Rumor Mill on the Streets of Manhattan
I arrived at La Guardia Airport in New York City on Tuesday afternoon. The good news was that the weather was fantastic. It was in the high 60s, which was unprecedented in New York City for the month of January. The weather was just what I needed after arriving in Chicago last week on the coldest day of the Winter season (I think it was something like 15 degrees below zero with wind chill). Brrrrr!!! In fact, the first thing I did when arriving in Chicago was to go to Target and buy some long underwear. It was that freakin’ cold! I used to live in downtown Chicago for 4 years so I should know cold, but that day was damn cold! Maybe living in Miami for so long has made my blood thin out a bit or something.
My arrival in New York City, however, soon turned sour after learning that my luggage was lost by American Airlines. Regardless, I checked into my hotel and tried to make the best of my trip. My luggage did finally arrive at 3am that night (the next morning).
Last week, I wrote a post mentioning that I would be in New York City from January 8-11 for the Real Estate Connect NYC 2008 Conference. I was contacted by one hedge fund analyst and two investment groups that wanted to meet me while I stayed in New York City. They each had an interest in the Miami condo market.
Today, I attended the first day of the Real Estate Connect Conference and listened to a few industry leaders speak about the market. I also picked up some great information in conversations with people in the hallways as well as the hedge fund analyst that I met with later in the evening.
Okay…enough with the boring stuff. Let’s get to the goods! The following is the rumor mill that was revealed to me throughout the day. This is just what I’ve heard. I am in no way saying that the rumors are true (although these rumors came from accredited sources).
- WCI will declare bankruptcy within the next two weeks. Shares of WCI, the developer of One Bal Harbour, dropped 52.98% today on worries that WCI will declare bankruptcy. Standard & Poor affirmed WCI’s junk rating status and provided a negative outlook for the company. (Can you say “Pink Sheet”?) WCI was provided an extension until January 16, 2008. That’s a very short extension. My source disclosed to me tonight that the bank is probably finally realizing that it is in their best interest to pursue bankruptcy proceedings rather than delay the inevitable. The mathematics makes sense for the bank to do so. Most banks loaned about 65 percent of the total construction costs. As of right now, according to public records, WCI has closed 50.3 percent of the condo units at One Bal Harbour. If I were the bank holding onto the construction loan for One Bal Harbour, I would foreclose on this development immediately. The lender could at least offset their other losses with the gains they may realize with the sale of the defaulted units at One Bal Harbour. They know that it’s a strong development…I know that it’s a strong development. Until the investment funds step in, however, there’s still a lot of risk.
- Marina Blue closings have been pushed back 2 months and possibly even longer. I heard this rumor when I was in Miami on Monday but I didn’t accept it until tonight. I’ve heard that Marina Blue has no clue when closings will begin. Somebody please tell me that I’m wrong! I’ve heard this one from multiple sources though.
- Opera Tower is delaying closings another month. I’ve heard this one from multiple sources as well. What the hell is going on with this development? It keeps delaying its closings. Weren’t closings supposed to realistically begin around September? I was recently misquoted about Opera Tower in the papers. I was quoted as saying something along the lines that Opera Tower will have a 50 percent default rate. I actually said that Opera Tower will have at least a 50 percent default rate. Just my opinion though. Also, just my opinion is that this development is doomed. There’s a large lawsuit against the developer of Opera Tower. You may think I’m crazy but I think in six months my 50 percent default rate for Opera Tower will be considered an overzealous prediction.
- Here’s the big one. Countrywide Financial Corporation is going to declare bankruptcy within the next three weeks. Countrywide has lost about 44 percent of its value within the past 5 days. Rumors around Wall Street are that this turkey is just about roasted and ready to be eaten. We should see this one fall soon…and it’ll make a huge thud on the Street when it does.
