Good news regarding Miami real estate.

Statistic for the month reflect 4,263 total condos for sale along the oceanfront communities of South Beach to Sunny Isles, down 19% over this time last year:

South Beach Condos – 1,590 for sale | 85 Sales in last 30 days | Average Days on Market 141 | Average Buyer Discount 6% | Average PPSF Asking $385/Sold $349

Miami Beach Condos – 1,159 for sale | 58 Sales in last 30 days | Average Days on Market 143 | Average Buyer Discount 3% | Average PPSF Asking $312/Sold $285

Bal Harbour Condos – 224 for sale | 3 Sales in last 30 days | Average Days on Market 132 | Average Buyer Discount 10% | Average PPSF Asking $511/Sold $445

North Bay Village Condos – 238 for sale | 14 Sales in last 30 days | Average Days on Market 98 | Average Buyer Discount 2% | Average PPSF Asking $135/Sold $129

Sunny Isles Beach Condos – 1,052 for sale | 46 Sales in last 30 days | Average Days on Market 140 | Average Buyer Discount 8% | Average PPSF Asking $276/Sold $245

Video is related to Downtown Miami which is also improving in condo sales; see Lucas Lechuga’s MiamiCondoInvestments.com for Downtown & Brickell results. For more information along the Miami beaches call me toll free at 1.888.383.7326.

South Beach & Miami Beach lofts were almost unheard of until the real estate boom from 2002 to 2005. As developers looked for something fresh and unique, the loft craze took off and yet still only make up a small fraction of Miami condo inventory. Originally popular with artists, they are now highly sought-after by others looking for open “creative” space. Different than the normal boxed in condominium, a loft condo is a 2-story adaptable open space created for residential use. While some of these loft units were created by developers during the renovation of old buildings such as found in Downtown Miami, a number of them are brand new mid-rise developments as seen along the Miami beaches.

The loft term was used loosely in 2003 with loft condos becoming difficult to acquire and typically priced over $500,000 while today they begin as low as $275,000. Loft-style refers to an open space with high ceilings and typically only 1-story, while a true traditional loft is a 2-story floor plan usually opened up from the living room (as seen below) exposing the upper or lower areas. A Miami loft is not to be confused with a townhome which has the open areas enclosed adding additional interior space yet having stairs leading to the upper level of the residence. Both types of lofts offer buyers or tenants proximity to urban amenities afforded by traditional lofts, but without perceived safety risks of living in economically depressed formerly industrial areas. Below we will explore Miami Beach loft condo inventory and the differences from South Miami Beach up to the island of North Bay Village and North Beach (NoBe) and in no special order.

South Beach Lofts

• Ilona Lofts South Beach
• Sundance (townhome) South Beach
• Absolut Lofts South Beach
• Alliage Lofts South Beach
• Manhattan Lofts South Beach
• SoBe Bay Lofts South Beach
• South of Fifth Lofts South Beach
• Meridian (Loft Style) South Beach
• Montclair (Loft Style) South Beach
• Neville (Loft Style) South Beach
• Nine 45 Lofts South Beach
• The Lofts at South Beach
• El Cyclon Lofts South Beach
• Industry (Loft Style) South Beach

Miami Beach Lofts

• Bay View Lofts Miami Beach
• Vilasol Lofts North Miami Beach (NoBe)
• Vilamur Lofts North Miami Beach (NoBe)
• Vilazul Lofts North Miami Beach (NoBe)

North Bay Village Lofts

• Space 01 (Loft Style) North Bay Village (island)
• Adagio Lofts North Bay Village (island)

For additional Miami Beach Loft information or to inquire on purchasing or leasing call or write 1.888.383.7326

Happy New Year friends and this will be post #1 of 2010. Here’s a shocking new thought for 2010… Just because it sold for that price in 2008 & 2009, does it mean you can buy it for that price today? It seems to be happening again and again as inventory decreases.. Will there be a tough time understanding & coping just opposite to the seller reluctancy seen in 2007 as the Miami Beach real estate market came to a standstill?

