Incredible Views from the 50th Floor at Marina Blue

Once again, I visited Marina Blue yesterday afternoon. This time, clients accompanied me to see a 1,754 square foot 2 bedroom on the 50th floor. This is one of six units at Marina Blue with this floor plan.

Take a look at the views that you get from a condo this high. You see everything! Biscayne Bay, Miami Beach, the Atlantic Ocean and a number of islands such as Watson, San Marco, Palm, Hibiscus, Star and Fisher.

Later, we also saw a 2 bedroom loft unit which I had been looking forward to seeing for quite some time. Unfortunately, I wasn’t very impressed. To me, the floor plan felt much smaller than the 1,457 square feet stated in its floor plan. Has anyone else had a chance to walk through one of the loft units at Marina Blue?

Closings at Asia Have Begun

I received word today that closings at Asia began late last week. The outside of the building looks spectacular. I fully expect that the common areas and units will be just as impressive, if not more so. I’m hoping to get inside to view Asia for myself within the next couple of weeks.

For those not familiar with Asia, it is a very high-end condo development located on the northern end of Brickell Key, along the Miami River. With just 123 residences, each with 12-foot ceilings and private elevators, Asia is now regarded as the most exclusive address on Brickell Key.

I think Asia is going to do a good job in closing out its units. I haven’t received one phone call or email from a concerned contract holder of Asia. That’s saying something. In fact, it’s the only major new condo development where this is the case.

Marina Blue – A Look Inside Biscayne Boulevard’s Newest Condo Development

Earlier this week, I took a look at an 01 condo at Marina Blue. I was also able to see the common areas and views from the Sky Deck located on the 14th floor. Below, you’ll find some great pictures that I was able to take during my visit to Marina Blue.

The sunrise pool and views at Marina Blue:

The sunset pool at Marina Blue:

The putting green at Marina Blue:

Lounge in style at Marina Blue:

The club room at Marina Blue:

Fitness center and yoga studio at Marina Blue (the free weights are in an adjacent room):

Overall, I was very pleased with the common areas during my visit at Marina Blue. I didn’t get any shots of the 01 condo that I saw because the unit had contractors in it working on the floors. The unit was a mess. It did seem a bit smaller than the stated 1,315 interior square feet. Maybe it was because of the big column in the corner of the living room.

Here are two shots that I took from the balcony of the condo at Marina Blue:

I’ve heard that 900 Biscayne Bay is scheduled to begin closings towards the end of this month. I think when everything is said and done, 900 Biscayne Bay will turn out to be the most desirable address on Biscayne Boulevard. Here’s a sneak peak of the pool deck at 900 Biscayne Bay:

Breathtaking Views From a Condo at One Bal Harbour

It was a perfectly gorgeous afternoon in South Florida today. I thought I’d share with everyone a few pictures that I shot from a condo on the 12th floor at One Bal Harbour this afternoon.

If you’re a boat lover then you’ll have plenty of opportunities to gaze at beautiful boats zipping by through the Bal Harbour inlet.

Two Multi-Million Dollar Condos Recently Go Pending in Brickell

Two multi-million dollar condos in Brickell recently went pending within the past 30 days. The first was a 5 bedroom/6.5 bath Penthouse condo at Santa Maria with 6,300 square feet that went pending on March 3, 2008. The list price was $5.29M, or $840 per square foot. The views from this Penthouse condo at Santa Maria are simply amazing, as you can see from the above picture. The MLS listing description and photos of this Penthouse condo at Santa Maria will show you just how amazing this condo truly is.

What’s interesting to note is that the current owner purchased this Penthouse condo at Santa Maria for $3.9M in the latter half of 2005, when many would say the Miami condo market peaked. This just goes to show that the ultra-luxury condo market in Miami has continued to hold up well. Despite the potential profit that the current owner makes, anything under $840 per square foot for this unit is a freakin’ bargain. In my opinion, Santa Maria is the best condo building in Brickell and is in a complete league of their own. No foreclosures or short-sales that I’ve ever come across, and a comparatively very low maintenance fee, despite the world-class amenities that Santa Maria has to offer.

The second multi-million dollar condo in Brickell to go pending within the past 30 days is the Penthouse condo at Epic located on the Miami River near the inlet into Biscayne Bay which went pending on Febuary 27, 2008. It’s a 4 bedroom/5.5 bath two-story Penthouse with 4,522 interior square feet and an amazing 7,488 total square feet, including balconies. The list price on this bad boy is $5M. Epic is currently still under construction but should be completed by the end of this year.

What is not a coincidence is that the developer behind both condo buildings is Ugo Columbo. He is well-known for delivering some of the most high-quality condo products to Miami. His reputation definitely supersedes him. I can’t wait to get inside Epic to see how it compares to his previous condo developments such as Santa Maria, Bristol Tower and Grovenor House.

Here are some multi-million dollar condos in Dade County that have actually resold and closed in 2008:

• Villa del Mare #7274 – $12,360,000
• Porto Vita #1104 – $3,600,000
• Continuum #TH-7 – $3,100,000
• Bellini Condo #1102 – $2,900,000
• Santa Maria #3005 – $2,680,000
• The Setai #3106 – $2,600,000
• One Bal Harbour #707E – $2,550,000
• Grovernor House #1902 – $2,525,000
• Continuum #TH-9 – $2,350,000

The Regent Bal Harbour Hotel & Residences Celebrates its Grand Opening

Yesterday afternoon, the Regent Bal Harbour Hotel & Residences (currently the Ritz-Carlton Bal Harbour) held its grand opening celebration. The Regent Bal Harbour is a 5-star hotel with world-class amenities, a 5-star restaurant and gorgeous water views from every hotel room. It will likely be a favorite amongst affluent South Florida vacationers. Prices range from $750 to $8,500 per night.

