A Look at the Largest Non-Penthouse Floor Plan at Marinablue
They don’t build ’em like they used to is a phrase often said these days when comparing today’s condo floor plans to those of yesteryear. Nowadays, a 2 bedroom floor plan encompasses 1,000 to 1,300 interior square feet, up to 1,500 if it includes a den. Back in the Golden Age of Real Estate development (circa 1980s), it wasn’t uncommon to find a 2 bedroom floor plan with upwards of 1,800 interior square feet (e.g. Villa Regina #T105 built in 1982). While gone are those days, let’s rejoice in the fact that present-day developers, while albeit trying to maximize every square inch they can, still tend to sprinkle in a few larger floor plans throughout the building to appease the “throw-back Thursday” crowd. Take unit 5405 at Marinablue for example. It is one of just 21 unique, over-sized 2 bedroom floor plans in the building. In fact, it is the largest and the only one of its kind that exists in entire building. Per developer floor plan, unit 5405 is a 2 bedroom + den/2.5 bath unit with a whopping 1,784 interior square feet. It also has 223 square feet of balcony, 10-foot high ceilings with floor-to-ceiling glass windows, and sweeping views of the Atlantic Ocean, Biscayne Bay, and Downtown Miami skyline. Below are the property photos for those who would like to have a look-see. It recently hit the market for $789,000.
Paramount Miami Worldcenter Releases Brochure For Penthouse Collection
The developer of Paramount Miami Worldcenter has released their exclusive penthouse collection with a sneak-peek brochure and renderings. The 26 units will be priced from $3.5 million up to $9.5 million.
As shown in the key plan featured in the brochure, four of the units will be located on the apex of the tower, offering those units expansive rooftop sky decks overlooking the bay and city. The plans are between 3,500 square feet and 6,000 square feet and will each have four or five bedrooms. All plans will have private elevator entry, Gaggenau appliances, and custom finishes.
This time of year brings one of our favorite events to Miami. The Miami Open runs from March 19-April 1 this year, and to commemorate it, let’s have a look at our favorite buildings in the greater downtown area that have tennis courts!
If living in a brand-new condo is important to you, there are several in the pipeline. Key International’s 1010 Brickell is slated to open within a few weeks. They have an indoor tennis court and 3 remaining presales starting at $950,000. All are 3 bedroom layouts. There is one resale unit on the market so far. SLS Lux is also on track for completion this fall/winter. They have only four penthouses remaining that have recently been repriced.
In Downtown, Paramount Miami Worldcenter is going to bring every amenity imaginable to their mega-project. They are about 60% sold and have residences priced at an average of $750/square foot. Because of their strong sales figures, they were recently able to secure the second largest construction loan in this build cycle. They are currently in vertical construction and should deliver keys at the end of 2018.
If you’re looking for something sooner, you could head up to Edgewater and check out Biscayne Beach. They have 2 tennis courts over their parking deck and a bayfront beach club. They have 5 remaining presale opportunities, and we will be listing an amazing high floor 3 bedroom on the southeast corner.
For people who are looking for an integrated community, I would suggest the waterfront Paraiso complex. There are five residential sections to the complex, totaling 1400 units. Paraiso Bayviews is the most affordable section, with remaining inventory starting at $470k (as of today). They just passed the 42nd floor of construction and should be ready by the end of this year. Paraiso Bay was the first of the towers to open sales. They are currently all sold out and on track to open this summer. GranParaiso is the most luxurious of the towers. It will be finished in Spring of 2018 and has 2 bedroom residences starting at $1 million. One Paraiso is the sister building to Paraiso Bay. They have 3 remaining penthouses, starting at $1.9 million. Aside from the towers, there is also a small enclave of bayfront beach homes. There are only 8 in total and 1 remains at $2 million.
Hyde Midtown is going to be the first project in Midtown to offer a tennis court for residents. They recently topped off at 80% sold. Their prices start in the mid $400,000’s and the rooftop penthouses start at just $735,000! The penthouses have rooftop terraces as well.
Come back tomorrow and we can take a look at the existing buildings who also offer tennis courts!
Blighted Lots West Of Adrienne Arscht Center To Become Park Space
Image from The New Tropic
The vacant lots around North Miami Avenue and 13th Street in Downtown Miami have been a blighted eyesore for years now, but that is changing as we speak. Brad Knoefler, the owner of Bar 1306 nearby, has made it his business to redevelop these lots into something more usable and enjoyable. With help of the Omni CRA, the area will become a 4 block park space until construction of the 395 flyover bridge begins.
