Miami World Center
I’ve been on vacation for the past week but I have kept up with the comments that have been left about the Arts District and Park West. While both sides of the argument have valid points, I tend to side with AJ more than the others. I don’t consider the Arts District or Park West dangerous. It may have some shady characters at night but which neighborhood in a large city doesn’t? When I lived in Chicago, I lived in a neighborhood called the Gold Coast for a few years. It was, and still is, one of the best neighborhoods in Chicago. A mile away, however, was the housing project called Cabrini Green which had the reputation for being one of the worst neighborhoods in the NATION!
Cabrini Green has since been relocated to another area. My point is that large cities take time to transition. Park West and the Arts District of Miami are in their early stages of transitioning. There are several proposed city improvements for these two neighborhoods that will transform them. One of these proposed improvements is the Miami World Center. Take a look at their website to view various renderings of what the area behind 900 Biscayne Bay, Ten Museum Park and Marina Blue will look like once this plan is implemented. Again, it will take some time, however. The Miami World Center plan will probably not become a realization for another 5-7 years but when it does it will provide the infrastructure that is much needed in that area. My bet is that Edgewater and Park West will be among the best neighborhoods to live in about 10 years.
Update: The Mall at Miami Worldcenter is scheduled to break ground by the end of 2014. Reservations for condos at Paramount Miami Worldcenter will start on November 18, 2014.
900 Biscayne Bay Penthouse Condo – $1.9M
For the second time, I had the opportunity to view one of the penthouse condos at 900 Biscayne Bay. The building has five floors of penthouses, located from floors 59 to 63. The view in the picture above was taken from a penthouse condo located on the 60th floor at 900 Biscayne Bay.
The condo I saw was an “A” line penthouse that has 3 bedrooms, a den and 4.5 bathrooms with 3,493 square feet of interior space and an amazing 1,225 square feet of balcony space!!! The condo is located on the southern corner of 900 Biscayne Bay and offers 180-degree views to the west, south, and east.
The condo has a private elevator that opens to a private foyer. As you walk through the double doors you are greeted to a very spacious living room with views of Biscayne Bay, the Atlantic Ocean, the Miami Beach and Downtown Miami skylines and much more.
Another look at the spacious living room of this penthouse condo at 900 Biscayne Bay.
The penthouse kitchens at 900 Biscayne Bay have custom Italian cabinetry, stone countertops and high-end stainless steel appliances by Sub-Zero, Miele, and Bosch. The penthouse condos also include a cappuccino maker, mini-fridge, and wine cooler.
The breakfast area off the kitchen of this penthouse condo at 900 Biscayne Bay offers a gorgeous view to the west.
Here’s a look at just how deep some of the balconies are in the penthouse condos. This one is located off the kitchen and living room.
The master bathroom in the penthouse condos at 900 Biscayne Bay all come equipped with a Jacuzzi tub.
Here’s a look at the shower located in the master bath of the penthouse condos.
The view to the south from one of the balconies off the living room provides a spectacular view of Downtown Miami.
Condos For Sale at 900 Biscayne Bay
Condos For Rent at 900 Biscayne Bay
Miami Condo Index – Brickell – August 2008
It has been four months since the last installment of the Miami Condo Index for Brickell. The last update for Brickell condos was provided in April 2008. The data below was collected on August 18, 2008 from the MLS. While crunching the numbers earlier today, it quickly became apparent that prices have continued to fall within the past four months and, in some cases, prices have fallen hard.
The Brickell Condo Index now stands at an average price per square foot of $441.84. This represents a 7.71 percent drop in the average asking prices of the 18 condo developments that comprise the Brickell Condo Index over the past four months, or an annualized loss of 23.13 percent. You’ll see in the graph towards the bottom of the post that about four condo developments have had significant reductions in their average asking prices within the past four months.
Average price per square foot of Brickell condos currently listed on the MLS:
The average price of Brickell condos sold over the past six months has dropped 23.49 percent to $313.97 per square foot from April’s average of $410.38. However, much of this drop is attributed to the fact that Four Seasons Residences, which sells at the highest price per square foot of the 18 condo developments comprising the Brickell Condo Index, has not had one closed sale in the MLS within the past six months and therefore was not included in this month’s average. The average would have dropped around 14.37 percent had Four Seasons Residences been included using its April average. That would still have represented an annualized drop in the average sales prices of about 43 percent!!!