- This one isn’t so much a rumor. Quantum on the Bay began closings and the development isn’t even close to being completed. (From what I’ve heard) TCO was granted in order to avoid a lawsuit pertaining to how long the development took to be completed. My guess (and only my guess) is that some money (maybe a lot) was transferred between the developer and city to get the TCO done to avoid lawsuits against the developer.
Marina Blue – A Repeat Performance for Hyperion Development or a New Chance to Shine?
A very interesting article regarding the condo development called Marina Blue was published yesterday in the International Herald Tribune. The article focuses on Hyperion Development, the developer of Marina Blue, and its damaged reputation as a result of the large “delays and unhappy buyers” at its first development called Blue.
Some residents at the first tower, named Blue, are threatening to sue the company for not delivering on amenities while other owners at the 330-unit complex are trying to sell their condos for less than they paid.
Blue’s problems have hurt Hyperion’s reputation enough that consultants say that some buyers who put down deposits at the company’s second tower, the 516-unit Marina Blue, may decide not to close. Other Marina Blue buyers have sued to get their deposits back.
The problems raise questions about the ability of Hyperion to repay a $110 million construction loan as well as its ability to develop future projects in the Miami market.
It will be interesting to see if Hyperion Development has learned its lesson and delivers all amenities and common areas completely done at Marina Blue. I know from reading the comments that are left here, that this is a HUGE concern of contract holders of condos at Marina Blue and those who have an interest in purchasing a condo there. Sales agents at the Marina Blue sales office have assured me that all common areas will be delivered when closings begin but I won’t believe it until I see it. Closings are scheduled to begin within the next week, so we won’t have to wait long to see if those promises were kept. You can be sure that I’ll be keeping a close eye on how closings go at Marina Blue in the upcoming months.
New Construction Condo Deals in the Arts District, Brickell, Downtown Miami, and South Beach
As closing dates for some of South Florida’s newest condo developments quickly approaches, the motivation from contract holders to sell is becoming increasingly apparent. I’ve been receiving a lot of phone calls and emails from contract holders, within the past couple of weeks, who are looking for me to help them find a replacement buyer.
In some cases the contract holders are willing to accept a loss on their contract price in order to retain a portion of the deposit that was made 3-4 years ago. Below you will find some of the better deals that I’ve come across:
Edgewater
- The 1800 Club
- Unit 2×04 – 1 bedroom/1 bath – 842 SF – $235,000
- Unit 3×06 – 1 bedroom/1 bath – 822 SF – $240,000
- Unit 3×03 – 2 bedroom/2 bath with direct bay view – 1,142 SF – $418,000
- Unit 4×03 – 2 bedroom/2 bath with direct bay view – 1,142 SF – $428,000
- Quantum on the Bay
- Unit 15+ floor B (south tower) – 1 bedroom/1 bath – 651 SF – $198,000
- Unit 35+ floor D (south tower) – 1 bedroom/1.5 bath – 780 SF – $212,000
- Unit 40+ floor B (south tower) – 1 bedroom/1 bath – 651 SF – $252,350
- Unit 40+ floor J (south tower) – 2 bedroom/2 bath – 1,239 SF – $399,000
- Unit 40+ floor J (south tower) – 2 bedroom/2 bath – 1,239 Sf – $409,000 obo
- Unit 10+ floor L (north tower) – 2 bedroom + den/2.5 bath – 1,460 SF -$550,000
Brickell
- 1060 Brickell
- LF Loft – 1 bedroom/2 bath – 972 SF – $360,000
- 30th Floor (K floor plan) -866 SF – $290,000
- Unit 3×07 – 2 bedroom/2 bath – 1,103 SF – $467,000
- Axis
- 1x04S (C1 floor plan) – 2 bedroom/2 bath – 1,076 SF – $340,000
- Plaza on Brickell
- Unit 2×09 (901 tower) – 1 bedroom/1 bath – 683 SF – $250,000
- Unit 2×05 (901 tower) – 2 bedroom/2 bath – 1,185 SF – $339,000
Downtown Miami
- Marina Blue
- Unit 4×04 – 2 bedroom/2 bath – 1,208 SF – $470,000
South Beach
- Continuum South Beach North Tower
- Unit ??? – 2 bedroom/2.5 bath NW corner unit – 1,491 SF – $1.86M
- Unit ??? – 2 bedroom/2.5 bath NW corner unit – 1,922SF – $3.35M
- Unit ??? – 3 bedroom/3.5 bath NE corner – 3,497 SF (4 balconies) – $4.2M
If you’re a contract holder and you’re motivated to sell then feel free to email me details of your condo and the price that you are willing to accept. Most developer contracts do not allow you to market your unit outside the sales center, so I will post general information here on the blog to see if a buyer emerges.
