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
Construction to Begin on Sky Palace at Mary Brickell Village Next Month
Construction is scheduled to begin on the condominium high-rise that was once known as Skyline at Mary Brickell Village in December 2009. The 369-unit Mediterranean-style condo building is now known as Sky Palace at Mary Brickell Village. It will sit atop the parking garage at Mary Brickell Village located on the west end of the commercial development. Completion of Sky Palace at Mary Brickell Village is projected to occur in the last quarter of 2011.
The long awaited Paramount Bay is now available for purchase. I had a chance to tour the building last week and take a look at some spectacular penthouse condos. Paramount Bay is the most technologically advanced residential building in the city of Miami. It is completely wired with fiber optics for Internet, telephone and cable which are included in the monthly maintenance fees. Additionally, channels from over 30 countries are available through the digital cable provider. Each and every unit comes with a P:Link tablet system which allows you to control and monitor lighting, music, window treatments, etc. from anywhere in the world. Each unit also comes with one assigned parking space plus one complimentary valet space. Additional spaces are available for purchase. There are three floors of parking with a total of 600 (correction: 595) spaces available. All of the condo residences have a private elevator and 10-foot ceilings. Monthly HOA fees are 55 cents (correction: 65 cents) per square foot which are fixed for the first two years. The building is expected to be Fannie Mae approved by the end of the month. I also know a lender who can do stated income/stated asset loans at 60 percent LTV for foreign national clients.
Paramount Bay has a total of 46 floors but the penthouse condos are staggered across the building. There are a total of 11 penthouse units. The most appealing aspect about the penthouses at Paramount Bay is the size of the terraces. They are enormous! These were made for people who love to entertain outdoors for a large group of people. Another interesting feature of the penthouses is that they each come with a maid’s quarters that is located outside the unit.
The penthouse in the pictures below has 3,455 square feet of interior and an amazing 3,089 square feet of terrace.
All of the appliances hadn’t yet been installed in the penthouse I saw. The unit will have 2 Sub-Zero refrigerators, 2 Wolf ovens, 2 microwaves and 1 full height Sub-Zero wine bottle refrigerator.
Every unit in the building has a direct view of Biscayne Bay and the Miami Beach skyline.
The master bedroom
Master bathroom
Air jet Jacuzzi tub
The penthouse master bathroom has a glass-enclosed shower with a rain shower head, handheld shower wand and body jets.
All units in the building have a dual flush toilet. This is a great eco-friendly feature and will end up saving the HOA money.
Second bedroom also has a direct water view.
Second bathroom
Third bedroom faces west
Full-sized side-by-side washer and dryer
Three shots of the maid’s quarters which is located across the hall from the unit. It comes equipped with a full bathroom.
The terraces are an entertainer’s dream
The condo docs do not contain covenants against the placement of a hot tub, pool or outdoor kitchen. In fact, the terraces were poured with 12 inches of reinforced concrete with the purposes of supporting the weight of a pool or hot tub.
New Screen Shots of the iPhone Real Estate App
We’re wrapping up the finishing touches on the Miami Condo Investments iPhone application. We should be done by the end of this week. We then need to submit it to Apple for approval. The submission process usually takes 2-4 weeks. I’m hoping that it’ll be available to download at the iTunes store by December 1st. Not sure if I mentioned this before but I’m not going to charge for the application; it’s going to be a free download. Below, you’ll find some screen shots of the Miami Condo Investments iPhone application. This is going to be a serious app!
Espirito Santo Penthouse Foreclosure – Condo Deal of the Month
While searching the MLS Friday afternoon I came across a bi-level 3 bedroom/3 bath penthouse foreclosure at Espirito Santo that was extremely well priced. Not surprisingly, the listing agent only found the time in his busy schedule to upload two interior shots. Compelled to check it out for myself, I quickly made it over to Espirito Santo.
Unit 3405, the 3 bedroom penthouse foreclosure, has 1,934 square feet across two levels and a balcony located on the first floor. The condo foreclosure faces south and resides on the 34th and 35th floors. Condos with balconies are found only on the south, east and north sides of Espirito Santo.
Below is a video I shot of the first level which is where the living room, kitchen, third bedroom, third bathroom and balcony are found:
The following video contains footage of the second level which is where the laundry room, second bedroom, second bathroom, master bedroom and master bathroom reside:
As always, I also shot an array of pictures of the 3 bedroom condo and wanted to share them with everyone.
The MLS states that the maintenance fees are $1,000 per month but my guess is that they’re closer to $1,300 per month. (Once again, the listing agent was probably too busy to pick up the phone to find out the correct HOA fee.) This penthouse condo at Espirito Santo has a lot of potential. At this price, the buyer will likely do a complete renovation and create a spectacular penthouse. The asking price of this condo is $799,900, or $414 per square foot. Unit 3405 previously sold for $1.46M in March 2007. There’s no doubt in mind that this penthouse will go for at least full asking price.
Call me at 786-247-6332 if you’d like to make an offer on this Espirito Santo penthouse condo.
Jade Ocean Condos Photo Tour – Designer Ready Condos
The vast majority of luxury condos in South Florida are delivered designer ready by the various developers. The condos at Jade Ocean are no different. Below, you will find two designer ready corner units.
Residence A
This is a 3 bedroom/3.5 bath condo with 2,843 total square feet, including three separate balconies. The condo occupies the entire southern end of Jade Ocean with views to the east, south and west. These flow through corner units have intracoastal and direct ocean views. The residence A floor plan that you see below is the mirror image of the residence A unit that is shown in the photos below.
Residence E
This is a 4 bedroom/4.5 bath condo with 3,416 total square feet, including three separate balconies. This condo also occupies the entire southern end of Jade Ocean with views to the east, south and west. It too is a corner unit and has intracoastal and direct ocean views. Once again, the floor plan below is a mirror image of the residence A unit that is shown in the pictures below. The 4 bedroom corner units start on the 27th floor while the 3 bedroom corners are found up to the 26th floor.
Contact me now to learn about the great opportunities now available at Jade Ocean. 786-247-6332
