The Lexi is now a reality for North Bay Village real estate.

The Lexi of North Bay Village real estate has now opened it’s doors. Closing over 55 units, we now have unique, oversized loft style condos with exceptional views of the Downtown Miami skyline and the Biscayne Bay. What’s great for our North Bay Village FL community is the addition of new retail shopping space such as Starbucks a gourmet bakery and more space now available…

“Residences are sized for living large, ranging from 1,458 to 1,753 sq. ft. under air. 10 foot ceilings, oversized sliding glass doors, and bay view windows also add to the open-air feeling. With sweeping panoramic views of Biscayne Bay from just about every vantage point in your home, you’ll have the perfect atmosphere for large scale entertaining as well as intimate private moments.”

Today’s Lexi condo values range from $1,900 (1+Den) to $2,400 (2+Den) to rent a condo and $455,000 to $815,000 (corner A1 1753 sf). Call 1.888.38.DREAM or write to find out more or visit LEXI Condos Retail Space also available if you are looking for open retail on the busy JFK causeway next to a Starbucks (great location!).

http://MiamiDreamRealty.com <img class="identicon" src="http://www.gravatar.com/avatar.php?gravatar_id=62b12e689db794497cb3c1bd64d2f707&size=35&default=http://www.miamibeachrealestateblog.us/wp-content/plugins/wp-identicon/identicon/7ce301da610731c.png" alt="ashtoncoleman Identicon Icon" height="35" width="35" /> ashtoncoleman

I’d also like to mention prices will fall further in some of the brand new resales as owners have nothing to base prices on other than “what I paid for it”. There is also still smoke & mirrors from the Realtor community. In most cases the island has depreciated since 2005 (4Q) 30%. Additionally buyer’s may negotiate 10 to 20% off with today’s inventory (depending on buyer leverage ie. cash or financing). As of end-FEB 08, NBV had 432 condos for sale with 12 closing since JAN 08.
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Hi Anthony,
Thank you for writing. My outlook on NBV bullish. A small undiscovered island community with excellent upside potential. The local price per square foot for a Miami Beach entity is awesome. The views exceptional and the infrastructure is moving forward. As an upside indicator, I look at limited room to build (ie. San Fran, SoBe, Manhattan), and unobstructed water views (NBV is an ISLAND). I couldn’t compare NBV to Downtown as there is ample room for future development.

Here the developers have seen the potential and have almost completed 90% development on this small island. There are only 2-3 projects that didn’t take off (Space 02 & Indigo Lofts) and with one’s that did (Lexi, Bridgewater, 360), they are priced well for a Miami Beach zip. Eloquence on the Bay is moving to completion fast! Foreclosures are occasionally found but not at all like Downtown Miami~Big anchor tenants like Starbucks have now moved in and I see a great potential for a Publix Supermarket or Wild Oats in the near future. We have our own police, fire dept. and mayor who do an outstanding job.

There are also deals in the high $100′s per square foot almost equal to today’s replacement costs. New construction in the high $200′s psf…it hardly gets much better. True, not oceanfront, but central to both airports, central to SoBe and Aventura with only a 5 minute drive to the Atlantic ocean. I am very optimistic on North Bay Village real estate.
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What is the outlook on NBV condos, like the Lexi? They are not beach front properties like Sunny Isles, but bay front/view. Comparing to Miami downtown and midtown condos, which have major fortclosures now, how is NBV compared? Thanks
http://MiamiDreamRealty.com <img class="identicon" src="http://www.gravatar.com/avatar.php?gravatar_id=62b12e689db794497cb3c1bd64d2f707&size=35&default=http://www.miamibeachrealestateblog.us/wp-content/plugins/wp-identicon/identicon/7ce301da610731c.png" alt="ashtoncoleman Identicon Icon" height="35" width="35" /> ashtoncoleman

The value on the 1750 sf 3 BR’s may be in the mid to low 400’s.
The smaller 1450 sf, 2 BR’s, in the high 300’s. Nothing of resale has closed yet…

#1105 (3 BR) is at $489,900 and may sell for low 400’s.
#1009 (2 BR) is at $425,000

North Bay Village Stats show as having 432 total condos for sale with 139 listed in the last 90 days. 5 are under contract and 5 closed in the last 30 days. 12 sales occurred in the last 90 days…
Properties are selling at about 90% of list price at an average of 150 days on the market.

What is interesting is selling price per square foot on new construction is at:
360 Condos Selling at $282 psf

The Lexi may be estimated at around $260-300 psf when they finally do begin to sell. I believe there is pent up demand.

–
Think Big, Aim High, Act Bold,
Ashton Coleman
Real Estate Sales Consultant