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.)
Foyer
Entrance
View
Kitchen and Entryway
Kitchen
Kitchen
Master Bedroom
Master Bathroom
Second Bedroom
Second Bathroom
Third Bedroom
Third Bathroom
Den
Terrace
View
900 Biscayne Bay Condos For Sale
900 Biscayne Bay Condos For Rent
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.
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
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
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!
