Penthouse at 1800 Club Sells for $170 Per Square Foot
The best condo deal that closed in the month of September actually wasn’t a short sale or foreclosure. Unit 3715 at 1800 Club was a developer unit that sold for $700,000, or $170 per square foot, on September 3, 2009. The 4 bedroom/4.5 bath penthouse condo has 4,120 square feet of interior and a 2,327 square foot bi-level rooftop terrace with a private Jacuzzi. Grant it, the penthouse faces southwest and only has partial views of Biscayne Bay, but I think the developer gave this sweet pad away at $170 per square foot.
Top 5 Distressed Condo Sales Closed in September 2009
Below, you will find what I believe to be the five best condo deals of the 53 distressed sales that closed in the month of September in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. It was tough to decide between the first two for the number one spot but The Mark on Brickell #1608 took it based on location and view.
The Mark on Brickell #1608 – 2 bedroom/2 bath (1,140 square feet) – This unit sold for $210,000, or $184 per square foot, on September 18, 2009. Short Sale
Blue Condominium #1701 – 2 bedroom/2.5 bath (1,449 square feet) – This unit sold for $210,000, or $145 per square foot, on September 10, 2009. Foreclosure
Brickell on the River North #3715 – 3 bedroom/2.5 bath (1,512 square feet) – This unit sold for $287,000, or $190 per square foot, on September 4, 2009. Short Sale
Jade Brickell #1201 – 2 bedroom/2.5 bath (1,878 square feet) – This unit sold for $675,000, or $359 per square foot, on September 30, 2009. Foreclosure
Marina Blue #2302 – 1 bedroom/1.5 bath (843 square feet) – This unit sold for $190,000 or $225 per square foot, on September 30, 2009. Short Sale
As a side note, bidding on foreclosures has become extremely competitive. I noticed that the majority of the condo REOs that closed in September closed at a price that was above the asking price. This was the case in 19 of the 26 REO listings that closed last month located in the aforementioned neighborhoods of Miami. It has become more important than ever to know the comparable sales in the neighborhood. The mentality of automatically going in with a bid 10-15 percent below asking price doesn’t fly anymore. With season right around the corner, I’m confident that the worst is well behind us.
Jennifer Lopez & Marc Anthony To Acquire 10 Units at Icon Brickell
I confirmed that Jennifer Lopez and Marc Anthony placed 10 units under contract at Icon Brickell earlier this afternoon. People magazine reported last month that they had acquired a penthouse condo in the same development as well. It looks like Jennifer Lopez and Marc Anthony are very bullish on the future of Brickell Miami. I heard last week from a separate source that prices at Icon Brickell were recently reduced to around $350 to $400 per square foot.
Update: Marc Anthony ended up losing two of the ten condos at Icon Brickell as part of a divorce settlement with wife-number-four Shannon De Lima. The two Miami luxury condos were valued at over $2 million.
The Future of Real Estate
A few months ago, I referred to a secret project that I was working on that would crush my competition. We’ve had a few delays, but after a little over 3 months of work we are now very close to completing it. Today, I provide you a sneak peek of that project. It’s an iPhone application that will revolutionize the industry. I’ve done a ton of research on the capabilities and flaws of the iPhone and have thought of everything. I won’t go into the features of the application at this point for obvious reasons but I must say that I’m very proud of this little pocket rocket. In the picture above, you see the start up screen. I didn’t want to reveal too much at this time but I will unveil other screen shots within the next two weeks and go into all of the features of the Miami Condo Investments iPhone application. I’m also preparing to launch the same application on the Android platform early next year.
Early next month, I’m also planning to launch a new website. It’s coming along very well and it has exceeded all of my expectations. I recently brought in an assistant and showing agent to help me during these months of expansion. I’m looking to bring in 1-2 additional agents within the next couple of months. My plan is to solely concentrate on this website and the iPhone application and crank out 5-6 posts per week. Unfortunately, that means that I won’t be able to do anymore showings. However, you can be rest assured that you will always meet with a quality agent who knows the South Florida condo markets as well as I do (well maybe not that well).
Best Views in Miami – Part 4
I’ve saved the best for last. In my opinion, the penthouse at Marquis offers the best views of any condo building in Miami. Four Seasons Residences is a slightly taller building than Marquis but I’m definitely partial to the views from Park West, Downtown Miami and the Arts District over those offered from more southern neighborhoods such as Brickell. The fourth floor of this 4-story, 8,000 square foot penthouse has a spacious bedroom and large rooftop terrace with a dipping pool. The views are simply majestic. It’s amazing how minuscule some of the buildings look from the 66th floor. Take a look for yourself.
Be sure to also view the pictures of floors 1, 2 and 3 of this 4-story penthouse at Marquis:
Let’s continue onto the third floor of the four-story, 8,000 square foot penthouse at Marquis Residences. The entire third floor is comprised of the very spacious master bedroom, his and hers walk-in closets and master bathroom. The master bathroom has his and hers vanity; a walk-in, glass enclosed shower; a separate glass enclosed, steam shower and a Roman soaker tub with an amazing view that clears all of the buildings within sight.
The tour of the fourth and final floor will be published tomorrow. The views from the expansive rooftop terrace are second to none!
Be sure to view the pictures of floors 1 and 2 of this 4-story penthouse at Marquis:
The tour continues on the lowest level of the 4-story luxury penthouse at Marquis. Of the four floors, the lowest level is the most spacious with 3 bedrooms, 3.5 bathrooms, a den with a large terrace, and a laundry room with side-by-side front-loading washer and dryer. I got a kick out of the three full-sized circuit breaker panels. I don’t think I’ve ever seen a condo with more than two.
The next two levels of this luxury penthouse are the most impressive of the four floors so stayed tuned.
A few weeks ago, I had the opportunity to tour the penthouse condo at Marquis, a newly completed 67-story condo development in Downtown Miami. It was by far the most impressive condo that I have ever seen in Miami. The four-story condo has an astonishing 8,000 square feet of living space, 2,700 square feet of terrace, a private elevator within the unit and a pool on the rooftop terrace.
This penthouse is so massive that I decided to cover it in four different blog posts – one for each floor. The main entrance to the penthouse is located on the second level which is where we start the tour below…
Onyx on the Bay Note Purchased By Hyperion Onyx Partners, LLC
I learned late last week that Hyperion Onyx Partners, LLC, an affiliate of Hyperion Development Group purchased the note for Onyx on the Bay. The note was held by the now defunct Corus Bank and was acquired just days before the Chicago-based bank was taken over by the FDIC. Hyperion Development is the developer behind Marina Blue, one of the few recently constructed condo developments that have been able to close 100 percent of their units. This represents Hyperion Development Group’s first soiree into asset acquisition. Details of the transaction have yet to be disclosed.
Onyx on the Bay is a 118-unit bayfront condo development located in Edgewater Miami at 665 NE 25 Street. Condo closings began on July 31, 2007. It’ll be interesting to see at what price the unsold condos at Onyx on the Bay are priced at if Hyperion Development Group chooses to resell them immediately. There are currently 11 condos available for sale on the MLS at an average price per square foot of $368. 3 of the 11 condos are short sales. There are currently zero pending sales and a condo hasn’t closed at Onyx on the Bay in over a year. My guess is that pricing will need to be at around $175 per square foot in order for the unsold inventory to move.
