Last week, our client agreed to reduce the price of his condo at Two Tequesta Point from $696,000 to $674,000. This is a level that we are confident that it will sell quickly. The 2 bedroom/2.5 bath condo is located on the 29th floor and has 1,540 square feet interior, a large terrace off the bedroom and living room, marble flooring in the main living areas and carpeting in both bedrooms. The unit also has crown molding, an eat-in kitchen with separate dining room, custom built-in closets in both bedrooms and full side-by-side washer and dryer.
For those not familiar with Two Tequesta Point, it is a luxury high-rise located at 808 Brickell Key Drive in a privately gated neighborhood of Miami called Brickell Key. Two Tequesta Point is the building on the left in the above picture. The building offers spectacular amenities such as tennis, racquetball, basketball, 24-hour concierge and security, 24-hour valet parking, a bi-level fitness center and a beautiful bayfront swimming pool.
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.
Miami Condo Market Hot Again According to CNBC’s Diana Olick
Yesterday afternoon, Diana Olick of CNBC discussed the Miami condo market on her segment “Spring Realty Check”. The Miami condo market has made an amazing recovery over the past four years and is once again heating up. Miami condo sales are up 134 percent from a year ago and investors are rushing in to scoop up condos. As Diana says, “Investors should pay attention, or miss the boat”.
Everglades on the Bay Officially Renamed Vizcayne
The 849-unit, two-tower, mixed-use development located at 244 Biscayne Blvd and 253 NE 2 St in Downtown Miami has officially been renamed Vizcayne (comprised of Vizcayne South Tower condos and Vizcayne North Tower condos). The name change, in conjunction with a multi-million dollar completion program, is an effort to rebrand the development and revitalize sales. An official relaunch event is scheduled for next month where the public will be able to tour Vizcayne as well as decorated model units.
Imperial at Brickell Penthouse Update
Last summer, as you may recall, I wrote a few blog posts regarding the penthouse at Imperial at Brickell. At the time, the penthouse was a bank-owned foreclosure. I felt that it was very well priced and, with the right amount of work, had a ton of potential. The 5,034 square foot penthouse ultimately sold for $1.05M, or $209 per square foot, on August 13, 2010. Amazing price!
Well, the penthouse at Imperial at Brickell is back on the market…the rental market to be exact. The asking price is $18,000 per month. No, that’s not a typo, just EXTREMELY high expectations. Judging by the pictures, only minor changes were made to the unit. I was expecting to see a complete rebuild of the penthouse. Regardless, the price had made me doing several triple-takes earlier this afternoon before I even took a look at the pictures.
Below is a video of the unit as I saw it last May:
Three Bank Owned Condo Foreclosures Worth Pursuing
The foreclosure forefront has been quite slow ever since several U.S. banks initiated a voluntary freeze in October. The freeze on foreclosures was implemented after banks had acknowledged using “robo-signers” to approve hundreds of foreclosure documents a day without first verifying the information in them. Bank of America, the largest U.S. financial institution, announced the week of December 6, 2010 that it would lift its national foreclosure freeze and resume taking possession of properties. Despite the announcement, I had not seen any foreclosure condos in Miami or Miami Beach hit the market that I felt would be of any interest to my readers for quite some time. That is, until yesterday. The following are three Miami or Miami Beach condo foreclosures along with my commentary detailing why I feel they are deals worth pursuing.
One Miami #3103 – This 31st floor, 1 bedroom/1 bath bank owned foreclosure has 868 square feet and is asking $182,000 or $210 per square foot. The unit faces south overlooking the Miami River with views of Biscayne Bay from the balcony. Taking a look at recent sales at One Miami, one can see that unit 803 which is in the same line but located 23 floors lower sold for $188,000 on November 9, 2010. This is the only 03 line that has sold within the past six months. Unit 3103 at One Miami is currently the second best priced condo in the building, second only to a short sale by $2,000. If you’re looking for a quick purchase without the hassle of a short sale then this is a great condo to look into right away.
