iPhone Application Release Update
Just wanted to give everyone an update regarding the iPhone application. It was submitted to Apple about two and a half weeks ago. Apple contacted me late last week stating that a few minor changes needed to be made. Those changes were made and the app was resubmitted this past Monday. We’re hoping that it will be approved within the next 2-3 weeks.
In preparation for the launch of the iPhone application I hired a graphic designer to create some marketing material. Here’s a peek at the business card design.
Design work by Erica Bartlett – [email protected] – 630.340.0300
Fannie Mae Special Approval Designation – Updated
Fannie Mae has updated its list of condo buildings which have received the Special Approval Designation. The special designation makes it possible to obtain financing for condos in these buildings. The following three well known developments have been added to the list:
A complete list of condo developments in Miami-Dade County given the Special Approval Desigation.
Rentals Now Available at Icon Brickell II
I was notified yesterday that rentals are now available in tower 2 of Icon Brickell. Tower 2 is the southeast tower of the Icon Brickell development. The units are renting fast! 56 rentals were made available on Saturday and as of yesterday 15 had already been rented.
Below, you will find the floor plans that are available along with the starting prices. The rent price includes 800 channels of cable, high-speed Internet, one parking space, water and a health club membership. Pets are NOT allowed.
Call me at 305-428-3860 or email me at [email protected] if you would like to schedule a showing.
- H floor plan – 1 bedroom/1 bath – 732 square feet – starting at $1690
- G floor plan – 1 bedroom/1 bath – 984 square feet – starting at $2000
- G-Rev floor plan – 1 bedroom/1 bath – 1035 square feet – starting at $2100
- E floor plan – 2 bedroom/2 bath – 1327 square feet – starting at $2750
- C floor plan – 2 bedroom/2 bath – 1500 square feet – starting at $2850
- B floor plan – 2 bedroom/2 bath – 1503 square feet – starting at $2950
- D floor plan – 2 bedroom/2 bath – 1600 square feet – starting at $2500
There currently aren’t any studio or 3 bedroom rentals available.
Fannie Mae to Reassess Lending Guidelines for Florida Condo Projects
About a year ago, Fannie Mae implemented strict lending guidelines that effectively put the lights out on the Florida condo market. In particular, these stringent guidelines made it next to impossible for buyers to obtain financing in the vast majority of condo developments in South Florida.
Earlier this afternoon, Fannie Mae made the announcement that it will reassess hundreds of condominium projects throughout the state in an effort to jump-start the market. The news is a godsend to a condo market that was heavily supported by cash buyers in 2009.
Here are some excerpts regarding the announcement from PR Newswire and Reuters:
PR Newswire
Fannie Mae announced today that it is undertaking a comprehensive review of hundreds of condominium projects in the state of Florida in an effort to allow additional projects to become Fannie Mae-eligible through a new “Special Approval” designation.
A dedicated team of six Fannie Mae professionals based in Florida is conducting a thorough examination of condominium projects across the state that may not currently meet Fannie Mae’s standard eligibility criteria and assessing specific criteria more closely, including occupancy, homeownership association dues, financial stability of the project and property condition. Projects deemed to be sufficiently stable following the closer examination are granted a Special Approval designation, meaning lenders can originate and deliver mortgage loans secured by units in these projects to Fannie Mae
Reuters – (full story)
Fannie Mae, the largest funder of U.S. home mortgages, on Thursday said it is making it easier for some Florida condo buyers to qualify for loans in a bid to stabilize one of the worst-hit real estate markets.
The housing finance giant said it is reassessing hundreds of Florida condo projects to see if they are “sufficiently stable” enough to qualify for funding, even if they don’t meet current requirements, Fannie Mae said in a statement.
These projects would get a “special approval” designation from Fannie Mae, clearing the way for hamstrung Florida lenders to originate loans and help spur a recovery, it said.
Blue Condominium 2 Bedroom Sells For $190K
A 2 bedroom foreclosure condo at Blue Condominium closed earlier this afternoon for $190,000. This marks the lowest that a 2 bedroom in the building has ever sold. Unit 1207 has 1,158 square feet of interior space and a view of Biscayne Bay. It originally went under contract on August 10, 2009 but the closing was delayed for months due to problems that needed to be corrected with the deed. Currently, there are twenty 2 bedroom short sales at Blue Condominium, two of which are listed for less than $190K. Hopefully this recent sale will give banks the kick in the butt to start approving some of the short sales in the building.
Top 5 Distressed Condo Sales Closed in December 2009
Below, you will find what I believe to be the five best condo deals of the 59 distressed sales that closed in December 2009 in the MLS located in Brickell, Brickell Key, Downtown Miami, and the Arts District.
- Uptown Lofts #1005 – 1 bedroom/2 bath (1,280 square feet) – This unit sold for $135,900, or $106 per square foot, on December 4, 2009. Foreclosure
- Cite on the Bay #3304 – 1 bedroom/1 bath (797 square feet) – This unit sold for $107,000, or $134 per square foot, on December 16, 2009. Short Sale
- Solaris at Brickell #1001 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $182,000, or $159 per square foot, on December 23, 2009. Short Sale
- Latitude on the River #2407 – 1 bedroom/1.5 bath (899 square feet) – This unit sold for $148,000, or $165 per square foot, on December 4, 2009. Short Sale
- 2 Midtown #M0707 – 2 bedroom/2 bath (986 square feet) – This unit sold for $165,000 or $167 per square foot, on December 7, 2009. Foreclosure
Record Setting Day in Miami, Florida
Today was a record setting day in Miami, Florida according to NBC6. Earlier this afternoon, temperatures reached 89 degrees which set a new recorded high in Miami for the month of December. I swear, we’re just too spoiled here.
The Arts District & Downtown Miami Closed Condo Sales – November 2009
Edgewater Miami Closed Condo Sales – November 2009 – There were 12 closed condo sales in the Edgewater Miami last month in the MLS. The average sales price of these condos was $177 per square foot.
Downtown Miami Closed Condo Sales – November 2009 – 18 condos in Downtown Miami closed in the MLS in November 2009. These sold at an average sales price per square foot of $318. It’s interesting to note that of the four neighborhoods in Miami, the condos in Downtown Miami sold at the highest price per square foot last month.
Completely Renovated Townhouse at Atlantis on Brickell
I remember walking through unit 306 at Atlantis on Brickell towards the end of 2007. The place was a disaster! Flooring was ripped out, walls were horribly damaged, mold was evident in a few of the rooms and the kitchen and bathrooms badly needed to be updated.
Unit 306 is a 4 bedroom/4 bath two-story townhouse with 2,628 interior square feet. In 2007, when the unit came onto the market as a foreclosure, the unit was listed for $799,900. After eight price reductions and a little over nine months later, the unit sold for $415,000, or $158 per square foot, on February 29, 2008.
After a complete overhaul, the unit made its way onto the market about six months ago for $1,130,000, or $430 per square foot – quite a stretch even after accounting for renovation and holding costs. The list price was slashed a few times before recently being reduced to $865,000, or $329 per square foot – a step in the right direction but still at least $100,000 away, in my opinion.
My guess is that it probably cost somewhere in the ballpark of $100 per square foot to completely gut and renovate the unit, given the quality and the fact that mold was present. I’ve estimated taxes to be around $25,000 and HOA fees to be around $22,000 over the past 21 months. That represents about an extra $18 per square foot to the cost basis of the owner. It’ll be interesting to see if the owner is able to make a profit or, at the very least, break-even on this investment, especially after accounting for cost of capital.
Before Pictures
After Pictures
