After the positive reviews of my Miami Riverfront Market Statistics article last week and similar feedback to previous market stat posts, I’ve decided to try something new and make it a regular thing. Monday is now Market Stat Monday on the Miami Condos Blog. Each week, I’ll take a look at a different neighborhood, area, or a building. If you have a building or area that you would like to see featured, just let me know. I’m happy to do it and enjoy digging in the numbers.
One of our social media followers suggested that I take a look at what’s going on inQuantum on the Bay. I haven’t written about Quantum in awhile, so agree that it a good place to start. For those who don’t know, Quantum on the Bay was developed by Terra back in 2008. It is located across the street from Margaret Pace Park and is situated in a way that most every apartment has at least a partial bay view, but many have a big, open view of the bay. Because of the park, it used to be a very popular place for people with pets, but the condo association stopped allowing pets for tenants. Owners may have pets, but not tenants (unless you have a support animal). The building has 2 towers and 698 residences.
Despite the beautiful views and convenient location, Quantum has not been free from drama. They had to sue the developer in order to be repaid for the repair of some construction defects.They won that lawsuit and threw a party. The party was barely cleaned up before a tenant slapped the association with alawsuit for price gouging on move-in fees. I was really wondering how long it was going to take for that to happen somewhere. Almost all of the buildings do it and the tenants always complain but nobody has gotten mad enough to actually sue over a few hundred dollars.
SALES MARKET
So, let’s see how the building is doing. There are currently 86 active sales listings in Quantum. That’s just over 12% of the building, which isn’t so bad. But with only 7 closed sales this year, that’s 43 months of inventory. On the bright side, the units that did sell received 96% of their asking price, so at least it’s not a bloodbath. There is just a lot of competition for buyers, who are more scarce.
The units that closed did so for an average of $357/square foot. The least expensive was a 1 bedroom on the 36th floor for $250,000. In an interesting turn of events, a 3 bedroom with 1,620 square feet sold for $535,000, less than a two bedroom with a direct bay view. The two bedroom sold for $540,000 on the 27th floor and another for $570,000 on the 39th floor. That’s interesting to see how a direct bay view does affect the price of an apartment more so than an additional bedroom. 1,620 square feet is really an enormous apartment in this area. There are 8 contracts waiting to close.
For the buyers who are still looking, there are studios available with partial bay views starting at $220,000, a one bedroom on the 40th floor with a partial bay view is offered starting at $257,000 and two bedrooms with partial bay views start at $380,000. Three bedrooms start at $524,000 or $350/square foot and there is a 3 bedroom penthouse available for $950,000. These prices are relatively the same as they were two years ago (when I last had an active buyer in the building). I’ll save the trends for a future post.
RENTAL MARKET
Just like at the Miami Riverfront, Quantum on the Bay’s rental market is also far healthier than the sales market. There have been 54 rentals this year so far at 98% of the asking price. The average price of a closed rental is $2.37/square foot. The individual prices were:
Studios: As low as $1,500/month.
One bedrooms: Starting at $1,675 for a 35th floor apartment with 663 square feet and a little bit of a water view.
Two bedrooms: There was one rental at $2,250 for a two bedroom, but I have a feeling this one is an outlier. The remarks said that the property had to be taken “as-is”, so I imagine it was either filthy, needed painting or had something else wrong with it. The next least expensive unit was 2711, which rented for $2,300/month with a partial bay view.
Three bedrooms: as low as $3,100/month.
There are 38 available rentals listed, so just under 3 months of inventory for tenants. There are 18 units that have a contract signed and are waiting for move-in day.
All in all, it looks like things are picking up for Quantum. I feel like that once the association straightens up and the lawsuit over their application fees settles, the sales market will pick up also. Litigation makes things very difficult for sellers, since most banks will not finance transactions in buildings with legal drama.
We’ll see you next week with another report! Which building or area should we dig into next week?
New Miami Condo Buildings With Tennis Courts
This time of year brings one of our favorite events to Miami. The Miami Open runs from March 19-April 1 this year, and to commemorate it, let’s have a look at our favorite buildings in the greater downtown area that have tennis courts!
If living in a brand-new condo is important to you, there are several in the pipeline. Key International’s 1010 Brickell is slated to open within a few weeks. They have an indoor tennis court and 3 remaining presales starting at $950,000. All are 3 bedroom layouts. There is one resale unit on the market so far. SLS Lux is also on track for completion this fall/winter. They have only four penthouses remaining that have recently been repriced.
