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.

Photo Tour of 900 Biscayne Bay

This past week, I had the opportunity to take a very extensive tour of 900 Biscayne Bay. I couldn’t wait to see if 900 Biscayne Bay held up to its high expectations. I took a ton of pictures that day and wanted to share them with everyone. Above, you see the nice water feature that greets you as you drive into the valet area at 900 Biscayne Bay.

The lobby at 900 Biscayne Bay is two stories. The first story is for guests entering off the street while the second story welcomes those entering through the valet area. The grand spiral staircase at 900 Biscayne Bay, in the photo above, takes you to the second level.

The Infinity-edge, resort-style pool at 900 Biscayne Bay was beautiful. I’m sure residents will make full use of the large bar behind the pool while sunning themselves as well. There’s also a fire pit and hot tub available on the same level.

The lap pool was closed, so unfortunately I wasn’t able to get some laps in while my clients were talking about the great amenities that 900 Biscayne Bay has to offer.

Another great water feature pictured above. This is the entry-way to the amenities found at 900 Biscayne Bay shown in the pictures below.

Here we have the theater room at 900 Biscayne Bay. It’s the best theater room that I’ve ever seen in a condo building in Miami. It has a 153 inch screen and seating for 35 people. I doubt many people will actually make use of this room but it’s still quite impressive to have in your building.

Many of the rooms found on this level at 900 Biscayne Bay come equipped with the above technology. Mount your iPod and enjoy the sounds of your own tunes throughout the room.

The club room at 900 Biscayne Bay with a grand piano and kitchen.

The conference room at 900 Biscayne Bay.

The entry-way into the men’s and women’s spa at 900 Biscayne Bay which is each equipped with a steam room, sauna and hot tub.

Tell me that it doesn’t look inviting. This is the hot tub in the women’s spa at 900 Biscayne Bay. I’m hoping that this isn’t the last time that I get invited into the women’s spa at 900 Biscayne Bay. In my mind, I already had my shoes and socks off, but unfortunately the tour wasn’t over.

Another shot of the women’s spa.

The fitness center at 900 Biscayne Bay was a nice size. It wasn’t overly impressive but it had plenty of free weights, machines and cardio equipment. I would have preferred a view of the bay to the east, however.

I took a look at about 3 condos at 900 Biscayne Bay that day. Here’s a shot of one of the kitchens with dark cabinetry. Another kitchen I saw that day had beige colored cabinets.

Here’s an east view from one of the condos I saw at 900 Biscayne Bay. I think this was a shot from the 34th floor.

Overall, I felt that 900 Biscayne Bay exceeded my expectations. I think Pedro Martin and Terra Group delivered an outstanding condo development. Of all the new condo buildings that I’ve been in that have been completed within the past three years in Miami, 900 Biscayne Bay is on an entirely different level. The quality of the building is unsurpassed of the new condo buildings that I’ve seen. I haven’t been in Asia yet but I think that will be the only other recently finished condo building in Miami that may be able to measure up to 900 Biscayne Bay. The quality does come at a price, however. Expect to pay more than you’ll find at Marina Blue or Ten Museum Park, but like I said, the quality is unsurpassed.

900 Biscayne Bay condos for sale

900 Biscayne Bay condos for rent

Beautiful 5 Bedroom Condo at Villa Regina with 4,100 Square Feet – $1,499,900

Five-bedroom condos in Brickell are very rare. In fact, at this time, there are only two other condos in Brickell that are listed on the MLS with that many bedrooms. Just last week, I listed the best priced 5 bedroom condo in Brickell in a building called Villa Regina. The new listing is attractively priced at $1,499,900. The next best priced 5 bedroom residence is listed for over $1M more.

If size, quality, and location are what you need, then look no further. The 5 bedroom listing at Villa Regina spans 4,100 square feet (380.9 square meters), has a total of 15 rooms, 5 full bathrooms, comes with 3 parking spaces, has 4 terraces with gorgeous bay and city views and has been tastefully remodeled. The kitchen has new granite countertops and stainless steel appliances with custom cabinetry. The air conditioning system was also replaced 3 months ago and the condo has impact resistance windows and shutters.

The amenities at Villa Regina include: 24-hour full-service concierge and security, swimming pool, fitness center, his and her spas, barbecue area and 4 grand party rooms. Villa Regina is located directly on Biscayne Bay and is one of the few condo buildings in Brickell with its own private marina.

Contact me today if you’d like to take a look at this 5 bedroom condo at Villa Regina.

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.

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.

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.