iPhone App Update Now Available on iTunes

Great news!  The Miami Condo Investments iPhone app is now compatible with iOS 5.  You can download the latest update on iTunes.  We would love to receive any feedback that you might have so it would be great if you could leave us a review.

As a side note, I recently updated the scores on the Condo Rankings page and have added a few buildings such as Mint and Paramount Bay.  The majority of the changes were made to the risk adjustment column to reflect the decrease in developer inventory in many of the newer buildings since the last update.

Android App Now Available on Google Play; iPhone App Update Available Soon

We are proud to announce the arrival of the Miami Condo Investments Android App to the Google Play store.  You can download it for free today.  We are confident that it is the best Android app available to cover the Miami real estate market.  We have tested the app for over two months and have received very positive feedback thus far.

Our latest iPhone app update has also been completed but is awaiting approval by Apple.  We expect the latest update to be available for download on iTunes sometime next week.  The update will fix an issue which caused our app to crash repeatedly for users running iOS 5.x.  Ironically, those running older iOS versions did not have issues using our app.  I will be sure to let everyone know once the iPhone app update is available on iTunes.

Both real estate app versions have the following features:

• GPS-enabled to allow users to search for condos near their current location
• View South Florida condo developments on a Google Map organized by neighborhood
• View available sales and rentals as well as recent sales and rentals
• Read the most recent blog posts regarding the South Florida condo market
• Save condo listings of interest to your “Favorites”
• Advanced search criteria allow you to search for condos like a professional
• View building and property photos
• Contact a Realtor by phone or email directly from the app to answer your questions and/or show you properties in person

Paramount Bay Update

Earlier this afternoon, I was in the neighborhood so I decided to stop by Paramount Bay to get an update on pricing and availability and also to check on the progress that has been made to the common areas.  The amazing news is that Paramount Bay is now 69% sold.  That’s a remarkable feat given that the common areas were (and presently still are) a work in progress when sales launched on November 7, 2011.  Early buyers were rewarded generously, however, for believing that current ownership would deliver a building with common areas of superb quality.  There have been several price increases since November and, after touring the building today, I can tell you that early buyers made a very wise decision. Contractors have worked earnestly on the common areas since November and prices have adjusted accordingly as completion approaches 100%.  From what I saw today, Paramount Bay is shaping up to be one of the finest condominium buildings in all of Miami.

I also discovered that there are two penthouses still available for sale at Paramount Bay.  Both have 4,437 interior square feet along with 736 square feet of terrace.  One is located on the 45th floor and currently is being offered at $3,685,900 while the other is located on the 46th floor and is asking $4,001,900.  Below, you will see the price ranges that currently exist for the various floor plans at Paramount Bay.  Keep in mind that pricing is expected to increase as the common areas near completion.

Miami Home Prices Up for Fourth Consecutive Month; Condo Prices Skyrocket 46% Year-Over-Year in March

The March figures for Miami real estate were released yesterday by the Miami Association of Realtors. The report showed that Miami home prices increased for a fourth consecutive month. The median sales price of condominiums in Miami-Dade County skyrocketed 46 percent while the median sales price of single-family homes rose 13 percent year-over-year.

“The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “We expect this trend to continue, as Miami increasingly attracts international buyers and investors, second and vacation home buyers, and migrating U.S. residents.”

A Look Inside Penthouse 3401 at Asia

I had the opportunity earlier this afternoon to tour one of the most amazing penthouses that Miami has to offer – Penthouse 3401 at Asia.  The 5 bedroom/6.5 bath, tri-level penthouse has 4,954 square feet of interior with 12-foot ceilings on each floor, a maids quarters off the laundry room and white marble floors throughout.  All together, the Asia Brickell Key penthouse has 1,602 exterior square feet which includes an outdoor wet kitchen and a roof-top pool offering breathtaking water and city views.  The unit also includes an in-unit elevator for those who find the walk to the third floor master bedroom too grueling after a long day at work.  To top it all off, the penthouse comes fully furnished and decorated courtesy of Artefacto.  The price to live the high life on Brickell Key – $8.8M.

Pat Riley Sells Miami Mansion for $16.75M

Pat Riley, president of the Miami Heat, and his wife, Christine, have sold their waterfront mansion located at 180 Arvida Parkway in the posh subdivision of Coral Gables called Gables Estates for $16.75M.  The 5 bedroom/8 bath estate sits on approximately 2 acres with 900 linear feet of watefrontage.  The sales price represents a discount of over 25% from its $23M asking price.  Pat and Christine Riley purchased the home for $6.3M in 1996.  The couple will likely now reside in their penthouse at Apogee South Beach.

For other star-studded real estate in Miami and Miami Beach, be sure to check out our collection of Miami luxury homes in areas such as Star Island, Fisher Island, Gables Estates, North Bay Road, and more.

Miami Luxury Real Estate Prices Post 3rd Largest Percentage Increase in the World in 2011

The luxury real estate market in Miami had a remarkable year in 2011 and now, thanks to an annual report released by real estate consultants Knight Frank, we know how it compared to other international markets.  The Wealth Report 2012 showed that Miami luxury real estate prices in 2011 increased 19.1 percent from the year before.  The increase was the third largest when compared to other international luxury real estate markets, well ahead of London and Vancouver. Luxury properties in Miami are finally on the radar of the world’s elite!

New Luxury Listing of the Day

A beautiful 6 bedroom/7 bath waterfront home at 943 N Venetian Drive on the Venetian Islands hit the market earlier today.  The asking price is $14.9M for the 9,255 square foot home which sits on a 47,250 square foot lot with 175 feet of water-frontage.

Nestled behind 15ft grandiose wooden gates is a perfectly manicured Mediterranean estate on a rare 47,250 sqft bayfront lot on N.Venetian Dr. This 6BR/7BA home was meticulously renovated by Peter Galo in 2004. Renovated for easy living with open spaces for formal/informal living. Great for entertaining with dining/living and family rooms flowing to the picturesque backyard overlooking 175ft on Biscayne Bay.

Miami Home Prices Post Strong Gains for Third Consecutive Month in February

The good news continues to pour in for the Miami real estate market.  Earlier today, the Miami Association of Realtors released a report showing that Miami home prices had posted strong gains for a third consecutive month in February.  Here’s an excerpt from the press release that was issued:

For the third consecutive month,Miami home prices posted strong gains in February. The median sales price of condominiums in the Miami-Dade County surged 40.4 percent to $131,950 in February compared to a year earlier, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of single-family homes rose 19 percent to $175,000.

“Miami home prices have rebounded sooner and stronger than predicted, which is a very encouraging sign for the Miami real estate market,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “Months supply of inventory has dipped below 5 months, as housing inventory continues to dwindle. Limited supply should further strengthen home prices.”