Incredible Views from the 50th Floor at Marina Blue
Once again, I visited Marina Blue yesterday afternoon. This time, clients accompanied me to see a 1,754 square foot 2 bedroom on the 50th floor. This is one of six units at Marina Blue with this floor plan.
Take a look at the views that you get from a condo this high. You see everything! Biscayne Bay, Miami Beach, the Atlantic Ocean and a number of islands such as Watson, San Marco, Palm, Hibiscus, Star and Fisher.
Later, we also saw a 2 bedroom loft unit which I had been looking forward to seeing for quite some time. Unfortunately, I wasn’t very impressed. To me, the floor plan felt much smaller than the 1,457 square feet stated in its floor plan. Has anyone else had a chance to walk through one of the loft units at Marina Blue?
Brickell Condo Index – April 2008
The Brickell Condo Index is back! I was shocked to see that it’s been six months since I last provided an update to what used to be a monthly report. Those who’ve been around long enough to remember those updates would probably agree, however, that very little change in the market was seen on a month-to-month basis. In this report, you’ll definitely see that prices in some Brickell condo buildings have changed quite a bit within the past six months. Ideally, from this point forward, I’d like to provide a Brickell Condo Index update every three months.
Most of the following data was collected last week on April 22, 2008. The pending sales information towards the bottom of the post was collected today.
I finally decided to include Latitude on the River in the Brickell Condo Index. In November, the average price per square foot of available condos in the Brickell Condo Index listed in the MLS was $512.14. Six months later, asking prices have dropped 6.52 percent to an average of $478.76 per square foot. The drop would have been 5.64 percent had Latitude on the River not been added to the index. A few of the following condo buildings, however, have had huge reductions in their average asking prices. I’ll discuss these in more detail towards the end of the post.
Average price per square foot of units currently listed on the MLS:
The average price of Brickell condos sold over the past six months has dropped 13.20 percent to $410.38 per square foot from November’s average of $472.80. The drop would have been 11.75 percent had Latitude on the River not been included in this month’s update.
Average price per square foot of condos sold in the MLS within the past six months:
- Atlantis – 2025 Brickell Ave | 33129 | $249.28
- Brickell on the River – 31 SE 5 St | 33131 | N/A
- Bristol Tower – 2127 Brickell Ave | 33129 | $442.37
- Emerald at Brickell – 218 SE 14 St | 33131 | $409.11
- Four Seasons Residences – 1425 Brickell Ave | 33131 | $913.08
- Imperial at Brickell – 1627 Brickell Ave | 33129 | N/A
- Jade – 1331 Brickell Bay Dr | 33131 | $544.02
- Latitude on the River – 185 SW 7 St | 33130 | $314.35
- Neo Vertika – 690 SW 1 Ct | 33130 | $322.13
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $324.77
- Santa Maria – 1643 Brickell Ave | 33129 | $595.43
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $397.72
- Solaris at Brickell – 186 SE 12 Ter | 33131 | N/A
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $367.44
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $386.25
- The Palace – 1541 Brickell Ave | 33129 | $320.09
- Villa Regina – 1581 Brickell Ave | 33129 | $356.79
- Vue at Brickell – 1250 S Miami Ave | 33131 | $212.82
Below you will find some additional statistics:
As in the past, the first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, expressed as a percentage. An “N/A” is found next to Brickell on the River, Imperial at Brickell and Solaris at Brickell since this percentage could not be computed as each building failed to have a closed sale within the past six months through the MLS, and thus did not have an average price per square foot for condos sold.
The second column is the number of active listings in each development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those condo developments that have active listings that represent less than 10 percent of the the overall units in the building. In my opinion, this often demonstrates a sound condo building. The ones highlighted in red reveal those condo developments that have active listings that represent over 20 percent of the overall units in the building. There’s definitely underlying risk in buying condos in these buildings and I’d only advise buying within one of these condo buildings if the price justified the risk. The condo developments with active listings less than 10 percent are considered very safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.
