A 3 bedroom/3 bath condo foreclosure at Atlantis on Brickell came onto the market last Thursday. It’s an 01 floor plan with 2,149 square feet of interior and a direct view of Biscayne Bay. The condo came onto the market at an initial list price of $544,500, or $253 per square foot. I visited the unit last Friday and had a chance to take several pictures. This is only one of two 01 units that are currently on the market at Atlantis on Brickell. The other, unit 1401, is listed for $599,000 and is located two floors lower than the one in the pictures below. Contact me at 305-428-3860 if you have an interest in viewing this 3 bedroom foreclosure at Atlantis on Brickell in person.
Maintenance fees are $1198 per month.
Living Room
Kitchen
Master Bedroom
Master Bathroom
Second Bedroom
Second Bathroom
Third Bedroom
Third Bathroom
Laundry Room
Atlantis on Brickell was completed in 1982 and is considered a landmark building located at 2025 Brickell Avenue, Miami, FL 33129.
900 Biscayne Bay 06 Line Video
Now that we’ve seen a video of the amenities at 900 Biscayne Bay, let’s take a look at an actual unit in the building. The video above will show you an 06 line located on the 33rd floor. This is one of my favorite floor plans at 900 Biscayne Bay. It’s a 3 bedroom + den/4 bath condo with 2,335 square feet of interior and a 639 square foot terrace. The unit has a direct view of Biscayne Bay the moment you walk through the double entry doors from your private elevator.
900 Biscayne Bay condos still remains my favorite of all of the condominium high-rises built in Miami within the past ten years. The quality of the building and units is unmatched and it has some of the most spectacular amenities of any building that I’ve encountered. I think after viewing the high definition video below you’ll see exactly why I feel that way.
At this time, about 80 percent of the units at 900 Biscayne Bay have closed or are under contract. The building is Fannie Mae approved. Contact us at 305-428-3860 if you have an interest in viewing 900 Biscayne Bay in person or would like to discuss developer inventory.
They say numbers don’t lie. If that be the case, one message of truth shines through in the inventory figures below when compared to the ones I calculated exactly nine months earlier for Miami-Dade County condos: sales up, supply down. I compiled the figures below on April 22, 2010 from the MLS in the exact same manner as I had the night of July 23, 2009. Below, you will find three sets of spreadsheets and graphs: the first pertaining to the inventory of condos throughout Miami-Dade County; the second to those residing only in Miami while the third concentrates on those residing in Miami Beach.
Once again, I divided the supply figures into seven price ranges and included only sales that have closed within the past six months. The last three columns show the percentage change in those statistics when compared to those published nine months earlier for July 2009. It should be rather apparent, with a few exceptions, that the overall pattern is that condo inventory has decreased and closed sales have increased quite considerably within the past nine months. For example, overall condo inventory in Miami-Dade County has decreased 13.78 percent while closed sales have increased 19.23 percent during that time frame which led to a 27.69 percent decrease in the overall months of supply.
The figures in the images below may be a bit difficult to read so I also published the workbook for this month’s Miami & Miami Beach Condo Trends in its entirety. Be sure to check it out. The worksheet and graph tabs can be found along the bottom of the workbook.
Below, you will find the Miami-Dade County condo supply and sales figures for April 2010:
The following statistics encompass only those condos located throughout Miami (not other areas of Dade County such as Miami Beach, Aventura, Sunny Isles Beach, etc.):
The following statistics encompass only those condos located throughout Miami Beach:
Market pessimists will likely argue that the statistics above do not incorporate developer inventory. Commonly known as shadow inventory, developer inventory is typically not recorded in the MLS. However, these people need to bear in mind that closed developer sales also are not included in the figures above. Obviously, shadow inventory was a bigger problem nine months ago than it is today. A more valid argument should point to the home buyer tax credit being the catalyst that increased sales within the past nine months. Personally, however, I feel that the the home buyer tax credit has had a greater impact on the single family home market than the condo market. It has played a very insignificant role in our business and I have spoken to other real estate agents who specialize in condominiums who have encountered the same. With the home buyer tax credit expiring this Friday, we should be able to see within the next three months how instrumental of a role it has played in the increased sales numbers we’ve witnessed.
Most of you have probably already begun to realize that the utilization of video is becoming an increasingly important part of our business. We are currently in the process of developing a new website that will showcase these videos. Our hope is that a video library of properties and buildings will allow non-local buyers to narrow down their options prior to arriving in South Florida in a way that words and pictures cannot convey. This will allow them to best utilize their time while in town and find the real estate that best suits their needs. Meanwhile, the Miami Condo Investments website will continue to improve and provide the content that allows buyers and sellers to research the South Florida condo market like no other.
