Just Listed – Unit 1802 at Ten Museum Park – Asking $915,000
I am happy to announce that I recently got the listing on two beautiful units at Ten Museum Park. The first unit, which is pictured above, is a stunning 2 bedroom, 2.5 bath, bi-level loft with over 1,800 interior square feet and a deep, spacious balcony overlooking the newly opened Museum Park. The ultra-modern unit features a clean, chic design; soaring 20-foot ceilings with floor-to-ceiling glass windows; stainless steel appliances by Sub-Zero, Miele, and Bosch; full-size washer and dryer; a full glass-enclosed shower with rainfall shower head; and direct, unobstructed views of Biscayne Bay and the Miami Beach skyline. Priced at $915,000, unit 1802 is currently the best priced unit in the building among those that offer a direct water view. If you or someone you know have an interest in viewing this unit in person, please contact me by email at [email protected] or on my cell phone at 786-247-6332.
Below you will find additional photographs of unit 1802 at Ten Museum Park. Later this week, I will post information and pictures of my second listing at Ten Museum Park – a beautiful 1 bedroom, 1.5 bath loft.
Filling Stations Lofts to Open Q1 2014
The opening of Filling Station Lofts is right around the corner. I was told earlier today that the building is expected to open as early as February, but a March opening is more likely. Filling Station Lofts, located catty-corner from Parc Lofts at 1650 North Miami Avenue, was originally developed by The Intrepid Real Estate Company and designed by Bermello, Ajamil & Partners. After the successful sell-out of Parc Lofts, Intrepid hoped to ride the wave with its follow-up launch of Filling Station Lofts. Unit prices ranged from $300,000 to $2.7M. Development began in 2006 but construction was later stalled as a result of the global financial crisis. Intrepid eventually lost the site and partially completed building to foreclosure in January 2012. A little over a year later, in February 2013, the site and partially completed building were acquired by an investment company by the name of NR Investments. Since that time, with $15.5M in financing under their belt, NR Investments has been busy completing the once stalled project.
Under new ownership, however, plans for Filling Station Lofts have changed. Units will no longer be sold individually. Instead, the owners will lease the units and maintain the building as an all-rental development. I expect there to be great interest from prospective tenants to rent at Filling Station Lofts due to the uniqueness of the property. Besides Parc Lofts and Wynwood Lofts, you will not find another true industrial loft development in Miami. The fact that not one single unit is available for rent at Parc Lofts or Wynwood Lofts should serve as evidence that there is pent up demand for this type of product. As mentioned in a previous blog post, there is currently a waiting list to rent at Parc Lofts.
Filling Station Lofts will be comprised of 81 industrial lofts each with 18-foot ceilings. No word yet on what rental prices will be but expect them to be released sometime in January.
Parc Lofts Unit 409 – $275,000
Last week, I landed a beautiful listing at Parc Lofts. There is no doubt in my mind that this one is going to sell fast. Not only is it the best priced loft in the building, it is currently the only one priced under $300,000. The unit is an impeccably designed 1 bedroom/1 bath industrial loft with 15-foot ceilings, exposed ductwork and hard wood flooring throughout. It features an open floor plan with 757 interior square feet; upgraded lighting, a spacious closet with built-ins; and upgraded refrigerator, dishwasher and LG front-loading washer and dryer. The kitchen has polished concrete counter tops, white tiled backsplash, Italian cabinetry and stainless steel appliances. The unit includes one assigned parking space located on the ground level. Asking $275,000.
For those unfamiliar, Parc Lofts is a 72-unit industrial loft building located in the Arts District of Miami at 1749 NE Miami Ct, Miami, FL 33132. You won’t find anything like it in Miami. The building is a favorite amongst photographers, musicians and other artistic types in the area. For investors who might have an interest, you will be happy to know that units at Parc Lofts are in high demand from renters. In fact, at this time, not one single unit in the building is available for rent. There is a waiting list of renters looking to get into the building. In my opinion, this unit would rent easily for $1,800 per month unfurnished. Condominium association dues are $419.51 per month. You would be looking at around a 4.4% cap before management fees.
Below you will find more pictures of unit 409 at Parc Lofts. Please contact me if you or someone you know has an interest in learning more about this property. I can be reached on my cell at 786-247-6332 or via email at [email protected].
Ten Museum Park Developer Settles Class-action Lawsuit with Condo Association for $587,500
According to Daily Business Review, Ten Museum Park developer Gregg Covin has agreed to settle a class-action lawsuit, filed in 2010, with the building’s condo association. Disgruntled owners argued that certain amenities were not delivered as promised in the 2005 marketing brochures. The developer has agreed to pay the condo association $587,500 which will be used to update the common areas.