Vue at Brickell #2115 – With an asking price of $159,900, or $143 per square foot, this 2 bedroom/2 bath corner unit is an exceptional deal but I expect it to sell well above asking price. Of the recent sales at Vue at Brickell, units 1415 and 815 are by far the best comparables because, once again, they are in the same line as the subject property. Unit 815, residing 13 floors lower sold for $180,000 on October 28, 2010 while unit 1415, just seven floors lower sold for $185,000 on August 5, 2010. You also have to take into account that unit 2115 appears to be an upgraded unit from the pictures. It has hard wood floors throughout the living areas while units 815 and 1415 both had carpeting.
The Cosmopolitan #2213 – If you’ve been waiting for a well priced condo foreclosure in South Beach, then look no further. The Cosmopolitan is located at 110 Washington Avenue in the South of Fifth neighborhood of South Beach which is one of the most sought after neighborhoods in Miami Beach. This 1 bedroom/1 bath condo has 861 square feet and comes with 2 parking spaces, a rarity in the Miami Beach condo market. The asking price is $241,433, or $280 per square foot, which is an unbelievable deal for a 1 bedroom condo at The Cosmopolitan. Notice that next best priced 1 bedroom condo currently available at The Cosmopolitan is asking over $75,000 more than unit 2213. For some reason, our website isn’t showing any of the seven condos that have closed at The Cosmopolitan over the past six months. Three of the seven closed sales were one bedroom units which ranged from $270,000 to $349, 500.
Mint – Sales Expected to Launch at the End of This Month
Over the past three months, I’ve received a number of inquiries from people in regards to Mint. A few have inquired as to when sales are expected to begin while others have asked when they should expect rental listings to hit the market. Over the past four months, ST Residential has been working with original contract holders to get them to the closing table. According to public records, closings at Mint began on August 27, 2010. Since that time, there have been 110 recorded closings with prices ranging from$203,900 to $1.09M. Rental listings at Mint started to appear on the MLS within a few months of the first closing. There are currently 20 condos available for rent at Mint on the MLS with prices ranging from $1,575 to $1,750 per month for a one bedroom and $2,200 to $2,900 per month for a 2 bedroom. Sales are officially expected to launch at the end of this month to the general public. It’ll be interesting to see how the general public reacts to pricing once it is released. Mint is located at 92 SW 3 St, Miami, FL 33130.
Everglades on the Bay – The Wait is Over
Like many, I’ve been waiting for the dust to settle at Everglades on the Bay(now known as Vizcayne North and Vizcayne South) Rockwood Capital, as you may already know, acquired the development in a $141M cash transaction this past November. Since that time, I’ve eagerly anticipated the relaunch of sales and, of course, to get my hands on pricing. The wait is over! The development will be sold in phases with 60 very well priced units to be released in the initial phase. The objective is to get sales off to good start. Over the next couple of months, Rockwood will also be focused on performing capital improvements and improving building operations. I’ve been asked not to publicly discuss pricing at this time but I will say that I haven’t seen pricing this good since the developer blow-out sales at Marina Blue and 1060 Brickell in 2009. I anticipate these initial 60 units to be sold within the first 3 weeks. Contact us if you have an interest in purchasing a condo at Everglades on the Bay or to learn more about the 849-unit mixed-use development.
Starwood Capital Group Hungry for More Distressed Condos
Acquiring $4.5B in property 15 months ago wasn’t enough. Starwood Capital Group is back for more, and this time, according to the Wall Street Journal, they are targeting individual properties and portfolios offered by banks and the FDIC. Recently, as the article points out, Starwood Capital Group bid on Everglades on the Bay (now known as Vizcayne Southand Vizcayne North) but lost out to Rockwood Capital LLC.
Through the acquisition of Corus Bank’s portfolio in October 2009, Starwood controls roughly 6,700 units throughout the country, with a good chunk of them residing in South Florida. Paramount Bay and Mint at Riverfront are two luxury condominium developments under Starwood’s control. Both Miami developments are scheduled to begin sales in the first quarter of this year.