Average price per square foot of Brickell condos sold in the MLS within the past six months:
- Atlantis – 2025 Brickell Ave | 33129 | $241.89
- Brickell on the River – 31 SE 5 St | 33131 | N/A
- Bristol Tower – 2127 Brickell Ave | 33129 | $379.26
- Emerald at Brickell – 218 SE 14 St | 33131 | $240.51
- Four Seasons Residences – 1425 Brickell Ave | 33131 | N/A
- Imperial at Brickell – 1627 Brickell Ave | 33129 | $316.83
- Jade – 1331 Brickell Bay Dr | 33131 | $447.72
- Latitude on the River – 185 SW 7 St | 33130 | $323.74
- Neo Vertika – 690 SW 1 Ct | 33130 | $264.58
- One Miami – 325 & 335 S Biscayne Blvd | 33131 | $316.15
- Santa Maria – 1643 Brickell Ave | 33129 | $625.05
- Skyline on Brickell – 2101 Brickell Ave | 33129 | $296.45
- Solaris at Brickell – 186 SE 12 Ter | 33131 | N/A
- The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $224.18
- The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $311.29
- The Palace – 1541 Brickell Ave | 33129 | $240.85
- Villa Regina – 1581 Brickell Ave | 33129 | $292.44
- Vue at Brickell – 1250 S Miami Ave | 33131 | $188.62
Below you will find some additional statistics:
As in the past, the first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, expressed as a percentage. An “N/A” is found next to Brickell on the River, Four Seasons Residences and Solaris at Brickell since this percentage could not be computed as each building failed to have a closed sale within the past six months through the MLS, and thus did not have an average price per square foot for condos sold. A high percentage indicates that there is a large discrepancy between the average asking price for condos currently on the market and what has actually sold within the past six months.
The second column is the number of active listings in each condo development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those condo developments that have active listings that represent less than 10 percent of the the overall units in the building. To me, this is one indication of a sound condo development. Bristol Tower, Four Seasons Residences, Imperial at Brickell, Santa Maria, The Palace and Villa Regina are the condo buildings highlighted in green. All, with the exception of Four Seasons Residences, were built prior to 2000 and none were targets for wild speculation during the last real estate boom. The ones highlighted in red reveal those condo developments that have active listings that represent over 20 percent of the overall units in the building. There’s definitely underlying risk in buying in these condo developments and I’d only advise buying in one of these if the price justifies the risk. Jade, Solaris at Brickell and Vue at Brickell are the condo developments highlighted in red. Each was built in 2004 or after and victimized by speculation and rampant mortgage fraud. Prices in each have fallen like a ton of bricks within the past year. The condo developments with active listings less than 10 percent are considered safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.
The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past six months. There are a total of 79 total pending sales in the 18 condo buildings represented in the Brickell Condo Index. In April, there were a total of 58 pending sales at the time. The Club at Brickell Bay, Vue at Brickell and Jade each have pending sales in the double digits. The same goes for closed sales within the past six months in each of these condo developments. In April, there were a total of 64 closed sales within the past six months. This figure has almost doubled since April with a total of 123 closed sales within the past six months. With 25 closed sales within the past six months and 25 pending sales in the pipeline at The Club at Brickell, I question myself whether some sort of stability is finally being reached. Again, the 25 closed sales had an average price of around $224 per square foot. If the answer to my questions is no, then where will the dust finally settle? Of the three condo developments, The Club at Brickell Bay was the only one which has had a reduction in its active listings since April. That, to me, is progress. From November 2007 until April 2008, average sales prices at The Club at Brickell Bay fell about 46 percent. Now since April, we have seen another large drop of about 39 percent in its average sales price. By year’s end, can prices at The Club at Brickell Bay hit the $150 per square foot mark that many of the commentors on this blog have mentioned? A 30 percent drop in sales prices will bring us very, very close to that oft-mentioned number. A better question is, will the pundits of this blog revise their guidance downward if that figure does become an eventuality in a few condo developments in Brickell?
The sixth column shows the difference in the average list prices from this month’s and April’s, expressed as a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that had an increase. Emerald at Brickell saw asking prices drop a little over 23 percent, Vue at Brickell slightly under 23 percent, Solaris at Brickell around 20 percent, The Club at Brickell Bay about 17.5 percent, Neo Vertika 11.4 percent and Jade 11.25 percent. Only Santa Maria and The Palace experienced average list prices actually rise.
The seventh column reveals the difference in average sales prices from this month’s and April’s, expressed as a percentage. Emerald at Brickell saw the largest drop with a 41.21 percent decline, although only one closed sale was found in the MLS within the past six months to calculate its new average. It has a difference of around 46 percent in its average sales and asking prices. This is the largest pricing discrepancy amongst the 18 condo developments represented in the Brickell Condo Index. This just shows me that asking prices at Emerald at Brickell still have a ways to come down before reaching its market clearing value. The Club at Brickell Bay had its average sales price drop around 39 percent, Skyline on Brickell around 25.5 percent, The Palace about 25 percent and Villa Regina around 25 percent. Only Latitude on the River and Santa Maria experienced an uptick in average sales prices since the last Brickell Condo Index update.