The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past six months. There are a total of 58 total pending sales in the 18 condo buildings now represented in the Brickell Condo Index. In November, there were a total of 49 pending sales at the time. I was quite surprised by the large number of pending sales at The Club at Brickell Bay, Jade and Solaris at Brickell. It looks like buyers are finally starting to step in and place some of the condo foreclosures in these buildings under contract.
The sixth column show you the difference in the average list prices from this month’s and November’s, expressed a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that had an increase. Vue at Brickell saw asking prices drop about 25 percent, The Club at Brickell Bay around 19 percent, Jade around 16 percent and Solaris at Brickell around 11.5 percent. The seventh column reveals the difference in average sales prices from this month’s and November’s, expressed as a percentage. The condo buildings hardest hit with mortgage fraud saw prices drop in half, in a few cases, as the fraud has ceased and the supply of foreclosures has grown. The average price per square foot for condos sold at Vue at Brickell within the past six months has dropped almost 48 percent. A few apparent fraudulent transactions included in the November average have fallen off. The Club at Brickell Bay’s average dropped a little over 46 percent, Solar at Brickell’s dropped about 33 percent and Jade fell around 25 percent. Even One Miami took a big hit with a drop of around 23.5 percent.
Closings at Asia Have Begun
I received word today that closings at Asia began late last week. The outside of the building looks spectacular. I fully expect that the common areas and units will be just as impressive, if not more so. I’m hoping to get inside to view Asia for myself within the next couple of weeks.
For those not familiar with Asia, it is a very high-end condo development located on the northern end of Brickell Key, along the Miami River. With just 123 residences, each with 12-foot ceilings and private elevators, Asia is now regarded as the most exclusive address on Brickell Key.
I think Asia is going to do a good job in closing out its units. I haven’t received one phone call or email from a concerned contract holder of Asia. That’s saying something. In fact, it’s the only major new condo development where this is the case.
Brickell on the River – 1 Bedroom/1 Bath Short-Sale – $200,000
I’m quite surprised that the 1 bedroom/1 bath short-sale for $200,000 at Brickell on the River isn’t under contract yet. It was offered for sale on April 1, 2008. The next best priced condo in the building, located directly 8 floors below the short-sale condo, is priced at $260,000.
Depending on someone’s credit score, this condo should break-even on a monthly basis if you’re able to get $1,500 per month for it with a 20 percent down payment. The condo faces west and has a view of the Miami River. The listing says that the monthly maintenance fee is $418 per month.
Last Summer, a client of mine placed on offer on unit 2703 at Brickell on the River, which has a very similar view as 2907, for $240,000. It, too, was a short-sale. The condo was listed for $280,000 at the time. The bank felt that our offer was too low to warrant a counteroffer. I received word that the bank would not accept anything that wasn’t “very” close to the listing price. Within a month, the list price was actually increased to $320,000. Needless to say, the condo failed to sell through the MLS, despite the price eventually being lowered to $259,000 on March 12, 2008. The listing was canceled a few weeks later. I’m guessing that the condo went into foreclosure, but I haven’t confirmed that.
Close to one year later we have unit 2903 on the market for $200,000. That’s close to a 30 percent discount from what the banks, a year earlier, felt that they should be able to get. I think $200,000 for this condo at Brickell on the River North is a very good price. In fact, it is probably one of the best priced one bedrooms currently offered in all of Brickell. I guess time will tell for how much this condo eventually sells.
Marina Blue – A Look Inside Biscayne Boulevard’s Newest Condo Development
Earlier this week, I took a look at an 01 condo at Marina Blue. I was also able to see the common areas and views from the Sky Deck located on the 14th floor. Below, you’ll find some great pictures that I was able to take during my visit to Marina Blue.
The sunrise pool and views at Marina Blue:
The sunset pool at Marina Blue:
The putting green at Marina Blue:
Lounge in style at Marina Blue:
The club room at Marina Blue:
Fitness center and yoga studio at Marina Blue (the free weights are in an adjacent room):
Overall, I was very pleased with the common areas during my visit at Marina Blue. I didn’t get any shots of the 01 condo that I saw because the unit had contractors in it working on the floors. The unit was a mess. It did seem a bit smaller than the stated 1,315 interior square feet. Maybe it was because of the big column in the corner of the living room.
