CBS4 Reports on the Downtown Miami Condo Market Turnaround
For those who missed it earlier this evening, CBS4 aired a segment entitled “Is Downtown Miami’s Condo Market on the Rebound?“. CBS4 reporter, David Sutta, highlighted the recent sellout of the Viceroy Tower at Icon Brickell and interviewed our very own, of the Miami Condo Investments team, to get his perspective regarding the dwindling condo inventory in Downtown Miami. He compares the condo inventory at the peak of the market to the inventory that now exists. Over the past year, prices have begun to rebound in Downtown Miami as inventory has been swallowed up predominantly by foreign buyers. There is no reason to believe that the market turnaround will reverse course anytime soon as new condo inventory in Downtown Miami is years away from hitting the market.
Paramount Bay Condos
In anticipation of Paramount Bay launching sales in the coming months, I decided to launch my very own Paramount Bay website complete with floor plans. Obviously, more content such as videos and additional pictures will be added to the website once Paramount Bay officially opens to the public. Paramount Bay is a highly anticipated building and we’re confident that it will come to be regarded as one of Miami’s finest condo developments. I will be sure to let everyone know as soon as I hear anything new regarding Paramount Bay. Feel free to send me an email if you would like to be informed via email of the Paramount Bay sales launch date once it becomes available.
Over the past year, we’ve also launched the following building specific websites:
Best Priced 2 Bedroom at 900 Biscayne Bay – $510,000
We recently got a new listing at 900 Biscayne Bay. It’s a 2 bedroom/2.5 bath condo with 1,355 square feet of interior and 597 square feet of balcony. The unit has American maple wood floors throughout the living areas and marble floors in the bathrooms. The unit faces northeast with a view of Biscayne Bay. The asking price is $510,000 which currently makes it the best priced 2 bedroom at 900 Biscayne Bay. Contact us if you would like to view the unit in person or if you would like more information regarding unit 2012 at 900 Biscayne Bay.
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.
