Marina Blue Unit 5108 Closes for $431 Per Square Foot
Earlier this afternoon, unit 5108 at Marina Blue closed for $575,000, or $431 per square foot. The unit was decorator-ready and there weren’t any seller concessions. The reason why I know this is because it was my listing.
The sale of unit 5108 marks the highest price per square foot sale at Marina Blue for 2009. Earlier this year, I discussed an opportunity to purchase condos at Marina Blue for as low $156 per square foot. Additionally, the asking price for penthouse condos at Marina Blue started as low as $307 per square foot. These bulk prices were offered to those who were able to purchase 5 or more condos. However, the retail prices were excellent as well for those who wished to purchase only one condo. Retail prices started at $188 per square foot. One of my clients was able to acquire a penthouse condo for $362 per square foot. One 08 line unit was available at that time at a bulk price of $226 per square foot or a retail price of $272 per square foot. The 53 units that were available for sale in June all went under contract within the first 2 weeks. That opportunity has come and gone. The sale of unit 5108 just goes to show that there were some outstanding opportunities to be had in 2009 if you looked in the right place and didn’t have your mind made up before hearing the deal.
Ten Museum Park Penthouse Sells for $250 Per Square Foot
A 5 bedroom + den/6.5 bath, three-story penthouse sold for $250 per square foot at Ten Museum Park on November 6, 2009. The penthouse, with 20-foot ceilings, has 5,394 square feet of interior, 1,779 square feet of terrace and a private dipping pool on the roof. Prices have come down considerably at Ten Museum Park within the past 18 months. About a year and a half ago, a 3 bedroom/4.5 bath penthouse at Ten Museum Park sold for $622 per square foot. Although it was one of the first to be completed during this past condo boom, unsold developer inventory at Ten Museum Park still remains. I recently received an email stating the developer was looking to let all remaining lofts go for $300 per square foot. It’s going to be difficult to justify that amount when a penthouse just sold for $250 per square foot.
Paramount Bay Penthouse
The long awaited Paramount Bay is now available for purchase. I had a chance to tour the building last week and take a look at some spectacular penthouse condos. Paramount Bay is the most technologically advanced residential building in the city of Miami. It is completely wired with fiber optics for Internet, telephone and cable which are included in the monthly maintenance fees. Additionally, channels from over 30 countries are available through the digital cable provider. Each and every unit comes with a P:Link tablet system which allows you to control and monitor lighting, music, window treatments, etc. from anywhere in the world. Each unit also comes with one assigned parking space plus one complimentary valet space. Additional spaces are available for purchase. There are three floors of parking with a total of 600 (correction: 595) spaces available. All of the condo residences have a private elevator and 10-foot ceilings. Monthly HOA fees are 55 cents (correction: 65 cents) per square foot which are fixed for the first two years. The building is expected to be Fannie Mae approved by the end of the month. I also know a lender who can do stated income/stated asset loans at 60 percent LTV for foreign national clients.
Paramount Bay has a total of 46 floors but the penthouse condos are staggered across the building. There are a total of 11 penthouse units. The most appealing aspect about the penthouses at Paramount Bay is the size of the terraces. They are enormous! These were made for people who love to entertain outdoors for a large group of people. Another interesting feature of the penthouses is that they each come with a maid’s quarters that is located outside the unit.
The penthouse in the pictures below has 3,455 square feet of interior and an amazing 3,089 square feet of terrace.
All of the appliances hadn’t yet been installed in the penthouse I saw. The unit will have 2 Sub-Zero refrigerators, 2 Wolf ovens, 2 microwaves and 1 full height Sub-Zero wine bottle refrigerator.
Every unit in the building has a direct view of Biscayne Bay and the Miami Beach skyline.
The master bedroom
Master bathroom
Air jet Jacuzzi tub
The penthouse master bathroom has a glass-enclosed shower with a rain shower head, handheld shower wand and body jets.
All units in the building have a dual flush toilet. This is a great eco-friendly feature and will end up saving the HOA money.
Second bedroom also has a direct water view.
Second bathroom
Third bedroom faces west
Full-sized side-by-side washer and dryer
Three shots of the maid’s quarters which is located across the hall from the unit. It comes equipped with a full bathroom.
