Met Square Historical Complex & Movie Theater Begins Vertical Construction

After almost 10 years of delays Met Square has finally begun vertical construction The site plans have changed significantly after the delays but are coming to life better than ever The site was originally planned as a movie theater and hotel but has now switched the hotel for a residential rental tower and added a historical museum

While performing the site work on the property the construction team discovered artifacts from several different eras of Miamis history It turns out that the land was once the site of an ancient Tequesta Native American tribe one of the first residents of the area As the city began to be settled it was also home to a 19th Century US Army fort as well as Henry Flaglers Royal Palm Hotel During its heyday the hotel gained fame as the first electric lights and elevators in the city It was demolished in the great Miami hurricane of 1926  In order to pay honor to the history of the site the developers are dedicating the first floor of the building to a historical display of the artifacts

Above the historical display residents and visitors will enjoy restaurants lounges and an 18 screen movie theater ZOM residential will add 391 rental apartments in lieu of the hotel that will be called Avant at Met Square No completion date has been announced at this time but we expect the historical display and movie theater to open in 2017

Brickell Investor Opportunity: 2 Bedroom Under $500k

From time to time we like to talk about deals that we see that are particularly interesting for one reason or another, and this is a very interesting investment deal. Brickell condo investments typically see around a 3% return for existing purchases (after expenses such as taxes and homeowners fees are subtracted) and 2 bedroom properties under $500,000 are becoming more and more difficult to find.

This listing at the Vue at Brickell is a standout in our book at only $449,000 with two parking spaces, full renovations and fully furnished. The building is located at 1250 S Miami Avenue, so is walking distance to practically everything in Brickell, the “official walk score” by walkscore.com is listed as 97. Despite being able to walk almost everywhere, this apartment comes with 2 parking spaces rather than the typical single space. The building was built in 2005 and was recently renovated, offering a new lobby, refreshed gym and pool area. The condo management is in good standing, managing to keep the HOA fees at only $675/month, which is significantly lower than competing buildings in the neighborhood.

Inside the apartment, the kitchen and bathrooms have been updated and the apartment is being offered turnkey furnished (linens, artwork and electronics included). The kitchen offers new stainless appliances including a wine cooler as well as quartz countertops and new cabinets. Both bathrooms have new vanities, countertops, sinks and light fixtures. The balcony has a wonderful view of the city lights as well as the Biscayne Bay.

Considering this apartment were to be rented today, an investor could reasonably expect $2,800/month in income. If you reduce the real estate taxes and HOA fees, it would leave a return of 4.5% as soon as the tenant takes place! If you or someone you know is interested, just reach out and we are happy to set up a tour.

Starchitect Renzo Piano To Introduce Eighty Seven Park In Miami Beach

Miami Beach is getting another starchitect-designed condo building, this time by Pritzker Prize winning Renzo Piano. Eighty Seven Park will be the first project in South Florida to be designed by the famed architect and is located at 87th and Collins on the last piece of land north of North Shore Park at the limit of the city of Miami Beach. The 18-story glass tower will feature oblong floors and wraparound balconies with ocean views. In total, the building will offer 68 residences varying in size from 1,400 to 7,000 square feet.

“The idea behind the site is to enhance the presence of the green spaces in the park by extending trees to the northern limit of the city of Miami Beach,” said a statement from Renzo Piano Building Workshop. The building will be surrounded by a reflection pool and private gardens. Between the residences and the beach will be two swimming pools surrounded by sundecks and a walking path to the shoreline.

Interiors are being designed by Rena Dumas Architecture Interieure from Paris and will feature American oak and Italian stone fittings with orchids, Bonsai trees and cacti. An in-house botanist will maintain the year-round floral display, extending the serene natural feeling from the gardens indoors.

Renzo Piano will join Rem Koolhaas, Zaha Hadid, and Bjarke Ingels with their starchitect-designed projects over the upcoming years. In addition to being the first project for Mr. Piano in South Florida, Eighty Seven Park will also be his first residential building in the United States. Previously, the firm has completed the 95 story Shard, the tallest building in the European Union that is often referred to as London Bridge Tower as well as the 52 story New York Times Building in Midtown Manhattan.

IconBrickell Pool To Close For 12 to 14 Months

Residents of IconBrickell and the Viceroy Hotel (W Hotel) are in for a hot and dry summer, as their famed pool deck will be closed for renovations/repair. Our sources have confirmed that the Icon Brickell pool closing is expected to begin around February 2016 and the work is estimated to be completed in 12 to 14 months.

It has been reported that the Icon Brickell pool renovations will include re-tiling of the pool deck for safety reasons (because the tiles used by the developer are too slippery for use on a pool deck). Others have reported that leaks in the pool have caused damage to the spa and gym below; however, the management office has not cited at this time the exact reason for the closing.

