New Renderings Emerge Of PMG’s New Supertall Condo Tower At 300 Biscayne
Property Markets Group has revealed renderings for their new super-tall tower that will be constructed at 300 Biscayne Boulevard in Downtown Miami. The project will be named 300 BiscayneWaldorf Astoria Hotel and Residences, according to their new website and the renderings were produced by ArX Solutions.
A sales center is currently under construction on the site that is expected to open in early 2018. Once completed, the tower will offer a five-star hotel and residences in the tallest residential tower south of New York City.
Although approval has not yet be granted, the developers have submitted a request for approval of a 1,041-foot tall tower with 88 stories.
What do you think of the design?
Elysee Lands $16.5 Million Construction Loan
Just months after the successful opening of Biscayne Beach, Two Roads Development has landed a $16.5 million construction loan that will fund the first phase of construction for Elysee, a boutique ultra-luxe tower just blocks away.
Work commenced back in March on the 124-foot-long seawall in order to prepare for the formal groundbreaking, and now with these additional funds granted by California-based Mosaic Real Estate Credit, LLC, the developers will be able to start bringing the 57 story project out of the ground. The first phase of development will include the site work, excavation, installation of pilings, and the pouring of the foundation.
Construction loans are notoriously difficult to obtain, and this is a very good sign for Elysee. Developers must prove to the lenders that they have a strong track record, well-capitalized sponsorship, a preferable location as well as consistent sales activity. Once the loan is obtained and dirt starts moving, the remaining inventory tends to sell faster, as buyers have increased faith that the project will come to fruition. Many buyers are also more willing to jump on board with a new development when they can physically see what they are buying. All in all, this is amazing news for Elysee.
One of the differentiating features of Elysee is the size of the residences. All of the homes are either half-floor or full-floor plans, offering a boutique/private feel. They will include floor-to-ceiling glass windows and sliding doors, private elevators and foyers, 10-12 foot ceiling heights, designer finishes and fixtures, premium appliances, top-of-the-line Italian cabinetry, as well as two expansive east/west-facing terraces with 180-degree sunrise and sunset views.
As of today, 45% of the project’s 100 units are in contract. Remaining residences range from $1.7 million to $4 million, at $639 to $800 per square foot. The penthouse collection has been dubbed “Les Grandes Maisons” and range from $2.8 million to $10 million.
Completion is slated for 2019.
Market Stat Monday: Almost $50 Million In Contracts Signed Post-Irma
It has been a few weeks now since the skies have cleared in Greater Downtown Miami after Hurricane Irma’s brush, and despite a little bit of flooding and debris, we were very lucky. Now that cleanup is under way, how have the condo sales fared?
Not too bad, if I must say. Despite having only two functional weeks in September, nearly $50 million in resale contracts were signed on 79 total units.
The least expensive listing to find a buyer was at the Loft II Downtown, where a 770 square foot one bedroom was listed for $175,000. Of the 79 units that went to contract, 50 of them were listed for under $500,000. We will find out the final sales prices once they close.
In the luxury segment, there were a total of 6 properties listed over $1 million that found buyers. Among them was the crown jewel penthouse #1 at Asia on Brickell Key. With nearly 5,000 interior square feet through three levels including a dramatic rooftop terrace with a private pool, the sellers had asked $8.5 million, or $1,715/square foot.
Comparing September of 2017 to September of 2016, you will see that 2016 brought both a higher number of transactions as well as a higher volume of listings sold, but not enough to make it an overall better month considering that September 2017 was short due to people being distracted by the hurricane and Hurricane Matthew didn’t brush South Florida until October of last year. September of 2016 brought just over $60 million of listings sold, with 119 total transactions.
To celebrate the end of a successful yet stressful September, let’s check out some photos of that Asia Penthouse!
