It’s truly about time an article came out that reflects the truth about current market conditions in Miami. It is really difficult to make buyers understand that although in 2009,2010 and part of 2011 foreclosures and massive inventory of developer units dominated the market, that has all been left in the past. No longer can you find multiple foreclosures in a building…gone are those days were the buyer can pick and choose and low-ball just about any property. I am not saying you can’t find a good deal or that there are no foreclosures on the market….I’m just saying it’s not as easy as it was in the past.
In 2009 I remember that if a client wanted a 2 bedroom condo in Brickell and his budget was $300k, I would at least be able to come up with 6 or 7 properties to show him in and some even in the newer developments. Today the reality is that to find a 2 bedroom condo in Brickell, Downtown, Miami Beach, Coconut Grove or Coral Gables you have to really search and not have a long list of critireas. If you are lucky to find something, odds are it will be under contract by the time you go see it or your client decides he wants to put an offer. Inventories have dropped and this drives away the negotiating power that existed years back.
In the past couple of months I have been able to help clients find some great buys in Brickell and Downtown, however that window is slowly closing as I continue to see prices escalate month by month. If there is a shadown inventory of foreclosures banks have been holding, this is as good a time as any to put them out in the market…we need the inventory!
If you are in thinking about buying or selling your property, give me a call I would love to discuss the market conditions and provide more insight as to how I can help you invest in Miami!
Great to see things are on their way….construction for Brickell CitiCentre have begun in Brickell. For those of you that have no clue what I am talking about see the below video and see for yourself what is coming to Brickell.
I know is hard to believe…. everywhere in the news you hear how bad the economy is and how prices continue to drop in the housing market but…there is always a but….there are currently two new condo development projects on the works for next year. BRICKELL HOUSE which is going to be located in the empty lot right across from the Jade is one and the other is MyBrickell. MyBRICKELL is another RELATED & Arquitectonica’s project inspired by renowned designer Karim Rashid. is set to be completed in 2013 and will be breaking ground in the Dec 2011. It’s location will be at right behind the 500 Brickell Condo along the Miami River, steps from the Brickell CitiCenter once this shopping center is built. MyBrickell will be a 24 story boutique building with 192 modern condominium residences, with a total of 8 units per floor. Reservations are now being taken at reduced pre construction prices and according to developers 42% is already under reservation.
Brickell House condo will have 370 condo units with 46 floors. These condo units will be ranging from studios of 400 sq.ft to 3 bedrooms of 1,438 sq.ft . Developed by Neward Development Group together with Sieger Suarez architectural this project is said to become the next luxury condo in the Brickell area. The interiors will be designed by Yabu Pushelberg, you may recall his designs from the Apogee condo in South Beach. Brickell House will have a robotic automated parking garage new to Brickell condos and it will also contain many “green” features keeping up with today’s environmentally conscious buyers.
Both of these buildings are at the pre-construction phase and both taking reservations. There is no inventory list available to the general public as availability changes daily. I have access to what’s currently for sale and as well as floor plans and prices.
Today my client whom purchased a unit at Paramount on the Bay received an Ipad at his orientation interview, I thought this was a really nice gesture from the people at Paramount specially because it was a surprise gift. Sales at Paramount Bay are going strong despite what many people thought, yes the price per square foot is higher than what most expected but compared to the nearby buildings you will see this building offers much more and the views from almost all units are amazing. For a building tour or current available inventory feel free to send me an email or give me a call.
Brickell House new condo project in Brickell set for 2014. It’s hard to believe it since just a year ago Developers were still trying to figure out how to get rid of all the inventory in all the new high rise towers between the Brickell and Downtown areas, however as announced on Monday by Developer Newgard. This new project will be located in the empty lot right in front of The Jade Condomini…um between 13th and 14th street right on Brickell Bay Drive.This $170 million dollar project will have a total of 374 residences on a 46 story tower. It is said to start somewhere in the low $200k’s for what I imagine would be the 1 bedroom lower floor units. Some of the most outstanding features will include a rooftop sky-deck and an automated robotic parking garage. I imagine with time more details will be released on the project, as for now any potential buyers will need to have 70% cash down, which basically will eliminate many of the local buyers.
The Gentin Group purchased approximately 13.9 acres of land currently housing The Miami Herald Company and an adjacent parking lot in addition to the Omni Center to which Gentin has acquired all outstanding mortgages from Miami Real Estate investors Jorge Perez, Jimmy Tate and Sergio Rok. Genting Malaysia Berhad (“Genting”) has selected Miami, Florida-based Arquitectonica as the Master Plan Architect for Resorts World Miami. Although not yet disclosed what was paid for the note what was disclosed is what the Gentin Group is going to do with the land. The proposal is the build a mega Resort unlike any ever seen in Florida. The scale of this project is just fascinating and if carried out like their masterpiece in Singapore, World Resorts Santona, I am sure we will not be disappointed.