Above, you’ll find a video tour of Marina Blue. It’s a thorough, high-quality video of the common areas and amenities in the building. In time, we hope to do the same with other condo developments in South Florida. Oftentimes, approval from the condo board or property manager is required in order to capture such footage. Please contact us if you’re a property manager or sit on the board of a well known condo development in South Florida. We’ll cover the expense and be sure that the building is thoroughly captured as is achieved in the video below.
Marina Blue Receives Fannie Mae Approval
On April 20, 2010, Marina Blue received a letter from Fannie Mae stating that the building has been accepted under Fannie Mae’s Special Approval Designation for twelve months. Qualified buyers will now be able to obtain financing using a Fannie Mae conventional loan.
Potential buyers may want to take a look at unit 2203 at Marina Blue. It’s a 1 bedroom + den/1.5 bath condo with 943 square feet of interior, 9-foot ceilings and a balcony that stretches the length of the unit. The condo offers views of Biscayne Bay, Key Biscayne, the Miami Beach skyline and Downtown Miami. At an asking price of $300,000, it is being offered at the lowest price per square foot of any 1 bedroom condo at Marina Blue currently active in the MLS. Take a look at the video tour below.
Best Priced 2 Bedroom at Marina Blue – $390,000 – Video
Take a look at the video below to view the best priced 2 bedroom currently available at Marina Blue. This 2 bedroom/2 bath condo has 1,198 square feet of interior, 138 square feet of balcony, 9-foot ceilings, tiled flooring throughout, stainless steel kitchen appliances, Wenge built-in closets in both bedrooms, washer/dryer and 1 assigned parking space. The asking price is $390,000.
Contact me at [email protected] or 305-428-3860 if you have any questions or if you’d like to schedule a showing. Broker participation is welcome.
The Mark on Brickell Granted Special Approval Designation by Fannie Mae
I was notified earlier this week that The Mark on Brickell was granted the Special Approval Designation by Fannie Mae. This news hasn’t been disclosed on the Fannie Mae website yet but the information has been confirmed. It should appear on the site this upcoming Monday when their next update is released. It will now be possible for qualified buyers to obtain a conventional loan for condos at The Mark on Brickell.
The Mark on Brickell recently completed the installation of a seawall between the building and the bay that cost nearly $500,000. This expense, however, is expected to save the association hundreds of thousands of dollars in insurance every year.
Currently, inventory at The Mark on Brickell is rather light. The 22 listings for sale in the MLS represent just slightly over 6 percent of the total number of units in the building. 11 total units have closed at The Mark on Brickell within the past six months. Furthermore, there are currently 10 pending sales in the MLS. These sales figures should only get better now that the building is Fannie Mae approved. For those who are curious, there are currently just 10 units available for rent at The Mark on Brickell in the MLS. That represents slightly less than 3 percent of the total number of units in the building.
I plan to release overall inventory figures for Miami-Dade County next week. I fully expect the data to show a significant improvement since the last time I provided an update in July 2009.
Marina Blue 2 Bedroom on the 54th Floor – Video
For those of you looking for a spacious 2 bedroom with a breathtaking view, look no further. We have a very well priced listing at Marina Blue located on the 54th floor with views of Biscayne Bay, the Atlantic Ocean, Downtown Miami, Key Biscayne and the Miami Beach skyline. It’s a 2 bedroom/2.5 bath condo with 1,663 square feet of interior and 10-foot ceilings with floor-to-ceiling, hurricane-resistant windows. This is a “decorator-ready” unit. The list price is $540,000 or $325 per square foot. Within the past six months, eight 2 bedroom condos at Marina Blue have closed. These eight units sold in the range of $289-$431 per square foot. In case you’re wondering, the one that sold for $431 per square foot was also a “decorator-ready” unit.
Out of curiosity, I wanted to see just how well priced this listing is compared to other recently built large 2 bedroom condos not only in Downtown Miami but also Brickell and Brickell Key. I did a search in the MLS using the following criteria:
2 Bedroom
Minimum of 1,600 square feet
Located in Downtown Miami, Brickell or Brickell Key
Building completed in the year 2000 or later
Our listing is the third best priced condo in those areas using the above search parameters and it’s not a short sale or foreclosure. The best priced listing is a short sale at Courts at Brickell Key with 1,626 square feet of interior and an asking price of $499,000. The second best priced unit is a foreclosure at Ten Museum Park with 1,794 square feet of interior and an asking price of $531,000. Neither has a view that even compares to unit 5404 at Marina Blue. Take a look at the video below to get an idea of what it feels like to live in the sky and enjoy one of the best views in Miami.
