Mint – Sales Expected to Launch at the End of This Month
Over the past three months, I’ve received a number of inquiries from people in regards to Mint. A few have inquired as to when sales are expected to begin while others have asked when they should expect rental listings to hit the market. Over the past four months, ST Residential has been working with original contract holders to get them to the closing table. According to public records, closings at Mint began on August 27, 2010. Since that time, there have been 110 recorded closings with prices ranging from$203,900 to $1.09M. Rental listings at Mint started to appear on the MLS within a few months of the first closing. There are currently 20 condos available for rent at Mint on the MLS with prices ranging from $1,575 to $1,750 per month for a one bedroom and $2,200 to $2,900 per month for a 2 bedroom. Sales are officially expected to launch at the end of this month to the general public. It’ll be interesting to see how the general public reacts to pricing once it is released. Mint is located at 92 SW 3 St, Miami, FL 33130.
Ten Museum Park 3 Bedroom Penthouse Reduced to $850K
A 3 bedroom/3.5 bath penthouse at Ten Museum Park was reduced last month to $850,000, or $347 per square foot. The bi-level penthouse has 2,581 square feet of interior, 519 square feet of exterior, hard wood flooring throughout and floor-to-ceiling windows facing southwest from the 44th floor. The penthouse also comes with a rooftop pool which is a nice selling point of the penthouses at Ten Museum Park. The original list price was $1.19M.
We’re putting the finishing touches on our Ten Museum Park website. It should be finished by the end of the week. Check there for available sales and rentals at Ten Museum Park.
The first resale has closed at Marquis Residences. A 4 bedroom/4.5 bath, bi-level condo recently sold for $1.85M, or $487 per square foot. The unit has 3,800 square feet of interior, 428 square feet of terrace and a stunning view from the 57th floor. Also, the original owner didn’t spare any expense in building out the unit. According to the MLS listing, over $300,000 was spent on build-out improvements. Developer inventory still remains so give us a call if you have an interest in purchasing a luxury condo at Marquis Residences.
Everglades on the Bay – The Wait is Over
Like many, I’ve been waiting for the dust to settle at Everglades on the Bay(now known as Vizcayne North and Vizcayne South) Rockwood Capital, as you may already know, acquired the development in a $141M cash transaction this past November. Since that time, I’ve eagerly anticipated the relaunch of sales and, of course, to get my hands on pricing. The wait is over! The development will be sold in phases with 60 very well priced units to be released in the initial phase. The objective is to get sales off to good start. Over the next couple of months, Rockwood will also be focused on performing capital improvements and improving building operations. I’ve been asked not to publicly discuss pricing at this time but I will say that I haven’t seen pricing this good since the developer blow-out sales at Marina Blue and 1060 Brickell in 2009. I anticipate these initial 60 units to be sold within the first 3 weeks. Contact us if you have an interest in purchasing a condo at Everglades on the Bay or to learn more about the 849-unit mixed-use development.
Starwood Capital Group Hungry for More Distressed Condos
Acquiring $4.5B in property 15 months ago wasn’t enough. Starwood Capital Group is back for more, and this time, according to the Wall Street Journal, they are targeting individual properties and portfolios offered by banks and the FDIC. Recently, as the article points out, Starwood Capital Group bid on Everglades on the Bay (now known as Vizcayne Southand Vizcayne North) but lost out to Rockwood Capital LLC.
Through the acquisition of Corus Bank’s portfolio in October 2009, Starwood controls roughly 6,700 units throughout the country, with a good chunk of them residing in South Florida. Paramount Bay and Mint at Riverfront are two luxury condominium developments under Starwood’s control. Both Miami developments are scheduled to begin sales in the first quarter of this year.
21 Unit Bulk Sale at Marquis Residences
Sales at Marquis Residences ended 2010 on a high note. Optibase Real Estate Miami LLC acquired 21 luxury condos at Marquis Residences on December 30, 2010. The entity paid a net purchase price of $8.6 million. It’s important to note that the 21 units represents approximately 7 percent of the 292 total units at Marquis Residences. This is under the 10 percent threshold which would prohibit Fannie Mae approval in the future.
