We’re wrapping up the finishing touches on the Miami Condo Investments iPhone application. We should be done by the end of this week. We then need to submit it to Apple for approval. The submission process usually takes 2-4 weeks. I’m hoping that it’ll be available to download at the iTunes store by December 1st. Not sure if I mentioned this before but I’m not going to charge for the application; it’s going to be a free download. Below, you’ll find some screen shots of the Miami Condo Investments iPhone application. This is going to be a serious app!
The Future of Real Estate
A few months ago, I referred to a secret project that I was working on that would crush my competition. We’ve had a few delays, but after a little over 3 months of work we are now very close to completing it. Today, I provide you a sneak peek of that project. It’s an iPhone application that will revolutionize the industry. I’ve done a ton of research on the capabilities and flaws of the iPhone and have thought of everything. I won’t go into the features of the application at this point for obvious reasons but I must say that I’m very proud of this little pocket rocket. In the picture above, you see the start up screen. I didn’t want to reveal too much at this time but I will unveil other screen shots within the next two weeks and go into all of the features of the Miami Condo Investments iPhone application. I’m also preparing to launch the same application on the Android platform early next year.
Early next month, I’m also planning to launch a new website. It’s coming along very well and it has exceeded all of my expectations. I recently brought in an assistant and showing agent to help me during these months of expansion. I’m looking to bring in 1-2 additional agents within the next couple of months. My plan is to solely concentrate on this website and the iPhone application and crank out 5-6 posts per week. Unfortunately, that means that I won’t be able to do anymore showings. However, you can be rest assured that you will always meet with a quality agent who knows the South Florida condo markets as well as I do (well maybe not that well).
South of Fifth Luxury Condo Building Pictures
Earlier this week, I arrived back in Miami from a 5-day cruise and was able to take some nice pictures of several of the luxury condo buildings in South of Fifth as the cruise ship departed. Just wanted to share them with everyone.
Recently, the City of Miami Beach renovated 17 acres on the southern most end of South Beach, in a neighborhood known as SoFi, or South of Fifth. Hargreaves Associates, of New York City, was hired to design and update this bayfront park at a cost of around $22 million.
On a recent visit to the park, visitors participated in a variety of activities from walking their dogs, skateboarding, biking and rollerblading to playing Frisbee and jogging. Kids also played in the interactive water features scattered throughout the park.
At the southern tip, an elevated walkway guides you to a deck with sun chairs, providing an ideal spot to watch cruise ships passing through Government Cut, as well as to enjoy the views of Fisher Island, the Miami skyline and the Port of Miami. Catching some rays at the same time is an added bonus.
The bayfront walk extends from 5th Street (Icon South Beach) all the way to the tip of South Pointe Park, approximately one mile. It’s gorgeous to walk along the bay on a wide boardwalk with a marina on one side and beautiful condos on the other. Additionally, the environmentally sensitive “turtle safe” lighting illuminates the Government Cut walkway while enjoying the scenic view at night.
A mix of uses, especially green space, is always a welcome addition to any community. The renovation of South Pointe Park adds value and livability to an already charming neighborhood.
Ten Recent Multi-Million Dollar Condo Closings in Miami – April 2009
IL Villagio – PH6&7 – 3 bedroom/4 FB/2 HB (5,700 square feet) – This condo sold for $7,000,000, or $1,228 per square foot, on February 12, 2009. Note: This condo was listed for $13.9M.
Ocean Tower II – Unit 208 – 7 bedroom/8 FB/2 HB (6,584 square feet) – This condo sold for $6,100,000, or $926 per square foot, on March 30, 2009.
Apogee South Beach – Unit 1502 – 3 bedroom/3.5 bath (3,100 square feet) – This condo sold for $3,750,000, or $1,210 per square foot, on March 20, 2009.
Continuum North – Unit 2301 – 3 bedroom/4.5 bath (3,017 square feet) – This condo sold for $3,700,000, or $1,226 per square foot, on January 30, 2009.
Continuum North – Unit 2101 – 3 bedroom/3.5 bath (3,017 square feet) – This condo sold for $3,695,000, or $1,225 per square foot, on April 2, 2009.
IL Villagio – Units 1201&1202 – 2 bedroom/2 bath (2,910 square feet) – This condo sold for $3,600,000, or $1,237 per square foot, on January 27, 2009.
Oceanside – Unit 7831 – 3 bedroom/3.5 bath (3,580 square feet) – This condo sold for $3,100,000, or $866 per square foot, on February 9, 2009.
Continuum South – Unit 2705 – 3 bedroom/2.5 bath (2,847 square feet) – This condo sold for $3,000,000, or $1,054 per square foot, on March 30, 2009.
Bellamare – PH6 – 6 bedroom/5 bath (5,469 square feet) – This condo sold for $2,950,000, or $539 per square foot, on February 12, 2009.
Oceanside – Unit 7631 (3,691 square feet) – This condo sold for $2,625,000, or $711 per square foot, on January 30, 2009.
