CBS4 Reports on the Downtown Miami Condo Market Turnaround
For those who missed it earlier this evening, CBS4 aired a segment entitled “Is Downtown Miami’s Condo Market on the Rebound?“. CBS4 reporter, David Sutta, highlighted the recent sellout of the Viceroy Tower at Icon Brickell and interviewed our very own, of the Miami Condo Investments team, to get his perspective regarding the dwindling condo inventory in Downtown Miami. He compares the condo inventory at the peak of the market to the inventory that now exists. Over the past year, prices have begun to rebound in Downtown Miami as inventory has been swallowed up predominantly by foreign buyers. There is no reason to believe that the market turnaround will reverse course anytime soon as new condo inventory in Downtown Miami is years away from hitting the market.
Best Priced 2 Bedroom at 900 Biscayne Bay – $510,000
We recently got a new listing at 900 Biscayne Bay. It’s a 2 bedroom/2.5 bath condo with 1,355 square feet of interior and 597 square feet of balcony. The unit has American maple wood floors throughout the living areas and marble floors in the bathrooms. The unit faces northeast with a view of Biscayne Bay. The asking price is $510,000 which currently makes it the best priced 2 bedroom at 900 Biscayne Bay. Contact us if you would like to view the unit in person or if you would like more information regarding unit 2012 at 900 Biscayne Bay.
If you’re in the market for a luxury condo rental in Downtown Miami then you may want to take a look at the two gems below. Both rentals are stunning and came onto the market earlier this afternoon.
The first is a 4 bedroom/4.5 bath bi-level condo at Marquis Residences. The 57th floor unit has 3,880 square feet of interior with wood flooring throughout and comes fully furnished. Asking price is $12,000 per month.
The second rental is a 3 bedroom + den/4.5 bath penthouse at 900 Biscayne Bay. The unit has 3,493 square feet of interior, marble flooring throughout and an over-sized terrace unique to the 59th floor. The floor plan is pretty spectacular. Asking price is $8,900 per month. The condo is also available for sale at an asking price of $2,099,000.
900 Biscayne Bay #5901 – 3 bedroom + den/4.5 bath – $8,900 per month
Don’t hesitate to contact us if you have an interest in viewing either of the above two rentals. If these properties aren’t quite what you have in mind, please feel free to use our property search to find a rental that suits your style and needs.
Miami Condo Market Hot Again According to CNBC’s Diana Olick
Yesterday afternoon, Diana Olick of CNBC discussed the Miami condo market on her segment “Spring Realty Check”. The Miami condo market has made an amazing recovery over the past four years and is once again heating up. Miami condo sales are up 134 percent from a year ago and investors are rushing in to scoop up condos. As Diana says, “Investors should pay attention, or miss the boat”.
Batting Practice, First Seat Installed in Florida Marlins’ New Stadium
It appears that construction of the Florida Marlins’ new stadium is still on schedule for a March 1, 2012 opening. For those who missed The Miami Herald article yesterday, Marlins players such as Hanley Ramirez, Mike Stanton, John Buck and Gaby Sanchez took batting practice and the first seat was installed in the new ballpark. The article also mentions that premium seating is selling fast and full season-ticket sales for 2012 already exceeds all season-ticket plans sold for 2011. I, for one, look forward to the day when Miami will have its own stadium and arriving at a ball game will take just 7 minutes rather than making the long commute to Broward County.
Dedication Ceremony Scheduled for Miami Circle Park
The end is almost near…for Miami Circle Park that is. According to a local news station, a dedication ceremony of Miami Circle Park is scheduled for 11:30am on February 23, 2011. As you can see from the picture above, the park has come a long way since construction began. Miami Circle Park, designated a National Historic Landmark to preserve a 2,000 year old archaeological find, is located at the mouth of the Miami River and Biscayne Bay. Residents of Brickell will now have a green space of which they can be proud.
Latest Report Shows Buying Property in Miami More Affordable Than Renting
It is more affordable in Miami to buy vs rent, according to the latest Rent vs Buy Index released by Trulia.com earlier this afternoon. Miami and Las Vegas topped the list of metropolitan cities where it is more affordable to buy rather than rent. The report compared the cost of leasing a 2 bedroom home with the cost of ownership. An increase in demand from renters along with a shrinking inventory has caused the pendulum to shift in the opposite direction.
In contrast, the above list shows the top 10 cities where it is still more affordable to rent vs buy along with their associated price-to-rent ratio.
Future Publix at 18th Street & Biscayne Boulevard
The above rendering was released by the South Florida Business Journal today in an article entitled “Stiles plans Publix in downtown Miami”. The rendering is of a 49,000 square foot Publix that is planned for the location at Northeast 18th Street and Biscayne Boulevard. That article mentions that the Publix will have a bakery, pharmacy, liquor store and cafe’.
LeBron James and Dwyane Wade Make Their Decision
In today’s Miami Real Estate Review episode, we discuss a report released by The Palm Beach Post stating that LeBron James of the Miami Heat has recently placed a tri-level home in Coconut Grove under contract. We also reveal inside information that was disclosed to us last week that Dwayne Wade has signed a one-year lease on a 59th floor penthouse at 900 Biscayne Bay. We close the show by highlighting a few housing statistics.
