Yesterday afternoon, we launched the Miami Real Estate Review FaceBook Fan Page. We have big plans for the fan page so be sure to add us. Starting next week, we will provide daily updates in regards to the Miami real estate market. Important market news, recently closed sales and the best real estate deals currently on the market will be highlighted. The information will be provided in an abridged, concise manner to allow daily updates to be made possible. Of particular note to some, the Miami Real Estate Review Fan Page will have a discussion forum. Participants will be able to create discussion topics and provide their input.
Apogee South Beach Unit 2001 – Video Tour
Below, you will find a video tour of unit 2001 at Apogee. Apogee is located at 800 South Pointe Drive in the South of Fifth neighborhood of South Beach. Apogee is considered to be one of the finest condo buildings in all of South Florida. Unit 2001 is a 4 bedroom + media room/3.5 bath condo with 4,154 square feet of interior and 2,441 square feet of terrace. The asking price of this 20th floor corner unit is $7.75M, or $1866 per square foot. Unit 2004, a 4 bedroom of the same size located on the opposite corner, closed in July 2008 for $7.3M, or $1757 per square foot. It was sold decorator ready just as unit 2001 is being sold. Contact us at 305-428-3860 if you have any questions or would like to visit unit 2001 in person.
Time magazine’s portrayal of Miami has changed substantially since the Time article entitled “Paradise Lost” was published in 1981. A city once described as being infested with crime and drugs has now been replaced with imagery of a paradise city. The recently published travel-oriented piece called “Miami: 10 Things to Do in 24 Hours” provides compelling reasons for why Miami has become one of the top travel destinations in the United States.
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.
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.
Flamingo South Beach North Tower Canceled?
Earlier this week, I received an email from someone stating that they had heard rumors that the North Tower of Flamingo South Beach had been canceled. I asked around and it seems that, while nothing has officially been announced, there are plans to give deposit money back to contract holders of units in the North Tower of Flamingo South Beach and to maintain it as a rental building. I’m assuming that the option to convert the Center Tower will not be exercised by MCZ/Centrum and that it too will remain as a rental building.
This is actually great news for owners of condos in the South Tower at Flamingo South Beach, as well as for owners of condos located in the surrounding neighborhood. There will now be much less condo inventory hitting the market. The three towers comprising Flamingo South Beach have a total of 1,688 units. I’m not sure how many of these are situated in the North and Center Towers, but my guess would be that it is something close to 1,100 units. That’s 1,100 less condos that would have otherwise become available on the market (if my estimate is accurate).
I’m just wondering if this will mean that the plans for the courtyard will now be scrapped. The renderings for the courtyard looked fantastic! I’m sure this additional element calculated into the decision-making process of someone who purchased a condo in the South Tower of Flamingo South Beach.
Apogee South Beach – Now That’s a Master Bathroom!!!
Yesterday morning, I had the opportunity to visit a few condo units at Apogee South Beach located at 800 South Pointe Drive in South Beach. The word “sensational” doesn’t even come close to fully encompassing the quality that has gone into this condo development. Apogee South Beach is in a league of its own, with quality that is unmatched by any condo development in South Florida.
The following are a few shots of the master bathroom that I took yesterday inside one of the two condos at Apogee South Beach. Trust me, the kitchens are equally as impressive, if not more so. I’ll likely share the photos of the kitchen at Apogee with everyone in a future post.
