Two REOs Hit the Market at Brickell on the River North Tower
Since yesterday, two REO condos at Brickell on the River North Tower have come onto the market. The first is a 3 bedroom/2.5 bath condo on the 35th floor with 1,513 square feet of interior. The asking price is $ 314,000, or $208 per square foot. The second condo, also located on the 35th floor, is a 2 bedroom/2 bath condo with 1,157 square feet of interior. The asking price is $222,750, or $193 per square foot. Both condos face west, come with one parking space and have tiled flooring throughout the living areas and marble in the bathrooms. Both condos are well priced and should receive offers from multiple parties. Contact us at 305-428-3860 if you have an interest in either or both condos at Brickell on the River North Tower.
Santa Maria Penthouse Back on the Market – $14.9M
As you may recall, Penthouse 4901 at Santa Maria was a bank-owned foreclosure that came onto the market this past May at an asking price of $12.9M. Later that same very day, the status of the listing changed to “closed sale” and showed a purchase price of $11M, or $1100 per square foot. Earlier today, I noticed that the amazing, 10,000 square foot penthouse at Santa Maria was re-listed last month, on September 10th, at an asking price of $14.9M, or $1490 per square foot. There’s no question that Penthouse 4901 at Santa Maria is one of Miami’s most coveted luxury penthouses. It will be interesting to see how long it remains on the market before garnering the interest of another buyer. I’ll be sure to keep the penthouse on my radar and report the sales price after it closes.
View additional pictures and listing information for Santa Maria PH4901.
Closings at Icon Brickell Picking Up Steam
Closings at Icon Brickell began in December 2008. Since that time, Icon Brickell has been covered by local and national media alike. Some news articles marveled at the sheer size of the development while others predicted its impending doom. Closings at Icon Brickell started tremendously slow with many buyers choosing to wait for the development to revert back to the conglomerate of banks providing the financing for construction in hopes that price reductions would soon follow. This past May, Towers 1 and 2 of Icon Brickell were handed back to its lenders and prices were once again reduced. It appears that the latest price reduction has peaked the interest of buyers who had been sitting on the sidelines. Seems unbelievable but Tower 1 has now sold around 85 percent of its condos while about 90 percent of the units in Tower 3 have sold. Tower 2 was the most recent to become available and has already sold around 25 percent of its condos. Those are very impressive numbers. In my opinion, Tower 2 offers the best views of the three towers and should have no problem selling its remaining units.
Inside sources recently revealed to me that 23-year old hip-hop/rap artist Drake has placed two side-by-side condos at Marquis under contract. My guess is that he will combine the two units to create a mega-condo. Marquis is a luxury condo building located at 1100 Biscayne Boulevard in Downtown Miami. Ever since prices were slashed this past summer, sales have picked considerably at Marquis. Prices start at $263 per square foot. A few months ago, an 8,042 square foot penthouse at Marquis sold for $4.2M.
A few months ago, as some of you may recall, we mentioned that clients of ours from Nigeria had recently closed on unit 5404 at Marina Blue. Our clients purchased the condo with an intent to rent it and hold the condo long-term. The condo came decorator-ready, however, which meant that they first needed to finish it off before renting it. A day after the closing, the buyers flew back to Nigeria and left Michael in charge with making design decisions and working with contractors to ensure that the build-out would be completed within a few months. The video below shows you what unit 5404 at Marina Blue looked like as a decorator-ready condo.
Below is a list of changes/additions that were made to unit 5404 as part of the build-out process:
36 x 36 Crema Marfil marble flooring installed throughout
Custom kitchen island with new countertops, wine rack, beverage center and dual-bowl under-mount sink with garbage disposal and custom fixture
Custom kitchen pantry with frosted glass door
Granite backsplash in the kitchen
Custom lighting throughout kitchen
California-style built-in closets in both bedrooms
Remote-controlled electronic window shades
Baseboards and paint
A few days ago, the build-out process for unit 5404 at Marina Blue was completed. Below, you’ll find pictures of the condo as it looks today. Unit 5404 is a 2 bedroom/2.5 bath condo with 1,663 square feet of interior square feet and 222 square feet of balcony (view unit 5404 floor plan). The condo has direct views of Biscayne Bay, the Atlantic Ocean and Downtown Miami from the 54th floor. The asking price for unit 5404 at Marina Blue is $3,500 per month and is available immediately. Contact us at 305-428-3860 if you would like to view the condo in person.
For those of you who don’t know, Marina Blue is a Downtown Miami condo developments located at 888 Biscayne Blvd across the street from the American Airlines Arena and within walking distance to Bayside Marketplace and the Adrienne Arsht Center. Marina Blue is one of the few Downtown Miami condo buildings where every unit has a direct water view.
Below is the Before & After video of unit 5404 that our videographer created:
The New Look of Miami Condo Investments
A few months ago, we decided to overhaul the Miami Condo Investments website. Our aim was to create a Miami real estate website with more content and functionality than its predecessor. Today, we’re pleased to present the new look of Miami Condo Investments. The website is still a work in progress but we hope to have all bugs fixed and new content published within the next 30 days. Below, you’ll find a list of a few of the features added to the new website:
Message Board – Many of you have asked for a forum to discuss various topics related and unrelated to real estate. Hopefully many of you will make good use of it.
Photo Blog – I introduced this feature last month. Here you’ll find real estate related pictures that we have taken in and around Miami and Miami Beach.
Client Resources – Clients often have the same questions regarding the rental or sales process or questions regarding financing or closing costs. We felt that this would be a good section of the website to provide the answers to these frequently asked questions.
Earlier this afternoon, we also submitted our updated iPhone app to iTunes for approval. We hope that it will be approved and available for everyone to download by the middle of next week.
It’s amazing when I look back at the original Miami Condo Investments blog and realize just how far the website has come in terms of size and quality since that time.
Information for International Buyers
We often work with buyers from all over the world who have questions regarding the buying process in the United States because it often varies from country to country. In today’s video, Michael discusses a few misconceptions or questions that foreign buyers sometimes have when shopping for real estate here.
14 Unit Bulk Sale at Epic
In the above video, Michael discusses the recent 14 unit bulk sale at Epic as well as the microbrewery that will occupy the southeast corner of the first floor commercial space at Marina Blue.
Marina Blue Unit 5104 – $470,000
Last Thursday, we acquired a new listing at Marina Blue. It’s a beautiful 2 bedroom/2 bath condo on the 51st floor with breathtaking views of the Atlantic Ocean, Biscayne Bay, the Miami Beach skyline and Downtown Miami. The condo has 1,208 square feet of interior, 138 square feet of balcony, porcelain tiled floors throughout, Wenge California-style closets, window shades and 10-foot ceilings. The purchase price also includes two assigned parking spaces. As many of you know, it is rare for a 2 bedroom or even a 3 bedroom condo in Miami to include a second parking space. Additionally, the condo includes a 55 square foot storage room which is pictured below.
Marina Blue is located in Downtown Miami across the street from the American Airlines Arena at 888 Biscayne Blvd, Miami, FL 33132. Please give us a call if you or someone you know has an interest in viewing this Marina Blue condo in person. 305-428-3860