I’ll match buyers and sellers together. The sales centers are in some cases charging higher than normal sales commissions and transfer fees which make it virtually impossible for contract holders to get their units into the hands of end-users. I’m hoping that this blog will help contract holders to get some of their money back, end-users to find a great deal and developers to have less defaulted units. The way I see it is a win-win-win situation for everyone involved.
By the way, I’ve added a link to this post on my “Deals” page and will be adding to the list above intermittently.
Marina Blue – Two Condos on High Floors For Sale
Someone who has contracts on two great units at Marina Blue contacted me earlier this week. He wants to sell one prior to closing and hold onto the other.
The first condo is unit 5108. The 08 line is the best line in the entire building since it is situated in the middle of the building and has the best views. This condo has 10-foot ceilings. All units on the 45th floor or higher have 10-foot ceilings as opposed to the non-loft units below that have 9-foot ceilings. The unit has 1,334 square feet of interior space and a 160 square foot balcony. He is asking $740,000 for this unit.
The second condo is unit 4609. It is a very rare floor plan that I didn’t even know existed in the building. There are only six units that have this floor plan in the entire building. The condo has a total of 1,754 square feet of interior space and a 240 square foot balcony. As with the other unit, it has 10-foot ceilings. Both units have amazing water views. You can see the South Beach skyline, Biscayne Bay and the Atlantic Ocean. As you can see from the floor plan below it has a huge living room. He is asking $899,000 for this unit.
Closings are likely to begin at Marina Blue in December. Contact me if you or someone you know has an interested in either of these two units.
Sunday Afternoon Bicycle Ride Through Brickell and Downtown Miami
Last week, I purchased a new road bike. My hope was to not only get a good cardio workout while cycling but also to get some great pictures of Miami and South Beach condos while doing so. My goal today was to get some shots of the condo developments in Brickell and Downtown that were either recently completed or will be completed within the next year. Unfortunately, it was a very cloudy day as you will see below.
Closings at Plaza on Brickell will likely begin in January. This development will add 1,000 new units to the Brickell condo market.
Closings at 1060 Brickell should occur around the same time. 1060 Brickell will add 582 condo units.
Closings at Axis will likely begin around the middle of 2008. Axis will add 718 units.
Closings for 500 Brickell are scheduled for the beginning of 2008. This development will add 633 units.
Infinity at Brickell will likely be completed towards the middle of 2008. Infinity will bring 459 condo units to the market.
I forgot to get a shot of Brickell on the River South. That development will add 322 units. I also didn’t get one today for Latitude on the River but I’ve displayed pictures of that building in the past. Closings at Latitude started about two months ago. It has 455 condo units.
Asia is located on Brickell Key. It is the only development under construction there. It will add 123 condo units when it is completed in the first half of 2008.
Closings at 50 Biscayne began about a week and a half ago. I walked in the lobby last week and it is gorgeous. I didn’t have my camcorder with me at the time, however. I will try to get a video and picture tour of the building within the next week. 50 Biscayne has 529 condo units.
Closings at Loft Downtown 2 are scheduled to begin this month. In fact, they may have already begun. It will add 496 units.
Everglades on the Bay (now known as Vizcayne) likely won’t be completed until the end of 2008 or beginning of 2009. It will add 866 condo units to the Miami real estate market.
