Exclusive, First-Look at the $2M Sales Center for Paramount Miami Worldcenter
Earlier today, I was given an exclusive, first-look at the $2M sales center for Paramount Miami Worldcenter. Wow! That was the first word out of my mouth as I entered the stunning, two-story showroom. Immediately, my eyes caught sight of the massive, wall-sized video display – such an impressive way to present the development. While there today, I was given the opportunity to watch on the big screen an unreleased video for Paramount Miami Worldcenter. I swear, the video gave me chills. It does an amazing job of conveying to the viewer just how spectacular Paramount Miami Worldcenter is going to be once it is completed. Not only that, it gives you a glimpse into the future of what is yet to come for the neighborhood. People are going to be super impressed with that video once it is released to the public.
The sales center, which is still a work in progress, is expected to be completed and opened to the public by the end of this month. At that point, preconstruction prices are expected to increase to coincide with the launch of sales to the public. Currently, units can only be reserved through the developer’s friends and family program. With prices starting at $550 per square foot, there are still a number of great options remaining. If you have an interest in learning more about Paramount Miami Worldcenter, please do not hesitate to contact me. I can be reached on my cell phone at 786-247-6332 or via email at [email protected].
Top Five Condo Deals in Downtown Miami
As mentioned in my last blog post, I think real estate values in Downtown Miami, for a number of exciting reasons, are ready to take off. Museum Park is about a year from being completed, Miami Worldcenter seems an almost certainty, and a proposal for a 1000-foot observation tower called Skyrise Miami was recently submitted to the city of Miami for approval. Also, with prices starting at $4M, the addition of One Thousand Museum will only help position the area as Miami’s equivalent to New York City’s Park Avenue. If there were ever a time to be excited about the prospects for Downtown Miami, the time is now.
So how does one take advantage of all this fabulous news? Well, surprisingly, there are still a number of great deals to be had in the existing condo market in Downtown Miami. Due to the illiquid nature of real estate, market news oftentimes get disseminated at an almost snail-like pace and, as a result, does not manifest itself in pricing for quite some time. The same, however, does not hold true for the pre-construction real estate market. Prices there are set by developers who take into account any and all information that will have a positive effect on neighborhood values from now until completion of the project. In that regard, it is sort of like buying commodities futures with the price determined by future expectations and the likelihood of those expectations being met. The hope for contract holders is that market values present at the time of delivery will be at or above their contract price. That is why one will notice a sizable gap between the price per square foot for existing condos and the price per square foot for pre-construction condos . In other words, the promise of what is yet to come has already been taken into consideration when determining the contract price.
My point is that the existing condo market is slow to act. As a result, there are definitely still good deals to be had. Below, you will find a list of five condos currently available for sale in Downtown Miami that I believe are undervalued and well positioned to take advantage of the positive news that is now shaping the neighborhood.
Before I start, I want to first say that none of the properties listed below are my exclusive listings. These were chosen unbiasedly by me because I truly feel that they warrant inclusion.
- Marquis 3707 – This is a bi-level, 2 bedroom+den/3 bath corner unit with 2,081 interior square feet and 20-foot, floor-to-ceiling glass windows. The unit is located on the northeast corner of the 37th floor offering beautiful views of Biscayne Bay and the Atlantic Ocean. It also overlooks Museum Park which is currently under construction. The only drawback to this unit, and likely the reason why it hasn’t sold yet, is the fact the landlord is getting very low rent until October 2014. The tenant was able to negotiate a great deal in exchange for paying the entire lease upfront. A triumph for the tenant but an ill-advised move by the landlord because, from an investment standpoint, low rent has an adverse effect on a property’s value. If a buyer can stomach the low rate of return until October, there is an opportunity here to buy at a great price the only bi-level, 2 bedroom corner unit currently offered for sale at Marquis Residences. Asking price is $1,250,000, or $601 per square foot.
- Marina Blue 5205 – This unit likely won’t win any Best in Show Awards but it has incredible potential. If one can look past the traditional, almost anti-Miami decor, I’m sure one will find incredible value here. This is one of the largest 2 bedroom floor plans at Marina Blue, a rare combination unit found only on floors 52-56. It is a 2 bedroom/2.5 bath condo with 1,660 interior square feet and 10-foot, floor-to-ceiling glass windows. The unit faces east-southeast and enjoys a panoramic view of the Atlantic Ocean, Biscayne Bay and Downtown Miami skyline. Asking price is $725,000, or $437 per square foot, which, in my opinion, is low considering the fact that it is a prime floor plan located on a very high floor. Given a few recent comps, and the fact that the listing has grown stale after sitting the market for 600 days, there should still be room to negotiate on the price.
- Marina Blue 1603 – This might be your last opportunity to own a 1 bedroom + den at Marina Blue for under $370,000. This is an approved short sale priced at $355,000, or $376 per square foot; an incredible value no matter how you slice it. Every unit at Marina Blue has a direct water view and this unit, located on the 16th floor, is no exception. In fact, it not only offers a view of Biscayne Bay but also the Downtown Miami skyline.
