Miami Condo Index – Brickell – August 2008
August 22, 2008 by Lucas Lechuga
It has been four months since the last installment of the Miami Condo Index for Brickell. The last update for Brickell condos was provided in April 2008. The data below was collected on August 18, 2008 from the MLS. While crunching the numbers earlier today, it quickly became apparent that prices have continued to fall within the past four months and, in some cases, prices have fallen hard.
The Brickell Condo Index now stands at an average price per square foot of $441.84. This represents a 7.71 percent drop in the average asking prices of the 18 condo developments that comprise the Brickell Condo Index over the past four months, or an annualized loss of 23.13 percent. You'll see in the graph towards the bottom of the post that about four condo developments have had significant reductions in their average asking prices within the past four months.
Average price per square foot of Brickell condos currently listed on the MLS:
- Atlantis on Brickell - 2025 Brickell Ave | 33129 | $292.94
- Brickell on the River North - 31 SE 5 St | 33131 | $358.40
- Bristol Tower - 2127 Brickell Ave | 33129 | $469.46
- Emerald at Brickell - 218 SE 14 St | 33131 | $442.32
- Four Seasons Residences - 1425 Brickell Ave | 33131 | $1,000.99
- Imperial at Brickell - 1627 Brickell Ave | 33129 | $383.63
- Jade at Brickell Bay - 1331 Brickell Bay Dr | 33131 | $594.29
- Latitude on the River - 185 SW 7 St | 331310 | $388.62
- Neo Vertika - 690 SW 1 Ct | 33130 | $320.47
- One Miami - 325 & 335 S Biscayne Blvd | 33131 | $393.79
- Santa Maria - 1643 Brickell Ave | 33129 | $742.40
- Skyline on Brickell - 2101 Brickell Ave | 33129 | $400.90
- Solaris at Brickell - 186 SE 12 Ter | 33131 | $410.54
- The Club at Brickell Bay - 1200 Brickell Bay Dr | 33131 | $366.94
- The Mark on Brickell - 1155 Brickell Bay Dr | 33131 | $402.27
- The Palace - 1541 Brickell Ave | 33129 | $360.07
- Villa Regina - 1581 Brickell Ave | 33129 | $368.50
- Vue at Brickell - 1250 S Miami Ave | 33131 | $256.60
The average price of Brickell condos sold over the past six months has dropped 23.49 percent to $313.97 per square foot from April's average of $410.38. However, much of this drop is attributed to the fact that Four Seasons Residences, which sells at the highest price per square foot of the 18 condo developments comprising the Brickell Condo Index, has not had one closed sale in the MLS within the past six months and therefore was not included in this month's average. The average would have dropped around 14.37 percent had Four Seasons Residences been included using its April average. That would still have represented an annualized drop in the average sales prices of about 43 percent!!!
Average price per square foot of Brickell condos sold in the MLS within the past six months:
- Atlantis - 2025 Brickell Ave | 33129 | $241.89
- Brickell on the River - 31 SE 5 St | 33131 | N/A
- Bristol Tower - 2127 Brickell Ave | 33129 | $379.26
- Emerald at Brickell - 218 SE 14 St | 33131 | $240.51
- Four Seasons Residences - 1425 Brickell Ave | 33131 | N/A
- Imperial at Brickell - 1627 Brickell Ave | 33129 | $316.83
- Jade - 1331 Brickell Bay Dr | 33131 | $447.72
- Latitude on the River - 185 SW 7 St | 33130 | $323.74
- Neo Vertika - 690 SW 1 Ct | 33130 | $264.58
- One Miami - 325 & 335 S Biscayne Blvd | 33131 | $316.15
- Santa Maria - 1643 Brickell Ave | 33129 | $625.05
- Skyline on Brickell - 2101 Brickell Ave | 33129 | $296.45
- Solaris at Brickell - 186 SE 12 Ter | 33131 | N/A
- The Club at Brickell Bay - 1200 Brickell Bay Dr | 33131 | $224.18
- The Mark on Brickell - 1155 Brickell Bay Dr | 33131 | $311.29
- The Palace - 1541 Brickell Ave | 33129 | $240.85
- Villa Regina - 1581 Brickell Ave | 33129 | $292.44
- Vue at Brickell - 1250 S Miami Ave | 33131 | $188.62
Below you will find some additional statistics:
As in the past, the first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, expressed as a percentage. An “N/A” is found next to Brickell on the River, Four Seasons Residences and Solaris at Brickell since this percentage could not be computed as each building failed to have a closed sale within the past six months through the MLS, and thus did not have an average price per square foot for condos sold. A high percentage indicates that there is a large discrepancy between the average asking price for condos currently on the market and what has actually sold within the past six months.
