Aston Martin Residences Begins Sales – Here Are The Plans, Details, Renderings And Prices
Almost two months after announcing his project, German Coto has opened sales at the ambitious and beautiful Aston Martin Residences in Downtown Miami. They have released the floor plans, pricing, floor layouts, amenities and a couple of new renderings.
Prices are slated to start at $500,000 and go up to $35 million for the penthouse. What do you think of the plans?
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!
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.
Downtown Neighbors Alliance Meeting Scheduled for Thursday, September 15
The 2016 Downtown Neighbors Alliance General Meeting is being held this week on Thursday, September 15 at 5:30pm. It will take place in the Formal Room at 50 Biscayne.
District 2 Commissioner Ken Russell will be in attendance to discuss the state of Downtown Miami’s residential neighborhoods. This is a great opportunity to have your voice heard directly on matters concerning the residents of the downtown area.
Downtown’s Half-Buried Limo Sculpture Has Been Removed So They Can Build That Yotel
Photo by Sean McCaughan originally for Curbed Miami.
A Lincoln Town Car-style limousine sticking bow-up out of the dirt in an empty lot in Downtown Miami that looked like the freakish carnage of one hell of a prom night but was actually temporary public art has been removed. The Next Miami was apparently the first to notice. The car will eventually be replaced by a Yotel Hotel that has been planned for the site for at least a year, even though no permits for the Yotel have actually been taken out yet.
This is how the Limo’s artist Nate Page described his work when first installed:
Known for architectural scale interventions that unsettle the functionality of quotidian infrastructure Los Angeles based artist Nate Page will create a dramatic temporary intervention into the urban fabric of Miami’s downtown in response to the burgeoning skyline and rapid pace of development by partially burying a white limousine in the ground with its front fender facing the sky. Engaging ideas of luxury and problematizing notions surrounding the American dream, Page questions notions of “high-end” living in light of Miami’s frenetic boom and mythology of excess. Referencing the iconic public 1974 artwork Cadillac Ranch by the art collaborative Ant Farm, Page utilizes another icon, the limousine to specifically address the context of Miami, a city built upon the lure of tourism and luxury. Situating the partially buried limousine in a vacant plot of prime real estate which will soon be transformed into a high rise condominium, the intervention contributes to expectations of success and failure and challenges viewers to consider their context and surroundings.
As of Yesterday, One Unit Had Closed at Centro
Photo by Lucas Lechuga.
As of yesterday, one unit had closed at Newgard Development Group’s Centro, in Downtown Miami. The condo in question is Apartment 2502, a 2-bedroom unit. Residents of Centro have begun moving in, but unsurprisingly, (because that’s just how these things go in Miami) a few months later than planned. Centro includes 352 total units.
Tri-Rail Launches Miami Link Website, Announces Service “As Early As” December Next Year
With funds in place, its grand Downtown Miami station under construction courtesy All Aboard Florida, and expectations of daily train service beginning “as early as” December of 2017, Trii-Rail has launched a website for its latest and greatest expansion into Downtown. The site includes data on the project as well as a video simulation recorded on Google Earth of the route into the urban core. Check out the video below. As it shows, this is a very significant step toward rail expansion in Miami. It’s also a reminder of just how much underdeveloped land there is in what really is the heart of the city. If we really want things to change, why aren’t we building more there?
Construction Underway at the Downtown Rental Tower Formerly Known as Vice
Photo by Sean McCaughan.
Following a “groundbreaking block party” back in June, construction is underway at the apartment rental tower being developed Downtown by Property Markets Group between the Miami-Dade College Wolfson campus and Biscayne Boulevard. The site has been cleared and construction workers are driving foundation pilings now. When news of the building originally went public, a year ago (boy some of these buildings take a while to get going, don’t they?) PMG was planning on calling it ‘Vice,’ and now the are apparently not. The flyer for the launch thing just called it the ‘300 Biscayne Rental.’ The building will have small, pricy units with fancy finishes, meant for high flying, well paid young professional types who aren’t ready to buy yet. Or who like blowing their money.
