South Florida Luxury Condo Short Sales
Currently, there is only one foreclosure condo listed in the MLS that is priced at $1M or above. That is a 3 bedroom/4.5 bath double corner unit at The Setai South Beach with 3,691 square feet of interior space. The list price is $4.2M, or $1,138 per square foot. However, there are currently 48 short sale condos listed in the MLS priced at $1M or above. Below is a list of what I feel are the 10 best luxury short sale condos that are currently available:
- Aqua Allison Island #6111 – Asking $1.69M. Property was purchased for $3.15M in June 2005.
- Mosaic #TH-3 – Asking $1.7M. Property was purchased for $3.2M in February 2007. Bank approved at $1.7M.
- Oceanside Fisher Island #7941 – Asking $1.85M. Property was purchased for $3.9M in November 2006.
- Oceanside Fisher Island #7735 – Asking $1.85M. Property was purchased for $2.4M in September 2005.
- Oceanside Fisher Island #7761 – Asking $1.95M. Property was purchased for $3.2M in September 2005.
- The Bath Club #1004 – Asking $1,999,999. Property was purchased for $3.5M in January 2007. Bank approved.
- Turnberry Ocean Colony #2804 – Asking $2,295,000. Property was purchased for $3.27M in January 2008.
- Bayview Fisher Island #5123 – Asking $2.3M. Property was purchased for $3.7M in March 2007.
- Acqualina #4201-2 – Asking $2.8M. Sales history not found.
- Oceanside Fisher Island #7821 – Asking $2.8M. Property was purchased for $3.92M in November 2006.
Ten Recent Multi-Million Dollar Condo Closings in Miami – April 2009
The following are 10 luxury condos that have closed in Miami-Dade County since my last luxury condo closing update in January:
- IL Villagio – PH6&7 – 3 bedroom/4 FB/2 HB (5,700 square feet) – This condo sold for $7,000,000, or $1,228 per square foot, on February 12, 2009. Note: This condo was listed for $13.9M.
- Ocean Tower II – Unit 208 – 7 bedroom/8 FB/2 HB (6,584 square feet) – This condo sold for $6,100,000, or $926 per square foot, on March 30, 2009.
- Apogee South Beach – Unit 1502 – 3 bedroom/3.5 bath (3,100 square feet) – This condo sold for $3,750,000, or $1,210 per square foot, on March 20, 2009.
- Continuum North – Unit 2301 – 3 bedroom/4.5 bath (3,017 square feet) – This condo sold for $3,700,000, or $1,226 per square foot, on January 30, 2009.
- Continuum North – Unit 2101 – 3 bedroom/3.5 bath (3,017 square feet) – This condo sold for $3,695,000, or $1,225 per square foot, on April 2, 2009.
- IL Villagio – Units 1201&1202 – 2 bedroom/2 bath (2,910 square feet) – This condo sold for $3,600,000, or $1,237 per square foot, on January 27, 2009.
- Oceanside – Unit 7831 – 3 bedroom/3.5 bath (3,580 square feet) – This condo sold for $3,100,000, or $866 per square foot, on February 9, 2009.
- Continuum South – Unit 2705 – 3 bedroom/2.5 bath (2,847 square feet) – This condo sold for $3,000,000, or $1,054 per square foot, on March 30, 2009.
- Bellamare – PH6 – 6 bedroom/5 bath (5,469 square feet) – This condo sold for $2,950,000, or $539 per square foot, on February 12, 2009.
- Oceanside – Unit 7631 (3,691 square feet) – This condo sold for $2,625,000, or $711 per square foot, on January 30, 2009.
Ten Recent Multi-Million Dollar Condo Closings in Miami – January 2009
The following are 10 luxury condos that have closed in Miami-Dade County since December 1, 2008:
- Bayview at Fisher Island – Unit 5031/5032 – 3 bedroom/4.5 bath (6,830 square feet) – This condo sold for $5,600,000, or $820 per square foot, on December 11, 2008.
- Apogee South Beach – Unit 1703 – 3 bedroom/3.5 bath (3,100 square feeet) – This condo sold for $4,125,000, or $1,331 per square foot, on December 4, 2008.
