Miami Condo Construction Update
February 3, 2008 by Lucas Lechuga
500 Brickell looks to be about 2-3 months away from being finished.
Epic Miami looks to be almost topped off.
Icon Brickell appears to have topped off one of its towers and close to topping off the other two.
Met 2 will be comprised of two towers. One will be a 47-story high-rise comprised of Class A office space. The second will be a 42-story signature hotel called Marquis, a JW Marriott Collection Hotel.
Asia is located in Brickell Key. Probably another 2-3 months until this luxury high-rise is ready to begin closings.
Met 1 is the white tower located in the center with the Wachovia building hovering directly behind it. Met 1 is complete but I've yet to hear for when the first closing is scheduled. Has anyone heard anything?
Marina Blue, 900 Biscayne Bay, Ten Museum Park and Marquis. Marina Blue is just about done and should begin closings very soon. Gotta love the architecture and glass on Marina Blue! 900 Biscayne Bay will probably begin closings sometime within the next 2-3 months. Although closings at Ten Museum Park began in the Summer of 2007, the amenities and spa are far from being 100 percent complete. Hopefully by July we can file it away as being completely finished. Marquis still has quite a ways to go before being topped off.
Click on the following link to view a slideshow of other pictures that I took during my short walk in Miami:
Go Hillary!
Hi, Lucas
Stumbled onto your blog one day and find it addicting. You seem to cut through all the nonsense and say it like it is-even if it gets you in trouble, lol……
I own 2 units on Brickell Key and resorted to renting one because of the bad market. I want to put it on the market, but am waiting like everyone else. How long do you think this “dry” spell will last, anyway? Any predictions?
Thanks for your blog.
Those NEO projects havent been that great of quality I’ve noticed. I mean Neo loft was nice cause there was nothing liek it at the time. But Neo Vertika has been plagued “I hear” by lots of problems such as the pipes bursting and paper thin walls. That what some residents have complained about. Dunno maybee Wind may be good but from the last post looks suspect. Have driven by it looks nice but IMO not awe inspiring compared to the other 2 in the area Ivy/Mint.
I love when I’m driving from Brickell to Downtown and I pass by the Icon and Epic. They are going to change the area completely. Can’t wait for them to be done.
Is Epic scheduled for late 2008 occupancy? If they are close to topping off now, wouldn’t that be about right?
Also, when you look at the MLS for Epic, you see quite a few units with a listing date of 11/21/2006. In general, I don’t understand old listing dates like this… can you assume the original listing agent/developer forgot to pull the listing? I would think it costs money to keep a listing published so is there some type of bait and switch tactic going on with a very old listing? Thanks
On a related note, when you see a few MLS listings on a building that hasn’t received their TCO, ie. 3 listings rigth now at 900 Biscayne, are they usually remaining developer units?
JL,
You may be on target with your late 2008 occupancy estimate. I guess we’ll see. I’ll definitely keep everyone updated.
It doesn’t cost an agent/developer anything to keep an MLS listing published. These may be unsold units from the developer but I’m not really sure.
JL,
It depends. Some developers do not allow agents to advertise listings in their buildings for condo units that haven’t closed yet. I’m not sure what the policy of 900 Biscayne is at this time. I do know, however, that about 5 months ago I was at the 900 Biscayne sales center and they did have about 10 developer units still available.
About Asia, I was in their sales center next to Carbonell, and the property looks nice and high end. Prices are way to high though…
But I was surprised not to hear much about Asia on the web or around…
Asia,
Well I haven’t received one phone call from a contract holder at Asia looking to get out. I think this in itself is a good sign. It is also good that there are only 123 units in the entire building. Prices were high but it is a high-end luxury building. It is also the last development that will ever go up in Brickell Key unless Mandarin Residences is ever built or if buildings get demolished and rebuilt. The views are questionable though since most of the units will be staring at One Miami.
Thanks Lucas
NEO/Epoch builders of Wind really did it bad this time.
If you are under contract in the Neo Wind building, be aware that the units that were advertised as 3 bedrooms 2 baths are actually 2/2 and the units that were advertised as 2 beds 2 baths are really 1/2.
Check your documents, they are delivering the plans to the city as 1/2 and 2/2 . Not 2/2 or 3/2
Try selling your unit a few years from now when you purchased a 3/2 and you can only sell it as a 2/2 or you purchased a 2/2 and you can only sell it as a 1/2.
I am no lawyer , but looks like False advertisement to me.
Lucas,
As you may already know, closings at Met 1 have been pushed back several times in the last 2 years. I have been informed that they are expecting the TCO in 2-3 weeks. Closings should then take place shortly afterwards for the first 20 floors.
who’s the realtor that’s running the closings for met 1. i’m curious if there’s any folks that are trying to get out of their contracts in the two story units on the lower levels.
Terry,
I was contacted about 6 months ago by the developer of Asia and was told to take down all marketing about their project. I am sure other Realtors like Lucas were also told the same. It seems rediculous but I guess they want to keep all marketing in-house. You would expect in this market that they would need help from all agents out there. Go figure.
Any predictions on Asia?
Any predictions on Asia? Wasn’t this sold during the height of the market with very, very high prices.?
Angel,
Weren’t prices for Everglades on the Bay retracted twice by the developer?
How come there’s never any info on Asia (Brickell Key) ? Any idea on the building (prices, floor plans, closing dates etc…)
Even on the web it is not listed ?
Lucas,
Whats the INTEL on Everglades on the bay?
A lot of the new construction in Miami looks nice in isolation, but the architects failed to embed it into the landscape.
The clear exceptions to these are Blue and Marina Blue. Both buildings flow very well with the city and capture what Miami is about.
Driving off of I-195 in particular and seeing Blue just curve with the highway is amazing. Outstanding attention to detail.
Meanwhile look at 10 Museum part. It looks like a plexiglass thorn in the landscape.
Lucas,
Thanks for keeping us informed! Your info and pics always give me good idea of what’s going on.
jcrimes,
They look fantastic! However, I’m a bit concerned about the bridge noise and the headlights flashing into windows at night.
I think if I lived in one of those I would walk around naked all the time and see how many cars collided against the bridge.
lucas, “one” of the best superbowls? that was THE best superbowls i’ve watched! ok….onto condo talk 🙂
the lofts on the lower levels of epic are by far, some of the coolest condos being built right now.
Thanks for the picture update. No matter what the RE market is doing, we can’t deny that Miami has such a beautiful array of residential condos. 2008 will be an interesting year!
Lucas …
There’s a lot I like about Ten Museum, but if I gotta interact with a valet guy every time I go out to run an errand…
Can you please summarize the parking situation at these developments??? … “valet-only” or optional, # of parking spaces per unit, etc …
I still can’t get over the “Valet-Only Parking” in these condos… call me paranoid, but for every one time I get in my car, some valet guy will get in it twice. I mean, an automobile is a man’s best friend.
JL,
In response to your question regarding the Epic listings in the MLS, the developer authorizes the in-house agents to list units in order to create awareness among the brokers looking for properties in the area. It doesnt cost us anything.
Anything yet on Everglades On The Bay closing dates and developer tetrsacting prices?
I called Everglades last week and I was told August 2008, hopefully.
Wow, that soon? Should be quite interesting.
I’ve also heard that closings for Everglades will start relatively soon. Does any one have any views as to how many units will actually close?