Knoefler isn’t a stranger to redevelopment of park space, he is the man behind the Grand Central temporary park that was located on the site that was once the Miami Arena and near his previous bar/nightclub, Grand Central. For Grand Central Park, he invested $80,000 of his own money and used $200,000 of CRA funds to transform the lot into a skate park, according to The New Tropic. For Omni Park, he vows to up the ante by investing differently. Rather than purchasing landscaping and permanent structures that will ultimately be removed when the park closes, he is investing in structures that can be relocated at the end of the park’s term.
For shelter, they are designing cafes and restaurant spaces from shipping containers and portable chikee huts for shade outside of the trees that already exist in the space. He is working with a $300,000 budget from the Omni CRA that was earmarked for redeveloping blighted spaces.
The project was approved in mid-December and broke ground on January 16. It should open by the end of the month with an opening celebration set for early March. The park will eventually move to another space when it comes time to begin the construction of the new I395 flyover that has been in the works.
Omni Park Rendering via The New Tropic
Omni Park Rendering via The New Tropic
Omni Park February 2017
The proposed I395 flyover bridge, rendering from FDOT
Mario Chalmers Is Eager To Sell That Double Apartment He Bought From Drake
Earlier this week, Curbed reported that people are not necessarily lining up to purchase celebrity-owned real estate and it seems Mario Chalmers got the memo. According to the listing agent, they are reducing the price of his double condo at Marquis Residences to $2,990,000 from the original $4,000,000 ask… and there is still room to negotiate.
If you are a regular reader, you will remember that Chalmers purchased the condo from Drake in 2012 for $2.4M. Drake had previously purchased two apartments from the developer of Marquis and combined them to make one amazingly huge penthouse with a view of the American Airlines Arena. He even filmed one of his music videos from the apartment before the interior finish-out was completed. I wish I could remember the name of it, but I don’t really listen to Drake so the actual video name escapes me. Maybe someone can refresh my post-hurricane foggy memory. (UPDATE: Thank you to Eliot Ramos for reminding me that the video is ‘I’m On One’)
Anyway, In 2014 Chalmers decided that he did not like having a view of the office and put the property on the market for $4M. That didn’t work, so in early 2015, he took the property off the market for a bit. After getting traded to the Memphis Grizzlies in November, I guess he decided he doesn’t need the apartment after all, so relisted the property with a lower price of $3,590,000. And here we are today.
The Curbed article suggests that one of the reasons celebrity owned properties are difficult to sell is that they add upgrades that a typical buyer would not be interested in. That doesn’t really seem to be the case here. The upgrades are certainly a personal touch, but nothing out of the ordinary. Pharrell Williams also had a tough time selling his penthouse in Brickell, ultimately selling for more than $3 million less than his purchase price. Lil’ Wayne is also having an impossible time with his Miami Beach home.
It seems that the property is well-priced too, at least according to the recent comparable sales. This past December, unit 5106 sold with furnishings for $2.9M. At 3,800 square feet of interior space, that amounts to $763 per square foot. With the new price reduction, Chalmers is offering his place for $546 per square foot. It seems this is a great opportunity to purchase a trophy property at a bargain price.
Here are some photos from the MLS. Let us know what you think, and if you have any ideas of why this one hasn’t yet sold.
Almost 40% of Downtown Miami Residents Have Pets – Strategies for Investors and Tenants
The Downtown Miami DDA (Downtown Development Authority) released its updated demographics study today, and they found that 39% of Downtown Miami households include a pet. This is interesting because so many of the developments impose strict pet policies upon their residents. Some only allow certain sizes of pets, some only cats, some only allow pets for unit owners and some say no pets at all.
This is always a touchy subject when we are working with a client who has a pet. There is so much misinformation out there regarding which buildings do and do not welcome pets. If a resident gets caught with an unauthorized pet, they are forced with the difficult choice of paying a lease cancellation fee (which is typically the value of 2 months’ rent), or re-homing their beloved pet. Unfortunately, not all agents verify the pet policies before entering into a contract, which wastes time and gets the client all excited about an apartment that they cannot have. No bueno.
I even once had a client who cheated on me with another agent that had told them they could have a large pet in a pet-restricted building. That is completely irresponsible and self-serving of that agent. Thank goodness, the clients realized what would happen if they went forward with that deal. The agent would have been paid and then they would have either had to break their lease or part with their dog. That is a horrible choice to have to make when most people consider their pets as members of the family.
In order to have an authorized pet in the building, many associations require an additional registration and application. The pet’s weight is verified (many times with a report from the veterinarian), their vaccinations are verified and some buildings even take it a step further. Infinity at Brickell requires a DNA sample to be placed on file and in the event that messes are found in the lobby, the mess is sent in for a DNA match. The resident that pops up after the DNA test is issued a fine. I call it Maury Povich enforcement… but it works. If people know they’re going to get busted breaking the rules, they’ll be less likely to do so. This way, the building can continue to allow large pets for everyone.
