Closings at Asia Have Begun

I received word today that closings at Asia began late last week. The outside of the building looks spectacular. I fully expect that the common areas and units will be just as impressive, if not more so. I’m hoping to get inside to view Asia for myself within the next couple of weeks.

For those not familiar with Asia, it is a very high-end condo development located on the northern end of Brickell Key, along the Miami River. With just 123 residences, each with 12-foot ceilings and private elevators, Asia is now regarded as the most exclusive address on Brickell Key.

I think Asia is going to do a good job in closing out its units. I haven’t received one phone call or email from a concerned contract holder of Asia. That’s saying something. In fact, it’s the only major new condo development where this is the case.

Brickell on the River – 1 Bedroom/1 Bath Short-Sale – $200,000

I’m quite surprised that the 1 bedroom/1 bath short-sale for $200,000 at Brickell on the River isn’t under contract yet. It was offered for sale on April 1, 2008. The next best priced condo in the building, located directly 8 floors below the short-sale condo, is priced at $260,000.

Depending on someone’s credit score, this condo should break-even on a monthly basis if you’re able to get $1,500 per month for it with a 20 percent down payment. The condo faces west and has a view of the Miami River. The listing says that the monthly maintenance fee is $418 per month.

Last Summer, a client of mine placed on offer on unit 2703 at Brickell on the River, which has a very similar view as 2907, for $240,000. It, too, was a short-sale. The condo was listed for $280,000 at the time. The bank felt that our offer was too low to warrant a counteroffer. I received word that the bank would not accept anything that wasn’t “very” close to the listing price. Within a month, the list price was actually increased to $320,000. Needless to say, the condo failed to sell through the MLS, despite the price eventually being lowered to $259,000 on March 12, 2008. The listing was canceled a few weeks later. I’m guessing that the condo went into foreclosure, but I haven’t confirmed that.

Close to one year later we have unit 2903 on the market for $200,000. That’s close to a 30 percent discount from what the banks, a year earlier, felt that they should be able to get. I think $200,000 for this condo at Brickell on the River North is a very good price. In fact, it is probably one of the best priced one bedrooms currently offered in all of Brickell. I guess time will tell for how much this condo eventually sells.

Marina Blue – A Look Inside Biscayne Boulevard’s Newest Condo Development

Earlier this week, I took a look at an 01 condo at Marina Blue. I was also able to see the common areas and views from the Sky Deck located on the 14th floor. Below, you’ll find some great pictures that I was able to take during my visit to Marina Blue.

The sunrise pool and views at Marina Blue:

The sunset pool at Marina Blue:

The putting green at Marina Blue:

Lounge in style at Marina Blue:

The club room at Marina Blue:

Fitness center and yoga studio at Marina Blue (the free weights are in an adjacent room):

Overall, I was very pleased with the common areas during my visit at Marina Blue. I didn’t get any shots of the 01 condo that I saw because the unit had contractors in it working on the floors. The unit was a mess. It did seem a bit smaller than the stated 1,315 interior square feet. Maybe it was because of the big column in the corner of the living room.

Here are two shots that I took from the balcony of the condo at Marina Blue:

I’ve heard that 900 Biscayne Bay is scheduled to begin closings towards the end of this month. I think when everything is said and done, 900 Biscayne Bay will turn out to be the most desirable address on Biscayne Boulevard. Here’s a sneak peak of the pool deck at 900 Biscayne Bay:

The Urbanization of Brickell

Many of you local to Miami may have read in Sunday’s edition of the Miami Herald an article entitled, “Brickell’s Draw: A Feel of City Life”. It describes the great transformation that Brickell has seen within the past 2-3 years. The article is a must-read for non-locals who may not be very familiar with what Brickell has to offer. Be sure to also take a look at the video which provides great insight from the perspective of a Miami resident.

Emerald at Brickell 2 Bedroom Tower Suite Short-Sale – $499,000

This 2 bedroom/2 bath tower suite short-sale at Emerald at Brickell slipped through my radar since the middle of February because the listing agent failed to include the correct zip code with the listing. This short-sale condo is listed at $499,000, or about $395 per square foot. It has direct views of Biscayne Bay and Key Biscayne.

The next best priced tower suite condo at Emerald at Brickell is listed at $699,00. It is slightly bigger but is still listed at over $140 per square foot more. If the correct zip code (and correct spelling of the development) had been included, I suspect that this condo would have been under contract by now. It fell off my radar and I’m guessing that it fell off the radar of many other Realtors and buyers.

The Regent Bal Harbour Hotel & Residences Celebrates its Grand Opening

Yesterday afternoon, the Regent Bal Harbour Hotel & Residences (currently the Ritz-Carlton Bal Harbour) held its grand opening celebration. The Regent Bal Harbour is a 5-star hotel with world-class amenities, a 5-star restaurant and gorgeous water views from every hotel room. It will likely be a favorite amongst affluent South Florida vacationers. Prices range from $750 to $8,500 per night.

Take a look at the CBS4 video of the Regent Bal Harbour inaugeration yesterday.

Vue at Brickell – Are Prices Finally Bottoming?

On May 24, 2007, I wrote a blog post entitled “Vue at Brickell – Overpriced or Insanely Overpriced?“. At the time, the average list price of condos available at Vue at Brickell was over $550 per square foot. As many of you now know, and as the blog post explains, the inflated list prices were a direct result of the rampant mortgage fraud that occurred in the building. Since that time, as more and more people became aware of the situation and as a large number of foreclosures in the building hit the market, prices at Vue at Brickell have come down like a ton of bricks.