In Downtown, Paramount Miami Worldcenter is going to bring every amenity imaginable to their mega-project. They are about 60% sold and have residences priced at an average of $750/square foot. Because of their strong sales figures, they were recently able to secure the second largest construction loan in this build cycle. They are currently in vertical construction and should deliver keys at the end of 2018.
If you’re looking for something sooner, you could head up to Edgewater and check out Biscayne Beach. They have 2 tennis courts over their parking deck and a bayfront beach club. They have 5 remaining presale opportunities, and we will be listing an amazing high floor 3 bedroom on the southeast corner.
For people who are looking for an integrated community, I would suggest the waterfront Paraiso complex. There are five residential sections to the complex, totaling 1400 units. Paraiso Bayviews is the most affordable section, with remaining inventory starting at $470k (as of today). They just passed the 42nd floor of construction and should be ready by the end of this year. Paraiso Bay was the first of the towers to open sales. They are currently all sold out and on track to open this summer. GranParaiso is the most luxurious of the towers. It will be finished in Spring of 2018 and has 2 bedroom residences starting at $1 million. One Paraiso is the sister building to Paraiso Bay. They have 3 remaining penthouses, starting at $1.9 million. Aside from the towers, there is also a small enclave of bayfront beach homes. There are only 8 in total and 1 remains at $2 million.
Hyde Midtown is going to be the first project in Midtown to offer a tennis court for residents. They recently topped off at 80% sold. Their prices start in the mid $400,000’s and the rooftop penthouses start at just $735,000! The penthouses have rooftop terraces as well.
Come back tomorrow and we can take a look at the existing buildings who also offer tennis courts!
2016 Year In Review: The Downtown Miami Area Condo Market (Brickell to Midtown)
Image courtesy of Wanderson Dos Santos
As the sun sets on 2016, let’s review our year in real estate. There have been a lot of reports about the slowing preconstruction market, but what about the resale and rental markets? Here’s a quick breakdown:
Greater Downtown Miami (Brickell to Midtown/Edgewater) saw 1,485 closed transactions this year.
Those transactions amounted to a total of $720 million.
The average price per square foot of all sales ended up being $389/square foot.
The most expensive sale was Pharrell Williams’ penthouse at Bristol Tower, sold by our Madrina herself, Dora Puig, for $9.25 million.
China didn’t show up the way everyone was hoping back in 2015. Chinese buyers only took 11 condos, according to MLS data. Here are the stats from other countries:
Venezuela: 51
Argentina: 50
Brazil: 41
Colombia: 40
France: 13
Mexico: 10
Italy: 9
India: 7
UK: 7
Spain: 5
Russia: 2
Japan: 2
German: 1
USA: 435!
Undisclosed: 791 (We’re looking at you, 791 lazy Realtors. Please do better with logging your sales data in 2017 so that next year’s year-end post will be better.)
What other stats are you curious about? We would love to improve our content for 2017 and offer more of what you want.
2016 Year In Review: The 10 Most Popular Buildings In The Greater Downtown Area
As we close out 2016, here is a list of the most popular buildings on our website. I tallied the buildings first with the most individual visitors, but also thought the number of return visitors was interesting.
Some of the results were completely expected, but I was surprised to see that all of the top ten are resale buildings. Is this a testament to the state of the pre-construction market? Are there other buildings that you were expecting to be on the list but are not?
Just Listed – Spacious 1 Bedroom Condo at Two Tequesta Point on Brickell Key – Asking $435,000
I am pleased to announce our newest listing – a beautiful 1 bedroom, 1.5 bathroom condo at the luxurious Two Tequesta Point. The 22nd-floor residence has a spacious floor plan with 907 interior square feet; deep balcony to accommodate outdoor dining; large, open kitchen with tons of cabinet space; walk-in closet in the bedroom; porcelain tiled floors; and lovely view of the intracoastal, bay, and cruise ships. With an asking price of $435,000, unit 2207 is priced to sell! Just last month, unit 2007 (two floors lower) at Two Tequesta Point sold for $432,000.
Two Tequesta Point is an upscale condo development with 285 residential units. The 38-story tower is located on the east side of the exclusive, gated island known as Brickell Key. Amenities at Two Tequesta Point include: bayfront pool, tennis courts, racquetball courts, 2-story fitness center, BBQ area, children’s playrooms, 24-hour security and concierge, billiard room, valet parking, and more.
For showing requests or any questions that you may have, I can be reached on my cell phone at 786-247-6332 or via email at [email protected].
