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].

myBrickell Closings to Begin Next Month

Closings for myBrickell condos are expected to begin next month.  The building has been completed but the developer must first wait to receive its TCO from the city before closings can commence.  MyBrickell represents the first newly built condo highrise in Brickell to begin closings since the condo boom and bust of yesteryear.  The Miami real estate market has been on an absolute tear since preconstruction condo sales for myBrickell were announced in October 2011.  In fact, last month marked the 24th straight month in which the median sales price rose for both single family homes and condominiums in Miami.

MyBrickell has 192 total units comprised of studios, 1 and 2 bedroom residences.  It is important to note that myBrickell does not have a parking garage.  Units begin on the second floor with the lobby and retail space occupying the entire first floor.  The 1 and 2 bedroom units will come with valet parking.  The studios, however, are out of luck.  Those who rent or own a studio will need to rely on their own two feet and public transportation.  Or, they can look into obtaining a parking space in a nearby garage (good luck with that one though).

Brickell rental inventory has been thin over the past year.  The emergence of new rental units from myBrickell should bring a sigh of relief from renters who have seen rental prices in Brickell climb steadily over the past three-plus years.  Despite the valet-only situation, I expect there to be a tremendous amount of interest from both renters and buyers for the one and two bedroom units at myBrickell.  It will be interesting, however, to see what happens with the studios.  Public transportation has gotten better over the past couple of years so I’m sure people can make do without a car if they really tried.  The big question, however, is how many will be willing.

According to the myBrickell brochure, units at myBrickell will be delivered with “designer berber carpeting throughout living, dining and bedrooms”.  Kitchens and bathrooms will be delivered with “imported designer tile”.  Splash on a coat of paint and hang some window treatments, and these units will be move-in ready.  I expect the first residents to move into the building by late January to early February.

If you have an interest in buying or renting a unit at myBrickell, please contact me.  I already have one rental listing and should have more in the weeks ahead.  Once closings begin, I will contact, on a first-come/first-served basis, those who have expressed an interest in either buying or renting a unit at myBrickell.

If you are a contract holder and are looking to retain the services of a reliable and experienced real estate agent to sell or lease your unit at myBrickell, look no further.  I take pride in my work and handle each and every one of my listings with the care and attention that they deserve.  If you have any questions, feel free to reach me on my cell at 786-247-6332 or via email at [email protected].

myBrickell floor plans:

Mybrickell floor flans by Lucas Lechuga

One Thousand Museum – The Best Bargain in Town

There isn’t a preconstruction condo development in town that I’m more excited about than One Thousand Museum.  It will be more than a building.  It will be a work of art.  A work of art that I feel has tremendous upside potential.  Critics cry foul at the $900-$1,200 per square foot prices.  I cry bargain.  In my opinion, there isn’t a better bargain in town.

Keep in mind that critics cried foul when prices at Apogee South Beach pushed $1,000 per square foot.   They thought it was ungodly.  Just four years later, prices there are now over twice that amount.  Also keep in mind that units at Apogee South Beach were delivered decorator-ready while units at One Thousand Museum will be delivered move-in ready complete with ultra-luxe design finishes.

Still, naysayers point to the fact that One Thousand Museum is across the bay.  They feel that condos on that side of the water won’t see prices push $1,000 per square foot anytime soon.  At least, not by 2016 when One Thousand Museum is slated for completion.   I’m here to tell you that prices across the causeway have already eclipsed the $1,000 per square foot mark.  Epic Residences and Paramount Bay have both had units trade for over $1,000 per square foot.  One Thousand Museum will be in an entirely different league.   There’s no comparison.  It will be unlike anything South Florida has ever seen.  And that’s without taking into account the upside potential for the neighborhood as a result of Miami Worldcenter – a 27-acre mixed-use development which will be located directly behind One Thousand Museum.  Completion for Miami Worldcenter is estimated for the end of 2016, just as the first residents of One Thousand Museum move into the building.

To learn more about One Thousand Museum, I highly suggest that you watch the sales presentation below. I captured it recently while wearing Google Glass.

One Thousand Museum sales presentation:

A quick look at the One Thousand Museum floor plans:

One Thousand Museum model kitchen:

New Exclusive Listing – 2 Bedroom with 16-foot Ceilings at Icon Brickell III (Viceroy Tower) – $760,000

Brand new listing at Icon Brickell Tower 3 (Viceroy Tower).  I likely won’t have the listing up on the MLS until early next week because I first want to have it professionally photographed. Yesterday evening, however, I used Google Glass to record a walk-through of the unit so I could give a few of my clients a special preview.  The video is at the bottom of this post.

