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.
4,400 Square Foot Luxury Condominium at Acqualina in Sunny Isles Beach to be Auctioned
A remarkable 4,400 square foot 3 bedroom/2.5 bath condo at Acqualina is set to be auctioned February 12, 2011. The flow-through unit offers unobstructed views of the Atlantic Ocean to the east and of the Intracoastal Waterway to the west from the 38th floor. The unit will be sold furnished along with advanced technology features such as a Crestron system and remote controlled window treatments. The luxury condo is a private residence, not a condo-hotel unit, but is still afforded all of the building amenities such as 24-hour security, 24-hour valet parking, 3 pools, room service, housekeeping, 20,000 square foot oceanfront spa and 2 restaurants. Previously offered for over $5.4M, the property will be auctioned to the highest bidder at or above $3.3M.
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.
Top 5 Luxury Condo Sales of 2010
The luxury condo sales of 2010 exceeded the expectations of many with two condos selling over $10M and another three selling within $1.3M of it. Before we kick 2011 into full gear, let’s take a look back at the top 5 luxury condo sales of 2010.
Setai – Penthouse B – 4 bedroom/4 bath (6,208 square feet) – This condo sold for $15M, or $2,416 per square foot, on June 4, 2010.
Santa Maria – Penthouse 4901 – 3 bedroom/5 bath (10,000 square feet) – This condo sold for $11M, or $1,100 per square foot, on May 21, 2010.
Fontainebleau II – Penthouse NO – 5 bedroom/5 bath (4,500 square feet) – This condo sold for $9M, or $2,000 per square foot, on May 14, 2010.
The Gables Club – Tower Suite A – 3 bedroom/6 full bath/2 half bath (10,190 square feet) – This condo sold for $9M, or $883 per square foot, on July 20, 2010.
One Bal Harbour – Penthouse 2108 – 4 bedroom/4.5 bath (5,262 square feet) – This condo sold for $8.7M, or $1,653 per square foot, on May 25, 2010.
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.
Santa Maria Penthouse Back on the Market – $14.9M
As you may recall, Penthouse 4901 at Santa Maria was a bank-owned foreclosure that came onto the market this past May at an asking price of $12.9M. Later that same very day, the status of the listing changed to “closed sale” and showed a purchase price of $11M, or $1100 per square foot. Earlier today, I noticed that the amazing, 10,000 square foot penthouse at Santa Maria was re-listed last month, on September 10th, at an asking price of $14.9M, or $1490 per square foot. There’s no question that Penthouse 4901 at Santa Maria is one of Miami’s most coveted luxury penthouses. It will be interesting to see how long it remains on the market before garnering the interest of another buyer. I’ll be sure to keep the penthouse on my radar and report the sales price after it closes.
View additional pictures and listing information for Santa Maria PH4901.
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.
Closings at Icon Brickell Picking Up Steam
Closings at Icon Brickell began in December 2008. Since that time, Icon Brickell has been covered by local and national media alike. Some news articles marveled at the sheer size of the development while others predicted its impending doom. Closings at Icon Brickell started tremendously slow with many buyers choosing to wait for the development to revert back to the conglomerate of banks providing the financing for construction in hopes that price reductions would soon follow. This past May, Towers 1 and 2 of Icon Brickell were handed back to its lenders and prices were once again reduced. It appears that the latest price reduction has peaked the interest of buyers who had been sitting on the sidelines. Seems unbelievable but Tower 1 has now sold around 85 percent of its condos while about 90 percent of the units in Tower 3 have sold. Tower 2 was the most recent to become available and has already sold around 25 percent of its condos. Those are very impressive numbers. In my opinion, Tower 2 offers the best views of the three towers and should have no problem selling its remaining units.
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.