This the first month where we saw average sales prices for a Brickell condo building fall below $200 per square foot. Vue at Brickell is now sitting on an average sales price of around $189 per square foot, calculated from the 17 closed sales in the MLS that it has had within the past six months. A look at the listings currently available at Vue at Brickell indicates that prices will continue to fall, as over 30 listings have an asking price below the $189 per square foot average. In fact, four listings are currently asking less than $150 per square foot. It goes without saying that Vue at Brickell will likely hit the $150 average sales mark before any of the other condo developments in the Brickell Condo Index.
Another insight I made while pondering the figures for this month’s Brickell Condo Index is that Santa Maria is alive and kicking. It looks healthy despite the slow down in the real estate market. Its average listing and sales prices have both gone up within the past four months. It has also had 8 closed sales within the past six months. That may not seem like a lot but, with only 174 total condos, Santa Maria is not a huge mega-building with 500-plus units like we often see nowadays. It also has the most realistic asking prices. The discrepancy in asking and sales prices is 15.81 percent, the lowest amongst the 18 condo developments. Couple all that with the fact that the currently available listings at Santa Maria only represent around 8 percent of its possible inventory and I’m saying that it’s good to see that there’s still one stand-up condo development amongst the 18.
The Ivy – A Photo Tour
A few weeks ago, I had the opportunity to visit The Ivy for the first time. The Ivy is located on the Miami River just west of Downtown Miami in the only riverfront gated community. I was given a tour of the amenities and a two bedroom condo. As always, I brought my digital camera with me to shoot pictures to share with my readers. You’ll notice in the pictures below a heavy use of the colors white and green throughout the common areas at The Ivy.
Below, you will find a shot of the lobby at The Ivy:
The arcade room with ping pong and air hockey tables:
The billiards room at The Ivy:
The entrance to the women’s spa at The Ivy:
A shot of the shower, sauna and steam room at The Ivy:
A seating area off the spa:
The state-of-the-art fitness center at The Ivy:
An aerial shot of the lap and resort-style pool as well as the hot tub at The Ivy:
The grass-covered volleyball court:
The barbecue area at The Ivy:
The residents of the condominium buildings located within the gated riverfront communities such as The Ivy, Mint, Wind and Cima will be able to share the planned soccer field and tennis courts. The shot below, located just north of The Ivy, is of the site where that will reside:
The clubroom at The Ivy:
Another shot of the clubroom:
The condos at The Ivy come “decorator-ready”. Below is a shot of the kitchen which comes with stainless steel appliances. The wrapping had still not been uncovered on the refrigerator, oven and dishwasher in this unit.
My favorite part of the condos at The Ivy is the glass shower wall with a view to the bedroom:
Another shot of the shower. You also have a view out the balcony door from the shower as well.
The Ivy offers fabulous views of the Miami skyline. Below is the type of view that you can expect from the units facing south:
Full-size washer and dryer:
Best Deal at Marina Blue – 1 Bedroom/1.5 Bath – Completely Built-Out – $295K
This 1 bedroom/1.5 bath condo, on the 20th floor, is the best deal currently available at Marina Blue. The condo comes with marble floors throughout, Wenge built-in closets and window treatments in the living room and bedroom. The condo has 843 square feet of interior space, a 152 square foot balcony that stretches the length of the unit and comes with stainless steel appliances, granite countertops, custom Italian-style kitchen cabinetry and washer/dryer.
The lowest priced 1 bedroom condo currently offered at Marina Blue is listed for $290,245. However, that unit is located on the 5th floor and comes “decorator-ready” (no flooring, no window treatments and no built-in closet). Additionally, the view just doesn’t compare to this condo located on the 20th floor with direct views of Biscayne Bay, Key Biscayne and the Downtown Miami skyline. The most comparable deal currently available at Marina Blue is located 3 floors higher and is listed for $319,000 but, again, it comes “decorator-ready”.
A picture of the kitchen in this condo at Marina Blue, as well as some of the living room space.
The view of Downtown Miami is great from this one bedroom condo at Marina Blue, as well as the view of the water.
A shot of the Wenge built-in closet in this 20th floor condo.
The balcony of this one bedroom condo at Marina Blue has 152 square feet of marble flooring.
Marble floors in the bathroom, dual sinks, a “Wet Room” with glass-enclosed shower and bath tub, a bidet and toilet.