Giancarlo Stanton Tours His Nearly Completed Miami Penthouse
photo: _nicolasbarbara/instagram
Calling Giancarlo Stanton the legitimate home run king may be premature, but there’s no reason for him not to plan ahead; after all, they say every king must have his castle. In May, it was reported that Stanton contracted to purchase a 7,800 square foot, tri-level penthouse at Aria on the Bay – a 53-story, luxury condo development located in Miami’s Edgewater neighborhood. Earlier today, Stanton toured the building, stopping briefly for a photo with Aria on the Bay’s sales and development team. The photo was taken on the rooftop of his nearly completely penthouse, which will come equipped with an outdoor pool and summer kitchen.
Aria on the Bay is slated to be delivered early next year. Scroll down for a digital rendering of Stanton’s outdoor terrace.
The project is not slated to open until Spring of 2018 (a delay from the previous estimate we were given), but the first resales have begun to sprinkle the market at ECHO Brickell. It is unclear at this point whether the sellers are unwilling/unable to close on their units, or if they had intended to be resales all along. More than likely, they had always intended to be resales as I had heard whispers of similar deals being offered as pocket listings back in 2014… but here we are.
The project is slated to be among the most luxurious addresses in the neighborhood, joining the ranks of the Jade Residences at Brickell Bay, Santa Maria and the Four Seasons, only with the latest security technology including robotic parking and biometric recognition access in the elevators and amenities. There will also be a 50,000 gallon fish tank to greet guests in the lobby (thankfully not the James Bond Villain-esque shark tank initially proposed). Here are the details of the first three available resales…
Lower Penthouse 4902
On level 49, the floor plates have slimmed down considerably with the architectural curve toward the top of the building and there are only two residences per floor. These are also considered lower penthouses. They each have 3 bedrooms plus a den, 3.5 baths and a gorgeous view of South Brickell, the Biscayne Bay and the sunset over Coral Gables. The view is quite spectacular, I wish that my photos had turned out better when I previewed this plan back in January, but the building was still too much of a construction site on this level.
What I find to be very interesting is that LPH 4902 is being offered as a resale for $4.95 million, yet the developer is offering LPH 5002 for $6.5 million. They have the same layout aside from 5002 being slightly smaller and higher. I have reached out to the developer’s office to see what sorts of customizations they have added to 5002 and will report back once they respond.
Residence 3802
In the middle section of the building, there are four residences per floor and the 02 line in this section is actually my favorite layout of all the units in the building. It is a 2 bedroom, 3 bath layout with a large den near the third bedroom that is large enough to serve as a convertible guest room. The plan has 1,802 interior square feet, a great use of space (in my personal opinion) and is on the southeast corner, offering bay and South Brickell skyline views.
This one is being offered for $3.2 million. The developer is no longer carrying any of these floor plans, but this pricing is not far off from where it was when they were.
Residence 1004
The one bedroom plans at ECHO Brickell sold out almost immediately when they came to the market in late 2013/early 2014. On these floors, there are six units per floor and 1004 is located on the southeast corner. From the 10th floor, the view will be overlooking the treetops and buildings of South Brickell, which gives a park-like feel. It will be especially nice in the summertime, when the Royal Poinciana trees are in full bloom, lighting the street up with a canopy of red flowers. It is being offered for $892,000 and has 804 interior square feet.
Remaining Developer Inventory
As I mentioned before, the developer is still carrying a handful of residences, mainly highly customized plans including duplex lofts, panoramic residences that are combinations of several units and penthouses. The remaining developer inventory ranges in price from $1.9 million for a 2 bedroom on a high floor with sunset views, to $42 million for the opulent Carlos Ott Penthouse.
