The Mark on Brickell Granted Special Approval Designation by Fannie Mae
April 16, 2010 by Lucas Lechuga
I was notified earlier this week that The Mark on Brickell was granted the Special Approval Designation by Fannie Mae. This news hasn't been disclosed on the Fannie Mae website yet but the information has been confirmed. It should appear on the site this upcoming Monday when their next update is released. It will now be possible for qualified buyers to obtain a conventional loan for condos at The Mark on Brickell.
The Mark on Brickell recently completed the installation of a seawall between the building and the bay that cost nearly $500,000. This expense, however, is expected to save the association hundreds of thousands of dollars in insurance every year.
Currently, inventory at The Mark on Brickell is rather light. The 22 listings for sale in the MLS represent just slightly over 6 percent of the total number of units in the building. 11 total units have closed at The Mark on Brickell within the past six months. Furthermore, there are currently 10 pending sales in the MLS. These sales figures should only get better now that the building is Fannie Mae approved. For those who are curious, there are currently just 10 units available for rent at The Mark on Brickell in the MLS. That represents slightly less than 3 percent of the total number of units in the building.
I plan to release overall inventory figures for Miami-Dade County next week. I fully expect the data to show a significant improvement since the last time I provided an update in July 2009.
When will it end? I’ve been condo shopping in Miami for a while now, but it seems I am trying to catch a falling knife.
http://realestate.yahoo.com/promo/us-cities-in-free-fall
The Mark is one of the few waterfront condos in Brickell I have had an interest in. It is not really upscale, but it does have the waterfront property for which you pay a premium. The biggest problem seems that it has rather high HOA. Anybody offer up a reason for this? To be honest, Solaris across the street offers better value with a nearly identical view since the orientation of the Mark is does not provide ocean front but ocean side views.
Lucas, looking forward to the updated sales numbers.
Lucas, by posting a rather uninteresting and dull “topic” (The Mark gets “Special Approval Designation” – WOW! How thrilling!), you’ve succeeded in killing any recent dialogue or banter.
Next topic, please.
Post a story on the Goldman/SEC suit to really get things rolling…….
Don’t get me started!
scriv
Gables, have you visited the Mark? I was not impressed. Also, most of the south/east views will be gone when/if a building is built on that lot south of the building. I guess for a great price it is worth considering. What are your thoughts?
Miami2009, as i stated, i dont think this is a luxury building. the only thing it has going for it is location on the ocean-but then its orientation will provide only limited view for most of the units in the future. but prices occasionally are affordable for waterfront-this is what attracts me to it. You should be able to buy there for $300, and even $250 sq ft at times-not too bad. My guess is the building was meant as a rental when designed-like its sister building next door. Lucas do you have any background on their construction?
Whats going on at VUE on Brickell?
I still don’t see what warrants such a low price point for possibly the best located building in all of Brickell. I understand that it’s in desperate need of a paint job, and some new furniture in the lobby, but there has to be another reason its trading at $150/foot. Anybody else see potential here?
Any thoughts/opinions are welcomed.
SLOTH /Apr 20, 2010 at 9:34 am Vote:
you said,
Whats going on at VUE on Brickell?
I still don’t see what warrants such a low price point for possibly the best located building in all of Brickell. I understand that it’s in desperate need of a paint job, and some new furniture in the lobby, but there has to be another reason its trading at $150/foot. Anybody else see potential here? Any thoughts/opinions are welcomed.
—> it’s the buidling next to my building. It’s in a great location, however it was built as a cheaper rental building, however during the boom it was converted to condo.
—> there is a boat load of short sales and repos in the building and many peolpe are not paying their taxes and maint fees, however I heard that the owners are trying to come together to try to make things better.
—-> the building is considered one of the worst larger newer buildings in Brickell, (along with 1200 brickell and Neo) so one bedrooms sale for 100K to 120K on a short sale/repo
—-> if it was me I would buy a studio in my infinity building for that same 100K to 120K. I Infinity s considered a better building and will have a stronger HOA,
—-> I would rather have a smaller place in a better building. You need to speak to the manager that runs that building (this name is Drew) and ask him if you can get a copy of their HOA budget, etc, and do alot research before you buy in that building.
SLOTH:
Subject assessments and criticisms of the Vue aside, I would venture that the low price point is the natural effect of market forces, including, but by no means limited to, basic supply and demand. Additionally relevant are the maintenance issues you identified, as a “desperate [needed]” paint job could be evidence of other problems all of which adversely impact a property’s fair market value. No?
In sum, the low price point probably (hopefully!) reflects what a willing buyer and a willing seller consider a fair assessment of the property’s value.
scriv
One Miami seems very affordable. Any thoughts on this building? It has a good location but don’t know much else about the building.