The Lebron Effect on Downtown Miami Real Estate Prices
It has been a long and winding road but the Miami Heat accomplished Thursday night what they had set out to do in July 2010 – to win an NBA championship. The Miami Heat defeated the Oklahoma City Thunder 4-1 in the NBA Finals to become the 2012 NBA champions. In all honestly, the Miami Heat obliterated the OKC Thunder and made a mockery of them – but we won’t go there. Few would refute that LeBron James, the Most Valuable Player of the 2011-2012 season, was the most contributing factor which allowed the Miami Heat to raise the NBA trophy Thursday night for only the second time in franchise history. LeBron James’ decision in July 2010 to take his talents to South Beach single-handedly changed the landscape of the league and set forth in motion an inevitability that no one outside of Miami wanted to see.
James’ arrival in the summer of 2010 was celebrated not only by die-hard Heat fans but also anyone with any type of business or property interest in the city. His announcement was seen as a godsend to the hotel and tourism, restaurant and real estate industries throughout Miami. The area most positively impacted by LeBron James’ decision to join the Heat was most certainly Downtown Miami, the neighborhood immediately surrounding the Miami Heat arena. Prior to James’ arrival, property values in Downtown Miami had endured several years of double digit price declines. Furthermore, retail spaces and hundreds of condominiums within walking distance of the arena sat completely empty. However, that was all about to change.
Within days of James’ announcement, there were reports of buyers snatching up condos in the area in a flurry of excitement. As a result, developer inventory began to dwindle and Miami real estate prices started to recover over the subsequent months. Since LeBron James’ decision in 2010, real estate values in Downtown Miami have increased over 20 percent. Additionally, across the street from the arena, several new businesses – such as a pizza restaurant, wine bar, Chinese restaurant and sports bar – have opened their doors. One could argue that James’ arrival played an instrumental role in the real estate recovery seen in Downtown Miami in recent years.
Impeccably Decorated 3 Bedroom Condo For Sale at Marquis Residences
A few weeks ago, I had the pleasure of viewing one of the most impeccably decorated condos for sale at Marquis Residences. The custom designed unit was absolutely stunning. The 3 bedroom/3.5 bath condo has 2,393 interior square feet, 10-foot ceilings and comes fully furnished as you see in the pictures below. A private elevator opens to the 22nd floor residence which includes 2 master suites, 17×43 porcelain tiled floors, a laundry room, 3D LCD TVs, custom bar, Euro kitchen, security system with cameras, linear diffusers and covered ceilings with fiber-optic lighting. A Crestron system is also included to control the audio/video, lighting, air conditioning and window treatments. To top it all off the Park West Miami condo offers spectacular, 180-degree views of Biscayne Bay. Asking price of this remarkably beautiful property is $1,695,000.
Mario Chalmers of the Miami Heat Purchases 5 Bedroom Condo at Marquis Residences from Drake
Miami Heat point guard Mario Chalmers will now have a short commute to work. The Miami Herald reported on Friday that he recently purchased a 5 bedroom/6 bath condo at Marquis Residences in Downtown Miami for $2.6M. Marquis Residences is located at 1100 Biscayne Blvd, just 5 short blocks away from the American Airlines Arena, home of the Miami Heat. The condo was previously owned by hip-hop/rap artist Drake who placed two side-by-side units at Marquis Residences under contract last September then later combined them.
Marquis Residences Honored with ‘Americas Property Award’
Marquis Residences, a 67-story luxury condominium development located in Downtown Miami was recently honored with the prestigious Americas Property Award in the Residential High-Rise Development category. The developer of Marquis Residences, Africa-Israel USA, will accept the prestigious award on December 12 at The International Property Awards to take place at The Savoy Hotel in London. Marquis Residences will then compete against category front-runners from the Asia Pacific, Europe, Africa, Arabia and the United Kingdom for the coveted title of “World’s Best”.
Marquis Residences was designed by the world-acclaimed architectural firm Arquitectonica. The 292-unit condominium high-rise was completed in 2009 and currently has limited developer inventory remaining. Prices range from $590,000 for a 1,477 square foot 2 bedroom/2.5 bath condo to $2.2M for a 3,017 square foot 2 bedroom/2.5 bath duplex penthouse.
01 Line at Marquis Residences
The 01 line at Marquis Residences is one of the most sought after lines amongst luxury condo developments in Miami. Located on the southern end of the building, the flow-through unit offers both sunset and sunrise views along with views of Downtown Miami, Biscayne Bay, the Miami Beach skyline and the Atlantic Ocean. From floors 23-60, the 01 floor plan at Marquis Residences is a 3 bedroom/2.5 bath condo with 2,106 square feet of interior and a 243 square foot balcony on the east side of the unit.
We decided to make a video showcasing the 01 line at Marquis Residences because we have recently received a lot of interest from potential buyers regarding that particular line. We also feel that the unit offers the best views and pricing amongst developer inventory that is currently on the market. The video below shows a model unit at Marquis Residences located on the 48th floor. Marquis Residences is located at 1100 Biscayne Boulevard in Downtown Miami.
If you’re in the market for a luxury condo rental in Downtown Miami then you may want to take a look at the two gems below. Both rentals are stunning and came onto the market earlier this afternoon.
The first is a 4 bedroom/4.5 bath bi-level condo at Marquis Residences. The 57th floor unit has 3,880 square feet of interior with wood flooring throughout and comes fully furnished. Asking price is $12,000 per month.
The second rental is a 3 bedroom + den/4.5 bath penthouse at 900 Biscayne Bay. The unit has 3,493 square feet of interior, marble flooring throughout and an over-sized terrace unique to the 59th floor. The floor plan is pretty spectacular. Asking price is $8,900 per month. The condo is also available for sale at an asking price of $2,099,000.
900 Biscayne Bay #5901 – 3 bedroom + den/4.5 bath – $8,900 per month
Don’t hesitate to contact us if you have an interest in viewing either of the above two rentals. If these properties aren’t quite what you have in mind, please feel free to use our property search to find a rental that suits your style and needs.
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
First Resale at Marquis Residences
The first resale has closed at Marquis Residences. A 4 bedroom/4.5 bath, bi-level condo recently sold for $1.85M, or $487 per square foot. The unit has 3,800 square feet of interior, 428 square feet of terrace and a stunning view from the 57th floor. Also, the original owner didn’t spare any expense in building out the unit. According to the MLS listing, over $300,000 was spent on build-out improvements. Developer inventory still remains so give us a call if you have an interest in purchasing a luxury condo at Marquis Residences.
21 Unit Bulk Sale at Marquis Residences
Sales at Marquis Residences ended 2010 on a high note. Optibase Real Estate Miami LLC acquired 21 luxury condos at Marquis Residences on December 30, 2010. The entity paid a net purchase price of $8.6 million. It’s important to note that the 21 units represents approximately 7 percent of the 292 total units at Marquis Residences. This is under the 10 percent threshold which would prohibit Fannie Mae approval in the future.
Marquis Residences is a 67-story luxury tower located at 1100 Biscayne Blvd, Miami, FL 33132.