The terraces are an entertainer’s dream
The condo docs do not contain covenants against the placement of a hot tub, pool or outdoor kitchen. In fact, the terraces were poured with 12 inches of reinforced concrete with the purposes of supporting the weight of a pool or hot tub.
Ten Recent Multi-Million Dollar Condo Closings in Miami-Dade County (Past 6 Months)
The following are the 10 highest luxury condo sales that have closed in Miami-Dade County within the past six months:
Continuum South Tower – Penthouse 1 – 5 bedroom/7.5 bath (7,374 square feet) – This penthouse sold for $9,900,000, or $1,343 per square foot, on May 15, 2009. It was listed for $14,950,000.
Apogee South Beach – Unit 1104 – 4 bedroom/5 bath (4,154 square feet) – This condo sold for $6,000,000, or $1,444 per square foot, on May 4, 2009. It was listed for $6,800,000.
Apogee South Beach – Unit 1404 – 4 bedroom/3.5 bath (4,154 square feet) – This condo sold for $6,000,000, or $1,444 per square foot, on June 17, 2009. It was listed for $6,800,000.
Apogee South Beach – Unit 1201 – 4 bedroom/3.5 bath (4,154 square feet) – This condo sold for $5,450,000, or $1,312 per square foot, on July 23, 2009. It was listed for $5,750,000.
One Bal Harbour – Unit 2008 – 4 bedroom/4.5 bath (5,266 square feet) – This condo sold for $5,200,000, or $987 per square foot, on September 29, 2009. It was listed for $6,299,000.
Acqualina – Penthouse 4506 – 5 bedroom/6 bath (6,419 square feet) – This penthouse sold for $4,999,000, or $779 per square foot, on August 2, 2009. It was listed for $7,900,000.
Apogee South Beach – Unit 1101 – 4 bedroom/3.5 bath (4,154 square feet) – This condo sold for $4,800,000, or $1,156 per square foot, on July 30, 2009. It was listed for $4,999,990.
Ocean Tower I – Unit 401 – 4 bedroom/5.5 bath (5,403 square feet) – This condo sold for $4,600,000, or $851 per square foot, on June 9, 2009. It was listed for $5,490,000.
Apogee South Beach – Unit 1902 – 3 bedroom/3.5 bath (3,103 square feet) – This condo sold for $4,300,000, or $1,387 per square foot, on September 30, 2009. It was listed for $4,975,000.
Oceanside at Fisher Island – Unit 7161 – 3 bedroom/4.5 bath (3,959 square feet) – This condo sold for $3,950,000, or $998 per square foot, on June 1, 2009. It was listed for $4,500,000.
Espirito Santo Penthouse Foreclosure – Condo Deal of the Month
While searching the MLS Friday afternoon I came across a bi-level 3 bedroom/3 bath penthouse foreclosure at Espirito Santo that was extremely well priced. Not surprisingly, the listing agent only found the time in his busy schedule to upload two interior shots. Compelled to check it out for myself, I quickly made it over to Espirito Santo.
Unit 3405, the 3 bedroom penthouse foreclosure, has 1,934 square feet across two levels and a balcony located on the first floor. The condo foreclosure faces south and resides on the 34th and 35th floors. Condos with balconies are found only on the south, east and north sides of Espirito Santo.
Below is a video I shot of the first level which is where the living room, kitchen, third bedroom, third bathroom and balcony are found:
The following video contains footage of the second level which is where the laundry room, second bedroom, second bathroom, master bedroom and master bathroom reside:
As always, I also shot an array of pictures of the 3 bedroom condo and wanted to share them with everyone.
The MLS states that the maintenance fees are $1,000 per month but my guess is that they’re closer to $1,300 per month. (Once again, the listing agent was probably too busy to pick up the phone to find out the correct HOA fee.) This penthouse condo at Espirito Santo has a lot of potential. At this price, the buyer will likely do a complete renovation and create a spectacular penthouse. The asking price of this condo is $799,900, or $414 per square foot. Unit 3405 previously sold for $1.46M in March 2007. There’s no doubt in mind that this penthouse will go for at least full asking price.
Call me at 786-247-6332 if you’d like to make an offer on this Espirito Santo penthouse condo.
Jade Ocean Condos Photo Tour – Designer Ready Condos
The vast majority of luxury condos in South Florida are delivered designer ready by the various developers. The condos at Jade Ocean are no different. Below, you will find two designer ready corner units.
