Bitcoin-denominated Penthouse Switches to U.S. Dollars

Well, that didn’t last long! The Bitcoin-denominated penthouse at Platinum Condominium has switched its denomination to U.S. Dollars. With Bitcoin’s recent plunge in value and high-risk volatility, this should come as no surprise. As of today’s trading, Bitcoin had lost 50 percent of its peak value set just last month.

The asking price of the penthouse is now quoted as $525,000. Had it remained listed in bitcoins, the price would be roughly equivalent to $355,000…$170,000 less than its current asking price but still $40,000 more than what the seller paid! The owner of the penthouse purchased it for $315,000 about one year ago.

Perhaps Bitcoin had its shining moment but, today, it’s all about the Benjamins baby!

Monthly Assessments at 900 Biscayne Bay Drop 12 Percent Year-over-year

The owners at 900 Biscayne Bay received highly favorable news heading into the new year – their monthly assessments would drop 12 percent when compared to the amount that they paid throughout 2017. A big reason for the unusually large reduction was the $15M that the condominium association received last year as part of the settlement agreement resulting from 558 construction defect litigation it had with the developer and other related parties.

That litigation had been a thorn in the condominium association’s side, but now, with such a sizable settlement, they can make some nice improvements to the building. They recently updated the spa and, later this year, will begin renovation on their pool deck.

The monthly assessments at 900 Biscayne Bay are now at 74 cents per square foot, which is outstanding considering the level of amenities and services that the building offers. Below are the 2017 vs. 2018 condo dues for three of the 1 bedroom lines at 900 Biscayne Bay:

• 03 line
  • 2017: $765.85 per month
  • 2018: $673.25 per month
• 05 line
  • 2017: $780.16 per month
  • 2018: $685.80 per month
• 07 line
  • 2017: $787.72 per month
  • 2018: $692.45 per month

Genting Group to Lease Submerged Land for Development of 50-slip Mega-yacht Marina

It looks like the Malaysia-based Genting Group is on their way towards developing a 50-slip mega-yacht marina on the former Miami Herald site, according to The Real Deal. In 2011, Genting bought the former Miami Herald site for $236 million, which also included an additional $185 million for the nearby Omni retail and hotel complex. While their ultimate goal has always been to build a casino, opposition to those efforts has shifted their focus to first developing a mega-yacht marina. The proposal shows that the marina could accommodate 50- to 175-foot long vessels.

The Miami City Commission recently cleared the way for the marina development, as they agreed to accept a deed for the submerged land in Biscayne Bay, which would then be leased for the marina development. Genting’s subsidiary Resorts World Miami LLC., is negotiating to lease the submerged land which is currently owned by the city of Miami and the Florida Department of Transportation (FDOT).

Besides the marina, Resorts World Miami is also planning to include two residential towers, a hotel, and retail shops with 800-foot long walkway along Biscayne Bay. No word yet as to when they plan to begin development.

ECHO Brickell Closings Have Begun

instagram.com/echobrickell

Starting today, Brickell is getting a lot more luxurious. Property Markets Group is beginning closings on the newest ultra-luxury building in the greater downtown area, ECHO Brickell. The sleek tower was designed by Carlos Ott and offers the ultimate of luxury lifestyle.

Each residence comes with 9-14 foot ceilings, terraces that are 8 feet deep with summer kitchens, paneled Sub-Zero and Wolf appliances and a Bosch built-in espresso machine. The units will be delivered with marble floors indoors and out and there is a 50,000 saltwater fish tank in the lobby. Security is paramount in the building as well. Rather than fobs, residents are able to activate the elevator via biometric security.

Remaining purchase opportunities range from $1.8 million for a southeast-facing 2 bedroom on the 14th floor up to $6.5 million for a 3 bedroom lower penthouse. The $42 million opulent and dramatic Carlos Ott Penthouse is also still available for $42 million.

Contact us at [email protected] if you would like a tour of the finished project.

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.

One Of These Downtown Miami Sites Could Be The New Amazon HQ

Now that Miami has officially thrown its hat in the ring to be the new home of Amazon’s second headquarters, the competition is also heating up between potential development sites. Amazon’s Request for Proposals was very specific regarding the criteria they are looking for with regards to square footage, zoning and proximity to transportation.

Using a software called Zonar that has recently been adopted by the City of Miami to streamline the development process, it takes only a few hours to pinpoint potential development sites and maximize the space with Amazon’s criteria in mind.

Here is the full feasibility report with details on all 6 potential sites in the Downtown Miami area. Which do you think is the best fit?

Amazon Headquarters 2 Case Study on Scribd

VIDEO: Brickell Flatiron Reaches The 16th Floor

Despite reports that Brickell Flatiron had lost one of its tower cranes during Hurricane Irma, the project did not suffer damage and remains on track for completion in the summer of 2019. As of this week, they have reached the 16th floor of vertical construction and continue to build at a rate of one floor per week.

The development broke ground in March of 2016. After ten months of site work, the foundation was poured in January 2017 during a ceremonious 24-hour process. Sales have remained steady as well, with 70% of the units already under contract.

Tower Residences are currently available from $480,000 to $1.62 million. The Penthouse Collection offers residences from $980,000 to $1.78 million, and in July the opulent Upper Penthouse Collection was unveiled with prices ranging from $6 million to $15.5 million.

Here is a video update of their progress:

Brickell Flatiron | Construction Progress September 2017 from Brickell Flatiron Miami on Vimeo.

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.