Yesterday afternoon, we launched the Miami Real Estate Review FaceBook Fan Page. We have big plans for the fan page so be sure to add us. Starting next week, we will provide daily updates in regards to the Miami real estate market. Important market news, recently closed sales and the best real estate deals currently on the market will be highlighted. The information will be provided in an abridged, concise manner to allow daily updates to be made possible. Of particular note to some, the Miami Real Estate Review Fan Page will have a discussion forum. Participants will be able to create discussion topics and provide their input.
$12.9M Penthouse Foreclosure at Santa Maria Hits the Market
Earlier this afternoon, a penthouse foreclosure at Santa Maria came onto the market with an asking price of $12.9M. It’s a two story condo with 10,000 square feet of interior and has a rooftop terrace with a large hot tub.
Update: As I was writing this blog post, I received word that the penthouse has already gone under contract. Word is that the accepted offer price was $11M. Geez, that was fast!
Video Demonstration of the Miami Condo Investments iPhone App
Below, you’ll find a video demonstration of the Miami Condo Investments iPhone app. It was released this past January and we’ll be releasing an update late next month. The app is free and can be downloaded at the iTunes app store.
Price Increases Seen in the Sub-$250K Market
This video introduces a 1 bedroom/1 bath foreclosure condo at Brickell on the River North which came onto the market yesterday. It’s located on the 24th floor and faces west with a direct view of the Miami River. The asking price is $128,700, or $170 per square foot.
The video also explains why we’ve been seeing prices rebound in the sub-$250K segment of the market. Demand has increased due to the availability of financing in 2010 which had been pretty much nonexistent throughout 2009. Each month we continue to see more and more buildings become Fannie Mae approved throughout Miami. The common element in most of these newly approved buildings is that condos in the sub-$250K market are well represented. Furthermore, supply has decreased as evidenced by recent market reports showing large percentage increases in year-over-year closed sales as well as pending sales. Arguments which point to remaining and future developer inventory hold very little water in this segment of the market. Buildings such as 900 Biscayne Bay, Paramount Bay, Mint, Infinity at Brickell, Marquis and Icon Brickell have very little, if any, inventory in that price range.
5 Bedroom Penthouse Foreclosure at Imperial at Brickell
Yesterday afternoon, I had the pleasure of viewing a bank owned 5 bedroom penthouse at Imperial at Brickell. The two-story condo has 5,034 square feet of interior and is the only residence located on the penthouse level. Furthermore, the terrace is one of the largest that I’ve seen for a Brickell Avenue condo and has an amazing, direct view of Biscayne Bay, Key Biscayne and the South Beach skyline. It truly is an entertainer’s dream.
A few days ago, the list price was reduced $300,000 to its current asking price of $1.49M, or $296 per square foot. The unit needs to be renovated considerably. In fact, if it were me, I would gut the entire condo and start from scratch. The condo is perfect for someone who is creative and has the vision to transform this space into one of the most spectacular residences along Brickell Avenue.
Without a doubt, this is a rare opportunity at a great price. Contact us at 305-428-3860 if you have any questions regarding this 5 bedroom penthouse or would like to schedule a personal showing.
Imperial at Brickell was completed in 1983 and is located at 1627 Brickell Avenue.
Icon Brickell Developer Agrees to "Friendly Foreclosure"
Yesterday, The Related Group and its lenders agreed to a “friendly foreclosure” for Towers 1 and 2 of Icon Brickell. This video provides our commentary as well as the details pertaining to the agreement.
Miami Real Estate Review – Episode One
Over the past couple of months, we’ve been working on a project that we hope will separate ourselves from other South Florida Realtors and allow us to disseminate market news and information to our audience in an efficient and innovative way. The video that you see below is the result of an idea that was born a few months ago. We decided to launch a real estate video show. This initial video provides an overview of what we have in mind for our video show and demonstrates how we’ll utilize the iPad in conjunction with it.
Atlantis on Brickell Amenities Video
For those of you not familiar with Atlantis on Brickell, I’ve included a video tour below of the amenities and common areas. Atlantis on Brickell was completed in 1982 and is well recognized for its colorful and unique architecture. This iconic building is well remembered as being featured in the opening credits of the 1980s hit TV show, Miami Vice. The steps to the entrance of the lobby of Atlantis on Brickell was also featured in the 1980s cult classic Scarface. Welcome to Atlantis on Brickell:
Miami-Dade County Pending Home Sales Soar
In today’s edition, The Miami Herald reported that April 2010 pending home sales in Miami-Dade County are up 71 percent year over year and up 6.6 percent since the prior month. The data was released Tuesday by the Realtor Association of Greater Miami and the Beaches.
