Top Five Condo Deals in Downtown Miami

As mentioned in my last blog post I think real estate values in Downtown Miami for a number of exciting reasons are ready to take off  Museum Park is about a year from being completed Miami Worldcenter seems an almost certainty and a proposal for a 1000 foot observation tower called Skyrise Miami was recently submitted to the city of Miami for approval  Also with prices starting at $4M the addition of One Thousand Museum will only help position the area as Miamis equivalent to New York Citys Park Avenue  If there were ever a time to be excited about the prospects for Downtown Miami the time is now

So how does one take advantage of all this fabulous news  Well surprisingly there are still a number of great deals to be had in the existing condo market in Downtown Miami  Due to the illiquid nature of real estate market news oftentimes get disseminated at an almost snail like pace and as a result does not manifest itself in pricing for quite some time  The same however does not hold true for the pre construction real estate market  Prices there are set by developers who take into account any and all information that will have a positive effect on neighborhood values from now until completion of the project  In that regard it is sort of like buying commodities futures with the price determined by future expectations and the likelihood of those expectations being met  The hope for contract holders is that market values present at the time of delivery will be at or above their contract price  That is why one will notice a sizable gap between the price per square foot for existing condos and the price per square foot for pre construction condos  In other words the promise of what is yet to come has already been taken into consideration when determining the contract price

My point is that the existing condo market is slow to act  As a result there are definitely still good deals to be had  Below you will find a list of five condos currently available for sale in Downtown Miami that I believe are undervalued and well positioned to take advantage of the positive news that is now shaping the neighborhood

Before I start I want to first say that none of the properties listed below are my exclusive listings  These were chosen unbiasedly by me because I truly feel that they warrant inclusion

5. Marquis 3707 This is a bi level 2 bedroom+den3 bath corner unit with 2081 interior square feet and 20 foot floor to ceiling glass windows  The unit is located on the northeast corner of the 37th floor offering beautiful views of Biscayne Bay and the Atlantic Ocean  It also overlooks Museum Park which is currently under construction  The only drawback to this unit and likely the reason why it hasnt sold yet is the fact the landlord is getting very low rent until October 2014  The tenant was able to negotiate a great deal in exchange for paying the entire lease upfront  A triumph for the tenant but an ill advised move by the landlord because from an investment standpoint low rent has an adverse effect on a propertys value  If a buyer can stomach the low rate of return until October there is an opportunity here to buy at a great price the only bi level 2 bedroom corner unit currently offered for sale at Marquis Residences  Asking price is $1250000 or $601 per square foot
   
4. Marina Blue 5205 This unit likely wont win any Best in Show Awards but it has incredible potential  If one can look past the traditional almost anti Miami decor Im sure one will find incredible value here  This is one of the largest 2 bedroom floor plans at Marina Blue a rare combination unit found only on floors 52 56  It is a 2 bedroom25 bath condo with 1660 interior square feet and 10 foot floor to ceiling glass windows  The unit faces east southeast and enjoys a panoramic view of the Atlantic Ocean Biscayne Bay and Downtown Miami skyline  Asking price is $725000 or $437 per square foot which in my opinion is low considering the fact that it is a prime floor plan located on a very high floor  Given a few recent comps and the fact that the listing has grown stale after sitting the market for 600 days there should still be room to negotiate on the price
3. Marina Blue 1603 This might be your last opportunity to own a 1 bedroom + den at Marina Blue for under $370000  This is an approved short sale priced at $355000 or $376 per square foot an incredible value no matter how you slice it  Every unit at Marina Blue has a direct water view and this unit located on the 16th floor is no exception  In fact it not only offers a view of Biscayne Bay but also the Downtown Miami skyline
2. Ten Museum Park 3101 Unfortunately the listing agent hasnt uploaded any pictures of this unit onto the MLS  Ive seen it in person though and its a beauty  The bi level 2 bedroom25 bath corner unit sports 20 foot floor to ceiling glass windows offering an amazing view of the water and a front row seat to all the action down below at the upcoming Museum Park  The unit is impeccably designed and exudes the sexy clean look for which Miami is known  Asking price on this 1802 square foot loft is $1150000 or $638 per square foot
1. 900 Biscayne Bay 5302 While there are cheaper 02 and 09 lines available for sale in the building this one is located on the 53rd floor and comes completely furnished  Equally important the unit has always been owner occupied and it shows  The condo is tastefully decorated and offers not only direct bay and ocean views but also sunrise and sunset views from this 53rd floor flow through unit  In my opinion these flow through units which are relatively rare in Downtown Miami will become extremely valuable once Miami Worldcenter gets built  Not only will owners get to enjoy the amazing water views to the east but they will also be able to check out the action down below at MWC to the west  It would be like overlooking Time Square in New York City  The price was reduced $115000 yesterday and is now asking $975000 or $619 per square foot  Also the listing states that the owner is motivated  This could be a good time to snag an amazing unit at an excellent price

If you or someone you know has an interest in learning more about any of the above properties or would like to view any in person please contact me via email at lucasmiamicondoinvestmentscom or by phone at 786 247 6332

444 Brickell Acquired by Related Group for $100M

Once again, foreign buyers have what seems like an unrelenting appetite for Miami real estate.  Perhaps nobody knows this better than Related Group.  Since mid-last year, they have been on a massive land hunt in Miami.  This past Friday, they were back at it again when they paid $100M for a 4-acre site located at 444 Brickell Avenue.