New & Improved South Florida MLS Property Search for Condos
Many of you have already noticed that a much improved Miami condos search has now taken the place of the old property search. New search parameters have been added to allow your search experience to be more powerful and effective. For example, you can now search by year built, number of parking spaces and distressed sales (foreclosures and short sales), as well as many other parameters. Additionally, you can now draw a shape onto the map to restrict the search to condos located within that shape. For example, in the picture above, I drew a shape around Brickell Key to restrict the search to only condos located in Brickell Key. Enjoy!
South Beach Vacation + Bargain Condos = Miami Condo Investments Tour
I’ve been kicking around this idea in the back of my mind for quite some time. I guess the timing just never felt right. Prices have now fallen to a more realistic level, however, and it may be time to at least discuss the idea to see if there would be any interest.
I’m proposing to hold a two-day tour of Miami and South Beach condos in June of this year. The tour would focus on the best condo deals in Brickell, Brickell Key, Downtown Miami, the Arts District of Miami and South Beach. The objective would be to educate nonlocal buyers, who may not be familiar with the various neighborhoods and condo developments, but may have an interest in buying here at some point in the future. It’s also an opportunity for local buyers to take a first-hand glimpse into the best condo investment deals in Miami. Weather-wise, June may not be the best time of the year to visit South Florida, but I expect the deals at that time to be even better than they are now.
The condo tour would be held on a Friday and Saturday, in which time we would visit 10 buildings and about 30 condo units. The tour package would include a 3-night stay at the Loews Hotel, a 4-star/4-diamond oceanfront hotel in South Beach; 3 breakfasts; 2 lunches; and the 2-day chartered bus tour. The cost would be $900 for one person or $1,500 for 2 people staying in one room. The 2-day chartered bus tour would also be open to local buyers who do not require hotel accommodations at a rate of $300 per person. To those who close on a condo that was placed under contract within 3 months of the tour, I would credit half the cost of the condo tour package at closing for those requiring hotel accommodations and the full cost to those paying the $300 rate.
I’d love to get your feedback about this idea, and I’m open to suggestions regarding the buildings that will be included in the tour. Please add your thoughts in the comments section and use the second poll below to vote on the buildings that you’d like to see on the tour (you may select multiple buildings when voting). I’m hoping to get around 20-25 interested parties in order to set this plan into motion.
[poll id=”7″] [poll id=”5″]
2 Bedroom Foreclosure at Murano Grande Sells for $331 Per Square Foot
I was looking through the recently closed sales in South Beach and came across a 2 bedroom/2 bath foreclosure condo at Murano Grande that sold for $475,000, or $331 per square foot on February 9, 2009. This is by far the lowest that a 2 bedroom condo in the Murano Grande has sold through the MLS. Grant it, the recently closed condo, unit 609, is on a very low floor but from the looks of the pictures it appears to have been in pretty good shape.
Previously, the lowest sales price for a 2 bedroom condo at Murano Grande was $650,000. That unit was located directly two floors above unit 609 and closed in April 2008.
Unit 609 appears to have been the victim of mortgage fraud. It previously sold for $1,100,000 in September 2006. What’s interesting is that the list price at the time was intially $949,999. After being listed at that price for about seven months, the list price was increased to $1,100,000 a month before the condo closed and, of course, the listing agent was able to get both sides of the deal.
South Beach Luxury Condo Sales
There have been 10 closed sales for luxury condominiums in South Beach within the past three months that appear in the MLS. I defined a sale as being a luxury condo sale if it had a sales price at or over $2.5M. As you’ll see below, Apogee South Beach topped off the list with a condo selling for $7.3M. Even more impressive is a Penthouse condo at Apogee South Beach, which did not appear in the MLS, that closed for $16.5M on June 9, 2008.
Il Villagio – Unit 804 – $2,500,000 – $1,506/SF – May 13, 2008
Beachfront Foreclosure "Steals" Just Aren’t Happening in South Beach
I receive a number of phone calls each week from nonlocals looking to “steal” a condo in South Beach directly on the beach. I tell them every time that it’s just not happening. Beachfront property is still in very high demand.
Case in point is a foreclosure condo at Hilton Bentley Miami Beach that became available towards the beginning of February. It’s a 1 bedroom/1 bath with 620 square feet, fully furnished and listed at $379,900. I never posted about this foreclosure because I wanted my best clients to jump on this opportunity before other agents in town knew about it. I took a look at the condo and it was in prestine shape. Great views, plasma TVs in the living room and bedroom, stainless steel appliances and furniture that was in like-new condition. I submitted a few offers but I was told that 8 other offers were submitted and none of mine were the highest. One of my clients has contacted me a few times within the last couple of weeks, out of curiosity, to find out for how much the condo eventually closed. The foreclosure condo at Bentley Beach closed for $459,900 on March 26, 2008. Again, it was listed for $379,900. Someone bid through the asking price by $80,000!
This is not just one instance. I’ve been seeing a number of South Beach foreclosures and short-sale condos being bid through their offers. As the old adage says, if it looks too good to be true then it usually is.