A Look at the Largest Non-Penthouse Floor Plan at Marinablue
They don’t build ’em like they used to is a phrase often said these days when comparing today’s condo floor plans to those of yesteryear. Nowadays, a 2 bedroom floor plan encompasses 1,000 to 1,300 interior square feet, up to 1,500 if it includes a den. Back in the Golden Age of Real Estate development (circa 1980s), it wasn’t uncommon to find a 2 bedroom floor plan with upwards of 1,800 interior square feet (e.g. Villa Regina #T105 built in 1982). While gone are those days, let’s rejoice in the fact that present-day developers, while albeit trying to maximize every square inch they can, still tend to sprinkle in a few larger floor plans throughout the building to appease the “throw-back Thursday” crowd. Take unit 5405 at Marinablue for example. It is one of just 21 unique, over-sized 2 bedroom floor plans in the building. In fact, it is the largest and the only one of its kind that exists in entire building. Per developer floor plan, unit 5405 is a 2 bedroom + den/2.5 bath unit with a whopping 1,784 interior square feet. It also has 223 square feet of balcony, 10-foot high ceilings with floor-to-ceiling glass windows, and sweeping views of the Atlantic Ocean, Biscayne Bay, and Downtown Miami skyline. Below are the property photos for those who would like to have a look-see. It recently hit the market for $789,000.
Just Listed – Lower Penthouse Condo at Villa Regina with 11-Foot High Ceilings
I am pleased to announce that I’ve listed for sale an exceptional and very spacious lower penthouse condo at the iconic Villa Regina located at 1581 Brickell Avenue. It’s a fully furnished and fully renovated 2 bedroom, 2 bath unit with 1,895 interior square feet, 400 square feet of balcony, lots of closet space, and 11-foot high ceilings with floor-to-ceiling glass windows. It has marble floors in the living room and bathrooms, wood floors in the bedrooms, custom millwork, custom lighting, custom doors, front-loading washer and dryer, stainless steel appliances, and Nest Thermostat. It also offers tons of natural light along with breathtaking water and sunset views. This exquisitely designed residence is a true “home” in every sense of the word!
The master bedroom suite is exceptionally roomy with over 500 square feet including its own private balcony; large, walk-in closet; linen closet; and fully renovated bathroom with white marble floors, double vanities, and tiled stone walls.
The second bedroom has balcony access, built-in closets, and its own fully renovated bathroom.
Below is an HD video of the property including aerial footage of Villa Regina. The building was completed in 1982 but recently underwent a number of renovation projects. For example, the lobby, fitness center, and spa, which are nearly completed, are currently under renovation; the building was freshly painted within the past two years; and the “Queen’s Room” was remodeled into a children’s playroom. Additionally, a project to rebuild the seawall is expected to begin “very soon” according to management.
The unit includes hurricane shutters plus 1 assigned parking space. The monthly condo dues are $1,447 per month. The asking price is $875,000, making it THE best priced 2 bedroom unit in the entire building. The last time that this property hit the market, which was in 2013, it received 3 offers and went under contract in 2 weeks. Since listing the property this past Sunday night, I’ve gotten a lot of interest and expect that it won’t last long.
Miami Condo Investments’ Most Popular Buildings in Greater Downtown Miami
I thought about doing a TBT post today, but then changed my mind. There is so much going on in today’s real estate market, why talk about the past? New buildings are opening every month, people are curious about how these new buildings compare to the ones that were new in years past. So which buildings are currently the most popular by condo shoppers?
I took a look through our Google Analytics report to see what our readers are looking at the most. In the time period from May 14, 2017-June 14, 2017, MiamiCondoInvestments.com received a total of nearly 73,000 page views. Of those, here are the ten most viewed building pages. This list does not include views of individual listings, just of the building pages themselves, where you can find inventory lists, market statistics and closed sale/rental data.
1 – SLS Brickell – 1,219 views
It makes sense that SLS Brickell would take the number one spot with an overwhelming lead. The project was very much anticipated by future tenants, owners and pool-party-goers alike. Move-ins began in late December/early January and have moved on at a rapid pace, leaving the building almost at full occupancy now, with demand still strong. Our agents alone have handed out 16 sets of keys in the building, with a healthy book of buyers and prospective tenants still shopping.
