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.

http://www.bloomberg.com/news/2011-06-21/brazilians-buy-miami-condos-at-bargain-prices-after-45-surge-in-currency.html

If you would like more detailed information on the Market or past sales on a specific buildings…..give me a call.

It has been quite a challenge to win a bid on a foreclosure property in the Brickell / Downtown area lately so I tell my clients assume the asking price is your starting price. This three bedroom unit just listed at One Miami Condominium in Downtown Miami will be one of those multiple bidding scenarios for sure. Why does this happen you wonder? Well it’s simple, it all comes down to demand vs inventory. Although there are numerous condos for sale in the area most of then are either short sales or priced much higher than what one would consider competitive. Buying a foreclosure means you are getting the best price in the market and closing on your property within a more or less normal time frame. So as I tell my clients, if you like it grab it, if you think about it for too long it will be gone and those that thought I was kidding later on came back to regret loosing it.

ONE MIAMI FORECLOSURE SEE DETAILS

http://sef.mlxchange.com/Pub/EmailView.asp?r=1075026725&s=SEF&t=SEF

MORE FORECLOSURES

http://brickellcondoconnection.com/foreclosures/

MARKET SNAPSHOT (in case you don’t believe the numbers) get it here

http://brickellcondoconnection.com/

Swire, the master mind developer of Brickell Key is now moving forward with plans on creating an urban retail destination in the heart of Brickell…some are saying it may be bigger than the Sawgrass mall! This urban shopping destination and mixed-use development will spread over 9.1 acres of land just west of Brickell Avenue and south of the Miami River, estimated cost are to be around $700 million. If all plans are approved construction will begin by the end of this year.

Find below some pictures of possible renderings and actual location of the land.

Read more:

http://www.miamiherald.com/2011/04/27/2188997/new-city-center-on-horizon-for.html#ixzz1Kn9kGYZy

The Florida Hardest Hit Fund program was launched Monday April 18th, it was created to assist unemployed homeowners by paying their mortgage payments for up to six months. There are certain guidelines and criteria that need to be met to qualify, but it may provide a huge relief for many people struggling with this economy.

Click on the below link to read the entire article.
Foreclosure Relief Program

Lately I have come across a number of  frustrated Real Estate professionals that don’t understand what is going on with foreclosure transactions.  If you are a Realtor and work the Brickell or Downtown market and have investor clients that bid on foreclosures you know what I am talking about.  I would say in the last six months I have seen a decrease in the amount of foreclosure listings that come into the market in these 2 areas and for this reason they have become a very hot commodity.  Having said this it is not uncommon that when a property is listed the price stipulated is usually a low price in order to entice a multiple offer situation with buyers.  Knowing this, many Realtors like myself advise our clients that offers should in fact be above asking price if they want to have a shot at getting the property, some clients don’t believe this and still try to low-ball a foreclosure with no success.  I believe in educating my clients and providing the proof of past sales to avoid wasting my time with low offers,  surprisingly enough even on offers were the price was almost 20% above asking price and seemed like a sure thing…….a couple of days later we are advised that another offers was accepted.

I have so many questions regarding the process of submission of offers, the banks criteria in choosing the best offer and even the owner of the note……..how can a financed offer beat a full cash offer that will close in 10 days???  Questions…..and more questions….I don’t think I will get an answer to my questions any time soon but I really think this is something that should be looked at…………..Meanwhile my investors keep trying with hopes of getting lucky at some point with a foreclosure!

This foreclosure opportunity posted just 24 hours ago and already there are multiple offers predicted.  Considering that values have started creeping up in Brickell it does not surprise me that many are running at the opportunity to get their arms around a good foreclosure deal.  This unit which sits on a high floor a corner unit facing west.  It has marble floors in living area and carpet in the bedrooms.  It is fully furnished, yes uncommon for a foreclosure but it is in fact furnished.  If my predictions are correct the unit will sell very quick and for above asking price and of course to a cash buyer.  The Club is centrally located walking distance from Mary Brickell Village and other area attractions.  Although not considered on of the most luxurious buildings in Brickell, it does have everything you need in a high-rise condominium.  I believe this is a great investment opportunity.

In the past couple of months the condo sales activity has been everything but slow in Brickell.   Condos priced at market or just below are going under contract in days a tremendous change from just month’s back.  It seems that Investors have flooded the market in an effort to grab the deals before they are gone and prices start to stabilize.  With short-sale’s taking up a large portion of the condos for sale in Brickell and Foreclosures or REO’s become more scarce buyers are now more willing to wait out for the Short-sales to be approved knowing this is the next best thing when it comes to grabbing a condo in Brickell at an amazing price.

If you are looking for a foreclosure deal keep in mind that the list price will usually  be your starting point , specially in Brickell, the competition is fierce and Investors are ready to make cash offers many times above list price.  If  bank has priced the foreclosure property way below market the intention is to get multiple buyers interested and create a situation were multiple offers are submitted thereby driving the price up to were it should be.  There are still opportunities out there it’s just a matter of  looking for them….the question is how long will it last?

If you have been waiting for a great deal on a 3 bedroom unit at the Jade with direct water views on a high floor…..here it is!  This unit is a flow-through so you get East and West views, simply beautiful unit in mint condition.   A must see foreclosures in this building are coming far and apart so grab it while it is still available. Call me if you want to make an offer! Click to See full details

http://sef.mlxchange.com/EmailView.asp?r=362540428&s=SEF&t=SEF

Back on the market is a 3 Bedroom foreclosure condo in The Club @ Brickell. Bank is asking $259k and maintenance fees are about $700+ per month. Not a bad price if you are looking for that third bedroom which are hard to come by at this price in Brickell. The Club was one of the buildings that suffered the most when foreclosures started to hit the market a couple of years ago, now many of the units have been sold to cash buyers which will make this building a solid one when all is said and done. This unit is a great buy for an investor looking to hold it for a while and rent it out or for anyone looking for the extra space. Building is located right off 12th st and Brickell Bay Drive. Walking distance to Mary Brickell Village and the Brickell Business District.