IconBrickell opened in 2008 to rave reviews but few sales due to the economic downturn. The amenities in particular won awards and accolades for their grandiose, superb quality and design. Developed by Related Group, Arquitectonica was chosen as the architecture firm and Philippe Starck handled the interior design. IconBrickell was among the first condo developments to rebound from the economic downturn in Miami. Average sale prices for the second quarter of 2015 have been reported at $583 per square foot for the three towers or $796,000 and rentals have averaged $3,150 per month for the same period.

The pool closing at Icon Brickell has been well known among residents and the real estate community for several months. As such, listings at Icon Brickell have already begun to price in the negative impact that the pool closing is expected to have.

HUD Promises Easier FHA Financing for Condos

For years we have seen hopeful condo buyers, armed with pre-approval letters become frustrated with the financing process and give up or learn that their pre-approval letters are only valid in certain condo developments. The reality is that in order to purchase a condo, two approvals must happen.

First, the buyer must prove financially able to commit to the mortgage payment by submitting their credit and income details to the bank for review. Secondly, the condo development they wish to purchase in must also be approved by the financial institution.

FHA loans are very popular among buyers because of their less stringent qualification guidelines and because of the lower down payment requirements. In order for a building to become FHA approved, they must submit an application to the US Department of Housing and Urban Development (HUD), pay an application fee, and wait for 60-90 days for an answer. The application is long and cumbersome, the fee is high, and few buildings are approved. This has led to a diminishing number of buildings who are even willing to try for the approval.

For example, the current 95 page application has been submitted by 48 buildings in Miami Beach & Downtown Miami. Of those 48, only 2 buildings meet all of the criteria and have been awarded FHA approval.

If you are a buyer today with an FHA pre-approval, you would be able to purchase a condo in Brickell on the River North or Brickell on the River South. This remains to be the case no matter what your credit score is, how secure and high paying your job may be or how responsible you are. Those would be the two buildings you could choose from. You would be able to use the pre-approval letter to purchase a house, but those are the only two condo buildings that allow FHA mortgages currently.

At this year’s NAR conference in San Diego, an announcement was made by the Federal Housing Administration that changes are underway to the approval guidelines, making FHA mortgage more accessible to condo buyers going forward. Among these changes are restrictions on owner occupancy versus investor owners, commercial space percentage, FHA concentration and spot approvals. We commend NAR and HUD for their efforts in making home ownership more accessible and look forward to seeing the specifics of the changes.

In the meantime, if you are a condo buyer who prefers a lower down payment, there are loan programs in some buildings that allow for less than the standard 20% down payment and are happy to answer questions you may have about financing in condos.

Elysee Sales Launch a Success: Prices, Plans and Penthouse

After a two month whisper campaign, Elysee officially launched sales last night with a cocktail party and unveiling at their sales center in Edgewater. Guests were treated to live music, food and drinks, plenty of mingling as well as details of the upcoming project. At launch, the building was 20% reserved with an average of $750/square foot thanks to the whisper campaign, representatives of the project reported.

The 57 story tower will be home to 100 total residences, all half-floor or full-floor layouts of 2,660 square feet up to 4,000+ square feet and 3+ bedrooms. Each apartment will feature east and west views with 8- or 10-foot deep terraces, private elevators and modern design by Jean-Louis Denoit. Three levels of amenities are offered for all residences.

In addition to releasing the floor plans and brochures, representatives also shared initial details about the 9,000 square foot upper penthouse. This one-of-a-kind residence will be built to suit the owner and encompass the entire 57th floor. It will also include a full-floor rooftop terrace for 360-degree views from above the building. The developers have not officially disclosed the price, but it is expected to be released at around $15 million.

Construction is scheduled to begin in the Spring of 2016. Contact us for additional details.

Each and every condo at Elysee will offer breathtaking views of the Atlantic Ocean and/or Biscayne Bay. Below is a video which showcases those direct, unobstructed views of the water:

Just Listed – Stunning 2 Bed/2 Bath Condo at Paramount Bay w/ Storage Room Included

I’m pleased to announce our newest listing – a stunning 2 bed/2 bath condo at Paramount Bay with 1,128 interior square feet, an 8-foot deep terrace totaling 242 square feet, white porcelain tiled flooring throughout, private elevator, 10-foot high ceilings with floor-to-ceiling glass windows, large walk-in closet with built-in cabinets, stone kitchen countertops, and stainless steel appliances by Wolf and Sub-Zero. Most importantly, this residence features sweeping, breathtaking views of Biscayne Bay from the kitchen, master bedroom, and master bathroom, including from within the glass-enclosed shower. Price includes a 150 square foot storage room located directly across the hallway from this unit.