- Grand Bay Residences – Unit PH2B – 3 bedroom/4 bath (3,625 square feet) – This condo sold for $3,619,000, or $998 per square foot, on December 29, 2008.
- Villa Del Mare – Unit 7255 – 3 bedroom/3.5 bath (3,140 square feet) – This condo sold for $3,400,000, or $1,083 per square foot, on January 5, 2009.
- Fisher Island – Unit 7652 – 3 bedroom/3.5 bath (2,950 square feet) – This condo sold for $2,950,000, or $1,000 per square foot, on December 19, 2008.
- Bellamare – Unit PH1 – 5 bedroom/5 bath (6,663 square feet) – This condo sold for $2,600,000, or $390 per square foot, on December 15, 2008.
- Grovenor House – Unit 2301 – 4 bedroom/5.5 bath (4,026 square feet) – This condo sold for $2,250,000, or $559 per square foot, on December 12, 2008.
- One Bal Harbour – Unit 208 – 3 bedroom/3.5 bath (2,681 square feet) – This condo sold for $2,202,500, or $822 per square foot, on December 22, 2008.
- Akoya – Unit TS03 – 3 bedroom/4.5 bath (3,377 square feet) – This condo sold for $2,070,000, or $613 per square foot, on December 30, 2009.
- Murano at Portofino – Unit 3202 – 3 bedroom/3 bath (2,618 square feet) – This condo sold for $2,050,000, or $783 per square foot, on December 5, 2008.
Icon Brickell Tour – Condos
This past week I was able to tour not only the amenities and common areas at Icon Brickell but also a few condos. Below, you will find the pictures that I took of a few two bedroom condos. Keep in mind that these are model units. Condos at Icon Brickell are delivered by the developer “decorator-ready”. However, as an incentive to buy now, the developer is offering either a 3 percent decorator credit or flooring installed throughout your condo.
The first condo I saw was a 2 bedroom/2 bath plus den. It has 1,503 square feet of interior space and 218 square feet of balcony.
The hallway leading to the condos at Icon Brickell.
A shot of the kitchen and dining area.
The living room and dining area.
A close-up of the kitchen with natural stone countertops and appliances by Sub-Zero, Wolf and Bosch.
The den area of this condo.
The master bedroom.
The master bathroom with French limestone flooring.
Another shot of the master bathroom with matching limestone vanity top and porcelain sinks.
A third shot of the master bathroom.
The second bedroom.
The view of Brickell Key, Biscayne Bay and Key Biscayne from this 2 bedroom condo.
The second condo I viewed was a 2 bedroom/2 bath with 1,314 square feet of interior space and 133 square feet of balcony.
The kitchen and dining area.
The living room.
The master bedroom.
The master bathroom.
The second bedroom.
The view of the Miami River and Biscayne Bay.
Icon Brickell Tour – Common Areas
Yesterday, I had the opportunity to tour Icon Brickell. I’ve decided to write two separate posts to encompass the thorough tour that I was given. This first post will include pictures and my thoughts about the common areas found at Icon Brickell. The second post, which should be published within the next couple of days, will focus on two model units that I was able to see.
The valet area is grand to say the least. The large columns that greet you as you enter the property resemble the stone heads on Easter Island called Moai. $10M was spent on these monstrous columns.
The windows of each lobby has a yellow film on them to distinguish the room from the rest of the building. It felt a bit like a haunted house to me. Above, you see the concierge desk with an over-sized armoire behind it.
The fireplace located in the lobby of Icon Brickell is surrounded by classical furniture and large, frameless Renaissance portraits.
Another shot of the lobby.
Another look at some of the artwork in the lobby of Icon Brickell.
The hallway leading to the mail room and elevators creates a sharp contrast from the lobby.
The mail room at Icon Brickell.
The Icon Brickell Cafe serves food and beverages to the pool area and makes deliveries to all of the residences.
The Icon Brickell pool deck has a Delano-style to it.
Over-sized chessboard located off the Icon Brickell pool deck.
Outdoor dining table with room for 50 people.
Outdoor gas fireplace and furniture located off the pool deck.