- Ten Museum Park 3101 – Unfortunately, the listing agent hasn’t uploaded any pictures of this unit onto the MLS. I’ve seen it in person though and it’s a beauty! The bi-level, 2 bedroom/2.5 bath corner unit sports 20-foot, floor-to-ceiling glass windows, offering an amazing view of the water and a front row seat to all the action down below at the upcoming Museum Park. The unit is impeccably designed and exudes the sexy, clean look for which Miami is known. Asking price on this 1,802 square foot loft is $1,150,000, or $638 per square foot.
- 900 Biscayne Bay 5302 – While there are cheaper 02 and 09 lines available for sale in the building, this one is located on the 53rd floor and comes completely furnished. Equally important, the unit has always been owner-occupied, and it shows. The condo is tastefully decorated and offers not only direct bay and ocean views but also sunrise and sunset views from this 53rd floor flow-through unit. In my opinion, these flow-through units, which are relatively rare in Downtown Miami, will become extremely valuable once Miami Worldcenter gets built. Not only will owners get to enjoy the amazing water views to the east, but they will also be able to check out the action down below at MWC to the west. It would be like overlooking Time Square in New York City. The price was reduced $115,000 yesterday and is now asking $975,000, or $619 per square foot. Also, the listing states that the owner is motivated. This could be a good time to snag an amazing unit at an excellent price.
If you or someone you know has an interest in learning more about any of the above properties, or would like to view any in person, please contact me via email at [email protected] or by phone at 786-247-6332.
Updated Video and Brochure for One Thousand Museum
For those of you who have not had a chance to check out the latest promo video for One Thousand Museum, go check it out now. It is pretty spectacular. I believe the video has been around since last month but it wasn’t until earlier this week that I actually sat down and watched it in its entirety. The video not only does an outstanding job of showcasing the amazing design of the building and jaw-dropping views, it also highlights the promise of what is to come for Miami – more specifically, for Downtown Miami. It is this promise, and the excitement that surrounds it, that will inevitably propel real estate values in Miami past those last seen at height of the market in early 2007. With Museum Park set for completion in 2015, the ever-impending formal announcement of Miami Worldcenter, and the recently proposed Skyrise Miami, there is a lot to be excited about in Downtown Miami.
Below is the latest promo video for One Thousand Museum:
Below is the latest e-brochure for One Thousand Museum:
Museum Park Remediation Underway
Late last week, I was showing a condo at 900 Biscayne Bay and looked down at the Museum Park remediation work that is well underway. The remediation process should be completed this November. Construction of the Miami Art Museum building will then begin and delivery is scheduled for sometime in 2013. The Miami Science Museum building will break ground in 2011 and is projected to be completed in 2014. Once complete, Museum Park will be a great addition to the neighborhood and should have a positive impact on the values of Park West condos in the area.
The New Face of Downtown Miami
Downtown Miami has changed tremendously within the past 4-5 years. I just wanted to share a few pictures that I took earlier this week. As you can see, the construction cranes are gone from the Downtown Miami skyline.
New Downtown Miami condo developments 50 Biscayne, Vizcayne, Marina Blue, 900 Biscayne Bay, Ten Museum Park and Marquis can be seen in the pictures above and directly below. The American Airlines Arena, Bayside Marketplace and Bayfront Park appear in the picture above as well.
(Below) A look south down Biscayne Boulevard.
(Below) The view east from a Downtown Miami condo high-rise.
Clinique La Prairie Spa at Ten Museum Park
I had a chance on Friday to visit the long-awaited Clinique La Prairie Spa at Ten Museum Park. Clinique La Prairie is a world-renowned spa based out of Montreux, Switzerland.
Currently, the spa is doing a soft opening but I was told that it will open to the public on February 26, 2009. Here are a few pictures that I took:
The steam room
The ice room with snow falling from the ceiling.
Ten Museum Park HOA Fees Increase About 36%
Earlier this afternoon, I confirmed with the management office of Ten Museum Park that a significant increase in the monthly homeowners association fee was approved towards the end of December. The new monthly HOA fee, which is now in effect, increased from approximately 55 cents per square foot to approximately 75 cents per square foot. This represents about a 36% increase in monthly dues for condos owners of Ten Museum Park. This is something that potential buyers need to be aware of since I found only one or two listings in the MLS that stated the correct monthly HOA fee.
With the exception of Jade, Solaris at Brickell Bay and Emerald at Brickell, which have each been burdened with a high number of foreclosures, I can’t think of another major condo development in Miami built within the past decade that has such a high HOA fee. Ten Museum Park is a boutique condo development with only 200 units, which may be where the problem lies. Most of the new condo developments in Miami have over 400 units and can divide their monthly expenses among more condo owners. While the overall monthly expenses for larger condo developments may be greater, my assumption is that the costs for condo expenses such as staff salaries, building insurance and maintenance of the condo building and amenities is proportionally much smaller.
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
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!
