Two REOs Hit the Market at Brickell on the River North Tower
Since yesterday, two REO condos at Brickell on the River North Tower have come onto the market. The first is a 3 bedroom/2.5 bath condo on the 35th floor with 1,513 square feet of interior. The asking price is $ 314,000, or $208 per square foot. The second condo, also located on the 35th floor, is a 2 bedroom/2 bath condo with 1,157 square feet of interior. The asking price is $222,750, or $193 per square foot. Both condos face west, come with one parking space and have tiled flooring throughout the living areas and marble in the bathrooms. Both condos are well priced and should receive offers from multiple parties. Contact us at 305-428-3860 if you have an interest in either or both condos at Brickell on the River North Tower.
Parc Lofts Foreclosure – $132,000
A 1,169 square foot foreclosure hit the market yesterday at Parc Lofts. The bi-level loft has 20-foot ceilings, concrete floors and exposed piping and ductwork. The unit comes equipped with stainless steel appliances, a stackable washer/dryer, one assigned parking space and a balcony. The asking price is $132,000, or $113 per square foot. The area immediately surrounding Parc Lofts is far from appealing but the unique spaces have drawn the keen interest of artists, photographers, videographers and video editors. The spaces at Parc Lofts are unlike anything you’ll find in Miami and many would say are the only true lofts in town.
For those investors looking to crunch the numbers, the HOA fee is $657 per month. Taxes are approximately 2 percent of the assessed value. I would use $250 per month as an estimate. The unit would rent for $1700 per month. Conservatively, $1600 per month which comes out to a 6.3 percent cap rate. Try finding that elsewhere in Miami. Contact us at 305-428-3860 if you would like more information about this foreclosure at Parc Lofts or if you would like to schedule an appointment to view it.
Short Sales 101
We get a lot of calls from people who are interested in buying a short sale condo but aren’t exactly sure what a short sale is or what the short sale process entails. On yesterday’s show we answer several frequently asked questions regarding short sales and also discuss how a short sale differs from a foreclosure, also known as an REO or real estate owned. At the beginning of the show, we discuss three Miami foreclosure condos that came on the market recently: One Miami #1426, Courvoisier Courts #203 and Solaris at Brickell #1601. This is our longest video to date but a lot of good information is provided.
Four Great Condo Foreclosure Deals on the Market Now
In this video segment, we highlight four condo foreclosure deals that are available at this time. These condos reside at 900 Biscayne Bay, Blue Condominium, The Club at Brickell Bay and Icon South Beach. Give us a call at 305-428-3860 if you would like to learn more about these opportunities or other foreclosure deals now on the market.
$12.9M Penthouse Foreclosure at Santa Maria Hits the Market
Earlier this afternoon, a penthouse foreclosure at Santa Maria came onto the market with an asking price of $12.9M. It’s a two story condo with 10,000 square feet of interior and has a rooftop terrace with a large hot tub.
Update: As I was writing this blog post, I received word that the penthouse has already gone under contract. Word is that the accepted offer price was $11M. Geez, that was fast!
Carlos Justo the Previous Owner of the 5 Bedroom Penthouse Foreclosure
Carlos Justo was the previous owner of the 5 bedroom penthouse foreclosure at Imperial at Brickell that was recently showcased on this website. In today’s video show, we feature an Associated Press interview that was filmed in that very penthouse.
5 Bedroom Penthouse Foreclosure at Imperial at Brickell
Yesterday afternoon, I had the pleasure of viewing a bank owned 5 bedroom penthouse at Imperial at Brickell. The two-story condo has 5,034 square feet of interior and is the only residence located on the penthouse level. Furthermore, the terrace is one of the largest that I’ve seen for a Brickell Avenue condo and has an amazing, direct view of Biscayne Bay, Key Biscayne and the South Beach skyline. It truly is an entertainer’s dream.
A few days ago, the list price was reduced $300,000 to its current asking price of $1.49M, or $296 per square foot. The unit needs to be renovated considerably. In fact, if it were me, I would gut the entire condo and start from scratch. The condo is perfect for someone who is creative and has the vision to transform this space into one of the most spectacular residences along Brickell Avenue.
Without a doubt, this is a rare opportunity at a great price. Contact us at 305-428-3860 if you have any questions regarding this 5 bedroom penthouse or would like to schedule a personal showing.
Imperial at Brickell was completed in 1983 and is located at 1627 Brickell Avenue.
Icon Brickell Developer Agrees to "Friendly Foreclosure"
Yesterday, The Related Group and its lenders agreed to a “friendly foreclosure” for Towers 1 and 2 of Icon Brickell. This video provides our commentary as well as the details pertaining to the agreement.
Atlantis on Brickell 3 Bedroom Condo Foreclosure
A 3 bedroom/3 bath condo foreclosure at Atlantis on Brickell came onto the market last Thursday. It’s an 01 floor plan with 2,149 square feet of interior and a direct view of Biscayne Bay. The condo came onto the market at an initial list price of $544,500, or $253 per square foot. I visited the unit last Friday and had a chance to take several pictures. This is only one of two 01 units that are currently on the market at Atlantis on Brickell. The other, unit 1401, is listed for $599,000 and is located two floors lower than the one in the pictures below. Contact me at 305-428-3860 if you have an interest in viewing this 3 bedroom foreclosure at Atlantis on Brickell in person.
Maintenance fees are $1198 per month.
Living Room
Kitchen
Master Bedroom
Master Bathroom
Second Bedroom
Second Bathroom
Third Bedroom
Third Bathroom
Laundry Room
Atlantis on Brickell was completed in 1982 and is considered a landmark building located at 2025 Brickell Avenue, Miami, FL 33129.
Top 5 Distressed Condo Sales Closed in January 2010
Below, you will find what I believe to be the five best condo deals of the 66 distressed sales that closed in January 2010 in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.
Ten Museum Park #1905 – 1 bedroom/1.5 bath (791 square feet) – This unit sold for $137,000, or $173 per square foot, on January 11, 2010. Short Sale
Neo Vertika #PH226 – 1 bedroom/2 bath (1,155 square feet) – This unit sold for $158,000, or $137 per square foot, on January 11, 2010. Foreclosure
Parc Lofts #206 – 2 bedroom/1 bath (1,267 square feet) – This unit sold for $122,000, or $96 per square foot, on January 8, 2010. Foreclosure
The Club at Brickell Bay #1506 – 1 bedroom/1 bath (825 square feet) – This unit sold for $108,000, or $131 per square foot, on January 15, 2010. Foreclosure
Solaris at Brickell #806 – 1 bedroom/1 bath (754 square feet) – This unit sold for $120,000 or $159 per square foot, on January 29, 2010. Foreclosure