The theater room was locked but I was able to a shot of it through the doors. We were told the room will be filled with beds instead of leather recliners.
The Icon Brickell club room.
Another shot of the Icon Brickell club room. Although I did not get a chance to see them, I was told that there is a separate billiards room and poker room.
Above, you’ll find the thermal spa room which is reminiscent of an ancient Roman bath.
Spinning room at Icon Brickell.
The fitness center at Icon Brickell has free weights, machines, cardio equipment with personal TV screens and two boxing bags.
The locker room at Icon Brickell.
The men’s spa. We were told that the men’s and women’s spas are identical.
The steam room. There is also a separate sauna room.
A treatment/massage room in the Men’s spa at Icon Brickell.
Icon Brickell was different to say the least. It is very over-the-top with an Alice in Wonderland type feel and a hint of South Beach flare to it. The 2 acre pool deck was incredible with its lengthy dining room table, large fireplace, over-sized chessboard and Delano-style Infinity-Edge pools. Most will also appreciate the extensive collection of artwork that fill the various rooms throughout Icon Brickell. My favorite room was the thermal spa room with plunge pools and floor-to-ceiling bookcases on each end. Although it may not appeal to some, it is still a sight to see in person. The Icon Brickell Cafe is definitely an amenity that most will appreciate. There will also be two signature restaurants located at Icon Brickell. I did feel, however, that the fitness center was a bit small to accommodate 1700+ units. Overall, the development may not conform to the tastes of some but I think everyone will agree that it is unlike any condo development that we have seen in Miami.
Icon Brickell has a total of 1,783 units in the three towers that comprise the development. Closings are scheduled to begin next week. Our tour guide notified us that 90 percent of the units had been presold. It will be interesting to see how Icon Brickell fares with their closings in the months ahead.
New Miami Condos – Closing Rates for September 2008
It’s been a little over two months since my last condo closing rate update. The last one was published on July 8, 2008.
Below, you will find the date that each condo development began closings followed by the number of closed units in each condo development:
You’ll notice with this first batch that I dropped Star Lofts from the list. I noticed a lot of double entries which made it difficult to gauge the true number of closed condos. Additionally, Star Lofts on the Bay hasn’t shown much progress in a very long time. Ten Museum Park closed 11 units since the last update while 50 Biscayne’s vast improvement reflects the bulk sale that took place. The rest of the condo developments showed very little progress.
Plaza on Brickell once again showed the most improvement within this group. Its closing rate jumped about 14 points since the July update revealing a total of 660 closed condos of the overall 1,000 in the two towers. Apogee South Beach once again inched closer to hitting the 100 percent mark, with only 2 additional condos to close before reaching it. Quantum on the Bay moves into second place in this group and has now closed around 75 percent of its condos.
The big story in this group is Midtown 4. It jumped from a 19.10 percent closing rate to an 84.92 percent closing rate. A large bulk sale of over 250 condos seems to have taken place to a buyer with a second party name of “D M MIDTOWN MIA OWNER LLC”. The same buyer also closed on slightly over 50 condos at Midtown 2 on the same day. Was this simply the developer transferring units to one of its other entities or was this an outside buyer with no association to the developer? Marina Blue jumped about 10 points, settling at around 70 percent of its condos closed. Wind and Asia showed nice improvements this update with Wind increasing around 17 points and Asia about 18 points.
These last four condo developments all showed good progress since the July update. The biggest surprise to me was Ivy which closed 125 new condos since that time. I would have guessed that 500 Brickell and Axis would each have more closed sales than Ivy.
Disclaimer: The above closing rate information was derived from public County records. There can be a 2-3 week delay from the time that a closing occurs and the time that the closing is recorded.
South Beach Luxury Condo Sales
There have been 10 closed sales for luxury condominiums in South Beach within the past three months that appear in the MLS. I defined a sale as being a luxury condo sale if it had a sales price at or over $2.5M. As you’ll see below, Apogee South Beach topped off the list with a condo selling for $7.3M. Even more impressive is a Penthouse condo at Apogee South Beach, which did not appear in the MLS, that closed for $16.5M on June 9, 2008.