The buying window of opportunity in “catching the bottom” may be leaving in 2010. My 2010 forecast will be coming in the next few posts as I discuss market stats, trends and the direction this year could go in as relay that NOW is the time to find the bottom of South Beach to Sunny Isles Beach. Sale to List Price Ratio have jumped from 88% to 92%.

On the flipside, we will always find opportunities so if you wait this year to watch I am certain you can find the “deal.” Some buildings are already seeing appreciation. Space 01 for example went up 23% in the last 90 days! 11 Island Avenue has gone up 13% in the last 6 months. Roney Palace is on the direction up and more (FNMA Financing now Approved) to come..

Many would consider condo deals to be under ie) $250k but from $150 to $5.5M, here are my top choices for January 2010 in which I expect sales to occur within the next 60-90 days. I have previewed the majority with customers and these have been the top choices.. these links are LIVE so we’ll all soon find out once the Status changes from Active to Pending to Closed.

• #1 $199k – Indian Creek Club Marina #6F (Short Sale)
• #2 $299k – Bay View Loft #206 (Approved Short Sale)
• #3 $439k - Roney Palace #1539
• #4 $445k – Oceania V #1852 (Corporate Owned)
• #5 $480k - La Perla #3406 (Approved Short Sale)
• #6 $649k – Trump Palace PH5103
• #7 $1.350M – Trump Palace #4902
• #8 $1.399M – Ocean Four #1101
• #9 $3.690M – Jade Ocean D2 (Flow Through only 1 of 2) Penthouse
• #10 $5.395M - Il Villaggio #1405

Preview Daily Updates on Miami Beach | Sunny Isles Condo Deals & Repos

Space 01 Package Sale.

The name says it all with 1,800+ loft area living space and the type of raw, open real estate you either love or hate. I’ve always been a fan of this property so thought it would be informative to promote it here… I came across an incredible deal at Space 01 last week and it’s not yet (until now) being marketed… Either a single unit sale on a 7th floor (2/2) just under $200k or an investor package deal at 5 units for $200k each ($1M).  This is a really great opportunity that appears to be a distressed sale with the owner ready to let them go at a low ‘package deal’ price. True creative loft space that many developers tried to immitate during the boom and priced to sell even at the $250,000 (today’s market value price) yet has the potential to be purchased at this solid discount. One is on the 5th floor (corner), a very desirable unit offering a huge terrace (~400 SqFt) and asking $275k (not yet on market). Rental income per unit is a very fast $1,700 month income to $2,000 month when finished correctly inside!

• 2008 Taxes ~$9,353 (Taxes pro-rated year 1 at 2008 figures and lowered substantially on year 2 at ~2% sale price plus factoring neighboring sales ie. $4,200-5,800/year estimate)
• Maintenance $675 x 12 = $8,100 year
• Total Est. Yearly Expense = $17,453
• Rental Income $1,900 x 12 = $22,800
• Immediate ‘flip potential’ at $250k-$259,000

Space 01 Condos.

Space 01 Condos were built in 2006 on the Miami Beach island of North Bay Village. Compromised of only 54 total units and a unique 12′ ceiling loft concept, Space 01 is a true Miami loft building. These large loft spaces come with 2 garage parking spaces and boasts 1,880 square feet with open & unobstructed Biscayne Bay views, Snaidero kitchen cabinets, Miele & Subzero appliances plus an elevated jacuzzi bathtub gazing over Biscayne Bay’s exceptional water views. When you walk into the residence, there is a small room to with the second bathroom in which many unit owners turn this into a childs room, den or office. The large hurricane impact glass windows span the interior and open up (see below) to the breezes outside. Amenities include a large fitness center with a rooftop pool & hot tub overlooking the entire Island vicinity. There are 2 personal negatives on the Space 01 property which include a catwalk style entryway to your condo and no terraces other than these special 5th floor units which offer ample terrace space. As for the project itself, a major turnaround has occurred since it’s 2006 inception with speculators losing their “space” and riding high in foreclosure reality from $500k-$650,000 as original purchase price, now down to $250,000 which is where the recent bank owned (sold & pending comps) have turned. The board recently hired Keystone management so Space 01 should have corrected itself as there have been foreclosed units (now absorbed) and delinquent maintenance fees (Maintenance increased to $675 to compensate) for some time. I’m very confident in this property producing great returns as long term hold with $106 per square foot being WAY below reproduction costs. The interior seems to make up for this terrace discrepancy as you see in these photographs.