The 2 bedroom, 2 bath corner unit has 16-foot ceilings, glass tiled floors and a fabulous view of Biscayne Bay and the city.  The condo is being sold fully furnished.  Tower 3 is the only tower at Icon Brickell that allows short-term rentals.  That’s great for investors.  The owner does not have the unit in the hotel program but recently started using an outside company to handle the short-term rentals on her behalf.  To give you an idea as to the kind of income you can expect during high-season, the unit got rented for $7,000 for three weeks from the end of December to mid-January.  The owner gets to keep 80% of it.

Asking price for the condo, including the furniture, is $760,000.  Please contact me if you or someone you know has an interest in learning more about this spectacular residence.  I can be reached on my cell at 786-247-6332 or via email at [email protected].

Update: I have since had a professional photographer take pictures of the unit. Below you will find a slideshow with those pictures.

Brickell Heights Sales Presentation Through Google Glass

Brickell Heights will officially launch to the public starting next week on December 9th.  However, reservations are now being accepted through select VIP brokers (such as myself) as part of the developer’s Friends & Family program.  The starting prices shown towards the bottom of this page are for Friends & Family and are subject to change once the project officially launches next week.  Brickell Heights is a two-tower condo development.  At this time, only units in the east tower are available for reservation.  Keep in mind that the east tower is closer to the water and will have better views than those residing in the west tower, so now is the time to act if you are contemplating making a reservation.

Yesterday afternoon, I met with the Brickell Heights Sales Director and she was kind enough to give me a presentation while I was wearing Google Glass to record it.  At a later date, I will go more into detail about Google Glass and explain how I plan to apply this new technology to my real estate business.  I have very big and exciting plans for it, so stay tuned!  I will say, however, that at this time, Google Glass is not available to the public and can only be acquired by invitation.  As far as I know, I am the only real estate agent in Miami who currently has Google Glass.  In fact, there aren’t many people in Miami period who have it at this time.

The sales presentation for Brickell Heights was given to me in English and Spanish.  Towards the bottom of this page you will find the English version followed immediately by the Spanish version.  Before we get to those, I first want to provide a general overview of this exciting preconstruction condo development.  As I mentioned in my last blog post, location is going to be a HUGE selling point for Brickell Heights because it will be located right in between Mary Brickell Village and the upcoming, 5.4 million square foot mixed-use development called Brickell City Centre.

Brickell Heights – Overview

• Address – 850 South Miami Avenue, Miami, Florida 33131
• Developer – The Related Group in collaboration with Crescent Heights
• Architect – Internationally-renowned architectural firm Arquitectonica
• Interior Design – Rockwell Group
• Number of units – the east tower of Brickell Heights has 358 total units
• Number of floors – the east tower of Brickell Heights has 48 stories
• Fitness – Equinox

Brickell Heights – Building Features

• Dramatic double-height lobby designed by David Rockwell
• World-class façade installation by renowned Argentinean artist Fabian Burgos
• High-design condominiums with extraordinary contemporary finishes
• Luxuriously landscaped pool terrace at the 8^th floor with three pools including a lap pool for Equinox members
• Elegantly appointed screening room available for private screenings
• Exclusive residents-only rooftop Sky Pool deck with breathtaking views of Biscayne Bay and Miami Skyline
• High-performance fitness studio
• Equinox fitness center with 30,000 square feet across three levels
• Soul Cycle Studio with 3,000 square feet
• Two beautifully designed Entertainment Rooms available for private, social and business events
• Engaging Kids’ Club dedicated to children’s activities
• On-demand Concierge service with 24/7 multilingual staff, 24/7 security and receiving desk for mail and other deliveries
• High-speed Internet access in all amenity areas

Unit Descriptions and Price Ranges (*Friends & Family pricing)

The layouts indicated above are for units residing on floors 10-40.  Larger floor plans are available starting on the 41st floor.  Contact me for details.  1 bedroom units increase $2,000 per floor while 2 bedroom units increase $3,000 per floor.

Brickell Heights – Deposit Payment Structure

• 10% of purchase price at reservation
• 10% of purchase price at contract (1^st quarter of 2014)
• 20% of purchase price at ground-breaking (mid-2014)
• 10% of purchase price at top-off (mid-2015)
• 50% of purchase price at closing  (end of 2016)

Now that we have all that out of the way, let’s watch some videos.

Brickell Heights sales presentation in English:

Brickell Heights sales presentation in Spanish:

Even if you do not have the means or motivation to acquire a condo in Miami at this time, I think most anyone reading this blog will find the video below fascinating.  It does an amazing job in capturing the enormity of Brickell City Centre.  At 5.4 million square feet across 9.1 acres, Brickell City Centre is an absolute monster and will forever change the landscape of Miami.  Brickell is already one of the most sought after neighborhoods to live in all of South Florida.  You throw into the mix a development of that size costing over one billion $US, and you are going to have a world-class neighborhood for the ages. In the video, the five large, empty lots just north and northeast of the Brickell Heights building site is where Brickell City Centre will be located. It is currently under construction and is projected to be completed in 2016, the same year that Brickell Heights is scheduled for completion.  The arrows that I included in the video point out the site location for Brickell Heights.