- Apogee South Beach – Unit 2004 – $7,300,000 – $1,757/SF – July 21, 2008
- Apogee South Beach – Unit 1503 – $4,265,000 – $1,374/SF – June 20, 2008
- Apogee South Beach – Unit 1003 – $3,838,750 – $1,237/SF – June 10, 2008
- Apogee South Beach – Unit 703 – $3,400,000 – $1,096/SF – May 12, 2008
- Continuum South Tower – Unit 3107 – $3,100,000 – $1,049/SF – June 24, 2008
- Murano Grande – Unit 3001 – $3,100,000 – $779/SF – June 20, 2008
- Murano Grande – Unit 2701 – $2,740,000 – $689/SF – June 20, 2008
- The Setai – Unit 2307 – $2,550,000 – $1,994/SF – June 17, 2008
- The Setai – Unit 2707 – $2,550,000 – $1,812/SF – May 30, 2008
- Murano at Portofino – Unit 2202 – $2,800,000 – $993/SF – May 30, 2008
- Il Villagio – Unit 804 – $2,500,000 – $1,506/SF – May 13, 2008
Miami Condo Rankings Page Goes Live
For quite some time, I’ve been wanting to launch this new addition to my site. I think part of me was a bit timid about publishing the Miami Condo Rankings page because I knew that there would be a lot of criticism about my rankings. It’s important for everyone to realize that this is only my subjective opinion. I felt it necessary, however, to publish these rankings to provide nonlocal Miami buyers with a way to sift through the various condo developments here in Miami in order to narrow down their choices. Besides, I’ve received a number of emails from people suggesting that I provide them with this sort of information. The link to the Miami Condo Rankings page will remain towards the top of this page underneath the header.
When creating the Miami Condo Rankings, I tried to be as unbiased as possible. The rankings are based on my experience of viewing the various condo buildings and condo units throughout Miami in order to arrive at the stated figures. Everyone is going to have a different point of view, however. My Miami Condo Rankings aren’t set in stone. I will be revising them over time and adding new condo developments as I get the chance to view them. For example, the risk adjustment category will be adjusted periodically once I feel that the risk for buying in a particular condo building has changed.
I’m a firm believer in democracy and rarely delete comments. I appreciate everyone’s input on various topics and, although I may not agree with certain opinions, I do believe that visitors to my site should be able to read a variety of opinions. Therefore, you will all have the ability to submit your personal rankings for any or all condo buildings. This came as a suggestion from my website developer and I loved the idea. I want everyone to view not only my feelings about the various condo developments in Miami, but also the opinions of the general public as well. I just ask that everyone try to be as unbiased with their scores as I have been. It doesn’t do anyone any good if you give your condo building all tens for each category, or if you give another condo development all zeroes just to make your own condo building look good. You can also submit your thoughts about the various condo developments in the comments section towards the bottom of the Miami Condo Rankings page so everyone can learn about other aspects that aren’t transparent in the five included categories. There are a plethora of other factors that, in reality, also play a role in someone’s decision to choose one condo development over others such as parking, floor plans, balcony space, etc. I tried to keep it as simple as possible, however, and highlight the most important contributing factors. The Miami Condo Rankings page is to act as more of a guide to nonlocal buyers. Nothing is cut-and-dry when buying real estate.
Below, you find some determining factors that I took into account when deciding on the score for each category for the Miami Condo Rankings:
Location
- It’s important to note that the scores for the location category were determined based only on Miami. I did not take Miami Beach into account. Obviously, because of the proximity of the beach, restaurants, and nightlife, Miami Beach buildings would have received higher scores. I may include Miami Beach condo buildings at a later date and adjust the scores for the location category of each condo development throughout Miami. I know that a lot of people who frequent this site are very attached to their neighborhoods and may feel that their neighborhood deserves a higher score. Please feel free to contribute your comments so others can view what you have to say. Proximity to restaurants, grocery stores, shops, nightlife and the overall quality of the neighborhood played a determining factor when creating the location scores.
Views
- I based my scoring for this category on the average views offered in the condo building. Most condo developments provide the best views to the 3 bedroom units (or 2 bedroom units if 3 bedrooms aren’t offered). Obviously, if you’re in the market for a 3 bedroom and the condo development that you might have your eyes on only has a score of 6 then you’ll need to make the adjustment for yourself. Again, the score for views is based on the average views of all of the condo units in the building.