Over recent years, a popular workaround to the ‘No Pets’ buildings has become all the rage. There are websites where you can claim that you need a therapy dog. They’ll issue you a certificate for a fee and, viola! Your dog can go with you everywhere and nobody can say anything… except the condo associations have started to get wise of this ruse. The Jade at Brickell verifies these Therapy Dog certificates through an attorney. It takes an extra few days during the application process and you don’t get your application fees back if you get caught with a phony form. I don’t recommend the fake therapy dog stunt.
If you are curious of whether a particular building accepts pets, just have a look at the building page on our website. We have verified all of the buildings’ policies and list them in the FAQ section of the website. Every now and again, a building will change their policy in between when we last called to verify, but we update it frequently. Our agents also keep themselves updated of the pet policies and fees for the buildings in the area. We’re all about efficiency and not wasting your time or energy…
So what about investors?
With the rental market changing, it is important to have apartments that appeal to as many people as possible. Purchasing an investment condo for sale in a pet-restricted building automatically crosses out almost 40% of the prospective tenants that could be interested in moving in. Some of my favorite pet-friendly buildings are MarinaBlue and 900 Biscayne Bay in Park West, Infinity at Brickell in Brickell, the Midtown developments in Midtown and One Miami in Downtown.
For investors who are concerned with having animals in your property without knowing the behavior or cleanliness of the pets, it is completely customary to charge a pet deposit for the unit. In many cases, the building has a separate pet deposit or fee, but I suggest a refundable deposit for the unit itself. The amount can vary depending upon the pet. Puppies would require a bit of a larger deposit since they tend to chew and have accidents. You could also lower the deposits in the event that a tenant was able to submit a diploma from obedience school or behavior training.
Whether you are an investor, or if you are buying/renting a home for yourself, if there is a specific building that you are curious about, don’t hesitate to drop us a line and inquire. We’re happy to help.
Drone Footage of the One Thousand Museum Construction Site
Below is a drone video of the One Thousand Museum construction site as of this past Monday, September 5th, the date that the footage was shot. It showcases the breathtaking views that condos at One Thousand Museum will offer as well as provides a bird’s-eye view of the progress that has been made thus far to the tower.
One Thousand Museum Construction Tour
Enjoying the view from One Thousand Museum with developer Gregg Covin
Yesterday morning, I was given the opportunity to tour the One Thousand Museumconstruction site with co-developer Gregg Covin. It was quite a treat to finally step foot inside a development that I have followed so closely over the past three and a half years. As a resident of Park West, I walk and drive by the One Thousand Museum construction site on a daily basis; to admire its impressive form from the street is one thing, but to tour it and see the building’s lines and curves from the inside looking out is quite another.
As of yesterday morning, construction at One Thousand Museum had reached the 19th floor. While on my guided tour, I was permitted to go as high as the 15th floor. Even from just the 15th floor, however, the views were breathtaking. Along with three townhouse units, each with impressive 20-foot ceilings in the living and family rooms, I also had a chance to tour two half floor residences, one located on the south side of the building and the other on the north side. When viewing the half floor residence located on the north side of the building, I was pleasantly surprised by the amount of separation the residence had from its neighbors to the north at Ten Museum Park. From street-level, One Thousand Museum and Ten Museum Park are just about connected, but the residences themselves have good separation due to the pools that wrap around at the top of each building’s pedestal.
If all goes according to plan, One Thousand Museum will be topped off this time next year. While touring the building yesterday, Covin shared with me that hopes to top-off the building by August 2017 and then obtain a TCO about 13 months thereafter. Until then, One Thousand Museum is a masterpiece in the making.
southeast corner townhouse unit
overlooking the living room with 20-foot ceilings
second level of southeast corner townhouse
touring a half floor residence
overlooking Museum Park
view east from 1000 Museum
terrace
southeast view from One Thousand Museum
getting the lay of the land from developer Gregg Covin
northeast corner
half floor residence on the north side
a picture-perfect day!
the pools create nice separation between residences on the north side
overlooking the pool on the west side of 1000 Museum
southwest corner townhouse – 10th floor
southeast corner townhouse – 10th floor
southwest corner terrace
northeast corner terrace at 1000 Museum
New Video Released for Paramount Miami Worldcenter Showcasing the High Street Retail
A new video was released today for Paramount Miami Worldcenter and includes footage of what the high street retail will look like once finished. Well, the video isn’t exactly new. It’s an edited video with all references of the mall removed and, in its place, new footage showcasing the high street retail. Spoiler alert: It looks amazing!
