This news came across my desk yesterday afternoon and I was quite surprised. I verified the information on the U.S. Department of Housing and Urban Development (HUD) website. It appears that Neo Vertika received its FHA approval on February 2, 2010 and 1800 Club received theirs on March 18, 2010. Down payment requirements for qualified buyers on an FHA loan can be as low as 3.5 percent of the purchase price. FHA loans typically come with additional costs but credit standards are usually less stringent than those of a conventional loan.
New Park Along Brickell Avenue Coming Soon
A few weeks ago, The Miami Herald reported that the city of Miami, along with the Hollo family, acquired a one-acre parcel along Brickell Avenue which will be converted into a park by the end of this year. There has been a dire need for more green space in the Brickell area over the past couple of years as an influx of people have moved into the area. I had a chance to take an aerial shot of the site yesterday afternoon while showing property at Santa Maria.
Miami Condo Market Highlighted on "Today Show"
The Miami condo market was featured this morning on NBC’s “Today Show”. The focus was on the recent increase in condo sales resulting from discounted developer inventory. This just goes to show that good deals are available in the Miami condo market and buyers are finally stepping in to scoop them.
1 Bedroom Foreclosure at Brickell on the River North – $138,000
A 1 bedroom/1 bath condo foreclosure at Brickell on the River North became available yesterday for $138,000. The unit has 757 square feet of interior space, a balcony off the living room, a Jacuzzi tub in the bathroom, carpeting in the living room and bedroom, ceramic tile in the kitchen and marble flooring in the bathroom. Earlier this afternoon, I stopped by the condo to take a look at it for myself. The unit appeared to be in great condition with all appliances, including the washer/dryer, still present in the unit. The 24th floor condo faces west with a direct view of the Miami River and the sunset in the evening.
This is definitely one of the best priced 1 bedroom condo foreclosures that I’ve seen come onto the market within the past three months. $182 per square foot is a good deal for a condo in a quality building like Brickell on the River North. Amenities in the building include 24-hour concierge and valet parking, fitness center, yoga room, sauna, steam room, conference room, club room, swimming pool and hot tub. The previous owner paid $305,000 in February 2006 for this 1 bedroom condo. This unit will likely have multiple offers and be under contract by next Friday.
Call me at 305-428-3860 if you would like to view the condo in person.
Marina Blue Penthouse to be Featured in Season 4 of "Burn Notice"
Earlier this afternoon, an episode for next season’s “Burn Notice” was filmed in Penthouse 5708 at Marina Blue. The 4 bedroom/4 bathroom penthouse has 4,198 square feet of interior across two levels, 20-foot ceilings with floor-to-ceiling glass windows and panoramic views of Biscayne Bay, the Atlantic Ocean and the Miami Beach skyline. It offers what many would call the most spectacular view in all of Miami.
Penthouse 5708 has been on the market for 71 days at an asking price of $3.3M, or $786 per square foot.
Fannie Mae Special Approval Designation – Updated
The following are six well known condo buildings in Miami that were given the Fannie Mae Special Approval Designation since my last update on January 18, 2010. The special designation makes it now possible to obtain financing for condos in these buildings using a conventional loan.
The following are the 5 highest condo sales in Miami-Dade County that closed in January 2010 through the MLS:
Acqualina PH4501 – 5 bedroom/6.5 bath (6,353 square feet) – This penthouse sold for $4,700,000, or $740 per square foot, on January 27, 2010.
Continuum South Beach North Tower #TH6 – 4 bedroom/4.5 bath (2,901 square feet) – This townhouse sold for $3,482,400, or $1200 per square foot, on January 29, 2010.
Santa Maria #3805 – 4 bedroom/3.5 bath (4,030 square feet) – This unit sold for $2,700,000, or $670 per square foot, on January 4, 2010.
Asia Brickell Key #1903 – 4 bedroom/5.5 bath (3,813 square feet) – This unit sold for $2,288,000, or $600 per square foot, on January 15, 2010.
Grovenor House #2601 – 4 bedroom/6 bath (4,026 square feet) – This unit sold for $2,190,000, or $544 per square foot, on January 15, 2010. mich
Top 5 Distressed Condo Sales Closed in January 2010
Below, you will find what I believe to be the five best condo deals of the 66 distressed sales that closed in January 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.
Ten Museum Park #1905 – 1 bedroom/1.5 bath (791 square feet) – This unit sold for $137,000, or $173 per square foot, on January 11, 2010. Short Sale
Neo Vertika #PH226 – 1 bedroom/2 bath (1,155 square feet) – This unit sold for $158,000, or $137 per square foot, on January 11, 2010. Foreclosure
Parc Lofts #206 – 2 bedroom/1 bath (1,267 square feet) – This unit sold for $122,000, or $96 per square foot, on January 8, 2010. Foreclosure
The Club at Brickell Bay #1506 – 1 bedroom/1 bath (825 square feet) – This unit sold for $108,000, or $131 per square foot, on January 15, 2010. Foreclosure
Solaris at Brickell #806 – 1 bedroom/1 bath (754 square feet) – This unit sold for $120,000 or $159 per square foot, on January 29, 2010. Foreclosure
Miami Condo Investments iPhone Application Now Available
I’m happy to announce that the Miami Condo Investments iPhone application is now available for download at the Apple iTunes store. Click on the image below to access it. Any feedback that you might have is much appreciated.