Quality
- Of the 5 categories included in the Miami Condo Rankings, this was the most difficult to determine. This category was the reason why it took so long for me to publish these condo rankings. There were so many factors to take into account when calculating these figures. First most, I took the quality of the building into account along with the amenities offered. Second, I wanted to factor in the average quality of the units. This was difficult because some of these Miami condo buildings have been around for over 20 years and some of the condo units have been completely upgraded. As a result, age of the building played a role in determining the scores. Some people love the stability, larger floor plans (in most cases) and historical significance of older condo buildings. Meanwhile, I think most people, at least the buyers I have encountered, love the freshness of a brand new building. If you’re the type of buyer who appreciates the positive aspects that an older building affords, then you’ll definitely want to adjust my score upwards for this category as well.
Waterfront
- This was the easiest of the 5 categories to determine scores for each condo development even though it wasn’t as simple as one might think. If a condo development is located directly on the waterfront then I gave it a score of 10. If it isn’t waterfront but resides across from a city park or other unobstructed piece of land with no other future use then I gave it a 7.5. If it is a riverfront condo development then I gave it a 5 and if it was completely landlocked then it got a score of 2.5. I did make an exception for Four Seasons Residences, however. The condo units at Four Seasons Residences begin on the 40th floor. Even though it is a landlocked building, I gave it a 7.5 because it offers gorgeous views and I don’t think any nearby buildings will impede on these views any time soon.
Risk Adjustment
- There’s definitely risk associated with buying a condo in Miami. The risk varies from condo building to condo building, however. I calculated my risk score for older buildings based on how many foreclosures and short-sales there currently are in the condo building. The score was determined for newer buildings based mainly on how well the condo development is presently doing with their closings. The risk adjustment score will periodically be adjusted to reflect any changes in risk. I’m hoping that these scores will eventually be close to a score of 10 within 3-5 years. We shall see. It is important to note that risk isn’t necessarily a bad thing. With risk comes reward (in some cases). Jade at Brickell Bay currently has a risk adjustment score of 4. It’s a gorgeous building but there are a ton of foreclosures, hence the score. With recent closed sales near $400 per square foot, I think prices have fallen in line with what the market is dictating. Regardless, the building does have a lot of foreclosures so there is risk.
I also added a few other columns to the Miami Condo Rankings page. You will find Year Built, Developer and Architect included on the page. These columns weren’t used to create a final ranking but they are important to note. I hope the Miami Condo Rankings page helps nonlocal and local Miami condo buyers in their search for a Miami condo.
Villa Magna Project Lives On…
…at least for the time being. The “Miami Today News” reported last week that the Villa Magna project is still pushing forward. I guess we can all scrap the inkling of a dream that the land would become a public park. I don’t think any of us actually thought it would be turned into a park but rather just wishful thinking that the city wanted a nice green space for the residents of Brickell. The Villa Magna project will reside on the last bayfront lot in Brickell. Now, we can all move on to hoping that the Brickell CitiCentre land will become a public park.
The same issue of the “Miami Today News ” also discussed the relocation of the Camillus House. For those not local to Miami, the Camillus House is a homeless shelter located in the neighborhood of Park West, a few blocks west of new luxury condo high-rise buildings such as Ten Museum Park, 900 Biscayne Bay, Marquis and Marina Blue. The good news is that the relocation of the homeless shelter is still going to happen. The bad news is that the move won’t happen until 2010. I think residents of these condo buildings are highly anticipating that day to arrive. The neighborhood will see a dramatic improvement and, as the article mentions, commercial developers will be more prone to open retail space in the neighborhood. 2010 will be a great year! The Super Bowl will be returning to Miami and Camillus House will be heading west!
Update: I do plan to update this blog on a more frequent basis like you had enjoyed in the past. I took some time off but now I’m back in full blogging mode. The new “Condo Deals” page is coming along nicely and should be rolled out by the end of next week. I’m looking forward to that as well as a few other changes that I think you’ll all enjoy.