For additional information related to Brickell Heights, visit my Brickell Heights building profile page.  There you will find renderings, floor plans and an e-brochure.  If you have an interest in reserving a unit, or have any questions whatsoever, please contact me immediately.  I expect this project to sell out quickly and am already amazed by the response that I have had for it thus far.  When it comes to convenience and having everything at your doorstep, you really can’t ask for a better location than Brickell Heights – especially at these prices!

I can be reached via email at [email protected] or on my cell at 786-247-6332.

To stay on top of the latest news related to the Miami real estate market, circle Miami Condo Investments on Google+.  Be sure to also subscribe to our YouTube channel to catch all our upcoming videos through Google Glass.

Brickell Heights Development Site Tour Through Google Glass

Brickell Heights is the latest pre-construction condo project to be developed by Related Group.  Location is going to be a HUGE selling point for this development due to its proximity to Mary Brickell Village and the upcoming Brickell City Centre.  Residents of Brickell Heights will be just steps away from 5 million square feet of an array of luxury shops, restaurants and entertainment.  Seeing is believing though, so I decided to hop in my car to give everyone a tour of the development site using Google Glass.  You will see that Brickell Heights is directly across the street from Mary Brickell Village and just one block south of Brickell City Centre.

Update: I now have Brickell Heights floor plans, renderings and an e-brochure on my building profile page.

Miami Condo Investments Free Mobile App Available for Download on iTunes and Google Play

For those new to the website, or those who might be unaware, Miami Condo Investments has its own mobile app.  It is free and available for download on iTunes, for the iPhone and iPad, and on Google Play, for all Android mobile devices.  I released the iPhone version back in December 2009 and followed it up with the Android version about two and a half years later in May 2012.  I may be a bit biased, but it truly is an amazing app.  In many ways, the real estate app was ahead of its time when I released it in 2009.  It still remains as powerful as ever though and I personally use on it on a daily basis.  In fact, I recently made the jump from using an iPhone to an Android phone and it was the first app I downloaded.

I would love to hear your thoughts and feedback on the app.  I am hoping to release an updated version sometime in 2014 and welcome any ideas for it that you might have.

Top Five Condo Deals in Downtown Miami

As mentioned in my last blog post, I think real estate values in Downtown Miami, for a number of exciting reasons, are ready to take off.  Museum Park is about a year from being completed, Miami Worldcenter seems an almost certainty, and a proposal for a 1000-foot observation tower called Skyrise Miami was recently submitted to the city of Miami for approval.  Also, with prices starting at $4M, the addition of One Thousand Museum will only help position the area as Miami’s equivalent to New York City’s Park Avenue.  If there were ever a time to be excited about the prospects for Downtown Miami, the time is now.

So how does one take advantage of all this fabulous news?  Well, surprisingly, there are still a number of great deals to be had in the existing condo market in Downtown Miami.  Due to the illiquid nature of real estate, market news oftentimes get disseminated at an almost snail-like pace and, as a result, does not manifest itself in pricing for quite some time.  The same, however, does not hold true for the pre-construction real estate market.  Prices there are set by developers who take into account any and all information that will have a positive effect on neighborhood values from now until completion of the project.  In that regard, it is sort of like buying commodities futures with the price determined by future expectations and the likelihood of those expectations being met.  The hope for contract holders is that market values present at the time of delivery will be at or above their contract price.  That is why one will notice a sizable gap between the price per square foot for existing condos and the price per square foot for pre-construction condos .  In other words, the promise of what is yet to come has already been taken into consideration when determining the contract price.

My point is that the existing condo market is slow to act.  As a result, there are definitely still good deals to be had.  Below, you will find a list of five condos currently available for sale in Downtown Miami that I believe are undervalued and well positioned to take advantage of the positive news that is now shaping the neighborhood.

Before I start, I want to first say that none of the properties listed below are my exclusive listings.  These were chosen unbiasedly by me because I truly feel that they warrant inclusion.

