Marina Blue Penthouse

Just wanted to share some great pictures that I shot earlier today of a 2,703 square foot penthouse at Marina Blue. All penthouse condos at Marina Blue have 20-foot ceilings.

Marina Blue penthouse bedroom

Fannie Mae Approved Condo Buildings in Florida

As of June 1, 2009, Fannie Mae updated their website to reflect the condo developments in Florida that are now approved for financing.

The following is a list of recent condo developments in South Florida that are now Fannie Mae approved:

View the full list of Fannie Mae approved condo developments in Florida.

Views from the 54th Floor at 50 Biscayne

Earlier this afternoon, I showed a 2 bedroom + den/2 bath rental at 50 Biscayne on the 54th floor. I wanted to share the pictures below with those who haven’t had a chance to visit an east facing unit at 50 Biscayne. Asking price of the 2 bedroom + den with 1,357 square feet is $2,600 per month.

Northeast view from the 54th floor at 50 Biscayne:

East view from the 54th floor at 50 Biscayne:

Southeast view from the 54th floor at 50 Biscayne:

South Florida Luxury Condo Short Sales

Currently, there is only one foreclosure condo listed in the MLS that is priced at $1M or above. That is a 3 bedroom/4.5 bath double corner unit at The Setai South Beach with 3,691 square feet of interior space. The list price is $4.2M, or $1,138 per square foot. However, there are currently 48 short sale condos listed in the MLS priced at $1M or above. Below is a list of what I feel are the 10 best luxury short sale condos that are currently available:

Aqua Allison Island #6111 – Asking $1.69M. Property was purchased for $3.15M in June 2005.
Mosaic #TH-3 – Asking $1.7M. Property was purchased for $3.2M in February 2007. Bank approved at $1.7M.
Oceanside Fisher Island #7941 – Asking $1.85M. Property was purchased for $3.9M in November 2006.
Oceanside Fisher Island #7735 – Asking $1.85M. Property was purchased for $2.4M in September 2005.
Oceanside Fisher Island #7761 – Asking $1.95M. Property was purchased for $3.2M in September 2005.
The Bath Club #1004 – Asking $1,999,999. Property was purchased for $3.5M in January 2007. Bank approved.
Turnberry Ocean Colony #2804 – Asking $2,295,000. Property was purchased for $3.27M in January 2008.
Bayview Fisher Island #5123 – Asking $2.3M. Property was purchased for $3.7M in March 2007.
Acqualina #4201-2 – Asking $2.8M. Sales history not found.
Oceanside Fisher Island #7821 – Asking $2.8M. Property was purchased for $3.92M in November 2006.

Top 5 Distressed Condo Sales Closed in April 2009

Below, you will find what I believe to be the five best condo deals of the 42 distressed sales that closed in the month of April in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.

Emerald at Brickell – unit 2201 – 2 bedroom/2.5 bath (1,594 square feet) – This unit sold for $306,000, or $192 per square foot, on April 30, 2009. Foreclosure (#1 despite the high HOA fees)
The Club at Brickell Bay – unit 2604 – 1 bedroom/1 bath (825 square feet) – This unit sold for $110,000, or $133 per square foot, on April 9, 2009. Short Sale
One Miami – unit 3215 – 2 bedroom/2 bath (1,145 square feet) – This unit sold for $255,000, or $223 per square foot, on April 13, 2009. Short Sale
Skyline on Brickell – unit 1912 – 2 bedroom/2 bath (1,367 square feet) – This unit sold for $325,000, or $238 per square foot, on April 17, 2009. Foreclosure
Brickell on the River North – unit 1007 – 1 bedroom/1 bath (757 square feet) – This unit sold for $145,000 or $193 per square foot, on April 17, 2009. Foreclosure

Runner-up: Vue at Brickell – unit 2108 – 1 bedroom/1 bath (838 square feet) – This unit sold for $94,000, or $112 per square foot, on April 29, 2009. Foreclosure

Unit 1508 at Brickell on the River North Revisited

Towards the end of February, I wrote about a 2 bedroom/2 bath condo foreclosure at Brickell on the River North that had recently been listed at the time. The condo was listed for $159,000, or $151 per square foot. The 2 bedroom was priced below recently closed 1 bedroom condos at Brickell on the River North and, as a result, attracted the interest of many buyers. From speaking with the listing agent in February, I learned that he had received over 30 offers for the condo. The unit closed on April 3, 2009 for $236,000, well above asking price.

Brickell on the River South Receives Approval From Fannie Mae

Brickell on the River South

As of yesterday, Brickell on the River South became a Fannie Mae approved development. As a result, creditworthy buyers will now be able to acquire financing. This should help Brickell on the River South to bolster sales of its remaining lofts. 1 bedroom lofts start at $180,000 while 2 bedrooms start at $272,000.

I know of a few other condo developments in Brickell that have applied for Fannie Mae approval and should be receiving approval soon. A lack of financing for new condos in Miami has hindered sales drastically since the new Fannie Mae guidelines went into effect in January. It’ll be nice to finally see financing back in play once more condo developments have been reviewed and approved.

New & Improved South Florida MLS Property Search for Condos

South Florida MLS search for condos

Many of you have already noticed that a much-improved Miami property search has now taken the place of the old property search. New search parameters have been added to allow your search experience to be more powerful and effective. For example, you can now search by year built, number of parking spaces, and distressed sales (foreclosures and short sales), as well as many other parameters. Additionally, you can now draw a shape onto the map to restrict the search to condos located within that shape. For example, in the picture above, I drew a shape around Brickell Key to restrict the search to only condos located in Brickell Key. Enjoy!

Asia in Brickell Key – A First Look

Asia Brickell Key

Last week, I was able to get another look at Asia in Brickell Key. I brought my digital camera along this time and was able to get some great shots of the amenities and common areas as well as a large 2 bedroom unit with 2,745 square feet of interior space.

The gatehouse and entryway into Asia:

Asia Brickell Key entrance

The concierge desk at Asia:

Asia Brickell Key concierge

The lobby:

Asia Brickell Key lobby

Outdoor seating area off the lobby:

Asia Brickell Key outside seating area

Tennis court at Asia:

Asia Brickell Key tennis court

Swimming pool at Asia:

Asia Brickell Key swimming pool

Resistance pool at Asia:

Asia Brickell Key resistance pool

Fitness center at Asia:

Asia Brickell Key fitness center

Sauna:

Asia Brickell Key sauna

Racquetball court at Asia:

Asia Brickell Key racquetball court

After viewing the amenities and common areas, I was able to take a look at unit 703 at Asia. Unit 703 has a 2,745 square feet of interior space and two large balconies. It is currently listed for $1,599,888, or $583 per square foot, which is the lowest price per square foot offered in the entire building at this time through the MLS. The unit also comes with a private storage room located right outside the unit.

The living room of unit 703 with 12-foot ceilings:

Asia Brickell Key 703 living room