I’ve been told that closings at Marina Blue are scheduled to begin November 1, 2007. I don’t see that happening so soon but maybe I’m wrong. My guess would be sometime in December or January. Marina Blue will add 516 units.
900 Biscayne Bay will likely be completed in the first half of 2008. It will add 516 units as well.
Closings for units at Ten Museum Park began about three months ago. Closings are still underway. It has 200 units. Marquis probably won’t be completed until the end of 2008 to beginning of 2009. It will bring 306 units to the Miami condo market.
Above is a shot of Marina Blue, 900 Biscayne Bay, Ten Museum Park and Marquis.
In conclusion, there might be a tiny bit of an inventory problem in Miami (that was me being sarcastic). I also didn’t include Icon Brickell and Epic Miami which will be completed in 2009. Icon Brickell will add 1,816 units while Epic will add 966 units. The condo developments in the Arts District will also add a little over 2,000 new units to the market within the next six months.
Advice to Miami Condo Buyers
This is a follow-up post to one I wrote a few weeks ago entitled “Advice to Miami Condo Sellers“. That post has become one of my most widely read posts.
I’ve always been more of a buyer’s agent than a seller’s agent. It’s been that way ever since I started in this business. I’ve never been much of a salesman though. In fact, I initially didn’t even want to become a real estate agent because I always analogized the phrase “real estate agent” to “sales person”. The latter always made me cringe. Thoughts of “selling somebody” or “making a sale happen” didn’t favor well with me.
I finally realized, however, that people will always have a need to buy housing and finding buyers the best deals is a niche within itself. I figured that with my financial background I could provide a unique perspective and a more in-depth analysis of the market than most agents. This blog is a natural extension of that mindset years ago.
Nowadays, it seems like everyone is looking for a deal and the right opportunity to buy in Miami. The million dollar question that I get from the people who contact me each day is “When will be the best time to buy a condo in Miami?”.
The answer to that question depends on your objectives and knowledge of the Miami condo market. If you’re an investor “looking to buy a condo in a good neighborhood of Miami at a significant discount” then the answer to that question is as vague as your objective – “Nobody knows!”. That’s like saying that you want to buy the best stock at the bottom of a bear market. Good luck!
Some of the people who contact me have only been to Miami once or twice in their life. Some haven’t ever visited Miami, but have read about Miami and have seen the gorgeous palm trees and majestic waters in movies. For those of you, the opportunity to buy a Miami condo at the “best” time won’t ever come. You need to have knowledge of what you want before you can ascertain the best time to buy it. A knowledgeable Realtor can’t even point you in the right direction without first knowing which direction that might be.
Having an objective like wanting to buy a two bedroom condo at Ten Museum Park with a direct bay view on a high floor at a 20 percent discount of 2004 prices is much better. An opportunity like that may or may not present itself but at least you know what you want and a local Realtor will be much better equipped to help you find it.
Keep in mind that the “market bottom” for the Miami condo market might not necessarily be the best time to buy for people with such a pinpoint objective as the one above. These people might miss out on better opportunities that will have passed them by. For example, take the 2 bedroom condo going up for auction at Villa Regina that I mentioned in yesterday’s post. That condo may very well sell for the best price per square foot of any condo at Villa Regina from here on out. Someone looking to buy a condo at Villa Regina, but is waiting for the condo market to bottom in Miami, might miss out on a fantastic opportunity. It may or may not end up being the best deal at Villa Regina but keep in mind that only one person will buy the bottom. Wouldn’t you be happy though knowing that you bought at a 20 percent or 30 percent discount or whatever it may be?
My advice for those buyers who will be end-users is the same. Know what you want and the price point that will make you happy. Opportunities to buy condos in Miami at a discount with built-in equity are already present. Foreclosures, auctions and short sales all offer these opportunities. Being happy with the condo in which you will live should be the primary concern for end-users, not price. Having a cushion to weather the storm that lies ahead is an added bonus.
