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Bay House Miami Residences – new pre-construction projects #1

Bay House Miami Residences – pre-construction series #1

This is the first of the many new pre-construction projects in Miami that have been announced over the past weeks and will be covered here over the next few days.

Located at 600 NE 27 St in the Edgewater area, this is another project that will contribute to the rapid change and improvement on this area. With prices starting in the mid $300 / sqft this project is sure to be a success amongst value driven buyers.

Bay House Miami residences

 

Bay House Miami is scheduled to be completed at the end of 2014.

Deposit schedule is a follows:

10% at Reservation

10% at Contract

20% at Groundbreaking

10% at Top-Off

Balance at closing

For more information on Bay House Miami residences, please contact us:

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Toppling the Record – Miapolis in Miami

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Miapolis in Miami

It seems that as soon as one record is set, it’s time to see who can break it. That rule holds true in every area of human endeavor, from art to architecture. Now that Dubai’s Burj Khalifa has been named as the world’s tallest building, it’s only a matter of time before something else takes its place. That “something else” is going to be built in Miami, Florida – Miapolis. What is this monumental creation going to be? Let’s take a closer look.

Where Will It Be Built?

First, let’s take a look at exactly where Miapolis will be built. The proposed structure will be constructed on Watson Island, right in the city of Miami. However, don’t think that this is going to be “just another” super building. While other super skyscrapers are home to offices and apartments, Miapolis is going to be something very different, indeed.

What’s It All About?

What’s Miapolis all about, then? This incredible property is designed to be a full city within a city – it will be another city within Miami. Rising more than 3,200 feet into the sky, the property is expected to have a full 160 stories. The building will house offices, luxury homes, shopping areas, businesses, restaurants and diners, and even an observatory. Other areas slated for inclusion are a hotel with 792 rooms and a full size amusement park, as well. That’s certainly something different from other record-breaking buildings around the world. In fact, Miapolis looks like it’s going to be a world unto itself.

It’s Green and Self-Sustaining

Another significant difference here is the fact that Miapolis is going to be self-sufficient. It’s also going to be one of the greenest constructions in the world to date. State of the art green materials, environmentally friendly construction methods and cutting edge maintenance practices. In fact, it would become the highest rated LEED-certified green property in the country.

Don’t Rush to Buy Just Yet

While the dream that Miapolis represents is certainly compelling, don’t rush out to buy your condo just yet. The project is still in the development stage, so there’s no telling just how long you’d have to wait to own your little piece of this ecologically friendly haven. With that being said, keep an eye on the headlines because once commercial and residential properties start becoming available, you can expect them to go very quickly.

If you want to be kept in the loop on upcoming news for this project or have any other questions regarding Miami Downtown or Miami Beach real estate, please contact us using the form below.

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Miami newest condos

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Miami newest condos

So you would like to know about miami’s newest condos ?

Let’s first clarify, what you mean by “newest condos”. 

There are those that are truly new developments, i.e. new condo buildings that are in the planning, selling or constructions stage. Examples of those are MyBrickell, Brickell House, Brickell City Center, Resorts World, The Porsche Designed Tower in Sunny Isles, etc. 

Then there are buildings that were built during the boom, but unfortunately did not – at least initially – survive long enough to becomes successful and have recently been taken over by new investment groups, often being re-modeled, newly marketed and are now successfully selling.

Examples of those would be Vizcayne North & Vizcayne South  (formerly Everglades on the Bay) and Paramount Bay.

These buildings – despite their initial failures – are now seeing great success and are selling at a much more rapid pace than initially anticipated. 

As of recently Vizcayne had approx. 250 unsold condos out of a total of 849 condos (between both towers). Paramount Bay has sold over 200 of their 346 luxury condos since they started selling in October of 2011. 

Last but not least, people looking for miami newest condos might actually be referring to the newest available condos in Miami. If that is what you are looking for, I have a dedicated page for newly listed Miami Beach condos or you can contact me with specific criteria of what you are looking for and I can create a custom list for you, that shows you all the newest condos in Miami or Miami Beach that fit your specific needs. 

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Miami condo prices 2012 – Greater Downtown Area

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Miami condo prices 2012 – Greater Downtown Area

I get a lot of questions about what will happen to miami condo prices in 2012.

Unfortunately I still haven’t figured out how to predict the future, but I have figured out how to get facts from the past and present, which can be used to interpret what the future might bring. In the areas I work in -Miami Beach and Greater Downtown Miami – the price decline has not only stopped, but prices are past the bottom and are slowly, but steadily, creeping up again. While this meant that the very best deals are one (sorry, if you missed the boat), there are still deals to be had. For how much longer, I don’t know, but I wouldn’t wait too long.