The second column is the number of active listings in each condo development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those condo developments that have active listings that represent less than 10 percent of the the overall units in the building. To me, this is one indication of a sound condo development. Bristol Tower, Four Seasons Residences, Imperial at Brickell, Santa Maria, The Palace and Villa Regina are the condo buildings highlighted in green. All, with the exception of Four Seasons Residences, were built prior to 2000 and none were targets for wild speculation during the last real estate boom. The ones highlighted in red reveal those condo developments that have active listings that represent over 20 percent of the overall units in the building. There’s definitely underlying risk in buying in these condo developments and I’d only advise buying in one of these if the price justifies the risk. Jade, Solaris at Brickell and Vue at Brickell are the condo developments highlighted in red. Each was built in 2004 or after and victimized by speculation and rampant mortgage fraud. Prices in each have fallen like a ton of bricks within the past year. The condo developments with active listings less than 10 percent are considered safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.
The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past six months. There are a total of 79 total pending sales in the 18 condo buildings represented in the Brickell Condo Index. In April, there were a total of 58 pending sales at the time. The Club at Brickell Bay, Vue at Brickell and Jade each have pending sales in the double digits. The same goes for closed sales within the past six months in each of these condo developments. In April, there were a total of 64 closed sales within the past six months. This figure has almost doubled since April with a total of 123 closed sales within the past six months. With 25 closed sales within the past six months and 25 pending sales in the pipeline at The Club at Brickell, I question myself whether some sort of stability is finally being reached. Again, the 25 closed sales had an average price of around $224 per square foot. If the answer to my questions is no, then where will the dust finally settle? Of the three condo developments, The Club at Brickell Bay was the only one which has had a reduction in its active listings since April. That, to me, is progress. From November 2007 until April 2008, average sales prices at The Club at Brickell Bay fell about 46 percent. Now since April, we have seen another large drop of about 39 percent in its average sales price. By year's end, can prices at The Club at Brickell Bay hit the $150 per square foot mark that many of the commentors on this blog have mentioned? A 30 percent drop in sales prices will bring us very, very close to that oft-mentioned number. A better question is, will the pundits of this blog revise their guidance downward if that figure does become an eventuality in a few condo developments in Brickell?
The sixth column shows the difference in the average list prices from this month’s and April’s, expressed as a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that had an increase. Emerald at Brickell saw asking prices drop a little over 23 percent, Vue at Brickell slightly under 23 percent, Solaris at Brickell around 20 percent, The Club at Brickell Bay about 17.5 percent, Neo Vertika 11.4 percent and Jade 11.25 percent. Only Santa Maria and The Palace experienced average list prices actually rise.
The seventh column reveals the difference in average sales prices from this month’s and April’s, expressed as a percentage. Emerald at Brickell saw the largest drop with a 41.21 percent decline, although only one closed sale was found in the MLS within the past six months to calculate its new average. It has a difference of around 46 percent in its average sales and asking prices. This is the largest pricing discrepancy amongst the 18 condo developments represented in the Brickell Condo Index. This just shows me that asking prices at Emerald at Brickell still have a ways to come down before reaching its market clearing value. The Club at Brickell Bay had its average sales price drop around 39 percent, Skyline on Brickell around 25.5 percent, The Palace about 25 percent and Villa Regina around 25 percent. Only Latitude on the River and Santa Maria experienced an uptick in average sales prices since the last Brickell Condo Index update.
This the first month where we saw average sales prices for a Brickell condo building fall below $200 per square foot. Vue at Brickell is now sitting on an average sales price of around $189 per square foot, calculated from the 17 closed sales in the MLS that it has had within the past six months. A look at the listings currently available at Vue at Brickell indicates that prices will continue to fall, as over 30 listings have an asking price below the $189 per square foot average. In fact, four listings are currently asking less than $150 per square foot. It goes without saying that Vue at Brickell will likely hit the $150 average sales mark before any of the other condo developments in the Brickell Condo Index.