But what does this mean for Miami and the Downtown area? Well it means new jobs, a continued revival for Downtown and a step in the right direction for anything and everything Real Estate related. Having this go to destination in our backyard will mean properties and neighborhoods in the adjacent areas will become prime real estate. This is so exciting…this is exactly what Downtown needs to take it to the next step, we have seen the changes taking place along the Biscayne corridor and how Midtown has taken a life of it’s own with walkable cafes, shops and restaurants this will be the icing on the cake.
The Resorts World Miami site will feature 800 feet of waterfront on Biscayne Bay to the east and is bounded by the MacArthur Causeway on the south, Biscayne Boulevard on the west, and the Venetian Causeway on the north. The land is located directly across the street from the Adrienne Arsht Center for the Performing Arts of Miami-Dade County and immediately north of Miami’s new Museum Park development, the future home of Miami Art Museum and Miami Science Museum.
Take a minute and read the full story below and take a look at the video it is truly expected to be a masterpiece! Downtown will never be the same….
World Resorts Miami Video
Read more: http://www.miamiherald.com/2011/09/14/v-fullstory/2407173/genting-unveils-plan-for-miami.html#ixzz1Y69e4Q48
Yes it is finally here again for all us of that love to get pampered!!!! Miami Spa months, yes not one but two months of fabulous services at some of the most lavish Spa’s in Miami just for $99. You must book in advance and it does not include gratuity, but you do get to experience some amazing services at a great price. I highly recommend the Boutique Spa at the Ritz in Coconut Grove, I was there last year and said I would be back and here we are another year has passed. The Spa at the Mandarin is another one you can’t pass by.
Well there you are take advantage of it and relax and d-stress yourself, I know i will!
This is a golden opportunity to own a condo in exclusive “Grove Isle” this property was just listed on the market for an amazing price. Originally a 2 bedroom which has been converted to 3/3. It has direct access to the pool and garden area from the unit. Ideal for someone looking for a unit on the lower floors. Over 1800sq. of livings space.
Grove Isle is secluded gated island just outside the heart of Coconut Grove, just a couple of miles from Brickell and Downtown. It is a self-contained Island that features restaurants, a hotel & spa. The Grove Isle is a lushly landscaped 20-acre parcel with three condominium towers that offer amenities such as, a heated pool, 12 tennis courts, health club, sixty slip marina, concierge service, gym, 24 hour security a private beach and much more…if you are looking for a relaxing spot which is also minutes from the action you will love living in Grove Isle.
Brazilians are coming into Miami and spending their dollars on condo and home purchases. According to a report by Bloomberg, Brazilians bought 9 percent of homes and apartments sold to international buyers in the 12 months through March 2010, behind only Canadians and Venezuelans, according to the Miami Association of Realtors. In the Brickell and Downtown areas condo sales have been dominated by international buyers most coming in with cash, purchasing not only investment properties but also vacation homes. They are not only going after foreclosure properties but also luxury condos, more than half of the purchases have been for properties over $500,000.
The reduction in inventories in these markets are also affecting the prices, developers are beginning to increase prices and buyers are taking action before they loose out. Unfortunately all the media publicity on how bad the Real Estate market is and how prices will continue to drop has made locals “sit and wait”, unfortunately it may not work to their benefit because the numbers in “Florida” are not the same as the numbers in the sought after areas in Miami. Yes you can probably by a 3 bedroom home for $70,000 in Homestead but not in Brickell!!
Read below article I think it provides great insight to what is happening in the Brickell/Downtown market and how International buyers are taking advantage of it.
It’s truly about time an article came out that reflects the truth about current market conditions in Miami. It is really difficult to make buyers understand that although in 2009,2010 and part of 2011 foreclosures and massive inventory of developer units dominated the market, that has all been left in the past. No longer can you find multiple foreclosures in a building…gone are those days were the buyer can pick and choose and low-ball just about any property. I am not saying you can’t find a good deal or that there are no foreclosures on the market….I’m just saying it’s not as easy as it was in the past.
Brickell House new condo project in Brickell set for 2014. It’s hard to believe it since just a year ago Developers were still trying to figure out how to get rid of all the inventory in all the new high rise towers between the Brickell and Downtown areas, however as announced on Monday by Developer Newgard. This new project will be located in the empty lot right in front of The Jade Condomini…um between 13th and 14th street right on Brickell Bay Drive.This $170 million dollar project will have a total of 374 residences on a 46 story tower. It is said to start somewhere in the low $200k’s for what I imagine would be the 1 bedroom lower floor units. Some of the most outstanding features will include a rooftop sky-deck and an automated robotic parking garage. I imagine with time more details will be released on the project, as for now any potential buyers will need to have 70% cash down, which basically will eliminate many of the local buyers.