The washer/dryer in this condo at Marina Blue resides in the half-bath located near the entrance.
Contact me if you’d like to view the best deal at Marina Blue in person.
Ten Museum Park Banner Ad
Driving by Ten Museum Park the other day, a friend of mine asked me, “Why would the owners of units in that building allow an ad to be displayed on the side of their building?”. I’m sure many of you have thought the same thing while driving down Biscayne Boulevard. My response was simple, “They likely have no say in the matter”. The office space located on the lower part of Ten Museum Park is not owned by the developer nor the condo association. I believe the office space is owned by Michael Comras, a well known commercial developer in Miami Beach. Michael, if you’re reading this, I vote for new ad sponsorship. A Victoria’s Secret ad featuring Adriana Lima ought to help out with the traffic congestion down Biscayne Boulevard. Ha!
Scoring Criteria for the Miami Condo Rankings Page
For detailed information regarding how these scores were created, please refer to the post entitled “Miami Condo Rankings Page Goes Live“.
Miami Condo Rankings Page Goes Live
For quite some time, I’ve been wanting to launch this new addition to my site. I think part of me was a bit timid about publishing the Miami Condo Rankings page because I knew that there would be a lot of criticism about my rankings. It’s important for everyone to realize that this is only my subjective opinion. I felt it necessary, however, to publish these rankings to provide nonlocal Miami buyers with a way to sift through the various condo developments here in Miami in order to narrow down their choices. Besides, I’ve received a number of emails from people suggesting that I provide them with this sort of information. The link to the Miami Condo Rankings page will remain towards the top of this page underneath the header.
When creating the Miami Condo Rankings, I tried to be as unbiased as possible. The rankings are based on my experience of viewing the various condo buildings and condo units throughout Miami in order to arrive at the stated figures. Everyone is going to have a different point of view, however. My Miami Condo Rankings aren’t set in stone. I will be revising them over time and adding new condo developments as I get the chance to view them. For example, the risk adjustment category will be adjusted periodically once I feel that the risk for buying in a particular condo building has changed.
I’m a firm believer in democracy and rarely delete comments. I appreciate everyone’s input on various topics and, although I may not agree with certain opinions, I do believe that visitors to my site should be able to read a variety of opinions. Therefore, you will all have the ability to submit your personal rankings for any or all condo buildings. This came as a suggestion from my website developer and I loved the idea. I want everyone to view not only my feelings about the various condo developments in Miami, but also the opinions of the general public as well. I just ask that everyone try to be as unbiased with their scores as I have been. It doesn’t do anyone any good if you give your condo building all tens for each category, or if you give another condo development all zeroes just to make your own condo building look good. You can also submit your thoughts about the various condo developments in the comments section towards the bottom of the Miami Condo Rankings page so everyone can learn about other aspects that aren’t transparent in the five included categories. There are a plethora of other factors that, in reality, also play a role in someone’s decision to choose one condo development over others such as parking, floor plans, balcony space, etc. I tried to keep it as simple as possible, however, and highlight the most important contributing factors. The Miami Condo Rankings page is to act as more of a guide to nonlocal buyers. Nothing is cut-and-dry when buying real estate.
Below, you find some determining factors that I took into account when deciding on the score for each category for the Miami Condo Rankings:
Location
- It’s important to note that the scores for the location category were determined based only on Miami. I did not take Miami Beach into account. Obviously, because of the proximity of the beach, restaurants, and nightlife, Miami Beach buildings would have received higher scores. I may include Miami Beach condo buildings at a later date and adjust the scores for the location category of each condo development throughout Miami. I know that a lot of people who frequent this site are very attached to their neighborhoods and may feel that their neighborhood deserves a higher score. Please feel free to contribute your comments so others can view what you have to say. Proximity to restaurants, grocery stores, shops, nightlife and the overall quality of the neighborhood played a determining factor when creating the location scores.
Views
- I based my scoring for this category on the average views offered in the condo building. Most condo developments provide the best views to the 3 bedroom units (or 2 bedroom units if 3 bedrooms aren’t offered). Obviously, if you’re in the market for a 3 bedroom and the condo development that you might have your eyes on only has a score of 6 then you’ll need to make the adjustment for yourself. Again, the score for views is based on the average views of all of the condo units in the building.