Another insight I made while pondering the figures for this month's Brickell Condo Index is that Santa Maria is alive and kicking. It looks healthy despite the slow down in the real estate market. Its average listing and sales prices have both gone up within the past four months. It has also had 8 closed sales within the past six months. That may not seem like a lot but, with only 174 total condos, Santa Maria is not a huge mega-building with 500-plus units like we often see nowadays. It also has the most realistic asking prices. The discrepancy in asking and sales prices is 15.81 percent, the lowest amongst the 18 condo developments. Couple all that with the fact that the currently available listings at Santa Maria only represent around 8 percent of its possible inventory and I'm saying that it's good to see that there's still one stand-up condo development amongst the 18.
Hi Lucas, is there a website one can use to find how many ‘pending sales’ there are in a specific building, how do you get that number?
Dad gummit! Prices are fallin’? But Lucas, you promised me that prices wouldn’t go below $400/sq foot just a few weeks ago!!! Dammit boy!
Cletus,
Why do you use such a coarse language ?
Where did you grow up ?
Whith this behaviour, you only disqualify yourself !
He’s trying (unsuccessfully) to be funny. Different alias, same bozo.
how did the Club, with 1/8 of total inventory, account for 1/3 of total sales? this doesn’t make sense to me. (if I could think of anything redeeming about this building, I might understand, but….) were those 25 part of a bulk sale?
Cynical,
This is your reason: $224.18 (lowest price/sf)
They are ahead of the market in dropping prices and anyone who drops first gets the sales. They will all eventually follow to around that $225 level and by then Club will be at $150/sf and still make up most of the sales. And so on and so forth.
Great info Lucas… This is why this blog is so great. Difficult to argue HARD data with great analysis.
I know I’ve said this a lot, but it might be great if you could just add a small column that calls out the number of units listed on MLS so we get an idea of how much is out in the market.
I definitely see prices in Brickell averaging at under $250/sf in the next year.
Thanks
I really think there should have been a column that broke down those condos with ping pong and air hockey tables and those without such luxurious amenities. Those without are really skewing the numbers on the downside… 🙂
Hey Renter Tom, do you think that some of these high end amenities (like valet and conceirge) will be eliminated in a lot of these units to reduce the HOA? Because $700 per month HOA is ridiculous. Even if I can afford it, I would rather park my car myself and save the money. What do you think?
This may be a better place to post this question:
What do you think about areas like exclusive Brickell Key and Aqua Island? Any thoughts on if values will hold on this type of private gated island communities?
Also, did the 1/1 at Jade listed at 289K sell? What did it go for finally?
Lucas, where in here can I find average sales price for all the closings in the past few months for the new stuff like Plaza-Quantum-Marina Blue-1800? Thanks in advance.
Mark – I agree. The services for silly things is a bit much and when you add them up just not worth it….would rather spend the money on cleaning lady inside my place instead. Valet parking is a pain….tipping someone to pick up your car after waiting for it is a joke (and already paying for it in the dues too)….felt like I have to go ask for permission to use my car! One problem is some of the buildings have tandem parking or other similar things where cars are blocked in to squeeze more cars in. Those spaces would generally have to stay valet only unless the person has both. I know in my building the parking is not ideal at all but I am fortunate to be a self-parker……I would dread valet.
In some respects, condos can save money such as when negotiating for insurance for the whole structure should be cheaper than if each owner had to do that themselves for part of the structure (or as comparing to single family). General maintenance should be more convenient and cheaper too. I’d have to review the budgets to see if there is a lot of waste or if the association is doing projects that are wasteful and not needed. It just seems like there must be waste at these dues levels.
Is there a place where you can see the association dues/month for each building?
Such an often overlooked expense that really should be considered in price.
Monthly HOA dues is one reaason I have hesitated to purchase a unit in Miami thus far. Declining market is the main reason of course, but HOA at 700 – 800/month is a deal breaker and not worth it. Maybe some of the amenities could go alacarte…eg, gym membership, etc.
Yeah, I actually would hate to have valet. TINSTAFL (There is no such thing as a free lunch). We’re paying for something I avoid in the real world. Also, this is no joke (my brother worked valet for years) – if you have a high end car you’re screwed. Valet drivers will teach other valet drivers how to use stick on your car and they will grind your gears. They can also use your car for joy rides (a la Ferris Bueler). Everytime my bro would get a Ferarri or something like that they would rag it out in the parking lot doing donuts, 0-60 and then 60-0 in very small stretches. They would dent cars left and right as well. Valet parkers are also big time thieves, although my brother wasnt. Why do you think they have those valet keys that don’t open the glove box?