$100M is a hefty sum by any means, but how does it compare to other land acquisitions in the past?  Most notably, how does it compare to the price paid for the land directly across the street at the Icon Brickell site?  Icon Brickell, also developed by Related Group, resides on a 5-acre parcel of land that was acquired in 2004 for $94M.  Besides their size, the key difference between to the two parcels of land is that 444 Brickell resides along one body of water, the Miami River, while the Icon Brickell site resides along two bodies of water, the Miami River and Biscayne Bay.  To put it simply, this past Friday, Related Group paid $6M more for a piece of land that was one acre smaller and positioned with less water frontage.  This comparison goes to show just how much real estate values in Miami have bounced back since the boom and bust cycle of yesteryear.

There is no word yet as to what will be constructed at the 444 Brickell site, but, given the $100M price paid for the land, one would think that it will be just as monstrous as the 1,800 unit development across the street.  Expect to see at least 1,600 luxury units along with high profile commercial space at the base.

• Related Group buys prime Brickell Ave. site [South Florida Business Journal]
• Related spends $100-Fricken-Million on 444 Brickell Avenue – [Curbed Miami]

Don Peebles Discusses His Favorite Real Estate Markets in America

His assessment of the sub-markets in Miami and Miami Beach is right on point.  The recovery that both markets have seen over the past five years is simply astounding, and for good reason.  Miami, for a number of reasons, is an alluring city which attracts buyers from all over the world.  That has, and likely will continue to be, the driving force behind each sub-market’s rebound; a force which, in all likelihood, will push values well beyond those last seen at the peak of the market during the first quarter of 2007.

2013 Mercedes Benz SL550 & More Included in the Sale of a 56th Floor 2 Bedroom Condo at Marina Blue

Owning a fab condo in Downtown Miami overlooking the bay and ocean just doesn’t cut it anymore in this city.  These days, you also need a luxe car to go along with it.  Or, at least according to some, that’s the reputation that Miami has earned for itself over the years.  Well, if there’s any truth to it, and you’re worried about making the cut, then unit 5602 at Marina Blue might be right up your alley.  The seller needs to move back to Europe quickly and is looking to sell everything including his furniture, artwork and panty-dropping 2013 Mercedes Benz SL550 (pictured above).  The vehicle has only 1,800 miles and comes fully loaded with every upgrade and option available.

The beautifully appointed 2 bedroom, 2.5 bath condo at Marina Blue is located on the 56th floor, just one floor below the penthouse.  It offers an incredible view of Biscayne Bay, the Atlantic Ocean and the Downtown Miami skyline.  The floor plan, which contains 1,331 interior square feet along with an unusually large balcony spanning the entire width of the unit, is unique with only five of its kind existing in the building.  The condo features hard wood floors, motorized shades, a state-of-the-art electronics package, accent lighting and artwork by acclaimed artists.  For example, the art piece hanging in the second bedroom, which is covered with six layers of Swarovki diamonds, is by Kfir Moyal.

In the interest of selling everything quickly as a package deal, the owner is asking $887,000.  Quite a deal considering all that is included.  Contact me if you or someone you know has an interest.  You may reach me on my cell at 786-247-6332 or via email at [email protected].

Introducing Nine at Mary Brickell Village

I am pleased to introduce Miami’s newest luxury condo development – Nine at Mary Brickell Village.  The condo development, which is currently under construction, will be situated directly atop the western portion of Mary Brickell Village.  The co-developers – Starwood Capital Group and LYND – had planned to deliver the building as a luxury rental development but it was announced just a few days ago that upgrades will be made to their original plans and that the units will instead be sold as condominiums.

Construction is well underway and the development is projected to be completed in May 2014.  Nine at Mary Brickell Village will have 1, 2 and 3 bedroom units starting from $300,000.  There are 30 available floor plans ranging from 744 to 2,098 square feet.  Residences will boast beautifully appointed kitchens with stainless steel appliances, quartz countertops and backsplashes, designer fixtures and hardware, oversized mirrors, spacious walk-in closets and large soaking tubs.  Units will have 9 to 11 foot ceilings.