The property is currently tenant-occupied but the tenant is scheduled to vacate by December 15th. Priced to sell quickly.  Asking $789,000. Last November, unit 1008 (exact same floor plan but located 9 floors lower on the 10th floor) sold fully furnished for $790,000. In my opinion, those 9 floors make a world of difference and more than make up for the fact that this property is being offered unfurnished.

Paramount Bay condos is located at 2020 North Bayshore Drive in Edgewater – Miami’s hottest, emerging neighborhood. Amenities include: east and west swimming pools; hot tub;  BBQ; 24-hour concierge; 24-hour valet parking; 6,000 square foot spa and fitness center with sauna, steam and private treatments rooms; business lounge; and separate teen and children’s playrooms.  Paramount Bay is a pet-friendly condo development.

If you or someone you know would like to receive additional information and/or to request a showing, please call or text me at 786-247-6332. I can also be reached via email at [email protected].

Elysee Prepares to Launch: a Superluxury Boutique Condo for Edgwater

Two Roads Development (the Miami-based firm who recently brought us Biscayne Beach) is following up their success by introducing Elysee, Edgewater’s first super-luxury boutique residences. The official launch will take place Wednesday, November 11 and construction is slated to begin early in 2016.

The 57 story bayfront tower will be located on 23rd Street, just north of the Adrienne Arscht Center and conveniently between the MacArthur and Julia Tuttle Causeways. We are most excited to see that the tower will have only 100 residences and all will be half-floor or full floor layouts. Every apartment will have a direct view of the Biscayne Bay as well as a sweeping sunset view. All of the layouts are expansive, ranging from 2,660 square feet up to 4,000 square feet and the developer is honoring the option to combine apartments for additional full-floor options as well as duplex residences. All of the apartments have private elevators & foyers as well as service  elevators. Many apartments will also have staff quarters included in the layout.

Within the tower, there are three floors dedicated to common areas with services such as a blow dry bar, summer kitchen, 75 foot resort pool and a ground floor sunrise pool. The fitness center will include a yoga studio, reception desk, and spa with a separate play area for children. On the 30th level, residents will enjoy a grand dining room for up to 30 guests, business center, library, theater, and wine storage. Each apartment will include 2 parking spaces and a storage area.

Elysee was inspired by the French design and is being finished by Jean-Louis Denoit, the famed interior designer who was recently dubbed the “Modern Master of French Interiors” by Forbes Magazine. With prices averaging at $750/foot, and starting at $1.67M, we expect to see Elysee as another success story for Two Roads Development and also for residents of the area.

Boomerang Parking Files Bankruptcy: BrickellHouse Residents Left Without Parking – UPDATED

Residents of BrickellHouse Condominium in Brickell received notice this week that Boomerang Parking, the company that designed and installed the automated parking system in the building, filed for Chapter 11 bankruptcy. The bankruptcy actually took place in August; however, they have continued to operate the robotic system for the residents until now.

The bankruptcy trustee has demanded that BrickellHouse Condominium Association pay $100,000 immediately as well as $50,000 per month for continued service to the building. Failure to make the demanded payment will result in halted service of the parking structure effective 6:00PM on November 4th. The notice went out to residents on November 5th asking that they remain calm and make alternate self-parking arrangements in nearby garages until everything is settled. The Association is offering to reimburse the residents for their parking charges.

BrickellHouse is hesitant to make the demanded payment due to the fact that the parking system has yet to function properly since the building’s opening in late 2014, causing delay and headaches for residents. The company had promised residents that the cutting edge system would deliver cars within 10 minutes, however this has not proven to be the case. During peak hours, residents are many times left for half an hour or more before they even see their car to begin their commute. The building has done their best to offer apologies for the inconvenience, including free Starbucks during their wait and reimbursed fees for alternative accommodations.

The building was completed in late 2014 with 46 stories and 374 residences. Preconstruction buyers paid an average of $513/ft. Since the opening, 11 resales have been recorded with an average price of $572/ft.  There are currently 73 active sales with an average price per foot of $660. Tenants are paying $1,900 for studios, $2,400 for 1 bedrooms and $3,500 for 2 bedrooms. Please keep in mind that these are average prices, availability fluctuates higher or lower depending upon the view and finishes of individual apartments.

****UPDATE****

BrickellHouse management has successfully arranged secured and covered valet spaces at neighboring buildings. They are also offering to pay for the alternative parking accommodations for the two days that residents were displaced. This will allow the residents to carry on with their normal routines until the situation is resolved. There is currently no word on how long the resolution will take but we will keep you posted.