See More Photos Here on Flickr |  See a Google Map of Space 01

1.888.383.7326 or Info@MiamiDreamRealty.com

Miami Cash Investors looking for Miami Beach Bank Owned Condo Deals under $100,000 with VIEWS… Here are the best 8 condo deals including REO’s (bank owned) with water views that I expect to sell within 90 days.

I encourage you to use the Miami Dade County Tax Estimator here.  These waterfront condos, when owned outright will return 2 to 5% (ROI).

This VIDEO has NOTHING to do with North Bay Village Real Estate although I liked it and thought you might also.. it must be watched in it’s entirety to make sense.

Have a wonderful Sunday! 1.888.38.DREAM(37326)

North Bay Village Western Sunset Views

Cielo on the Bay

I had the chance today to step inside of the new development Cielo on the Bay on the island of North Bay Village. Although a premature tour, I was very impressed with the floor plans and outstanding Biscayne Bay Views. The property looks great and will soon be the premier building on the island. Why, you ask? Private elevators enter into the foyer, Flow Through floor plans, Marina holding 35-50′ vessel, Rooftop pool and Jacuzzi, 2 parking spaces per unit and the privacy of only (36 residences) 4 units per floor. The location itself is ultra quiet and private off the right fork of Harbour Island (behind the fire and police department) known as East Drive. The prices as all Miami Beach properties are negotiable with “asking prices” ranging around $1 Million (1800 interior square feet) for a 2 Bedroom with 3 Bath plus an office/den. The lower 4th floor is justifyably unique with 3,500 of terrace space and high ceilings. The dock spaces are sold separately and now would be a good time to arrange a package deal. Contact me today for an interview if you’re looking to buy or sell at Cielo on the Bay or any other properties related to North Bay Village real estate.

Cielo on the Bay Views

Developer Mario Egozi, founder of Egozi Development, Inc. has been in the real estate and construction industry for 25 years. He has specialized in high end residential construction in New York City for the past 22 years and has developed several residential projects in the New York City area. A native of Miami, Egozi has teamed up with Revuelta, Vega, Leon PC Architects for the development of Cielo. Architect Luis Revuelta, principal of Revuelta, Vega, Leon PC is one of the most respected architects working in the South Florida region today. Best known for his highly striking Miami condominiums, The Santa Maria, Bristol Towers and Porto Vita Towers. Revuelta’s innovative work continues with the sleek, spacious design of Cielo.

FLOOR PLANS

Cielo Lanai 4

It’s been quiet so far this week on rentals. Last week we brought in 2 couples. The two couples I’ve taken in really loved what your condo had to offer but did’nt return my follow up call. The best couple was the offer at 2-3 years at a discount, but like Andrew, we think it’s priced well (1750 sf) at $2,400/month! I’ll keep you posted with each showing…

Realtor two questions for me. Can he / she refer a good appraiser? Take a look at my Local Partners page here

And also if the unit was listed now what and how long would it take to sell. Best guess If it were 5-10% less than the other units at The Lexi then it would be the first in line to sell. On the flipside when factoring in a high floor, finished condo compared to the majority ‘raw’ units it would deliver a premium price. Today there are only 10 units for sale at The Lexi ranging from $455,000 to $639,900 and in analyzing North Bay Village real estate and other condos such as 360 Condos, The Bridgewater, Eloquence, Space 01 and Blue Bay Towers my gut feeling is Lexi Condo Values selling at approximately $300 psf. The corner units are rare, there are zero pending sales and so far there seems to be less than 3 lights on in The Lexi at night. Best regards to both of you and please fire away with any other questions or concerns!

–
Think Big, Aim High, Act Bold,

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!).