I should have official pricing for units in the coming days but it is expected to average $475 per square foot with finished flooring.  In fact, all units at Nine at Mary Brickell Village will be delivered with imported porcelain tile flooring in a wood grain finish and solar window shades.  $475 per square foot is very well priced compared to pre-construction developments that have recently launched in Brickell at $500 to $600 per square foot.  The great thing about this development is that it is in the heart of Brickell sitting atop of Mary Brickell Village and will be just a few blocks away from Brickell CityCentre once it is completed.  Location doesn’t get any better than this!

I expect this development to sell out quickly so if you have an interest be sure to contact me immediately.  I should have pricing, floor plans, reservation agreements and wire instructions available in the coming days.

Below is the deposit schedule to purchase a condo at Nine at Mary Brickell Village:

• 10% due at reservation (within the next week)
• 10% due at contract (within the next 45-60 days)
• 10% at top-off
• Balance due at closing

Fully Furnished 2 Bedroom + Den with 16-foot Ceilings at Icon Brickell II – $5,400/mo

Within the next month, a client of mine will be closing on a 2 bedroom + den at Icon Brickell Tower 2.  The unit is very unique because it features soaring 16-foot ceilings from the 41st floor.  This is the highest floor in the building that has high ceilings.  The unit also includes motorized shades in both bedrooms, three crystal chandeliers, TUI furniture package and a state-of-the-art electronics package. Electronics package includes: Blu-ray 3D player, 3D TV and 3D surround sound system. Wake up each morning to a breathtaking view of Biscayne Bay from the 41st floor. 1 assigned parking space. Rent includes basic cable TV, Internet & water.  Asking price is $5,400 per month.  If you have an interest please contact me at 786-247-6332.

Preconstruction Sales for 600 and 700 Biscayne Blvd to Launch Soon?

While driving through Downtown Miami earlier this week, I noticed a number of signs at each corner of the sites for 600 and 700 Biscayne Boulevard.  The signs say “Another Luxury Development by Chateau Group”.  A telephone number is also included.  Despite a number  of calls, however, I have yet to obtain any additional information. Just assurances that a sales person would contact me soon.   The lots are located immediately south of Marina Blue and just north of the Freedom Tower.  I have heard rumors for months that pricing will range from $600-$800 per square foot for non-penthouse units at each of the two developments but I’m sure at this point not even the developer knows for certain.  It will be an interesting addition to the array of preconstruction condo developments that have been announced for Miami within the past year.  With the exception of One Thousand Museum, no other luxury condo developments have been announced for Downtown Miami.  The vast majority of them are located in Brickell or Edgewater.

Update: I just saw the exact same Chateau Group sign at the entrance of Gulfstream Park in Hallandale Beach.  There’s a a large lot at the intersection of NE 10 Ave and Hallendale Beach Blvd.  Is Chateau Group planning to build a luxury condominium development at that location as well?

Vue at Brickell Makes Amazing Turnaround from its Dire Days

A much needed facelift is well underway at Vue at Brickell.  The building recently had a brand new fitness center installed and is only two weeks away from unveiling its brand new pool and pool deck.  Also, permits were recently obtained in order to begin renovation on its lobby.  Work is scheduled to begin later this month.

As some might recall, Vue at Brickell was initially developed as a rental community before being converted to condos soon after being completed in 2004.  From 2007-2008, Vue at Brickell was an unfortunate victim of widespread mortgage fraud which ultimately led to an insurmountable number of foreclosures and short sales throughout the building.  At the height of the crisis, over 200 units were delinquent on paying their monthly condo association dues out of 323 total units!  This obviously led to budget shortfalls and spending cuts.  The building was in disarray and prices followed.  Prices tanked so much in 2008 that it was not unheard of for condos at Vue at Brickell to sell below $100,000.

That was then.  The building has come a very long way from those dire days!  Condo prices at Vue at Brickell have made an amazing turnaround.  In fact, at this time, the lowest priced unit in the building is asking $265,000.  A one bedroom recently sold for $245,000.  Of most importance is its location.  Vue at Brickell is located in one of the hottest areas in Brickell.  At the base of its building, there are a number of popular restaurants that can be found such as Golden Fig, My Ceviche and Piola.  It is also within walking distance to the shops and restaurants at Mary Brickell Village and two Publix grocery stores.  Best of all, the area will only get better with time as SLS Brickell, and its highly publicized restaurants, will open directly across the street.  Also, the $1.05B mixed-use development known as Brickell Citycentre, which is currently under construction, is just blocks away.  The future is most certainly bright for Vue at Brickell owners.

Miami Preconstruction Condos

Miami condo boom 2.0 is well underway and, over the past year, a plethora of luxury condo developments have been announced for South Florida.  I have decided to launch a page devoted to the latest and greatest preconstruction condo developments in Miami and other surrounding areas.  I will keep it updated as new projects are announced.  Definitely check back in two weeks to learn about a very exciting waterfront development in Edgewater that is expected to be announced on July 15th.  You won’t want to miss it!