The team at ARMiami says:
“May this be a great finish to 2008 and have a Happy Chanukah, Merry Christmas, Joyous Festivus - whatever you celebrate may this be a wonderful holiday. We look forward to a strong year in 2009 - here is to an AMAZING NEW YEAR, 2009!“
Avenue on Brickell (1060 Brickell) developer Extell is oferring a bulk sale of 346 units at a fair discount - but will they find a buyer? Click on the link to read a Miami Herald article about the sale:
346 Brickell Condos Offered in Bulk Sale
While at first glance this seems to support the notion the sky is falling that the news outlets and water cooler gossip would have you believe, take a close look at the numbers cited at the end for closings in Miami - 70% rate closed and many of the buildings are still in the closing process. This supports what I have seen in the foreclosure/short sale market, that there are still condos being bought and sold daily - units priced well are moving as cash buyers swoop in.
Yes, that’s right the sky may be falling according to the news channels but locally… it’s not quite as bad as it seems. A recent Miami Herald article supports exactly what I have been seeing - with prices hitting six year lows buyers are swooping in. Signs of Life for Condo Sales in Downtown Miami Hand-in-hand with this, and as mentioned in the article, are a slew of closings either occuring now or scheduled before year’s end. The list is long as most of the projects (particularly in Brickell) wrap up - EPIC, Icon Brickell, Everglades on the Bay, Mint, and Infinity I are the ones I can think of off the top of my head.
The Everglades on the Bay condo is nearly done! The pool deck looks complete with great landscaping and pools, plus the large fitness center looks outstanding. All the external painting looks to be done and here is where I’m left a bit puzzled - who designed the color scheme of this building??? Sadly I do not find it very attractive with white, pale green, tan, red, and brown. While taking a walk around the block I was pleased to see all new sidewalks with brick inlays and planted trees giving a nice residential touch to our neighborhood. I looked in both of the lobbies which look wonderful in warm woods and have what I am fairly certain are Chihuly chanderliers. From appearances I expected closing to begin in the next 2-6 weeks but I was contacted by a pre-construction owner who said the developer contacted him and it has been delayed until late winter/early spring - almost certainly 2009. I’m curious as to the delay, it may just be the massive amount of work to build out the many units.
Here is a pretty neat photo I took a day or two ago from my balcony at The Loft Downtown 1 showing the Miami Arena. Still a ways for them to go with removing the structure that will provide one of the plots for the Miami Worldcenter project.
Be sure to click on the photo for a larger image where you can see a lot more detail.
Right behind the prestigious row of new condos on Biscayne Boulevard lies a neighborhood that is mostly vacant and overrun with homeless. Rumblings of new projects on this land have been going on for several years now but it looks like it just might come to pass. Miami Herald article on the Miami Worldcenter project.
If you are wondering why there is a dearth of updates recently our ARMiami Realtors have been swamped with short sales and foreclosures! Updates should be coming over the next week so please check back.
Happy Fourth everyone! Take the day off and enjoy the fireworks, this year’s should be great!
Last night as we rode the Metromover (sometimes called the Peoplemover) to Brickell as we passed the little trainyard we caught a glimpse of the new trains imported from Japan. We should see those in service any time now.
It had to happen, I’ve just been getting too much interest to ignore the new, burgeoning Short Sale & Foreclosure markets. Starting this week along with our leasing specialization ARMiami is be broadening to cover short sale and foreclosure Buying & Selling. Great deals at the Mirador North and Yacht Club at Portofino were shown to clients and 1800 Club, Ten Museum Park, and Marina Blue are some of our next targets.
It’s time to buy - prices are looking to have bottomed already at some properties like Jade Condo Brickell, a 1 bed there was listed for $250k and lasted just hours before a full price cash deal took that off the market. Just a year ago the idea of a nice SoBe condo for under $250k was a pipe dream but no more - I showed multiple Mirador units that will surely go for less than that, with a little TLC and a few years these should appreciate nicely and make a great residence, vacation spot, or rental unit. At $200k for a 1br you can break even, or close to it which for most owners here in Miami is not the case at all (50% on a new condo is average).