Two Tequesta Point #2207 – Asking $435,000
IconBrickell Pool Closure Begins December 5
Over a year after we first reported the pool closure at IconBrickell, they have finally given the dates for the work to begin. In a letter to residents this week, the condo association has announced that starting December 5, the pool will be inaccessible for approximately 12 months. Surprisingly, the condo association did not make arrangements for an alternative pool for the residents.
Anticipation of the repair and special assessment have sent sale and rental prices in a tailspin. Sales prices in the last 90 days are averaging $426/square foot. Just a year ago, apartments in the project were closing at $584/square foot.
Rental prices have also been in free-fall. Unit 4103 in Tower 2 rented in 2015 for $5,300. This year, it rented for $3,800 after 5 months on the market. In Tower 1, unit 4104 rented this month for $2,000, down from the $2,600 that the landlord received last year. It doesn’t help matters that there are currently 180 available rentals on the market. Since 24 apartments rented in the last 30 days, it will take over 7 months to absorb all of this inventory.
On the bright side, this is a fantastic opportunity for investors who are looking for a long-term hold or for those who are looking for a great price on a vacation home. While the values are depressed now, I fully expect them to rebound when the amenity deck reopens. There are still plenty of sellers who need to move on from the properties for personal reasons, or investors who are not able to wait out the storm. How much lower do you anticipate the prices will fall? We are happy to help if this situation is an opportunity for your investment goals.
Congress Unanimously Agrees To Make FHA Financing Easier For Condo Buyers
In a rare moment of solidarity, Congress unanimously agreed to pass the proposed changes to the FHA approval guidelines for condo purchases, opening the way for middle-income buyers to participate in the condo market once more.
Over recent years, the FHA has imposed nearly impossible guidelines for condo purchases that have left a large segment of buyers out of the market, particularly first time homebuyers. The problem has been that in order to secure an FHA loan for a property, the buyers must qualify (relatively easy), AND the building must qualify (almost impossible). The approval process was expensive and the costs were not refunded in the event that the project was rejected. The approvals had to be renewed every couple of years as well. Most condo associations opted to forego the application and just not have FHA as an option for purchasers in the building. With the new guidelines, the projects no longer need to go through the approval process. Buyers can now apply for a spot-approval on individual units and the owner-occupant vs investor ratios have been lowered. Bravo!
This is going to be a big help for actual residents of the Downtown Miami area who are ready to buy a condo, but maybe don’t have the 20%-35% down payment that is currently required to buy a property. You can read more about the new guidelines here.
Drone Footage of the One Thousand Museum Construction Site
Below is a drone video of the One Thousand Museum construction site as of this past Monday, September 5th, the date that the footage was shot. It showcases the breathtaking views that condos at One Thousand Museum will offer as well as provides a bird’s-eye view of the progress that has been made thus far to the tower.
One Thousand Museum Construction Tour
Enjoying the view from One Thousand Museum with developer Gregg Covin
Yesterday morning, I was given the opportunity to tour the One Thousand Museumconstruction site with co-developer Gregg Covin. It was quite a treat to finally step foot inside a development that I have followed so closely over the past three and a half years. As a resident of Park West, I walk and drive by the One Thousand Museum construction site on a daily basis; to admire its impressive form from the street is one thing, but to tour it and see the building’s lines and curves from the inside looking out is quite another.
As of yesterday morning, construction at One Thousand Museum had reached the 19th floor. While on my guided tour, I was permitted to go as high as the 15th floor. Even from just the 15th floor, however, the views were breathtaking. Along with three townhouse units, each with impressive 20-foot ceilings in the living and family rooms, I also had a chance to tour two half floor residences, one located on the south side of the building and the other on the north side. When viewing the half floor residence located on the north side of the building, I was pleasantly surprised by the amount of separation the residence had from its neighbors to the north at Ten Museum Park. From street-level, One Thousand Museum and Ten Museum Park are just about connected, but the residences themselves have good separation due to the pools that wrap around at the top of each building’s pedestal.
If all goes according to plan, One Thousand Museum will be topped off this time next year. While touring the building yesterday, Covin shared with me that hopes to top-off the building by August 2017 and then obtain a TCO about 13 months thereafter. Until then, One Thousand Museum is a masterpiece in the making.
southeast corner townhouse unit
overlooking the living room with 20-foot ceilings
second level of southeast corner townhouse
touring a half floor residence
overlooking Museum Park
view east from 1000 Museum
terrace
southeast view from One Thousand Museum
getting the lay of the land from developer Gregg Covin
northeast corner
half floor residence on the north side
a picture-perfect day!
the pools create nice separation between residences on the north side
overlooking the pool on the west side of 1000 Museum
