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.

Brickell Key Condo Index – June 2008

The following data was collected on June 27, 2008.  It’s been quite some time since my last Brickell Key Condo Index.  In fact, the last was published in January 2008, or 5 months ago.  What’s interesting is that it has been one year since I started the Brickell Key Condo Index, so in this update we’ll be able to see how prices have fared over the past 12 months.

As many of you might have guessed, the average price per square foot of Brickell Key condos listed in the MLS has continued to go down since the January 2008 update. In fact, average list prices have gone down across the board throughout the 10 Brickell Key condo buildings represented in this index.  I’ll show you the percentage decreases in each building towards the bottom of this post.  In January 2008, the average price per square foot of condos listed in Brickell Key was $486.07. The average now stands at $450.49. That’s about a 7.3% drop in list prices in 5 months. More interesting is the drop since June 2007.  At that time, the average price of condos listed in Brickell Key was at $519.97.  That means list prices in Brickell Key have come down a little over a 13% in 12 months.

Average price per square foot of Brickell Key condos currently listed on the MLS:

• Brickell Key I – 520 Brickell Key Drive | 33131 | $353.45
• Brickell Key II – 540 Brickell Key Drive | 33131 | $422.52
• Carbonell – 901 Brickell Key Drive | 33131 | $572.35
• Courts Brickell Key – 801 Brickell Key Drive | 33131 | $429.47
• Courvoisier Courts – 701 Brickell Key Drive | 33131 | $402.06
• Isola – 770 Claughton Island Drive | 33131 | $420.22
• One Tequesta Point – 888 Brickell Key Drive | 33131 | $431.74
• St. Louis – 800 Claughton Island Drive | 33131 | $458.38
• Three Tequesta Point – 848 Brickell Key Drive | 33131 | $508.11
• Two Tequesta Point – 808 Brickell Key Drive | 33131 | $506.64

The average price per square foot of condos that have sold within the past five months has gone down as well. This average dropped to $367.19 per square foot from the $416.92 that we saw in January 2008.  This average stood at $445.59 in June 2007. That’s a 11.9% drop within 5 months and a 17.6% drop within 12 months.  The average price per square foot for closed units at St. Louis was not included in this month’s index, however, because there haven’t been any closed sales within the past 6 months.  That’s why you’ll see the absence of a bar for St. Louis in the graph below.  The percentage drop may have been smaller had there been closings at St. Louis but nobody knows for sure since we don’t know where the market clearing value for these condos lies.

The average price per square foot of condos sold within the past six months:

• Brickell Key One – 520 Brickell Key Drive | 33131 | $321.16
• Brickell Key Two – 540 Brickell Key Drive | 33131 | $299.76
• Carbonell – 901 Brickell Key Drive | 33131 | $408.33
• Courts Brickell Key – 801 Brickell Key Drive | 33131 | $360.31
• Courvoisier Courts – 701 Brickell Key Drive | 33131 | $336.01
• Isola – 770 Claughton Island Drive | 33131 | $265.79
• One Tequesta Point – 888 Brickell Key Drive | 33131 | $392.33
• St. Louis – 800 Claughton Island Drive | 33131 | N/A
• Three Tequesta Point – 848 Brickell Key Drive | 33131 | $465.02
• Two Tequesta Point – 808 Brickell Key Drive | 33131 | $455.98

The chart below reveals additional statistics pertaining to the 10 aforementioned condo buildings in Brickell Key:

The first column to the right of each condo development is the difference in the average sales price and list price for this month, expressed as a percentage. As you can see, there is, in some cases, very large discrepancies in the average list price versus the average sales price for condos that have closed within the past six months.  Notice the 36.75% difference in these two averages for Isola and about 29% differences for Brickell Key II and Carbonell.  Wow!  I guess list prices in these buildings still have a ways to go to catch up to price level where there’s actual demand to buy.

The second column is the number of active listings in each 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. If you compare this month’s chart to the one published in January 2008, you’ll notice that the majority of the Brickell Key condo buildings have had a slight increase in the number of available listings.  The cells highlighted in green reveal those developments that have active listings that represent less than 10 percent of the the overall units in the building. As I’ve stated before, I find this to be a very healthy number. The ones highlighted in red reveal those developments that have active listings that represent over 20 percent of the overall units in the building. Proceed with caution if you’re buying in a condo building where the available listings represents over 20 percent of the total number of units. Condo developments with active listings representing less than 10 percent of the overall condos are considered very 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 in the MLS. All of the buildings have had at least 3 closed sales within the past six months except St. Louis, which laid a fat goose egg.  Two Tequesta Point experienced the most closings in that time frame with 9.

The sixth column shows the difference in the average list prices from January 2008 and this month, expressed a percentage. Those highlighted in red reveal those condo developments which have had a drop in their average list price.  As you can see, each of the 10 buildings in Brickell Key, represented in this index, have experienced a drop in their average list prices within the past five months.