There is no doubt that condo prices will correct themselves from the highs that we experienced in 2005 and beginning of 2006. In my opinion, they already have. I feel that we’re already back at 2004 prices. Every week I get a number of calls and emails from people who bought preconstruction condos as resales in 2005 and beginning of 2006. They want to know if there is any chance to break-even if they close on their preconstruction condo contracts and sell at current market prices. The answer is overwhelmingly “NO”. The current market price is usually at or slightly below the amount of their deposit money, which the majority of the time is 20 percent. This tells me that we are already at least 20 percent off the highs.
The inventory problems of the Miami condo market is old news. Demand dried up over a year ago as a result of this news. The real estate market, however, is not as liquid and as efficient as the financial markets. Buyers have already processed the news about the Miami condo market. Sellers have begun to process the news but can’t simply hit the best bid to get themselves out. Those selling existing condos can, however, lower their prices.
The fate of the preconstruction condo market is different though. The news came out over a year ago but we’re all waiting for the condos to close to see where they will get priced. Nobody knows! It’s like trading has been halted, due to news, and we’re all standing around waiting for the market to reopen.
As a side-note to investors and second home buyers unfamiliar with Brickell, if you’re looking to buy a newly constructed condo in a bayfront building within the next 7 months then you won’t find any. Of the five developments scheduled for completion within the next 7 months in Brickell, none of them are bayfront buildings. Only two, Latitude on the River (which has begun closings) and Brickell on the River South, are waterfront buildings. They both, as their name implies, reside on the Miami River. Of the four developments scheduled for completion in 2009, only two, Icon Brickell and Epic, are bayfront developments. After those are completed only one bayfront parcel will be left in Brickell. Villa Magna was planned for development on that parcel but the project was recently canceled and the fate of that land is still up in the air.
As for the four buildings being developed in the Downtown Miami neighborhood known as Park West, none are bayfront but they might as well be. Ten Museum Park, Marina Blue, 900 Biscayne and Marquis each reside directly behind Biscayne Boulevard and what was formerly known as Bicentennial Park, both of which won’t obstruct views of the bay as long as they are owned by the city of Miami.
Marina Blue – Closings to Begin Towards the End of September 2007
I was notified today that closings at Marina Blue are scheduled to begin towards the end of September. Marina Blue is a 60-story luxury high-rise building going up in the neighborhood known as Park West. The fantastic thing about Marina Blue is that every unit has a beautiful view of Biscayne Bay.
As closing dates approach, there are some great opportunities to own a condo at Marina Blue. As in other developments, there are investors who purchased condos at Marina Blue in hopes to flip them prior to closing. As everyone knows, the market has changed dramatically in the past two years and many of these speculators are content to accept a loss on their deposit to avoid having to close.
I received a phone call last weekend from someone who placed a one bedroom condo under contract at Marina Blue for $296,000 as a resale. The condo is on the 15th floor and has 845 square feet of interior space. He was still in his 15-day rescission period and wanted to know if I felt that he got a good price. I told him that he got a great price. In my opinion, anything under $300,000 is a solid buy at Marina Blue. The long-term prospects for that neighborhood are great. I feel that one bedroom condos at Marina Blue will easily rent for $1,700 per month.
Currently, there’s a one bedroom for sale at Marina Blue that is on the 17th floor. It is listed at $320,000. The condo has 845 square feet. I think this unit can be acquired for under $300,000.
There’s also a 2 bedroom at Marina Blue on the 9th floor that is listed for $455,000. This condo has 1,327 square feet of interior space. If you can get this condo for around $430,000 then I think that your long-term prospects are bright.
In the upcoming years, I feel that Park West will be the best condo neighborhood in all of Miami. It was developed to be Miami’s equivalent to Manhattan’s Park Avenue.