5. Marquis 3707 – This is a bi-level, 2 bedroom+den/3 bath corner unit with 2,081 interior square feet and 20-foot, floor-to-ceiling glass windows.  The unit is located on the northeast corner of the 37th floor offering beautiful views of Biscayne Bay and the Atlantic Ocean.  It also overlooks Museum Park which is currently under construction.  The only drawback to this unit, and likely the reason why it hasn’t sold yet, is the fact the landlord is getting very low rent until October 2014.  The tenant was able to negotiate a great deal in exchange for paying the entire lease upfront.  A triumph for the tenant but an ill-advised move by the landlord because, from an investment standpoint, low rent has an adverse effect on a property’s value.  If a buyer can stomach the low rate of return until October, there is an opportunity here to buy at a great price the only bi-level, 2 bedroom corner unit currently offered for sale at Marquis Residences.  Asking price is $1,250,000, or $601 per square foot.
   
4. Marina Blue 5205 – This unit likely won’t win any Best in Show Awards but it has incredible potential.  If one can look past the traditional, almost anti-Miami decor, I’m sure one will find incredible value here.  This is one of the largest 2 bedroom floor plans at Marina Blue, a rare combination unit found only on floors 52-56.  It is a 2 bedroom/2.5 bath condo with 1,660 interior square feet and 10-foot, floor-to-ceiling glass windows.  The unit faces east-southeast and enjoys a panoramic view of the Atlantic Ocean, Biscayne Bay and Downtown Miami skyline.  Asking price is $725,000, or $437 per square foot, which, in my opinion, is low considering the fact that it is a prime floor plan located on a very high floor.  Given a few recent comps, and the fact that the listing has grown stale after sitting the market for 600 days, there should still be room to negotiate on the price.
3. Marina Blue 1603 – This might be your last opportunity to own a 1 bedroom + den at Marina Blue for under $370,000.  This is an approved short sale priced at $355,000, or $376 per square foot; an incredible value no matter how you slice it.  Every unit at Marina Blue has a direct water view and this unit, located on the 16th floor, is no exception.  In fact, it not only offers a view of Biscayne Bay but also the Downtown Miami skyline.
2. Ten Museum Park 3101 – Unfortunately, the listing agent hasn’t uploaded any pictures of this unit onto the MLS.  I’ve seen it in person though and it’s a beauty!  The bi-level, 2 bedroom/2.5 bath corner unit sports 20-foot, floor-to-ceiling glass windows, offering an amazing view of the water and a front row seat to all the action down below at the upcoming Museum Park.  The unit is impeccably designed and exudes the sexy, clean look for which Miami is known.  Asking price on this 1,802 square foot loft is $1,150,000, or $638 per square foot.
1. 900 Biscayne Bay 5302 – While there are cheaper 02 and 09 lines available for sale in the building, this one is located on the 53rd floor and comes completely furnished.  Equally important, the unit has always been owner-occupied, and it shows.  The condo is tastefully decorated and offers not only direct bay and ocean views but also sunrise and sunset views from this 53rd floor flow-through unit.  In my opinion, these flow-through units, which are relatively rare in Downtown Miami, will become extremely valuable once Miami Worldcenter gets built.  Not only will owners get to enjoy the amazing water views to the east, but they will also be able to check out the action down below at MWC to the west.  It would be like overlooking Time Square in New York City.  The price was reduced $115,000 yesterday and is now asking $975,000, or $619 per square foot.  Also, the listing states that the owner is motivated.  This could be a good time to snag an amazing unit at an excellent price.

If you or someone you know has an interest in learning more about any of the above properties, or would like to view any in person, please contact me via email at [email protected] or by phone at 786-247-6332.

444 Brickell Acquired by Related Group for $100M

Once again, foreign buyers have what seems like an unrelenting appetite for Miami real estate.  Perhaps nobody knows this better than Related Group.  Since mid-last year, they have been on a massive land hunt in Miami.  This past Friday, they were back at it again when they paid $100M for a 4-acre site located at 444 Brickell Avenue.

$100M is a hefty sum by any means, but how does it compare to other land acquisitions in the past?  Most notably, how does it compare to the price paid for the land directly across the street at the Icon Brickell site?  Icon Brickell, also developed by Related Group, resides on a 5-acre parcel of land that was acquired in 2004 for $94M.  Besides their size, the key difference between to the two parcels of land is that 444 Brickell resides along one body of water, the Miami River, while the Icon Brickell site resides along two bodies of water, the Miami River and Biscayne Bay.  To put it simply, this past Friday, Related Group paid $6M more for a piece of land that was one acre smaller and positioned with less water frontage.  This comparison goes to show just how much real estate values in Miami have bounced back since the boom and bust cycle of yesteryear.

There is no word yet as to what will be constructed at the 444 Brickell site, but, given the $100M price paid for the land, one would think that it will be just as monstrous as the 1,800 unit development across the street.  Expect to see at least 1,600 luxury units along with high profile commercial space at the base.

• Related Group buys prime Brickell Ave. site [South Florida Business Journal]
• Related spends $100-Fricken-Million on 444 Brickell Avenue – [Curbed Miami]