The seventh column reveals the difference in average sales prices from January 2008 and this month, expressed as a percentage. Only Two Tequesta Point and Three Tequesta Point have had increases in their average price per square foot for units sold within the past six months.  With 9 and 6 closed sales, respectively, within the past six months, perhaps these two buildings have established a floor?  I guess time will tell.

It’ll be interesting to see where prices for Brickell Key condos will reside in another 12 months.  My take is that about 4 or 5 of these condo buildings are close to reaching their bottoms while the other half still needs at least another 4-6 months to reach that point.

Villa Magna Project Lives On…

…at least for the time being.  The “Miami Today News” reported last week that the Villa Magna project is still pushing forward.  I guess we can all scrap the inkling of a dream that the land would become a public park.  I don’t think any of us actually thought it would be turned into a park but rather just wishful thinking that the city wanted a nice green space for the residents of Brickell.  The Villa Magna project will reside on the last bayfront lot in Brickell.  Now, we can all move on to hoping that the Brickell CitiCentre land will become a public park.

The same issue of the “Miami Today News ” also discussed the relocation of the Camillus House.  For those not local to Miami, the Camillus House is a homeless shelter located in the neighborhood of Park West, a few blocks west of new luxury condo high-rise buildings such as Ten Museum Park, 900 Biscayne Bay, Marquis and Marina Blue.  The good news is that the relocation of the homeless shelter is still going to happen.  The bad news is that the move won’t happen until 2010.  I think residents of these condo buildings are highly anticipating that day to arrive.  The neighborhood will see a dramatic improvement and, as the article mentions, commercial developers will be more prone to open retail space in the neighborhood.  2010 will be a great year!  The Super Bowl will be returning to Miami and Camillus House will be heading west!

Update: I do plan to update this blog on a more frequent basis like you had enjoyed in the past.  I took some time off but now I’m back in full blogging mode.  The new “Condo Deals” page is coming along nicely and should be rolled out by the end of next week.  I’m looking forward to that as well as a few other changes that I think you’ll all enjoy.

Panoramic Views from 3 Bedroom Penthouse at Quantum on the Bay

This morning, I showed a 3 bedroom Penthouse unit on the 51st floor at Quantum on the Bay to some foreign buyers. The views were pretty amazing! Take a look for yourself below.

To the south, you can see Brickell Key and Key Biscayne from the Penthouse at Quantum on the Bay.

You can also see the Venetian Islands, Fisher Island, South Beach and Star, Hibiscus and Palm Islands.

Here you see the rest of Miami Beach from the Penthouse at Quantum on the Bay.

To the north, you can see Surfside, Bal Harbour and Sunny Isles Beach in the distance.

Marina Blue Through the Eyes of a Professional Photographer

About a month ago, I shared a bunch of pictures that I shot while touring Marina Blue. Someone left a comment remarking that my amateur eye didn’t fully encompass Marina Blue in all its glory. I think you will all agree, after viewing this post. Fortunately, the people at Posh Condos were nice enough to share with me some professionally shot photos that they had someone shoot for them. They agreed that I could share these amazing pictures of Marina Blue with my readers, so enjoy!

The lobby seating area at Marina Blue.

The hallway to elevator core 3 and the beautiful orange round-chair at the end.

A shot of elevator core 1 at Marina Blue.

The entrance to the Sky Beach Fitness Center on the 14th floor at Marina Blue.

This amazing view should inspire quite a few to get their cardio workout in each day.

The two hot tubs at Marina Blue.

The sunrise pool at Marina Blue and the Downtown Miami view.

The poolside eating area off the club room. The barbecue grills aren’t installed yet but they will be.

The poolside lounge area at Marina Blue.

The rock garden at Marina Blue. I never knew rocks could look so beautiful.

The putting green. I think there’s about 5 holes in all.

A shot of the circular beds off the sunset pool at Marina Blue.

The sunset pool. You can work on your tan all day until the sun fades into the horizon. The sand volleyball court was being set up the last time I was on the pool deck at Marina Blue.

Most people hate to see an unfinished unit with concrete floors. Above, you’ll find a finished condo at Marina Blue with painted walls, flooring, baseboards and window treatments. The view is killer even from this condo on a relatively low floor. Last week, I got a rental listing on the 5th floor and received an offer that was accepted after just one showing. All Marina Blue condos have a direct water view.

This is the kitchen at Marina Blue from a 12 line unit with tiled floors. The 12 line is a 2 bedroom/2 bath corner unit with direct views of Biscayne Bay and Miami Beach from the living room and master bedroom and views to the north and west from the kitchen and second bedroom.

A sick view to the east at Marina Blue.

A view down Biscayne Boulevard. Yes, the traffic may be congested at times, although you don’t see it in this shot, but isn’t that what urban life is all about? I honestly can’t wait for there to be more traffic in Park West, Brickell and the Arts District. The infrastructure will follow.

I’m originally from Chicago. A few years before I left Chicago, nobody wanted to live south of Congress. The infrastructure wasn’t in place at the time because there wasn’t much interest to live there from young professionals. Now, it’s a totally different situation. Development has pushed more south with each passing year and what was formally known as the “hood” has become a place that young professionals actually enjoy living.