Quality
- Of the 5 categories included in the Miami Condo Rankings, this was the most difficult to determine. This category was the reason why it took so long for me to publish these condo rankings. There were so many factors to take into account when calculating these figures. First most, I took the quality of the building into account along with the amenities offered. Second, I wanted to factor in the average quality of the units. This was difficult because some of these Miami condo buildings have been around for over 20 years and some of the condo units have been completely upgraded. As a result, age of the building played a role in determining the scores. Some people love the stability, larger floor plans (in most cases) and historical significance of older condo buildings. Meanwhile, I think most people, at least the buyers I have encountered, love the freshness of a brand new building. If you’re the type of buyer who appreciates the positive aspects that an older building affords, then you’ll definitely want to adjust my score upwards for this category as well.
Waterfront
- This was the easiest of the 5 categories to determine scores for each condo development even though it wasn’t as simple as one might think. If a condo development is located directly on the waterfront then I gave it a score of 10. If it isn’t waterfront but resides across from a city park or other unobstructed piece of land with no other future use then I gave it a 7.5. If it is a riverfront condo development then I gave it a 5 and if it was completely landlocked then it got a score of 2.5. I did make an exception for Four Seasons Residences, however. The condo units at Four Seasons Residences begin on the 40th floor. Even though it is a landlocked building, I gave it a 7.5 because it offers gorgeous views and I don’t think any nearby buildings will impede on these views any time soon.
Risk Adjustment
- There’s definitely risk associated with buying a condo in Miami. The risk varies from condo building to condo building, however. I calculated my risk score for older buildings based on how many foreclosures and short-sales there currently are in the condo building. The score was determined for newer buildings based mainly on how well the condo development is presently doing with their closings. The risk adjustment score will periodically be adjusted to reflect any changes in risk. I’m hoping that these scores will eventually be close to a score of 10 within 3-5 years. We shall see. It is important to note that risk isn’t necessarily a bad thing. With risk comes reward (in some cases). Jade at Brickell Bay currently has a risk adjustment score of 4. It’s a gorgeous building but there are a ton of foreclosures, hence the score. With recent closed sales near $400 per square foot, I think prices have fallen in line with what the market is dictating. Regardless, the building does have a lot of foreclosures so there is risk.
I also added a few other columns to the Miami Condo Rankings page. You will find Year Built, Developer and Architect included on the page. These columns weren’t used to create a final ranking but they are important to note. I hope the Miami Condo Rankings page helps nonlocal and local Miami condo buyers in their search for a Miami condo.
Photo Tour of Axis – Brickell Condo
I had the opportunity to tour Axis last Tuesday morning with a client. I brought my digital camera with me and had the chance to snap off a bunch of pictures of the common areas at Axis as well as a few model units. Axis has a large amenity level which includes a resort-style pool, separate lap pool, hot tub, audio/video room, steam room, barbecue grill, bar lounge area, billiards tables, various seating areas with flat-screen TVs and a fitness center. I tried to shoot most of the amenities at Axis but wasn’t able to get quite everything.
The following is a shot of the seating area in the lobby of the South Tower at Axis.
Here you’ll find the resort-style pool at Axis.
Here’s an aerial shot of the resort-style pool at Axis from one of the balconies. I wasn’t able to get a shot of the lap pool.
Here’s the hot tub at Axis.
The two billiards tables at Axis.
The bar lounge at Axis located off the pool deck.
A seating area with a flat-screen TV at Axis.
Another seating area with a flat-screen TV.
Yet another seating area but without a flat-screen TV.
Steam room at Axis.
A shot of the fitness center at Axis.
Another shot of the fitness center at Axis.
As I mentioned, I was able to also tour a few of the model condo units at Axis. I was told that all of the kitchen appliances and cabinetry are standard except the Penthouse condos. The Penthouse condos come with upgraded Viking appliances.
Here’s one of the fully decorated model units that I saw at Axis.
Here’s a corner 2 bedroom condo at Axis which faces northwest. If you are interested in a north facing unit then you’ll likely want to clear the Camden Brickell development directly across the street. I believe Camden Brickell has about 16 floors.
The bathrooms were pretty nice. This is a shot of the master bath in a 2 bedroom unit. The 1 bedroom units have only one sink in the bathroom though.
The master bedroom was quite spacious in this 2 bedroom condo at Axis.
The closet in the master bedroom was also quite spacious.
The stackable washer/dryer at Axis.
That concludes my photo tour of Axis. Overall, I was pleased with the building and units given the price range for condos at Axis. I definitely wouldn’t categorize it as a high-quality building but one shouldn’t expect that given the price point. Axis is a great option for a young professional working in the Financial District who wants to be in a brand new building but wants to be towards the lower end of the spectrum on price. I think the quality of the building and units is most comparable to Plaza on Brickell, although I do prefer Plaza on Brickell minus the parking woes there. Compare the pricing of both condo developments by checking the available listings of both below.
