In early 2011, after failing to solicit a suitable offer for the 60 units in a package deal, the investment group decided to sell each unit individually in hopes to arrive at an average sales price of around $310 per square foot. They did just that. The last of their 60 units at Marina Blue sold last month. The investment group did not allow any financing contingencies in their sales contracts and required the buyers to pay the seller’s closing costs. The units, which already had tenants in place, were well suited for individual investors with “rental-grade” build-outs. Each of the units had either carpeting or laminate wood flooring throughout, vertical blinds and no built-in closets.
Now that the last of the 60 units has sold, the good deals at Marina Blue are relatively scarce. There are currently 24 units available for sale at Marina Blue on the MLS. The average asking price of the 24 units is $443 per square foot. That is quite a far cry from the $310 per square foot that the 60 units fetched. Nonetheless, there are still a few units available for sale that buyers should have their eyes on:
Unit 1603 – 1 bed + den/1.5 bath – $285,000 ($302 per square foot) – this is a short sale
Unit 2103 – 1 bedroom + den/1.5 bath – $320,000 ($339 per square foot) – REO
Unit 2310 – 1 bed/1.5 bath – $298,000 ($353 per square foot) – regular sale
Downtown Miami Rental Market
Below, is a spreadsheet I compiled earlier this afternoon that shows various statistics regarding the Downtown Miami condos rental market. Click on the link below the spreadsheet to view it in its entirety. I calculated the months of inventory figure by dividing total units available by the average units rented over a three month period from December 1, 2010 to February 28, 2011. You will see that Downtown Miami currently has 2.55 months of rental inventory.
Downtown Miami Rental Market as of March 15, 2011
Marina Blue 5404 – Then & Now
A few months ago, as some of you may recall, we mentioned that clients of ours from Nigeria had recently closed on unit 5404 at Marina Blue. Our clients purchased the condo with an intent to rent it and hold the condo long-term. The condo came decorator-ready, however, which meant that they first needed to finish it off before renting it. A day after the closing, the buyers flew back to Nigeria and left Michael in charge with making design decisions and working with contractors to ensure that the build-out would be completed within a few months. The video below shows you what unit 5404 at Marina Blue looked like as a decorator-ready condo.
Below is a list of changes/additions that were made to unit 5404 as part of the build-out process:
36 x 36 Crema Marfil marble flooring installed throughout
Custom kitchen island with new countertops, wine rack, beverage center and dual-bowl under-mount sink with garbage disposal and custom fixture
Custom kitchen pantry with frosted glass door
Granite backsplash in the kitchen
Custom lighting throughout kitchen
California-style built-in closets in both bedrooms
Remote-controlled electronic window shades
Baseboards and paint
A few days ago, the build-out process for unit 5404 at Marina Blue was completed. Below, you’ll find pictures of the condo as it looks today. Unit 5404 is a 2 bedroom/2.5 bath condo with 1,663 square feet of interior square feet and 222 square feet of balcony (view unit 5404 floor plan). The condo has direct views of Biscayne Bay, the Atlantic Ocean and Downtown Miami from the 54th floor. The asking price for unit 5404 at Marina Blue is $3,500 per month and is available immediately. Contact us at 305-428-3860 if you would like to view the condo in person.
For those of you who don’t know, Marina Blue is a Downtown Miami condo developments located at 888 Biscayne Blvd across the street from the American Airlines Arena and within walking distance to Bayside Marketplace and the Adrienne Arsht Center. Marina Blue is one of the few Downtown Miami condo buildings where every unit has a direct water view.
Below is the Before & After video of unit 5404 that our videographer created:
14 Unit Bulk Sale at Epic
In the above video, Michael discusses the recent 14 unit bulk sale at Epic as well as the microbrewery that will occupy the southeast corner of the first floor commercial space at Marina Blue.