Marquis Residences is a 67-story luxury tower located at 1100 Biscayne Blvd, Miami, FL 33132.
900 Biscayne Bay Video Tour
Be sure to check out the video above if you haven’t had an opportunity to tour 900 Biscayne Bay. The high-quality, professionally shot video will help you understand why 900 Biscayne Bay is so highly regarded by foreign and domestic buyers alike. 900 Biscayne Bay offers some of the most breathtaking views in Miami along with unmatched quality and timeless elegance. The video is complete with audio narrations by Pedro Martin, the developer of 900 Biscayne Bay, and Sam Robin, the interior designer. You can find floor plans for 900 Biscayne Bay as well as additional pictures at www.900BiscayneBayMiamiCondos.com or our 900 Biscayne Bay building page. Contact us at 305-428-3860 if you are interested in learning more about 900 Biscayne Bay or inquiring about the availability. Developer inventory is running low. This could be your last opportunity to purchase a condo at 900 Biscayne Bay at reduced prices.
LeBron James and Dwyane Wade Make Their Decision
In today’s Miami Real Estate Review episode, we discuss a report released by The Palm Beach Post stating that LeBron James of the Miami Heat has recently placed a tri-level home in Coconut Grove under contract. We also reveal inside information that was disclosed to us last week that Dwayne Wade has signed a one-year lease on a 59th floor penthouse at 900 Biscayne Bay. We close the show by highlighting a few housing statistics.
Drake Puts Two Condos at Marquis Under Contract
Inside sources recently revealed to me that 23-year old hip-hop/rap artist Drake has placed two side-by-side condos at Marquis under contract. My guess is that he will combine the two units to create a mega-condo. Marquis is a luxury condo building located at 1100 Biscayne Boulevard in Downtown Miami. Ever since prices were slashed this past summer, sales have picked considerably at Marquis. Prices start at $263 per square foot. A few months ago, an 8,042 square foot penthouse at Marquis sold for $4.2M.
A few months ago, as some of you may recall, we mentioned that clients of ours from Nigeria had recently closed on unit 5404 at Marina Blue. Our clients purchased the condo with an intent to rent it and hold the condo long-term. The condo came decorator-ready, however, which meant that they first needed to finish it off before renting it. A day after the closing, the buyers flew back to Nigeria and left Michael in charge with making design decisions and working with contractors to ensure that the build-out would be completed within a few months. The video below shows you what unit 5404 at Marina Blue looked like as a decorator-ready condo.
Below is a list of changes/additions that were made to unit 5404 as part of the build-out process:
36 x 36 Crema Marfil marble flooring installed throughout
Custom kitchen island with new countertops, wine rack, beverage center and dual-bowl under-mount sink with garbage disposal and custom fixture
Custom kitchen pantry with frosted glass door
Granite backsplash in the kitchen
Custom lighting throughout kitchen
California-style built-in closets in both bedrooms
Remote-controlled electronic window shades
Baseboards and paint
A few days ago, the build-out process for unit 5404 at Marina Blue was completed. Below, you’ll find pictures of the condo as it looks today. Unit 5404 is a 2 bedroom/2.5 bath condo with 1,663 square feet of interior square feet and 222 square feet of balcony (view unit 5404 floor plan). The condo has direct views of Biscayne Bay, the Atlantic Ocean and Downtown Miami from the 54th floor. The asking price for unit 5404 at Marina Blue is $3,500 per month and is available immediately. Contact us at 305-428-3860 if you would like to view the condo in person.
For those of you who don’t know, Marina Blue is a Downtown Miami condo developments located at 888 Biscayne Blvd across the street from the American Airlines Arena and within walking distance to Bayside Marketplace and the Adrienne Arsht Center. Marina Blue is one of the few Downtown Miami condo buildings where every unit has a direct water view.