2 – Reach at Brickell City Centre – 731 views
I would have been surprised if Brickell City Centre didn’t make this list! This project was the catalyst that fueled the buying craze in Brickell over recent years and reinvigorates the neighborhood that was once a dense yet sleepy enclave of beautiful high rises that became quiet at night. Reach was the first residential tower to open in Brickell City Centre, and is also approaching occupancy. When the project initially opened, one bedrooms started at $2,400-$2,450/month, but now have risen to $2,650/month.
3 – Brickell Heights East – 715 views
The newest new building on the block also made the list, and no surprise there. Our photo tour of Brickell Heights just days before they opened was one of the most popular blog posts so far this year, and the amount of calls we get for it is a very good sign that the initial occupancy of the building will go smoothly.
4 – 1100 Millecento – 700 views
Millecento’s place as number 4 on the list was a bit more surprising, but not in a bad way. It’s not the newest building in the area, so people aren’t hungry for a preview. There’s really no drama going on with the building (that I have heard of at this time), so people aren’t looking for gossip and info. We still receive a healthy amount of calls and contact requests on Millecento, so I feel it’s safe to say that the traffic is good ol’ prospective residents. That’s great!
5 – Biscayne Beach – 638 views
Edgewater’s newest new building is also on the charts. We covered the progress & opening extensively, so it makes sense that blog readers are interested in the progress. We also have a beautiful 3 bedroom unit listed on the 30th floor with direct bay and Downtown Miami views. It is well-priced and a blank canvas inside. With the amount of attention the building receives, I feel that it will sell quickly.
6 – The Bond on Brickell – 615 views
The Bond is very popular for people who want to live in a brand-new condo in Brickell, but prefer understated elegance and high quality finishes over the kitschy excess that is SLS Brickell. We receive many calls about this building, and there have also been many of our clients who have called about SLS Brickell but then chosen The Bond. It is like SLS Brickell’s quieter sister.
7 – The Plaza at Brickell East Tower – 531 views
The Plaza is basically a Brickell staple. I was surprised that it received more views than any of the IconBrickell towers, but that just shows what the market is interested in. We did a market report on Monday about The Plaza and found that sellers and landlords fare better in today’s market by removing that horrible outdated berber carpet from 2008. There is too much competition in the neighborhood to expect buyers and tenants to sign up for old berber carpet (in case I didn’t make my point on Monday).
8 – BrickellHouse – 530 views
Despite their garage saga, BrickellHouse remains a popular building in the neighborhood. Yes, the garage is broken. No, we don’t know when it will be fixed. Despite that, the finishes are quite lovely, the views and location are great and it remains very popular among our clients.
9 – IconBrickell Tower 1 – 477 views
Of course IconBrickell would be on the list. It has remained one of our most requested buildings since it opened… even since the pool closed. The pool should reopen by the end of the year.
10 – Jade Residences at Brickell Bay – 468 views
Jade is one of the most luxurious buildings in the neighborhood, even after 13 years. Although most buildings in Brickell have beautiful bay views, Jade is where you go if you want an extremely luxurious setting with private elevators and direct bayfront. The only building it competes with is the Santa Maria, except that Jade is more modern and in a more walkable section of the neighborhood.
Do you think that the top viewed buildings on our website are surprising, or expected?
Video Tour of 3 Bedroom Condo at Biscayne Beach
As the new darling on the block, Biscayne Beach has garnered much interest from buyers, renters, and Realtors alike. Many are eager to see its finishes, views, and floor plans. Last week, a client of mine closed on a spacious, 3 bedroom unit at Biscayne Beach. Located on the southeast corner of the 30th floor, it boasts breathtaking views of the Atlantic Ocean, Biscayne Bay, and city skyline from its 10-foot high floor-to-ceiling glass windows. Judge for yourself, but I consider it one of the best views in Miami.
The unit will hit the market next week with an asking price of $1.75M. It will include two side-by-side parking spaces located on the 1st floor.