Marina Blue Unit 5104 – $470,000
Last Thursday, we acquired a new listing at Marina Blue. It’s a beautiful 2 bedroom/2 bath condo on the 51st floor with breathtaking views of the Atlantic Ocean, Biscayne Bay, the Miami Beach skyline and Downtown Miami. The condo has 1,208 square feet of interior, 138 square feet of balcony, porcelain tiled floors throughout, Wenge California-style closets, window shades and 10-foot ceilings. The purchase price also includes two assigned parking spaces. As many of you know, it is rare for a 2 bedroom or even a 3 bedroom condo in Miami to include a second parking space. Additionally, the condo includes a 55 square foot storage room which is pictured below.
Marina Blue is located in Downtown Miami across the street from the American Airlines Arena at 888 Biscayne Blvd, Miami, FL 33132. Please give us a call if you or someone you know has an interest in viewing this Marina Blue condo in person. 305-428-3860
Introducing Our Marquis Condos Website
We put the finishing touches on our Marquis Miami condos website earlier this afternoon. Once again, we’re delighted with the end result and are proud to officially launch it. The site is dedicated to condo news, listings and information specific to Marquis. There you will find Marquis available condo sales, available rentals, recent sales, recent rentals, floor plans, charts, videos, resident reviews and a blog dedicated to all news relevant to Marquis. Listings for Marquis condo sales and rentals are updated every 24 hours.
This is the third website that we’ve launched within the past month. We are very pleased with the success of our Marina Blue condos website. Within a month of launch Google has already ranked it number 12 for the keywords “Marina Blue condos”. I’m confident that it will continue to move up the rankings in the months to come. We’re currently working on a building specific website for 900 Biscayne Bay condos. That website should be finished within the next two weeks. Our plan is to then launch a website dedicated to Paramount Bay condos in preparation for when the building begins closings.
Shrinking Rental Inventory in Brickell and Downtown
In this episode, we discuss the shrinking rental inventory of condos in Brickell and Downtown Miami. In recent months, it has become increasingly more difficult to find a rental in these neighborhoods than it has since the peak of the market. For example, at this time The Plaza on Brickell, which has 1,000 total units, only has two unfurnished one bedrooms available while 1060 Brickell has zero. We highlight eight other well known condo buildings in these areas and provide an overview of the rental availability within them.
Marina Blue Penthouse Pitch to LeBron James
For those of you who missed it, we were interviewed yesterday afternoon by David Sutta of CBS4. The interview aired on the 6 o’clock news and focused on our recently launched website – LeBron’s Future Miami Penthouse. Showcased his sales skills by pitching the Miami luxury penthouse for sale to LeBron James while I explained the positive impact it would have on Downtown Miami if the Heat organization is able to lure LeBron James to Miami. The featured penthouse is located in the Downtown Miami luxury high-rise called MarinaBlue. The massive condo has 4,198 square feet of interior with 4 bedrooms, 4 baths, an entertainment room and 20-foot floor-to-ceiling glass windows with one of the most incredible views from Downtown Miami.
Introducing Two New Websites by Miami Condo Investments
Miami Condo Investments is happy to announce the launch of two new websites. The first of the two, is a building specific website called Marina Blue Miami Condos. The website has been in the works for the past two months and I’m more than pleased with the end result. The Marina Blue floor plans for each of the residences in the building are included so be sure to check those out. We have plans to launch four similar building specific websites within the next 3-4 months, the first of which will be Marquis.
LeBron James, and the possibility of him signing with the Miami Heat, has been a hot topic as of late in not only the local media but national media as well. If the Miami Heat organization is indeed able to sign King James, the positive economic impact to the city will be tremendous. Furthermore, the growth of Downtown Miami will dramatically be accelerated. In an effort to be first to market and capitalize on this very plausible scenario, we decided to launch LeBron’s Future Miami Penthouse in an effort to not only promote the Marina Blue Miami Condos website but also the 4,198 square foot penthouse currently available for sale at Marina Blue. We felt that the proximity of Marina Blue to the American Airlines Arena and the stunning view that can be enjoyed from the largest residence in the building made it a perfect fit for what we had in mind.