Mark, I agree about valets. Working in NYC, I have to valet my car all the time. Myself and co-workers have had everything from money, satellite radios to cell phone chargers stolen from our vehicles. I have had damage to my car countless times. Once the valet backed my friends car into a pole and then claimed he dropped it off that way…the car was un-driveable…lol. Valet parking really sucks.
LUCAS, Anyone?
Have you done this index analysis for Downtown buildings? Not sure if you had it in a previous post?
Great analysis. Wish you would do the same for South Beach.
Yeah, Miami2008 I agree. I work out, and I find these gyms to be totally inadequate. NO FREE WEIGHTS, NO BENCH PRESS?! They usually have like 2 treadmills, 2 eliptical machines, bowflex (or similar) device, and a gym matt for doing yoga. I would have to buy a gym membership on top of the condo membership I’m paying….its ridiculous. A la carte won’t work because then the people who are happy with the crappy euqipment would have to pay more and they’d be upset. They want to be subsidized of course. Yet another headache of condo ownership.
Some new buildings with ground retail and limited parking spots are required to have valet. It cannot be eliminated. Amenities cannot just be eliminated because they cost the HOA money. A majority vote would have to approve any elimination of amenities. Unlikely that will happen because most these units are still developer owned and not run by a condo board yet. The developers cannot eliminate things or they will get sued.
I heard that Ten Museum was valet only. Is this still the case? No way would I live in a building where I am forced to hand over the keys to my baby to some valet guy each and every day. I see this as a huge impediment to the sale of units in bulidings with forced valet. I cannot imagine too many people with the type of income required to live in some of these buildings being remotely comfortable with handing over the keys to their hundred thousand dollar cars to some valet guy on a daily basis, probably multiple times a day. Thoughts?
Thoughts?
900 Biscayne, 50 Biscayne and Marina Blue are not forced valet are they?
Sorry to go off topic by the way.
agree on valet parking. I’ve seen at least twice at Plaza cases where someone I suspect (repeat: suspect, cannot prove) was valet were driving a car like a complete jackass. Was told by a guest coming from garage on another occasion that they saw valet parker active very irresponsibly in someone’s car. I’m sure most of them are responsible, but why take a chance? I would NEVER valet park there.
Another thing about condo valet. They can learn your schedule….so watch your mileage people.
Valet kid one: “old man drops off his Maserati every night at 8.”
Valet kid two: “Poor bastard works his ass off every day to pay for his car and home….whatever….”
Valet kid one: “Al isn’t working tonight, but he’s got a date with that hot chick he met Saturday….”
[Al stops by at 8:15]
Al: “Hey guys, gotta car for me? Old man Jones drops his car off after 8 everyday like clockwork….That Maserati would get me laid for sure. Bitch’ll think I’m a baller.”
Valet kid 1: “For sure man…she’ll love this ride. Just don’t drink too much – keep it under 9 or 10 shots tonight” [hands over keys to Maserati]
I live at the Plaza. Valets do drive like a**holes.
Well okay, what if old man jones is going on vacation. That makes it even easier. Better keep a record of your odometer.
Developers like to build those valet only garages because they require far less spaces and size than a normal garage. Just a tactic to trim costs.
And I agree – they suck and I would never live in a valet only building.
I almost bought into Bentley Bay in south beach until I found out it was valet only.
I used to live in a valet only building and it was the worst. My car had has numerous dings after only 1-year of living there. It’s also very annoying to know that it costs you between 2 and 10 bucks a day (depending on how many times you come and go) just to get your car. I know it’s not mandatory to tip them, but I used to work on tips and could never stiff someone making a living off tips. That really adds up over the course of a year. Furthermore the fact that if you forget something in your car, it’s a production to get it (and then the tip again) really is a deal breaker.
Everything else being perfect about a building, I really think I wouldn’t live in a valet only building solely for that reason. It’s that annoying.
what makes this index even more interesting (and by ‘interesting,’ I do in mean, “frightening”) is that this list of so many buildings with ~20% of their units on the market does not include buildings that are still under construction or only a few months into closings (500 Brickell, Ivy, Wind, Icon, Plaza.) In a rational market, how could such supply be added…
Shelley – I could not agree with you more….valet is not a positive “amenity” just a long term cost and a long term pain.
Ten Museum Park: Features Clinique La Prairie spa. Because of the spa, lack of spots and insurance reasons I was told it was a valet only building.
Please abort the valet issue !!
Visionary agreed. Nobody likes valet parking other than the valets themselves!
On the Brickell topic, how do you think Brickell Key values will hold up in comparison to Brickell, Pace Park, Downtown, Park West, or even the beach??? Being there is a limited supply on the island. I do see prices dropping but is any area a safer bet?
