Recent Luxury Condo Sales in Miami
March 18, 2011 by Lucas Lechuga
Below are five recent luxury sales that have closed in Miami within the past 30 days. The unit at 900 Biscayne Bay marks the highest priced condo sale in the building for a non-penthouse unit.
- Four Seasons Residences 49F - 3 bedroom/3.5 bath (3,795 square feet) - This condo sold for $3,025,000, or $797 per square foot, on February 17, 2011.
- Four Seasons Residences 46B - 2 bedroom/2.5 bath (2,309 square feet) - This condo sold for $1,500,000, or $650 per square foot, on February 28, 2011.
- Asia Brickell Key 1002 - 2 bedroom/2.5 bath (1,781 square feet) - This condo sold for $1,200,000, or $674 per square foot, on March 8, 2011.
- 900 Biscayne Bay 4006 - 3 bedroom/4 bath (2,335 square feet) - This condo sold for $1,100,000, or $471 per square foot, on February 28, 2011.
- Bristol Tower 2101 - 3 bedroom/3.5 bath (3,065 square feet) - This condo sold for $419 per square foot, on March 11, 2011.
I guess this helps validate Terra Groups desire to do 700 Biscayne targeting 3 and 4 bedrooms. With the current cost of construction they would need to get near $500 SF for it to work.
Looks like they are pretty close getting $471 SF. I’d guess that $500 SF are where prices are headed at 900.
And the area will look a lot nicer once the museums are complete.
Gixxer,
Michael heard from someone at Terra Group that the penthouses at 700 Biscayne are going to be monstrous. Like 10,000 square feet. They are gonna go all out on that building.
Do you think 700 Biscayne will get built? Do they have financing lined up for it? Do you think the area around Museum Park can support more condos given the large number of units already available (Ten Musuem, 900, Marquis, 888 Biscayne)?
Thought this might be an interesting indicator of future rental rates. Brickell First recently opened as a rental building. The building is located on the west side of the metrorail and not exactly in a prime location. Here is the current advertised pricing:
1bdrm: $1800 – $1900
2bdrm: $2170 – $2950
3bdrm: $2850 – $3200
Now they are currently offering one month free rent so you can basically reduce those rents by about 8% to:
1bdrm: $1650 – $1740
2bdrm: $1990 – $2700
3bdrm: $2600 – $2930
These effective rents are more in line to other rents in the area. However the actual rents are pretty telling because usually property management sets the rent at where they think the market will be and then provide a month of free rent to allow them to increase the rents in the future without an actual rate increase.
gixxer, any details on brickell first? not familiar with it. was it newly constructed or from existing stock? any outstanding amenities? those rates seem reasonable for a professionally run building, where you don’t have to fight with the cheap landlord to fix anything in the unit! unless there is a definate difference in amenities, in general i would tend to pay a slight premium for a well run rental building over a building with several hundered independent landlords. many private landlords really don’t understand what being a landlord entails.
Its a new building that was originally going to be condos but then changed to rentals because of the market. Current amenities are in line with most of the buildings in the area.
Honestly as a current renter, given an equal quality of buildings price and location are the determining factor for me. I mean lets be seriouse were talking about brand new condo buildings. There isn’t much maintenance for a landlord to fix. In my unit I had a problem with the ice maker. It took them two months to fix it so I guess that was a hastle. But were talking about an ice maker.
And pretty much none of these private landlords are actually acting as landlords. Heck the majority of the units I have run into are managed by Fortune. You call Fortune to have anything fixed not the actual property owner.
So the thing that really stands out for me is the location. The property is located on SW 13th st. just west of the metrorail and accross the street from the older Brickell Publix. If you know about Brickell then you know the area drops off as soon as you go west of the metrorail line. In older buildings you can find 1 bdrms for about $450.
I think that speaks to the direction of the market if a building of slightly lesser quality can get higher prices at this location, than what I paid at my location on Brickell Ave. 7 months ago. It’s not like I’m going to be able to bargain when my lease is up. What are my options? Move to a worse location and still pay more.
Southbeacher,
They are going after the 3 and 4 bdrm market so that actually aren’t a lot of these units already available. In the downtown market these units make up 6.8% and 2.9% of the market respectively.
I’d also assume that they are going to do some type of hotel, which is doing very well. JOnes Lang Lasalle is predicting a 250% increase in hotel transactions in 2011:
http://www.joneslanglasallehotels.com/hotels/EN-GB/Pages/NewsItem.aspx?ItemID=21330
“No major supply additions are slated for Miami’s downtown area over the medium-term, which should make the recovery stronger. Increased condo sales activity and downtown Miami’s rebranding as a 24/7 entertainment hub will increase hotel demand in the submarket as the recovery takes hold,” said Garcia-Chacon.
Condo sales are up again for another month
“In Miami-Dade County, sales continue to climb even though the median prices countywide are still seeing declines,” said 2011 Mimai Association of Realtors Residential President Ralph E. De Martino. “But buyers looking for desirable properties in desirable areas will find that prices are already going up. For example, in the fourth quarter of 2010, 67 percent of oceanfront condos in Miami Beach were non-distressed sales. Compared to a year earlier, the median and average sales prices increased 12 percent and 22 percent respectively.”