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.
Unique 2,754 Square Foot 3 Bedroom at 900 Biscayne Bay – $1.45M
Last week I visited a one-of-a-kind 3 bedroom condo at 900 Biscayne Bay. The condo has 2,754 square feet of interior, 3 large balconies, 3.5 bathrooms, a private elevator and 2 separate laundry rooms. The unit also has 11-foot ceilings which is only found on the 58th floor. Even the penthouse level units at 900 Biscayne Bay only have 10-foot ceilings. The living room, master bedroom and master bathroom are monstrous. The unit comes with 2 deeded parking spaces.
The asking price is $1.45M.
Floor plan for the 3 bedroom condo
Private elevator
Entrance to the condo with double doors
11-foot ceilings and floor-to-ceiling windows
Kitchen with granite counter tops and Wenge cabinetry
Another shot of the kitchen
Stainless steels appliances by Sub-Zero and Miele
Laundry Room
Living Room
East view
Southeast view
Master bedroom
Another shot of the master bedroom
Balcony off the master bedroom
Hers walk-in closet in the master bedroom
His walk-in closet in the master bedroom
Master bathroom
Bidet & toilet in the master bathroom
Second Eurotech washer and dryer in master bedroom
Second bedroom
Walk-in closet and additional closets in the second bedroom
Contact me to view this condo in person. 786-247-6332
Top 5 Distressed Condo Sales Closed in July 2009
Below, you will find what I believe to be the five best condo deals of the 43 distressed sales that closed in the month of July in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. I wasn’t very impressed with the deals that closed in July, however, when compared to those we’ve seen in previous months. Coincidentally, all five condos are located in Brickell this month.
Brickell on the River North #805 – 1 bedroom/1 bath (820 square feet) – This unit sold for $128,000, or $156 per square foot, on July 30, 2009. Short Sale
Brickell on the River North #1611 – 2 bedroom/2 bath (1,117 square feet) – This unit sold for $190,000, or $170 per square foot, on July 10, 2009. Short Sale
The Sail on Brickell #2704 – 2 bedroom/2 bath (942 square feet) – This unit sold for $137,900, or $146 per square foot, on July 31, 2009. Foreclosure
Solaris at Brickell #1903 – 2 bedroom/2 bath (1,064 square feet) – This unit sold for $185,000, or $174 per square foot, on July 24, 2009. Foreclosure
Imperial at Brickell #1505 – 3 bedroom/2 bath (1,732 square feet) – This unit sold for $350,000 or $202 per square foot, on July 29, 2009. Short Sale
As many of you read earlier today, the Case-Shiller price index rose on a month-to-month basis for the first time in 3 years. 13 of the 20 cities in the index showed month-over-month price gains in May when compared with April 2009. However, Miami was not one of the 13 cities to show an improvement in prices. Home prices in Miami saw a decrease of .8 percent during that period.
There may not have been an increase in home prices in Miami but the figures below show a major improvement in the number of closed condo sales in the previous six months when compared to the closed condo sales in the six months prior to January 2009. For example, there were 3,551 closed condo sales in the six months leading up to January 2009 compared to the 5,007 closed condo sales that occurred within the past six months. That’s an increase of 41 percent. The number of closed condo sales in Miami improved approximately 39 percent while closed condo sales in Miami Beach increased about 20 percent. As a result, the condo supply numbers for each showed considerable improvements as well.
View the entire workbook for this month’s Miami & Miami Beach Condo Trends. The various spreadsheets and graphs are found at the bottom.
Below, you will find the Miami-Dade County condo inventory and supply figures for July 2009:
The following statistics encompass only those condos located throughout Miami (not other areas of Dade County such as Miami Beach, Aventura, Sunny Isles Beach, etc.):
This has been a very atypical year for real estate sales in South Florida. In most years, the vast majority of closed condo sales occur in the Winter months when snowbirds flock to Florida to shop for a vacation home to escape the dreaded cold. However, this past Winter season was unusually slow due to a number of reasons such as the paralyzing fear in the economy and a lack of financing. After the first 3 months of the year, I personally felt that 2009 was shaping up to be my worst year in real estate. However, at the beginning of April, business began to show life again. In fact, activity has drastically improved to the point where 2009 could end up being one of my best years. I personally feel that the Miami condo market is within 2-3 months of reaching the bottom. That’s in no way saying that prices will begin to increase soon after. The overall market needs to move sideways for at least the next 12-24 months before we see any significant increase in sales prices.
Top 5 Distressed Condo Sales Closed in May 2009
Below, you will find what I believe to be the five best condo deals of the 46 distressed sales that closed in the month of May in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District. I think the distressed condos that closed in the month of May were better deals than what we have seen in previous months.
Jade Brickell – unit 1002 – 2 bedroom/2 bath (1,529 square feet) – This unit sold for $375,000, or $245 per square foot, on May 15, 2009. Short Sale
Courts Brickell Key – unit 1909 – 3 bedroom/3 bath (1,488 square feet) – This unit sold for $350,000, or $235 per square foot, on May 20, 2009. Short Sale
Skyline on Brickell – unit 306 – 2 bedroom/2 bath (1,367 square feet) – This unit sold for $349,000, or $255 per square foot, on May 8, 2009. Foreclosure
Skyline on Brickell – unit 1512 – 2 bedroom/2 bath (1,367 square feet) – This unit sold for $305,000, or $223 per square foot, on May 18, 2009. Short Sale
One Miami – unit 3916 – 1 bedroom/1 bath (846 square feet) – This unit sold for $150,000 or $177 per square foot, on May 27, 2009. Foreclosure
Runner-ups:
The Mark on Brickell – unit 1001 – 2 bedroom/2 bath (1,200 square feet) – This unit sold for $205,000, or $171 per square foot, on May 22, 2009. Foreclosure
1800 Biscayne Plaza – unit 203 – 2 bedroom/2 bath (1,057 square feet) – This unit sold for $120,000, or $114 per square foot, on May 01, 2009. Short Sale
Cite on the Bay – unit 2213 – 1 bedroom/1 bath (795 square feet) – This unit sold for $100,000, or $126 per square foot, on May 13, 2009. Foreclosure
900 Biscayne Bay 06 Line
It’s no secret that 900 Biscayne Bay is my favorite building of all the condo developments in Miami that have been completed within the past three years. When I show properties to clients who wish to view 900 Biscayne Bay as well as other condo buildings, I tend to leave 900 Biscayne Bay last. Otherwise, everything else will look second-rate by comparison if I were to show it first. I guess it’s my “leave the best for last” mentality. 900 Biscayne Bay is in a league of its own. Building security is some of the best in Miami and the overall quality of the development and amenities is second to none. Additionally, valet parking is currently complimentary for a second vehicle as well as for resident guests. View a photo tour of 900 Biscayne Bay.
That being said, of all the floor plans at 900 Biscayne Bay, the 06 line is the one that excites me most. It’s a 3 bedroom + den/4 bath unit with 2,335 square feet of interior and 639 square feet of exterior. A few days ago, I showed unit 3006 at 900 Biscayne Bay to a client looking for a 3 bedroom rental. Below, you’ll find a photo tour of that condo as I walked throughout its spacious footprint. Notice the sizable foyer as you enter the condo from its private elevator, the top-of-the-line stainless steel appliances, deep terraces and amazing views. (Asking price to rent this unit is $4,200 per month.)