At the beginning of July, I published a post about the neighborhood of Park West and the four luxury high-rise buildings being developed in that neighborhood. The post was entitled “Pictorial & Video Review of The Fantastic Four in Miami“. Take a look at that post for more information about the Downtown Miami neighborhood of Park West and what it has to offer. You will also see some pictures and a video of Marina Blue as it stood towards the beginning of July.
Advice to Miami Condo Sellers
I mentioned last week in the July Brickell condo index that only 9 closed condo sales occurred from June 19, 2007 to July 18, 2007, in the 18 buildings that comprise the Brickell Condo Index. A question was left for me in the comments section of the post about whether I felt that the lack of sales activity was a reflection of an overpriced condo market in Miami. A great conversation enfolded and I wanted to expand on that conversation with a post that will hopefully find its way to condo sellers throughout Miami.
In a nutshell, yes, prices do need to come in significantly in order for buyers to be enticed to buy. There are a lot of “motivated” condo sellers right now who have their units listed with a Realtor who are having a very difficult time selling their condo. However, sellers need to realize that their situation will become progressively worse as time goes by and more condo units come onto the market throughout the overdeveloped areas of Miami that stretch from Brickell to the Arts District. Your condition can easily turn from “motivated” to “desperate” within a six month time period.
I will let the numbers do the talking. Within the next 7 months there will be five new condo developments that will be completed in Brickell. These five developments are: 500 Brickell (633 units), The Plaza on Brickell (1,000 units), 1060 Brickell (582 units), Brickell on the River South (322 units) and Latitude on the River (455 units). These five condo developments will bring 2,992 new condo units to the Brickell condo market within 7 months. 12 months after that, another four developments will be completed in Brickell. These developments are: Infinity (459 units), Axis (718 units), Icon Brickell (1,816 units) and Epic Miami (966 units). These four developments will add another 3,959 new condo units to the Brickell condo market. That is a total of 6,951 new condo units within 19 months from now.
Over 6,900 new condo units within the next 19 months in Brickell! If this sentence alone doesn’t make a seller see the light then maybe the following sentences will. The Brickell condo index is currently comprised of 18 condo buildings throughout Brickell which consists of a total of 5,348 condo units. This means that within 19 months we’ll see a 130% increase in the number of units that comprise the index. The total number of condo units represented in the Brickell condo index will increase from 5,348 condo units to 12,299 condo units within a 19 month period.
That is just within Brickell. Include the developments below that are within 4 miles north of the southern tip of Brickell and conditions become far worse. These developments should be completed within the same time period. A few of these buildings such as Onyx on the Bay, Platinum Condos, Midtown 2 and Ten Museum Park have already begun closings. The 23 buildings below will add another 9,119 new condo units residing within 4 miles of Brickell within the next 19 months.
This means that within the next 19 months there will a total of 16,070 new condo units that will come onto the market in the neighborhoods of Brickell, Brickell Key, Downtown Miami, Park West and the Performing Arts District. The bulk of the problems will be in Brickell, Downtown Miami, Park West and the Performing Arts District since Brickell Key will only add 123 units once Asia is built.
Let’s assume that 30% of the condo units in the five new developments that will be completed in Brickell within the next 7 months were purchased by speculators. That is a very conservative number. I have heard people suggest that this number could be as high as 70%. Let’s use 30% though to illustrate a point in a conservative manner. That means that of the 2,992 new condo units to come onto the market in Brickell, 898 of these will be listed for sale. As I mentioned at the beginning of this post, there were a total of 9 closed condo sales that occurred in Brickell from June 19, 2007 to July 18, 2007. This means that if market conditions remain the same, and this absorption rate continues, then it will take 100 months, or 8.33 years to absorb the new inventory in Brickell. This doesn’t take into account the existing inventory of 1,550 condo units on the market at this time in Brickell. It also only includes those units in Brickell that will be completed within the next 7 months, not the units scheduled for completion 12 months after. Nor does it take into account the negative impact that the units scheduled for completion in Brickell Key, Downtown Miami, Park West and the Performing Arts District will have on the condo inventory in Brickell.