There’s no doubt that the same will happen with Miami. Six months ago, I used to show condos at Loft 2 and 50 Biscayne and hardly anybody lived there. Now, the foot traffic that goes through the lobby of each building each hour is incredible. I showed a condo for sale at Loft 2 this evening and I couldn’t believe how many people actually live there now. It was a sight to see! It’ll definitely take some time for the market to digest the new inventory but, when it does, Miami will be hot again!!!

Marina Blue Condos For Sale

Marina Blue Rentals

A Preview of 500 Brickell

Last Thursday night, I attended the brokers preview party for 500 Brickell. It was great to be in the company of the one or two Realtors left in Miami. Okay, I’m exaggerating a bit. The place was actually pretty packed. The wine was flowing and the hors d’oeuvres were everywhere. The picture above was taken from the rooftop pool on the 42nd floor.

Jorge Perez attended the party. Jorge gave free copies of his newly published book “Powerhouse Principles” and stayed around to sign books. Above, Jorge is doing his rendition of “Love Me Tender” by Elvis Presley. I’m joking. Actually, he was thanking his staff and everyone involved in the 500 Brickell project.

I was actually very impressed with the amenities at 500 Brickell. It’s definitely a very “hip” building. That’s the word that kept coming to mind for me at least. Here you see the lobby of the east tower at 500 Brickell.

This is a shot of the Sports Bar room at 500 Brickell. The room also has a billiards table and a bar with flat-screen TVs which you’ll see below.

Another shot of the Sports Bar.

The spa was very nice, complete with a steam room and sauna.

A shot of the hot tub in the men’s spa room.

I’m kicking back in one of the reclining seats at the back of theater room watching “Bourne Ultimatum”.

Above is a shot of the fitness center. This is one amenity area that didn’t quite impress me. I found it to be rather small to accommodate the residents of the east and west towers at 500 Brickell.

The all-famous halo at 500 Brickell. I was laying back in a lounge chair as I took this shot. It was kind of trippy. I felt like I would be beamed up to the Related Group mother-ship at any moment. I spoke with an architect who worked on 500 Brickell who mentioned that the scattered windows running down the sides of each tower were to resemble water running down. I thought that was pretty interesting.

The kitchens were nice but they’re identical to the kitchens that you’ll find in the “Sky Residences” at Plaza on Brickell, so they were nothing new to me. Each of the condos at 500 Brickell comes with a Jacuzzi tub in the master bath that are the same, or at least resemble, the ones found in the “Sky Residences” at Plaza on Brickell as well.

The floor plans were pretty spacious and the bathrooms in most of the lines were rather large. However, the group I was with did find a major flaw in the 00 line of the east tower. The shot above is of the shower. Take note of how narrow it is. A slender lady in our group entered the shower and pretended to wash her hair. She couldn’t lift her elbows without hitting the glass. The 00 line does have the best views of all the 1 bedrooms at 500 Brickell but anyone looking to buy a condo in the 00 line should take note of the shower. You’ll definitely need to open up the space somehow. The showers in the other lines didn’t seem to have this problem.

The view to the south of Brickell at dusk was pretty killer. However, there is an office building currently under construction that will block much of this view. If you look closely, you can see the construction cranes in the foreground of the picture above.

A view to the northeast. The view of the Bank of America building directly to the north was also a nice sight, although you can’t see it in this picture. Personally, I much prefer the northern view at 500 Brickell over the southern view.

Here’s a shot of the east view. I thought Icon Brickell would block most of the views to the east at 500 Brickell but, as you can see, you still get nice views of Biscayne Bay and Brickell Key. Obviously, you do see Icon Brickell to the side but the visual distraction isn’t as bad as I thought it would be.

By the way, a few of you mentioned that the illuminating halo in the middle of the two towers might shed unwanted light into the condos residing on the interior of the condo development at 500 Brickell. I made sure to take a look at one of those condos to see if that was true. The halo didn’t shine a bit into the unit that I was in that night. There might be a few units where this might be a problem but I’m sure it’s nothing that some blackout shades can’t resolve.

Brickell on the River South Tower Developer Closeout Sale

Some of you may have noticed the bus stop ad above for Brickell on the River South Tower throughout various locations in Brickell. I must have driven past it a dozen times without noticing it. However, a friend of mine mentioned the ad to me over lunch this past weekend, so I had to take a look for myself.

It looks like the developer of Brickell on the River South Tower, Groupe Pacific, has decided to discount the condos it recently got back. This is the first major condo development that I know of in Brickell that has decided to discount prices below initial preconstruction prices.

This is great news for young professionals looking to live in Brickell in a new building at bargain prices. The marketing material on their website promoting the developer closeout mentions that one bedrooms start from $199,000. It also mentions that flooring and paint are included in the price. On the flip-side, this is awful news for those who recently closed on a condo in Brickell on the River South Tower. Ouch!