Get real. It is all going to drop drastically. It has dropped already. One can’t see it because there is no action. Better places with better locations and better views will of course be worth more than inferior units. But ACROSS THE BOARD PRICES ARE DOWN DRASTICALLY AND YOU CAN NOT TELL A THING BY WHAT PEOPLE STILL ASK FOR THEIR PROPERTIES IN THE MLS.
I’ve always had a deep fear of valet car parkers.
I think it goes back to my early childhood, when a valet car parker shot my dad.
TNT,
I haven’t done this sort of analysis for Downtown Miami buildings yet because most are rather new and don’t have many closed sales in the MLS. However, you can find a “Recent Sales” link for each building on its sales page. For example, here is the link for the recent sales at Loft Downtown 2: http://www.miamicondoinvestments.com/sales-data/?building=Loft-Downtown-II
My developer is working on a way to add pending sales and also a way so you can view closed sales within the past 3 months, 6 months, etc. You’ll also be able to view closed rental prices as well. It’ll take some time but it’ll be great once it’s ready.
Sorry to go off topic, but Unrelated mentioned that there was no Miami World Center…..He was wrong. Go to miamiworldcenter.com….This will show you what is planned behind the Biscayne Wall. May be well in the future, but I hear the developers are meeting every week in the Penthouse of 900 Biscayne….this is not a stalled project. BIG, BIG money behind this.
I’d like to concur with TNT about an index for downtown buildings.
How about splitting things along the lines of the Miami River?
South- Icon Brickell, Jade, etc.
North- Epic, 900 Biscayne etc.
After a North/South maybe we can then work on Big Ten, Pac 10, ACC etc.
dlr,
Did you decide on close / no close for 900? Sounds like you got some intell/done good work on Biscayne wall 411… let’s compare notes …. shoot me a note (I posted my addy for you per request on the Ivy marathon post).
Cheers!
Thank you LUCAS for the reply… yep, hard to do analysis with no data 😉 Your efforts are amazingly helpful for folks like myself that do not live in town. You are truly appreciated for creating this exchange medium!!! the work you do here I hope will be paid back to you tenfold.
Have you ever heard the phrase “no one should try to catch a falling knife?”
Who is buying?
Credit is tight. 20% down is mandatory.
I think that some of these “sales” are wash sales to prop up the values.
The iceman cometh.
Lucas
Thanks for the update. As you addressed I think one of the most salient data points highlighted was pending sales versus # of sales closed within last 6 months. If we can believe “pending” its a spike certainly given its ~65% of closed sales number. Inventory %’s, even in some troubled larger South Beach buildings has ,on the MLS at least, been decreasing this last quarter as well. My only concern is that there is a hidden pipeline of pending shortsales & forclosures that the data doesn’t reflect. I think there are also closings that are not reflected in data the realtors use any more. It may not be a parallel universe yet but we are in a different world . Having said that we have to work with what we have & Miami will probably never be easily deciphered!
dlr said: “Sorry to go off topic, but Unrelated mentioned that there was no Miami World Center…..He was wrong. Go to miamiworldcenter.com….This will show you what is planned behind the Biscayne Wall. May be well in the future, but I hear the developers are meeting every week in the Penthouse of 900 Biscayne….this is not a stalled project. BIG, BIG money behind this.”
Perhaps you should do yourself a favor and read what it is I posted.l It was an article from the Daily Business and here is the first paragraph and the link. I said there was a glitch in the project. PLEASE READ IT!
•“Leon Cohen, the Miami Beach developer who proposed a 93-story skyscraper in downtown Miami, faces default judgment in New York State Supreme Court over financial fraud allegations related to a former hotel redevelopment project.”
http://southflorida.bizjournals.com/southflorida/stories/2008/08/25/story5.html?ana=e_ph
Geesh, hostile crowd. Why don’t you do YOURSELF a favor and read Miamiworldcenter.com
I REPEAT, this is NOT the same project that you are referring to in your Bizjournal article
Go to skyscrapercity.com….do your homework.
Look up 2 topics….1. Empire World Towers…this will tell you all you need to know about the developer in your reference article (Cohen)…yes, your article indicates this project may never happen due to Cohen’s shady dealings.
2. Then go to “Billionaire’s Plan for Park West” and it will tell you all about Miami World Center
These developers (Falcone and Roberts) have assembled the MOST amount of land EVER in Miami by one developer. They have established quality ties with Miami City Commision and local leaders and have MEGA money to get it done. Just google them.