My advice to condo owners who NEED to sell is to get out now! Today, Barbara Corcoran was on the Today Show and suggested that people who need to sell now should be priced 5% below the currently best priced property in the neighborhood. She was speaking about homes and the national real estate market, but I think that this advice is a great start for condo owners in Miami. To illustrate, last week, two days after our office held an Open House/Wine Tasting at The Imperial at Brickell, a pending contract resulted on one of the three bedroom units that were showcased. It was the best priced three bedroom in the building and was the nicest as well. By the way, for those of you who haven’t heard of Barbara Corcoran before, she is often referred to as “The Queen of Real Estate”. She is a Realtor in New York who has had tremendous success and has been asked to appear on many nationally televised segments for her invaluable insight.
Sellers may not like the idea of discounting the price of their condo to 95% of the best priced unit currently listed in the building. However, they will like the alternative scenario even less if they don’t. Keep in mind that once the new condo units come onto the market, you’ll end up lowering your price to that level anyways. But at that time, you will be priced in the middle of the pack rather than at the front.
If you are a truly motivated seller, who doesn’t have an exclusive listing agreement with another Miami Realtor, and want to sell your condo before the worst begins, then contact me today so we can devise a plan to get you out of this mess before condo inventories in Miami reach nightmare proportions.
Pictorial & Video Review of The Fantastic Four in Miami
Today was a beautiful sunny day in Miami so I decided to revisit my favorite skyline-gazing spot at the southwestern tip of Watson Island, along with my trusty digital camcorder. It is the perfect location to view the progression of what I have dubbed The Fantastic Four, made up of, from left to right, Marina Blue, 900 Biscayne Bay, Ten Museum Park and Marquis. It may appear as though there are five developments but the smallest of the buildings is located further off of Biscayne Boulevard to the west. Wikipedia refers to these four developments as the Biscayne Wall, but to me it is far shy of a wall when you compare it to fully built-out skylines in cities such as New York City and Chicago.
The name The Fantastic Four came to mind though as each of these four developments are fantastic ultra-luxury high-rise buildings revitalizing the Downtown Miami neighborhood now known as Park West. Park West was recently developed to be Miami’s equivalent to Manhattan’s Park Avenue. In years to come it will become known as Miami’s luxury neighborhood. It is located directly west of I-395, also known as the MacArthur Causeway, which leads straight into South Beach.Museum Park, formerly known as Bicentennial Park, which is the green piece of land directly east of the The Fantastic Four, will be redeveloped by the Miami Art Museum and the Miami Museum of Science and Planetarium to be transformed into a world-renowned park. It may not seem like a lot of land from the picture above but it is actually comprised of 30-plus acres. The luxury condo buildings in Park West are walking distance to the American Airlines Arena, the newly constructed Carnival Center for the Performing Arts and Bayside Marketplace.
In future months, as closing dates approach, there will be many opportunities to buy into these four buildings at discounted prices. Condo units in these buildings, as well as the thousands of other units coming to market in Miami over the next 18 months, were heavily purchased by investors. Their plan was to flip each condo unit for a profit prior to closing, but demand dried and prices headed south. Many will end up walking away from 20 percent deposits and instead write it off on their taxes. Closings at Ten Museum Park have already begun and Marina Blue should begin theirs towards the beginning of August.
The following pictorial review will give you a closer look at each of these buildings as they appear today:
Marina Blue
900 Biscayne Bay
Ten Museum Park
Marquis
Note: Watson Island offers the best views of both the Miami and Miami Beach skylines. With the exception of Parrot Jungle and the Miami Children’s Museum, it is a wonder how this land has remained vacant for so long. Flagstone Property Group is supposed to develop a mix-used project known as Island Gardens, with hotel, restaurant and retail space as well as a a “50-slip mega-yacht marina that would accommodate yachts of up 450-feet long”. I haven’t heard of any progress in over twelve months and it doesn’t appear as though anyone has broken ground on the land that I stood on today.