If you look at this graph, you see that in the greater downtown area of miami, the median sales price for condos has increased by 29% from $220k to $284k in the past 12 months. Currently I don’t see any indication of why this trend would not continue since sales are still going strong and developers are increasing asking prices and successfully selling new developments. This is s good indication of what going to happen to Miami condo prices 2012.

Downtown condos median sales price

 

 

The same can be said for the average price per sqft. It increased by 12% from $258 to $288.

 

Downtown condos average price per sqft

Strong international demand and easier access to financing should help to further reduce inventories thus leading to an increase of miami condo prices 2012.

The last fact I would like to share is the decreased inventory, which again reconfirms all that was said above. 6 months of inventory is considered to be a balanced market. I’m not quite ready yet to call this a seller’s market, since we just dropped below 6 months, however if these trends continue we are well on our way to a seller’s market.

Downtown condos month of inventory

 

For more Miami Downtown condo market stats you can check out my post about Downtown Miami condo prices per sqft.

If you have questions or want to buy or sell a downtown miami condo, please don’t hesitate to contact me using below contact form.

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Miami condos for sale

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Miami Condos for Sale

Miami condos for sale are hot again.  For the past three decades, Miami has been favored by people as the ultimate global hotspot for vacation and investment real estate.  And this is with reason, too.  Where else can you enjoy luxurious, seaside living that’s accompanied with fantastic weather year-round, a dynamically hot nightlife, famous restaurants, and a chance to meet the hottest celebrities?

Furthermore, what other American city is enjoying positive economic growth in trade, tourism, commerce, entertainment, real estate and banking like Miami is?

It’s these reasons and more that makes Miami “the place” to live, and thus, has people who desire to be a part of this metropolis, searching for Miami condos for sale.

Miami is exploding with people looking for Miami condos for sale. These buyers have different reasons for their interest in condo ownership here however most of them are buying either investment properties or vacation properties (second homes).

The fast growing demand is part of the reason Miami’s real estate market has changed.  With condos selling at a faster pace and inventories declining, there are not only less available Miami condos for sale, but  as a result, prices have risen and are most likely going to continue to rise throughout 2012.

None of this has managed to deter Miami and those searching for Miami condos for sale, however.  In fact, new luxury Miami condos in areas such as Downtown Miami are selling very well.  This real estate trend will continue too, possibly throughout 2012, especially since international condo buyers have been bullish on Miami’s real estate market.  These anxious buyers alone make up over thirty percent of those searching for Miami condos for sale.

If you too are interested in Miami condos for sale please feel free to utilize our property search feature or contact us for more details.

In conclusion, as 2012 moves on, so is the likelihood of prominence that has fallen upon Miami’s real estate market. With condo sales rising, realtors foresee Miami as a dominant force in the American real estate market for a long time – something most American cities can only dream of. And this will make buyers continue on their quest for Miami condos for sale.

Downtown Miami condo prices per sqft

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Downtown Miami Condo prices per sqft

Since price is of course the most important factor when buying or selling real estate I just ran some market stats for the past 12 months (Feb 2011-Feb 2012) for condo sales in 3 different areas:

Downtown Miami (greater downtown area)

South Beach (other than South of Fifth)

South of Fifth (Miami Beach)

The charts below show you the average sold price per sqft in what I call the “greater downtown” area of Miami. I have researched the average sales price per sqft for 8 of  the most popular buildings in the area as well as the min / max sold price per sqft. Since the charts show you the minimum / maximum and average price per sqft that was actually paid in the past 12 months, this is a solid guideline of how much you should be paying / receiving when buying or selling a condo in any of these buildings. Of course there are many factors that will impact the price / value of any unit within the buildings, such as location in the building, views, finishes, etc.

Downtown Miami sales prices per soft

 

 

As you can see Quantum and 1800 Club are at the bottom of the price range in the mid to high $200′s, with Vizcayne, Marina Blue and 900 Biscayne hovering right around $300 per sqft on average. Ten Museum Park and Marquis are averaging $397 / $438 p. sqft and – not much of a surprise here – EPIC is the highest priced at $531 p. sqft on average. In my opinion the best “bang for the buck” in the area is Vizcayne or  if you don’t mind going a bit further north 1800 Club and Quantum. As for high end options, Paramount Bay (not listed in this article) is definitely worth a look. 

 

Downtown Miami minimum price per sqft

As you can see the price ranges per sqft in each of the buildings are quite large, resulting from the vast differences between units in each buildings. “Prime” views & finishes do command a premium while not so desirable lines in the buildings might sell at a discount. While there are very few distressed condos in these buildings, the few that have been there also tend to be on the lower end of the price and desirability spectrum.

Interested in buying or selling a condo in any of the buildings ?

Talk to Tom (305) 482-1688 or fill out below contact form and I will get back to you asap !

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