biased, but it truly is an amazing app.  In many ways, the real estate app was ahead of its time when I released it in 2009.  It still remains as powerful as ever though and I personally use on it on a daily basis.  In fact, I recently made the jump from using an iPhone to an Android phone and it was the first app I downloaded.

I would love to hear your thoughts and feedback on the app.  I am hoping to release an updated version sometime in 2014 and welcome any ideas for it that you might have.

Introducing the Brickell and Downtown Miami Condos Google+ Community Room

Let’s hope that three time’s a charm.  Since launching this website in 2007, I have attempted on two separate occasions to introduce a forum which would allow those with an interest in Miami real estate to communicate and share with one another related content such as pictures, videos and new stories.  Both attempts failed, mainly due to bots who would litter the forum with an insane amount of spam.  It was impossible to keep up with and a huge waste of time even attempting to do so.

A year ago next week, Google launched a service called Google+ Communities which allows people to form groups based around a specific topic.  Since then, I have joined a variety of communities and have been very impressed with how clean and spam-free these groups can be.  This is mainly due to the requirement in which participants must log-in using their Google account.  The fact that there is a face and profile attached to a name keeps everyone, for the most part, on their best behavior.

Earlier this year, I created a Google+ community room called Brickell and Downtown Miami condos.  It is my hope that this will end up being a sort of round-table for all interested parties to discuss and share freely content related to the topic at hand.  As stated above, to join you must have a Google account.  This helps keep the forum clean and free of spam.  Presently, there are 29 members.  My goal is to get that number up to 100 members by the end of next month and 1,000 by the end of 2014.  The success of this room, however, will heavily rely on your participation.  So, please take the time to join the communities room, introduce yourself and share a piece of content if you have anything interesting to share.

o

Top Five Condo Deals in Downtown Miami

As mentioned in my last blog post, I think real estate values in Downtown Miami, for a number of exciting reasons, are ready to take off.  Museum Park is about a year from being completed, Miami Worldcenter seems an almost certainty, and a proposal for a 1000-foot observation tower called Skyrise Miami was recently submitted to the city of Miami for approval.  Also, with prices starting at $4M, the addition of One Thousand Museum will only help position the area as Miami’s equivalent to New York City’s Park Avenue.  If there were ever a time to be excited about the prospects for Downtown Miami, the time is now.

So how does one take advantage of all this fabulous news?  Well, surprisingly, there are still a number of great deals to be had in the existing condo market in Downtown Miami.  Due to the illiquid nature of real estate, market news oftentimes get disseminated at an almost snail-like pace and, as a result, does not manifest itself in pricing for quite some time.  The same, however, does not hold true for the pre-construction real estate market.  Prices there are set by developers who take into account any and all information that will have a positive effect on neighborhood values from now until completion of the project.  In that regard, it is sort of like buying commodities futures with the price determined by future expectations and the likelihood of those expectations being met.  The hope for contract holders is that market values present at the time of delivery will be at or above their contract price.  That is why one will notice a sizable gap between the price per square foot for existing condos and the price per square foot for pre-construction condos .  In other words, the promise of what is yet to come has already been taken into consideration when determining the contract price.

My point is that the existing condo market is slow to act.  As a result, there are definitely still good deals to be had.  Below, you will find a list of five condos currently available for sale in Downtown Miami that I believe are undervalued and well positioned to take advantage of the positive news that is now shaping the neighborhood.

Before I start, I want to first say that none of the properties listed below are my exclusive listings.  These were chosen unbiasedly by me because I truly feel that they warrant inclusion.

5. Marquis 3707 – This is a bi-level, 2 bedroom+den/3 bath corner unit with 2,081 interior square feet and 20-foot, floor-to-ceiling glass windows.  The unit is located on the northeast corner of the 37th floor offering beautiful views of Biscayne Bay and the Atlantic Ocean.  It also overlooks Museum Park which is currently under construction.  The only drawback to this unit, and likely the reason why it hasn’t sold yet, is the fact the landlord is getting very low rent until October 2014.  The tenant was able to negotiate a great deal in exchange for paying the entire lease upfront.  A triumph for the tenant but an ill-advised move by the landlord because, from an investment standpoint, low rent has an adverse effect on a property’s value.  If a buyer can stomach the low rate of return until October, there is an opportunity here to buy at a great price the only bi-level, 2 bedroom corner unit currently offered for sale at Marquis Residences.  Asking price is $1,250,000, or $601 per square foot.
   