3,078 Square Foot, Industrial Loft Available For Rent at Parc Lofts
Industrial lofts are extremely rare to find in Miami. Unlike major metropolitan cities in the North such as Chicago and New York City, Miami did not participate in the Industrial Revolution. Miami, therefore, did not have, for the most part, the abandoned warehouses and other industrial buildings which could later be converted into large, open lofts for residential or live/work use. Miami has had to rely on developers to bring the industrial loft concept to our city and construct it from ground up. Parc Lofts, located at 1749 NE Miami Ct in the Arts District of Miami, is one such developments. With loft sizes that reach an amazing 5,436 square feet, Parc Lofts was built with SIZE in mind. The development has only 72 total units, many of which are occupied by small businesses utilizing these lofts for live/work purposes.
With all that being said, unit 604 is currently available for rent at Parc Lofts. The bi-level loft has 3,078 square feet of interior space, 20-foot ceilings, 2 full baths, washer/dryer, a balcony spanning the length of the unit and comes with 2 assigned parking spaces. The asking price is only $3,950 per month. I dare you to find a space of this size in Greater Downtown Miami for less than $1.28 per square foot, especially one that will accommodate live/work situations. Parc Lofts also has a pool, hot tub and fitness center.
For those interested, please call me at 786-247-6332 or email me at [email protected].
Infinity at Brickell 1 Bedroom – Lowest Price Per Square Foot Unit Available
We recently received a new listing at Infinity at Brickell that should capture the interest of anyone currently in the market for a 1 bedroom loft located in Brickell. Our listing is for a 1 bedroom/1.5 bath bi-level loft with 993 square feet of interior and a 76 square foot balcony off the living room. The asking price is $297,888, or $300 per square foot, making it the lowest price per square foot unit currently available for sale on the MLS or through the developer. The decorator-ready unit comes with stainless steel appliances, a stackable washer/dryer and one assigned parking space. The east-facing loft has a view of Biscayne Bay and the Brickell skyline from the 30th floor.
With less than 10 units remaining, developer inventory at Infinity at Brickell is on the brink of being completely sold out. The last remaining developer units are being offered considerably higher than $300 per square foot. This could be your last opportunity to own at Infinity at Brickell for less than $300 per square foot. If interested, feel free to contact us with any questions or to schedule an appointment to view the unit in person. You can reach us via email at [email protected] or by phone at 305-428-3860.
1060 Brickell 1 Bedroom/1.5 Bath Loft Reduced for Quick Sale
We currently have an exclusive listing for a beautiful 1 bedroom/1.5 bath bi-level loft at 1060 Brickell. The unit has 1,128 square feet of interior, polished porcelain tile throughout, stainless steel appliances, stackable washer/dryer, an upgraded full bathroom and a balcony facing west overlooking Mary Brickell Village.
Three months ago when we took the listing, the initial asking price of the loft was $335,000. Yesterday, we were contacted by the owner and he requested that we lower the price to $259,000 for a quick sale. $230 per square foot is an amazing deal for a unit at 1060 Brickell. In fact, our listing is currently the lowest price per square foot of any unit at 1060 Brickell.
For those not familiar with 1060 Brickell, it is centrally located in Brickell just a block away from the shops, restaurants and bars at Mary Brickell Village. Additionally, the building is within walking distance of two Publix grocery stores. 1060 Brickell has a number of great amenities such as 24-hour security and valet, swimming pool, hot tub, state-of-the-art fitness center, yoga room, steam rooms, game room with billiard table and a virtual golf room.
Below, you’ll find a video tour which shows the view and interior features of the loft. For additional information and pictures click on the following link to view the MLS property listing for unit 2216 at 1060 Brickell. Contact us at 305-428-3860 if you have any questions or have an interest in viewing the unit in person.
Ten Museum Park 3 Bedroom Penthouse Reduced to $850K
A 3 bedroom/3.5 bath penthouse at Ten Museum Park was reduced last month to $850,000, or $347 per square foot. The bi-level penthouse has 2,581 square feet of interior, 519 square feet of exterior, hard wood flooring throughout and floor-to-ceiling windows facing southwest from the 44th floor. The penthouse also comes with a rooftop pool which is a nice selling point of the penthouses at Ten Museum Park. The original list price was $1.19M.
We’re putting the finishing touches on our Ten Museum Park website. It should be finished by the end of the week. Check there for available sales and rentals at Ten Museum Park.
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.
