Today, condo owners at One Miami received an email notifying them that the Board of Directors has approved some revisions as of May 10, 2007. It goes on to say the following:
The lease and purchase applications are new and require additional documents and fees. All new applicants for lease or purchase must be notified to contact the Management Office and apply for approval from the Board of Directors prior to moving in to the premises of One Miami.
Although it may not seem like it, this is actually good news for condo owners at One Miami. This move was highly anticipated and long overdue. My guess is that the Board of Directors has decided to toughen the rental policy at One Miami and will most likely enforce a common areas deposit for the building which has become more and more common in newer buildings in recent years.
One Miami has the reputation of being a very social building. As one of the more affordable luxury high-rises in Downtown Miami, it has attracted a lot of renters. In recent months, I have heard complaints from residents at One Miami that the building has had some wear and tear attributable to the renters who reside there. It is common knowledge that a condo owner will, in most cases, take better care of the building in which he or she dwells than a renter. It looks like the Board of Directors is cracking the whip to alleviate this problem.
Built in 2005, One Miami is a recent addition to the Downtown Miami neighborhood. It is ideally located on the mouth of the Miami River and Biscayne Bay. The riverwalk in front of the building connects to Bayfront Park and Bayside Marketplace. Almost all condos in the building have some sort of water view and some even have views of the ocean. It is one of the more affordable luxury high-rise buildings in Downtown Miami. One Miami has five-star amenities such as concierge, 24-hour security, two swimming pools, two clubs rooms, two state-of-the-art fitness centers, valet service and much more. Along with the rest of the Miami real estate market, prices at One Miami have dipped a bit in the past year but have held up relatively well considering the number of new units in Downtown Miami and Brickell that have become available in the past year and the inventory of condo units that will come on-board in the next 12 moths. The three fundamentals of real estate are location, location, location and One Miami has all three with water views that will never be lost.
The video below will show you the beautiful riverwalk in front of the One Miami building and the outdoor artwork located along the walkway. The riverwalk currently connects from the building known as Brickell on the River to the shops at Bayside Marketplace but will eventually run further west along the Miami River.
The following video will show you a two bedroom at One Miami with bamboo floors throughout. It is a south-facing unit with views of Brickell Key, Biscayne Bay and the Miami River. This condo is available for sale or lease. The list prices are $499,000 and $2,600, respectively.
Shoddy Construction at Neo Vertika?
This has been a blog topic that has been on the back of my mind for the past couple of months. I kept brushing it off as nothing more than residents griping out loud, but after delving deeper into the issues, I now realize that there are major questions to the quality of construction that was put into the development of Neo Vertika. Neo Vertika resides in the neighborhood of Miami known as Brickell, or West Brickell to some. It was completed in August of 2006 and has had nothing but problems since its inception. There have been three major water leakages, two of which resulted in entire floors being flooded; the building sprinkler system has needed replacement, requiring worker-access to each and every unit; and the air conditioning system is unusually loud. I have personally spoken to a few condo owners at Neo Vertika who received hefty insurance checks after having their units flooded, which had destroyed their recently laid hardwood floors. While these payments might be justifiable to the afflicted parties, they will inevitably be paid for by current and future condo owners of that building, either directly or indirectly. My guess is that a major increase in association fees is just around the corner for condo owners at Neo Vertika.
Prices at Neo Vertika have dipped in the last six months. The various problems with the building, such as the ones mentioned here, will likely pour salt in an open wound and make matters worse. I have also heard similiar construction complaints about the first Neo LLC development known as Neo Lofts. This makes me wonder how sound the other two developments currently under construction by Neo LLC, known as Wind and Cima, can be. Maybe Coastal Construction Group, the construction company used to build Neo Vertika, can get it right this time with Wind and Cima.
In other news at Neo Vertika, the pool-side bar is now complete. While Miami has the reputation of being a 24/7 party, this type of action is unheard of for a condo building in Miami. Prior to the installation of the pool-side bar, I have had several clients complain that the building has turned into a fraternity house. While this might be an ideal situation for some, most condo owners there will suffer. I’m guessing that the opening of the pool-side bar, and the money that will be made from it, is management’s answer to the ensuing insurance hike that will inevitably occur. Anything not tackled by the profit of the pool-side bar will eventually be passed along to condo owners in higher association fees.
At least the construction of the bar looks good. Take a look at the pictures above and the video below to see it for yourself. Cheers!
There’s a good short-sale opportunity in Brickell in a development known as Brickell on the River. The building is fairly new, having been completed in 2006, and has amenities which include: valet parking, a tri-level state-of-the-art fitness center, business center, 24-hour security, concierge, swimming pool, hot tub and club room. The monthly association fees also covers basic Cable TV, DSL, water, sewer and garbage.
I took a look at the unit in question last night and was very impressed with what I saw. Click on the thumbnails above to see full-size pictures of the actual unit. The 1 bedroom/1 bathroom condo located on the 27th floor has 775 square feet of living space, a balcony, stackable washer/dryer, stainless steel appliances, track lighting, blackout blinds, marble floors in the bathroom and hard wood floors throughout the rest of the unit. The unit faces west and has great views of the sunset and the boats passing by along the Miami River.
The current owner is in the foreclosure process and the bank has decided to accept short-sale offers. The owner paid $341,000 for the unit in September 2006 and it is currently listed at $280,000. I took a look at the closed sales in the building for the past six moths for 1 bedroom units with the same floor plan. There were only two closings for 1 bedroom units with the exact same floor plan as the unit in question. Both units were sold “decorator-ready” which means that the unit was sold without any flooring, light fixtures or window treatments. The first unit is located on the 12th floor and sold for $290,000 in February of this year while the second unit is located on the 16th floor and sold for $325,000 in December 2006. Keep in mind that the foreclosure unit is fully decorated and doesn’t require any additional money to make the unit complete. I am relatively confident that the bank would accept an offer in the ballpark of $240,000 to $250,000.
The unit is currently occupied by a tenant who is paying $1,650 per month. The lease ends at the end of July but the tenant has made it clear that he would be willing to terminate the lease early if the buyer is looking to occupy the property prior to the lease termination date. The maintenance fee is $440 per month.
Feel free to call or email me with any questions that you might have.