Residence A
This is a 3 bedroom/3.5 bath condo with 2,843 total square feet, including three separate balconies. The condo occupies the entire southern end of Jade Ocean with views to the east, south and west. These flow through corner units have intracoastal and direct ocean views. The residence A floor plan that you see below is the mirror image of the residence A unit that is shown in the photos below.
Residence E
This is a 4 bedroom/4.5 bath condo with 3,416 total square feet, including three separate balconies. This condo also occupies the entire southern end of Jade Ocean with views to the east, south and west. It too is a corner unit and has intracoastal and direct ocean views. Once again, the floor plan below is a mirror image of the residence A unit that is shown in the pictures below. The 4 bedroom corner units start on the 27th floor while the 3 bedroom corners are found up to the 26th floor.
Contact me now to learn about the great opportunities now available at Jade Ocean. 786-247-6332
Jade Ocean Sunny Isles Beach Photo Tour – Fendi Model
After touring the common areas at Jade Ocean, I was given a tour of the Fendi-designed 3 bedroom/3.5 bath model unit. The condo has 2,180 square feet of interior and 437 square feet of balcony. The 05 line is located in the middle of the building and is a flow through unit with ocean and intracoastal views.
Click on the image below to view a larger version of the D floor plan at Jade Ocean
Private elevator leads into your foyer
The dining and living room areas are quite spacious and offer gorgeous views of the ocean
Majestic views from the master bedroom of unit 3605 at Jade Ocean
Master bathroom designed by Philippe Starck with an air jet Jacuzzi tub, separate glass-enclosed shower and bidet
Living room, dining room and kitchen. Kitchen has stainless steel Sub-Zero and Miele appliances.
The second bedroom at Jade Ocean has intracoastal water views to the west.
The third bedroom has intracoastal water views as well.
Jade Ocean Sunny Isles Beach Photo Tour – Common Areas
A few weeks ago, I had the opportunity to tour Jade Ocean located in Sunny Isles Beach. I’m a big fan of Jade Beach so I was very excited about taking a look at its sister project. The main difference between the two projects is that construction costs for Jade Ocean were much higher due to the building being constructed entirely of glass to capitalize on views. Each and every unit at Jade Ocean has a direct ocean view with floor to ceiling glass windows. Most condos at Jade Ocean also have intracoastal water views. The architect, Carlos Ott, did an outstanding job in designing both beachfront buildings.
Closings forJade Ocean started at in August of this year and, with the developer’s willingness to be realistic about prices in today’s market, there’s no doubt in my mind that the building will be a grand success just as Jade Beach. Closings for Jade Beach started in August 2008 and presently the developer only has 6 units remaining. With all the “doom and gloom” talk that’s out there, I call that a tremendous success. Jade Beach and Jade Ocean are both ultra-modern developments which emanate luxury. I guess you can say that buyers in any market know a good thing when they see it. Another added bonus is that Jade Beach and Jade Ocean are both Fannie Mae approved.
Call me now if you’d like to learn about the great deals currently available at Jade Ocean 786-247-6332
Valet area at Jade Ocean with ocean views the moment you drop off your car
Lobby at Jade Ocean with furniture and decor provided by Fendi
Mailroom at Jade Ocean
Spa receptionist. The spa has a steam room, sauna, massage room and lockers.
Fitness center at Jade Ocean with TechnoGym equipment
Jade Ocean has both sunset and sunrise pools
The club room furniture and decor is also provided by Fendi
Movie theater room
Children’s playroom
Bar, kitchen and restaurant for resident use
Later this week, I’ll do a follow-up post with photos of a few model units at Jade Ocean.
Penthouse at 1800 Club Sells for $170 Per Square Foot
The best condo deal that closed in the month of September actually wasn’t a short sale or foreclosure. Unit 3715 at 1800 Club was a developer unit that sold for $700,000, or $170 per square foot, on September 3, 2009. The 4 bedroom/4.5 bath penthouse condo has 4,120 square feet of interior and a 2,327 square foot bi-level rooftop terrace with a private Jacuzzi. Grant it, the penthouse faces southwest and only has partial views of Biscayne Bay, but I think the developer gave this sweet pad away at $170 per square foot.
