It appears that a big change is on the horizon for Park West. This weekend, I was told by three independent sources that a CVS Pharmacy will be opening next year at Marina Blue. The pharmacy chain has signed a lease to occupy a big chunk of the building’s street level retail space which currently consists of four separate commercial units, three of which are tenant-occupied at this time. According to one of my sources, in order to make way for CVS Pharmacy, the three tenants (a nail salon, restaurant, and real estate office) will be vacated by November 1st; the tenants received notices about six months ago when the commercial spaces were placed under contract by a recent buyer for an undisclosed amount. As a result of these dealings, the restaurant tenant, Elia’s Gourmet, which has been a long-time commercial tenant at Marina Blue, will be relocating to a larger space along the north side of 900 Biscayne Bay.
Given that there’s already a CVS Pharmacy just six blocks south of Marina Blue at Vizcayne, the choice of locations is a bit peculiar, but not completely surprising. After all, Marina Blue is located catty-corner from the American Airlines Arena, so the new CVS Pharmacy should see a good amount of foot traffic come its way as a result of Miami Heat basketball games, music concerts, and other events held at the stadium throughout the year.
East side of Marina Blue along Biscayne Boulevard
South side of Marina Blue along Northeast 8th Street
Drone Video – Marinablue Unit 5602
Throughout my career, technology has played an instrumental role in the success of my business – from implementing the latest website technologies to launching mobile apps for the Miami condo market. One such technology that has been a mainstay in my business is video. Since at least 2006, I have incorporated video in my real estate business to capture and market properties online. Back then, to capture a video tour of a property, I would strap a digital camcorder to a tripod and push it around on dolly wheels. Since then, not only has video technology improved significantly but the means with which to capture footage has seen major advancements as well. Perhaps the most notable of these advancements is drone technology. By attaching an HD camera to a drone, one is able to capture breathtaking shots from way up high. It also is a fabulous way to provide geographic perspective to an online audience who may not be familiar with the location of a property.
Over the past year, I’ve been waiting for the perfect opportunity to integrate aerial footage captured via drone to my marketing arsenal. My recent listing of unit 5602 at Marinablue – a turnkey furnished 2 bedroom condo located just one floor below the penthouse level – seemed more than ideal. The video above demonstrates the power of drone technology in capturing stunning footage from the skies above. After watching it, I am sure you will agree that drones and real estate are a match made in heaven.
Marinablue is located at 888 Biscayne Blvd in Downtown Miami – directly across the street from Museum Park.
Welcome to excellence! Designed with precision, Marina Blue unit 5602 is an impeccable residence offering some of the very best, awe-inspiring views of the Atlantic Ocean, Biscayne Bay, Port of Miami, and Downtown Miami skyline. Over $250,000 in upgrades, furniture, lighting, electronics, and artwork. Located on the 56th floor, unit 5602 features hard wood floors; motorized shades; blackout curtains; custom lighting; artwork by acclaimed artists; large, custom-built walk-in closets in both bedrooms; and a state-of-the-art electronics package, which includes a 3D TV, Blu-Ray 3D player, Bose surround sound system, and security camera system with remote viewing capability.
Very unique floor plan. Only 5 of its kind in the entire building. One of just a few units in all of Downtown Miami offering a direct water view and balcony access from BOTH bedrooms. In almost every other case, the view from the second bedroom faces west (away from the water) and/or does not have balcony access. The same can be said for most 3 bedroom units throughout Downtown Miami. Having an amazing water view is one of, if not, the biggest reasons to buy a condo in Miami, so why not buy a condo which would afford you the opportunity to enjoy the breathtaking views from EVERY room?
If you’re in search for the very best, look no further! Contact Lucas Lechuga for showings. I can be reached on my cell phone at 786-247-6332 or via email at [email protected].
New Renderings and Video Released for Paramount Miami Worldcenter
Earlier today, new renderings were released for Paramount Miami Worldcenter. As I am sure you will agree, the renderings are nothing short of spectacular! I am especially impressed with the first two renderings shown below – the Lobby and Skydeck Infinity Pool.
There’s no doubt in my mind that Paramount Miami Worldcenter has the makings to be one of Miami’s most distinguished condo developments. In the coming weeks, preconstruction sales for Paramount Miami Worldcenter will formally launch to the public. If you or someone you know have an interest in reserving a unit, I can get you in now, before the rush, at “Friends & Family” pricing. Prices start at $550 per square foot. Contact me for details at [email protected].
At the very bottom of this post is a new, full-feature demo video for Paramount Miami Worldcenter ,which was also released earlier today. Enjoy!
Paramount Miami Worldcenter Amenities / Common Areas
Paramount Miami Worldcenter Residences
Paramount Miami Worldcenter Exterior
Paramount Miami Worldcenter Video
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.
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.