4. Marina Blue 5205 – This unit likely won’t win any Best in Show Awards but it has incredible potential.  If one can look past the traditional, almost anti-Miami decor, I’m sure one will find incredible value here.  This is one of the largest 2 bedroom floor plans at Marina Blue, a rare combination unit found only on floors 52-56.  It is a 2 bedroom/2.5 bath condo with 1,660 interior square feet and 10-foot, floor-to-ceiling glass windows.  The unit faces east-southeast and enjoys a panoramic view of the Atlantic Ocean, Biscayne Bay and Downtown Miami skyline.  Asking price is $725,000, or $437 per square foot, which, in my opinion, is low considering the fact that it is a prime floor plan located on a very high floor.  Given a few recent comps, and the fact that the listing has grown stale after sitting the market for 600 days, there should still be room to negotiate on the price.
3. Marina Blue 1603 – This might be your last opportunity to own a 1 bedroom + den at Marina Blue for under $370,000.  This is an approved short sale priced at $355,000, or $376 per square foot; an incredible value no matter how you slice it.  Every unit at Marina Blue has a direct water view and this unit, located on the 16th floor, is no exception.  In fact, it not only offers a view of Biscayne Bay but also the Downtown Miami skyline.
2. Ten Museum Park 3101 – Unfortunately, the listing agent hasn’t uploaded any pictures of this unit onto the MLS.  I’ve seen it in person though and it’s a beauty!  The bi-level, 2 bedroom/2.5 bath corner unit sports 20-foot, floor-to-ceiling glass windows, offering an amazing view of the water and a front row seat to all the action down below at the upcoming Museum Park.  The unit is impeccably designed and exudes the sexy, clean look for which Miami is known.  Asking price on this 1,802 square foot loft is $1,150,000, or $638 per square foot.
1. 900 Biscayne Bay 5302 – While there are cheaper 02 and 09 lines available for sale in the building, this one is located on the 53rd floor and comes completely furnished.  Equally important, the unit has always been owner-occupied, and it shows.  The condo is tastefully decorated and offers not only direct bay and ocean views but also sunrise and sunset views from this 53rd floor flow-through unit.  In my opinion, these flow-through units, which are relatively rare in Downtown Miami, will become extremely valuable once Miami Worldcenter gets built.  Not only will owners get to enjoy the amazing water views to the east, but they will also be able to check out the action down below at MWC to the west.  It would be like overlooking Time Square in New York City.  The price was reduced $115,000 yesterday and is now asking $975,000, or $619 per square foot.  Also, the listing states that the owner is motivated.  This could be a good time to snag an amazing unit at an excellent price.

If you or someone you know has an interest in learning more about any of the above properties, or would like to view any in person, please contact me via email at [email protected] or by phone at 786-247-6332.

Updated Video and Brochure for One Thousand Museum

For those of you who have not had a chance to check out the latest promo video for One Thousand Museum, go check it out now. It is pretty spectacular.  I believe the video has been around since last month but it wasn’t until earlier this week that I actually sat down and watched it in its entirety.  The video not only does an outstanding job of showcasing the amazing design of the building and jaw-dropping views, it also highlights the promise of what is to come for Miami – more specifically, for Downtown Miami.  It is this promise, and the excitement that surrounds it, that will inevitably propel real estate values in Miami past those last seen at height of the market in early 2007.  With Museum Park set for completion in 2015, the ever-impending formal announcement of Miami Worldcenter, and the recently proposed Skyrise Miami, there is a lot to be excited about in Downtown Miami.

Below is the latest promo video for One Thousand Museum:

Below is the latest e-brochure for One Thousand Museum:

Museum Park Photo Update

While showing condos in Park West Miami Tuesday morning, I had a chance to check on the progress being made on Museum Park.  Here are a few shots that I was able to grab using my cell phone.  The Perez Art Museum MIami is slated to open the first week of December in time for Art Basel.

2013 Mercedes Benz SL550 & More Included in the Sale of a 56th Floor 2 Bedroom Condo at Marina Blue

Owning a fab condo in Downtown Miami overlooking the bay and ocean just doesn’t cut it anymore in this city.  These days, you also need a luxe car to go along with it.  Or, at least according to some, that’s the reputation that Miami has earned for itself over the years.  Well, if there’s any truth to it, and you’re worried about making the cut, then unit 5602 at Marina Blue might be right up your alley.  The seller needs to move back to Europe quickly and is looking to sell everything including his furniture, artwork and panty-dropping 2013 Mercedes Benz SL550 (pictured above).  The vehicle has only 1,800 miles and comes fully loaded with every upgrade and option available.

The beautifully appointed 2 bedroom, 2.5 bath condo at Marina Blue is located on the 56th floor, just one floor below the penthouse.  It offers an incredible view of Biscayne Bay, the Atlantic Ocean and the Downtown Miami skyline.  The floor plan, which contains 1,331 interior square feet along with an unusually large balcony spanning the entire width of the unit, is unique with only five of its kind existing in the building.  The condo features hard wood floors, motorized shades, a state-of-the-art electronics package, accent lighting and artwork by acclaimed artists.  For example, the art piece hanging in the second bedroom, which is covered with six layers of Swarovki diamonds, is by Kfir Moyal.

In the interest of selling everything quickly as a package deal, the owner is asking $887,000.  Quite a deal considering all that is included.  Contact me if you or someone you know has an interest.  You may reach me on my cell at 786-247-6332 or via email at [email protected].