There are now indications, however, that prices at Vue at Brickell may be close to reaching the bottom. Buyers are finally stepping in. Since the last week of January, there have been 7 condos at Vue at Brickell that went pending. With list prices of $190,000-$199,900 for 1 bedroom condos and $220,000-$249,900 for 2 bedroom condos, it makes sense that buyers are now beginning to accept the risks associated with buying a condo in a building that has a high number of foreclosures. It will be interesting to see the sales prices of these condos at Vue at Brickell once they close. It’ll give us a better indication as to the level of motivation of some of these banks.

Below you’ll find the best deals at Vue at Brickell:

• 1 Bedrooms
  • Unit 2111 – short-sale – $162,500
  • Unit 1710 – short-sale – $162,500
  • Unit 1211 – short-sale – $162,500
  • Unit 1413 – short-sale – $162,500
  • Unit 2307 – foreclosure – $205,000
• 2 Bedrooms
  • Unit 1303 – short-sale – $229,900
  • Unit 1505 – short-sale – $250,000
  • Unit 1304 – short-sale – $279,900
• 3 Bedrooms
  • Unit 3006 – short-sale – $357,000
  • Unit 3606 – foreclosure – $379,900

The mortgages of three of the four short-sale one bedroom units listed for $162,500 are held with the same lender. This may be an opportunity for an investor to grab all three for a bargain-basement price. There are currently only 8 condos available for rent at Vue at Brickell. Within the past 12 months, the lowest that a one bedroom has ever rented was $1,300 per month. The lowest that a 2 bedroom rented was $1,550 while 3 bedrooms condos bottomed at $2,500 per month.

Ten Museum Park Revisited

Ten Museum Park was one of the first major condo buildings in Miami to hit the market within the past year. Closings began at Ten Museum Park, almost nine months ago, on June 14, 2007. I thought this would be a great opportunity to revisit Ten Museum Park to see what type of activity its seen since then.

As of today, according to public records, Ten Museum Park has been able to close exactly 75 percent, or 150, of its 200 total units since closings began in June 2007. It’s been a long and winding road to reach 150 closed units. I wonder how long it will take to close out the last 50.

Let’s take a look at the active listings for sale at Ten Museum Park. There are currently 63 active listings in the building at this time.

• 1 Bedroom units (868 square feet)
  • 05 line (9 listings) – $355,000-$475,000
  • 08 line (10 listings) – $358,000-$560,000
• 2 Bedroom units (1,239 square feet)
  • 06 line (9 listings) – $458,000-$680,000
  • 07 line (6 listings) – $440,000-$690,000
• 2 Bedroom units (1,949 square feet)
  • 02 line (8 listings) – $785,000-$1,495,000
  • 03 line (7 listings) – $798,000-$995,000
• 2 Bedroom units (1,906 square feet)
  • 01 line (6 listings) – $895,000-$1,350,000
  • 04 line (6 listings) – $895,000-$1,385,000
• 4 Bedroom units (4,500 square feet)
  • Penthouses (2 listings) – $3,200,000-$3,400,000

There hasn’t been much resale activity since Ten Museum Park began closings. There’s been a total of 3 closed sales in the MLS since that time.

• Unit 1105 sold for $295,000 on January 3, 2008
• Unit 3408 sold for $350,000 on January 25, 2008
• Penthouse 4203, with 4,000 square feet, sold for $2,200,000 on January 31, 2008

Activity seems to have picked up a little, however, as there are currently 4 pending sales at Ten Museum Park.

• Unit 1107 was listed for $455,000 and went pending on January 30, 2008
• Unit 3706 was listed for $475,000 and went pending on February 2, 2008
• Unit 2704 was listed for $748,900 and went pending on February 7, 2008
• Unit 1901 was listed for $975,000 and went pending on February 2, 2008

I haven’t been to Ten Museum Park within the past three weeks but I have heard that the fitness center is finally under way. I’ve also heard that work has begun on the Clinique La Prairie Spa and that it should be completed in about six months. I think everyone would agree that these amenities are long overdue. I know of 3 buyers who have been patiently waiting for this work to get done. I’m sure there are many other buyers patiently waiting as well.

Coming Soon: Sushi Siam at Plaza on Brickell

Last week I noticed the above sign, “Coming Soon: Sushi Siam,” as I drove by Plaza on Brickell. This is great news not only for Plaza on Brickell but also the entire neighborhood of Brickell.

Sushi Siam is a very well known sushi restaurant located on Lincoln Road in South Beach. I find it very interesting that more and more establishments are deciding to expand their operation from South Beach into Brickell. A few years ago, Novecento, a restaurant and bar, made the expansion move and recently we saw Segafredo Cafe, a restaurant and lounge, make the move as well. It shows me that these establishments are quite confident that Brickell already has enough year-round residents to justify such an expansion. (I just wish Lime Fresh Mexican Grill would make the jump as well. I heard a while back that they committed to opening their third restaurant at Midtown Miami though.)

Eventually the commercial spaces found on the ground level of the new condo buildings in Brickell, such as Plaza on Brickell, will be a natural extension of Mary Brickell Village, with new retail stores and restaurants. That’s when we’ll really start to see the foot traffic in Brickell.

By the way, I was digging through some old pictures that I took in July 2005. Remember what Plaza on Brickell consisted of back then?