Here are two shots that I took from the balcony of the condo at Marina Blue:
I’ve heard that 900 Biscayne Bay is scheduled to begin closings towards the end of this month. I think when everything is said and done, 900 Biscayne Bay will turn out to be the most desirable address on Biscayne Boulevard. Here’s a sneak peak of the pool deck at 900 Biscayne Bay:
The Urbanization of Brickell
Many of you local to Miami may have read in Sunday’s edition of the Miami Herald an article entitled, “Brickell’s Draw: A Feel of City Life”. It describes the great transformation that Brickell has seen within the past 2-3 years. The article is a must-read for non-locals who may not be very familiar with what Brickell has to offer. Be sure to also take a look at the video which provides great insight from the perspective of a Miami resident.
New Miami Condos – Closing Rates for April 2008
It has been a while since my last post regarding the closing rate of various Miami condo developments. The last update was provided on February 20, 2008. As with the February post, the first graph below reveals the closing rate of those Miami condo developments that began closings prior to November 1, 2007. The condo developments are ordered, from left to right, according to when closings began.
Below you will find the date that each condo development began closings:
I’m quite impressed with the closing rate of Loft 2. Their closing rate has improved roughly 13.5 percentage points since the last update and is within 6 percentage points of reaching the 100 percent mark. Great job!
The rest of the condo developments in this group have not changed much since the February update. The closing rate of 50 Biscayne has improved about 6 percent while the closing rate of Onyx on the Bay has improved a little more than 4 percent. The rest of the condo developments have improved 1.5 percent or less. You may notice that the closing rate of Star Lofts on the Bay has actually gone down since the February update. Well, obviously, two closings weren’t rescinded. I discovered two deeds that were re-recorded. I hadn’t caught these in the February post. No additional units have closed at Star Lofts on the Bay since November 8, 2007.
The following graph shows the closing rate of various condo developments in Miami that began closings after November 1, 2007.
Below you will find the date that each condo development began closings:
For the most part, a lot has changed with this group since the February closing rate update. Of this group of condo developments, I must say that Apogee South Beach has done a remarkable job! Apogee was the second to last condo development in this group to begin closings, yet it has far surpassed the success of the others. The high closing rate of condos at Apogee proves once again that the ultra-luxury condo market in Miami Beach is still doing quite well.
The 1800 Club has pushed well through the 50 percent mark and has improved roughly 16 points. Quantum on the Bay is hovering right at 50 percent which is good considering that they received the TCO on the second tower around the beginning of March. I can definitely see it hitting the 75 percent mark within the next two months. I also want to note that Plaza on Brickell and 1060 Brickell are both comprised of two towers. I’ve heard that closings for condos in the 851 tower of Plaza on Brickell recently began. The condo units in the 851 tower represent 60 percent of the overall development. I also know a few people who have contracts on condos in the 901 tower who are still waiting to receive a closing date. I’m not sure if only one or both of the towers at 1060 Brickell have begun closings yet.
Next month, I plan to include Marina Blue, Wind and Midtown 4, which each began closings recently.
Disclaimer: The above closing rate information was derived from public County records. There can be a 2-3 week delay from the time that a closing occurs and the time that the closing is recorded.
Miami Condo News & Rumors
I’ve heard, saw and ascertained much on the street within the past couple of weeks regarding the Miami condo market but haven’t had the time to write an in-depth post about each item. I figured that something short and sweet is better than nothing at all. So here it is:
- As many of you have already heard, a construction crane fell this afternoon at around 1:45pm at Paramount Bay. 2 people were reported dead and 5 reported injured. My warmest regards goes out to all with family or friends involved in the accident. The crane fell through the roof of the home that belonged to Mary in the 1998 film Something About Mary. Though many of you have called and emailed, no, Mary was not harmed during the accident.