Take a look at the CBS4 video of the Regent Bal Harbour inaugeration yesterday.

Ten Museum Park Revisited

Ten Museum Park was one of the first major condo buildings in Miami to hit the market within the past year. Closings began at Ten Museum Park, almost nine months ago, on June 14, 2007. I thought this would be a great opportunity to revisit Ten Museum Park to see what type of activity its seen since then.

As of today, according to public records, Ten Museum Park has been able to close exactly 75 percent, or 150, of its 200 total units since closings began in June 2007. It’s been a long and winding road to reach 150 closed units. I wonder how long it will take to close out the last 50.

Let’s take a look at the active listings for sale at Ten Museum Park. There are currently 63 active listings in the building at this time.

• 1 Bedroom units (868 square feet)
  • 05 line (9 listings) – $355,000-$475,000
  • 08 line (10 listings) – $358,000-$560,000
• 2 Bedroom units (1,239 square feet)
  • 06 line (9 listings) – $458,000-$680,000
  • 07 line (6 listings) – $440,000-$690,000
• 2 Bedroom units (1,949 square feet)
  • 02 line (8 listings) – $785,000-$1,495,000
  • 03 line (7 listings) – $798,000-$995,000
• 2 Bedroom units (1,906 square feet)
  • 01 line (6 listings) – $895,000-$1,350,000
  • 04 line (6 listings) – $895,000-$1,385,000
• 4 Bedroom units (4,500 square feet)
  • Penthouses (2 listings) – $3,200,000-$3,400,000

There hasn’t been much resale activity since Ten Museum Park began closings. There’s been a total of 3 closed sales in the MLS since that time.

• Unit 1105 sold for $295,000 on January 3, 2008
• Unit 3408 sold for $350,000 on January 25, 2008
• Penthouse 4203, with 4,000 square feet, sold for $2,200,000 on January 31, 2008

Activity seems to have picked up a little, however, as there are currently 4 pending sales at Ten Museum Park.

• Unit 1107 was listed for $455,000 and went pending on January 30, 2008
• Unit 3706 was listed for $475,000 and went pending on February 2, 2008
• Unit 2704 was listed for $748,900 and went pending on February 7, 2008
• Unit 1901 was listed for $975,000 and went pending on February 2, 2008

I haven’t been to Ten Museum Park within the past three weeks but I have heard that the fitness center is finally under way. I’ve also heard that work has begun on the Clinique La Prairie Spa and that it should be completed in about six months. I think everyone would agree that these amenities are long overdue. I know of 3 buyers who have been patiently waiting for this work to get done. I’m sure there are many other buyers patiently waiting as well.

Foreign Buyers Finding Deals in the Miami Condo Market

On February 20, 2008, Reutors published an article entitled “Miami Condos are ‘for sale’ for Foreign Buyers“. The article discusses how foreign buyers are stepping in to buy condos at a discount in Florida, where prices have dropped “20 to 30 percent”. The appreciation of their currency is another motivating factor in their decision to buy Miami condos. The story particularly focuses on Canadian buyers, who have a particular interest in buying within the United States, because the Canadian Dollar “has gained 25 percent against the greenback in the last two years”. The article also discusses that these buyers are willing to pay for these condos with cash.

I, for one, have met with a large influx of foreign buyers within the past six months from countries such as Ukraine, China, Russia, Canada, England, Italy, Germany, various countries in South America and territories of the United States, such as Puerto Rico. Many of these buyers came prepared to pay for South Florida condos with cash. In fact, two of the three pending sales that I have scheduled to close in March are cash deals, with no financing contingencies. Great deals in beachfront condo buildings are exactly what these foreign buyers have in mind.

The Reuters article also revealed the following which I found very interesting:

In a study by the National Association of Realtors last year, Florida was the top destination for foreign buyers, accounting for 26 percent of all transactions, ahead of California at 16, Texas at 10 and Arizona at 6 percent.

More than 7 percent of all Florida homes were sold to foreigners, the study found, and 65 percent of Realtors said they had brokered at least one foreign deal.

I would think that Miami homes sold accounted for much higher than 7 percent since Miami should have a much larger percentage of foreign buyers than the rest of Florida.

I’d also like to note that new buyers for Miami condos aren’t only coming from countries abroad. I’ve also found buyers from New Jersey, New York, California, Illinois and Texas. I will admit that local buyers remain a very small percentage of my overall business. In a nutshell, if I had never started this blog I’d probably be out of business. This blog allows me the opportunity to reach people all across the world (including the two people in Ethiopia and Afghanistan who found my site within the past week, according to Google Analytics). The Miami condo market is not a local market…it is a global market. It may not seem cheap to local buyers, but to foreign buyers Miami and Miami Beach condos are bargains to them.

Apogee South Beach – Now That’s a Master Bathroom!!!

Yesterday morning, I had the opportunity to visit a few condo units at Apogee South Beach located at 800 South Pointe Drive in South Beach. The word “sensational” doesn’t even come close to fully encompassing the quality that has gone into this condo development. Apogee South Beach is in a league of its own, with quality that is unmatched by any condo development in South Florida.

The following are a few shots of the master bathroom that I took yesterday inside one of the two condos at Apogee South Beach. Trust me, the kitchens are equally as impressive, if not more so. I’ll likely share the photos of the kitchen at Apogee with everyone in a future post.