By the way LUCAS, why don’t you clear up Unrelated’s confusion. I’m sure you know he’s a bit confused.
To Angel,
I used to think that a valet parking building ONLY was a problem. However you get used to it. All of Williams Island is valet only, and though it is an older development that has some of it’s luster, it is still unique and there are many die hards which will never, never leave. The biggest negative of a valet only building is I imagine increased building costs associated with this expense and insurance.
You also have the risk at 5 bucks a gallon of a valet guy (who makes 3 dollars plus tips) taking your car for a spin. This is why I always reset my trip odometer to zero each time I give me car to valet.
No one is talking about deflation risks. Right now the two largest deflated assets which are losing significant values are homes and autos. The risk is that the prices still keep going down and still no one buys, they just rent or stay put or repair their car.
If fannie mae and fredie mac go bust there will be significant further fall out in real estate. They handle 50 percent of the mortgages out there, and the financing/loans will dry up totally compared to now and more deflation on home values.
“All of Williams Island is valet only, and though it is an older development that has some of it’s luster, it is still unique and there are many die hards which will never, never leave.”
I live in Williams Island and I park my car myself…. im pretty sure all other buildings either have the choice of valet or parking themselves… i hate valet parking its such a pain… not only do you have to tip the guy everytime then there’s that extra couple of minutes you have to wait for your car to come around…
Anyone have a feel for the strength of the HOA at Jade? Are unit owners feeling the effects yet of the defaults? What are your thoughts on upcoming HOA bankruptcies? Also what is the rental policy at Jade? Any restrictions?
There is not only residential condos under construction north of the Miami River in downtown. The Met 2 project is almost half way upwhich includes a 40 story office building on one side with a 4-5 story 4 or 5 star hotel with The brand JW Marriot Beaux Artes or the like on the other side of the office tower. Coming -with established developers who are walking the walk within a year or so Is the MET retail complex with bookstores etc. and restaurants and a 14 theater movie house complex Then a 1000 foot double tower at Biscayne and SE 1st where they are currently in the permitting phase for a 70 story 4-5 star hotelon one side and a 2,000,000. sq ft office tower on the other side. This is even with Cohens land at Se 3rd and Biscayne never gets done. The guy who bought the old Miami Arena in Park West has demolished the old arena with hopes that if Bramans lawsuit prevails that the city-county-Marlins- wil have no other alternative for their new baseball park . If not he may join up with the other large landholder in Park West that dlr mentioned in his n. 44 post. The schedule for the start of construction on the new Miami Art Museum whose architect is the World -Renowned Herzog and De Maroun. Sorry about the spelling- is approximately 6-9 months away. The Performing Arts center is open for Miami City Ballet Symphonies-Opera and Broadway quality shows. Two new huge office projects allready underway across the river south on Brickell. Office workers walking around all day long in their finest dress wingtips and office lady eye candy smartly dressed. The mix of office workers and the crowd moving in the residential at 50 Biscayne and Met One Loft one Loft TWO along with tourists in the Hotel Intercontinental Hyatt- etc. walking between Bayfront Park Bayside Marketplace and the American Airline Arena for concerts and Miami Heat games. Went down last Saturday morning about 9:00 a.m. and under the pavilion near the large water fountain right on the bay there were about 50 people sitting Bhudist -Monk like with complete silence practicing their morning Yoga. The historic Gusman Theatre for smaller concerts and lectures is right there on Flagler Street downtown and The campus of Miam-Dade College is a bout two blocks off of Biscayne where night courses are available numerous lectures- and an anuual Book fair in I think in January that is quite popular. The interesting thing is you can easily walk to each venue or if its raining you are always near the MetroMover that circles this 30 or so blocks. Most buyers in the new residential bldgs can walk to work or Metro Mover it and be home and allready in the gym or pool while their office pals are stuck in 1-2 hour drive homes to your suburban homes. Imagine you can add 3- 4 hours to your day every workday. What would you do with the extra time? Ten to 12 minutes to the airport. Rent a boat for the day over at Bayside Marketplace when you have guests in from out of town. Or take a ten minute taxi ride over to South Beach to avoid the parking hassles if South Beach is your thing. I guess it doesnt hurt that its 75-80 degress F. from October through May. And oh yea- I allmost forgot- you might be able to purchase one of these luxury condos for about $150. per sq foot right on the water with a direct water view on a high floor. Not.