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.
If you’re a buyer and would like view this 2 bedroom condo in person, please call 305-428-3860 to schedule a showing. Broker participation is welcome.
1800 Club and Neo Vertika Now FHA Approved
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.
