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!

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.

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?

Market Stat Monday: Quantum on the Bay

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 in Quantum 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 a lawsuit 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 36^th 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 27^th floor and another for $570,000 on the 39^th 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 40^th 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 35^th 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.
• Brickell’s Taj Mahal finally went into contract.
• There were 92 sales over $1 million, with an average price per square foot of $673.
• 6908 residential leases were signed. This does not include rental-only buildings, who do not report their closed rentals to the MLS.
• The most expensive rental was the 6 bedroom penthouse at Jade Residences at Brickell Bay for $25,000/month.
• There were just over 100 unicorns that rented for less than $1,450/month.
• This guy really screwed up his MarinaBlue apartment.

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?

Icon Brickell Towers 1, 2 & 3 – 33,347 visitors & 59,641 total views

1060 Brickell (including 1050 Brickell) – 23,937 visitors & 39,360 total views

Plaza at Brickell East and West Towers – 18,765 visitors & 25,439 total views

1100 Millecento – 18,163 visitors & 32,500 total views

BrickellHouse – 17,706 visitors & 32,929 total views

Infinity at Brickell – 16,462 visitors & 32,015 total views

Jade at Brickell Bay – 16,407 visitors & 28,421 total views

Vizcayne North and South Towers – 16,262 visitors & 30,169 total views

Epic Residences – 15,886 visitors & 27,300 total views

500 Brickell East and West – 14,772 visitors & 24,825 total views

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.