- This one goes into the “rumor” category. I’ve heard that BAP Development is on the brink of bankruptcy. BAP Development is the developer behind Onyx on the Bay. Closings for condos at Onyx on the Bay began on July 31, 2007. My February condo closing rate post revealed that Onyx on the Bay was able to close only 45.38 percent of its units at the time. Another rumor that I’ve heard, but haven’t been able to confirm, is that Continental, the property management company, walked out on Onyx on the Bay because the developer was unable to pay them any longer. Anyone hear anything regarding this?
- Another rumor here. A loyal reader revealed to me today, via email, that he heard today that Boca Developers “went belly up” . Boca Developers is the development company behind Peninsula I, Peninsula II and Biscayne Landing. He also stated that he was able to confirm that Boca Developers “cut loose” their sales staff for Peninsula II and Biscayne Landing. Has anyone else out there caught wind of this?
- Closings have begun at Continuum North Tower in South Beach. I’ll get my chance to tour the newest addition to South of Fifth this Thursday morning with some out-of-state clients. I will try to share what I see that day with readers of this blog at a later date.
- There’s going to be some great additions to Midtown Miami. This one I heard from a Midtown representative last week. The two parcels of land between the Midtown shops and the two condo buildings just east of it, Midtown 2 and 4, will be transformed into a very nice park within the next 3 months. However, there are plans for an IMAX Theater to go into the northern parcel of land within the next 2-3 years. Additionally, Midblock will house a Sushi Samba and Segafredo’s relatively soon. I was pretty pessimistic about Midtown about six months ago but I think this is going to be the place to be for 20-somethings in about 3 years. It may very well become what it was promised to be: a city within a city.
- Someone recently left a comment saying that, after 3 appraisals, they were unable to have their condo at 1060 Brickell appraise for the amount on their purchase contract. Any other contract holders at 1060 Brickell having this problem?
- Asking prices of condos in the “mortgage fraud” buildings in Brickell have come down BIG since November 2007. The last time I did a Brickell Condo Index was November 2007. Last Tuesday, I pulled some new data. I haven’t had the time to reveal a full-blown monthly Brickell Condo Index, but I will reveal what the asking prices for the following buildings with prevalent mortgage fraud have fallen since November 2007:
- The Club at Brickell Bay – The average asking price per square foot has fallen 22.86% since November 2007.
- Vue at Brickell – Average asking price per square foot has fallen 19.60% since November 2007.
- Jade at Brickell Bay – The average asking price per square foot has fallen 16.24% since November 2007.
Those are some large reductions in asking prices since November 2007. Only time will tell how much further the “fallen angels” will fall.
The Sail on Brickell Penthouse 2 Bedroom/2 Bath Foreclosure – $299,900
In September of last year, I revealed a very compelling piece about the apparent mortgage fraud at The Sail on Brickell. At the time, a 2 bedroom/2 bath at The Sail on Brickell had recently sold for $670,000!!! Now, there’s a bank-owned 2 bedroom/2 bath Penthouse condo at The Sail on Brickell that is listed at $299,900. Was I right about the apparent mortgage fraud or was I right?
I urge everyone to read my post in September. It will provide much insight as to how prevalent the mortgage fraud was back then in Miami. I actually reread my post and I was like “Damn! That was a great post”. Back then I didn’t have many readers. My readership was made up of just around one hundred people.
Currently, there are two 2 bedroom/2 bath short-sales at The Sail on Brickell listed for $599,000. Both short-sales are the condos that I discussed in my July and September posts that had recently closed. This makes it apparent to me that the buyers never had the intention to hold these condos but rather defraud our U.S. banking system. Our banking system in this country has enough problems. I’m very upset about my findings. Very!
Here are the two condos that were sold at The Sail on Brickell in July and September:
- Unit 2504 was listed at $670,000 and sold for $670,000
- Unit 2204 was listed at $670,000 and sold for $670,000
Both were sold by the same broker. <<<<<<<<<<<<<
Where is the mortgage fraud task force when you need them?
