Miami Real Estate Blog

Yesterday I received an email from RCRS stating that 500 Brickell has become Fannie Mae approved. This means that this building now qualifies for conventional lending from the major lenders as long as the buyer is credit-worthy. This is good news for Related and should assist them in closing many more of the units. This follows after recent price cuts at 500 Brickell. Currently this is one of the best deals in town for a NEW condominium. Sure some of the prices are not in line with Miami Foreclosures or Short Sales but not all buyers today have cash to go after those. Prices at 500 Brickell start in the low $200,000′s for 1 bedrooms and the low $300,000′s for 2 bedrooms. For showings call Samir Patel, Licensed Real Estate Broker of Miami Condo Realty, Inc. at 305-503-6183.

Here are photos from 500 Brickell:

In October I had my first sneak peek of Everglades on the Bay. Everglades on the Bay is a brand new luxury condominium development in Downtown Miami directly across from Bayfront Park. The development consists of twin towers standing 49-stories tall and consists of many different types of units including lofts, flats, penthouses and studios. The views from Everglades on the Bay are quite impressive but I wish they had used more glass throughout the building. Anyway take a look for yourself at our photos:

A few of the features of Everglades on the Bay are a Fully equipped multi-function business center, State-of-the-art spa and fitness center, Private men’s and ladies’ saunas, steam rooms, a 100,000 square foot, 8th floor amenity deck, Ground level retail, Billiard room and more. For units available at Everglades on the Bay call Samir Patel at 305-503-6183. For listings of Everglades on the Bay Rentals goto http://www.miamicondorealty.com/everglades-on-the-bay/

Everglades on the Bay Views:

Everglades on the Bay Kitchens:

Everglades on the Bay Baths:

Everglades on the Bay Pool Deck:

Over the last 4 years I have taken many photographs of some unique properties and they’ve all been siting on my hard drive so I figured I would start throughing them on here to increase the amount of posts I put up here. Sometimes I don’t have a lot of time to write a full blog post but this should increase the frequency of our posts and will also give you a chance to see Miami and Miami Beach from a bunch of different angles. Here are photos I took from the North East penthouse in 900 Biscayne Bay. I think 900 Biscayne Bay is one of the most elegant buildings in Downtown Miami. This penthouse was huge. It was almost 3500 sq ft and was on the 63rd floor.

Lendco Florida LLC has acquired 56 units in Marina Blue Condo according to South Florida Business Journal and Miami-Dade County public records. The transaction was valued at $15.7 million. This is the second bulk deal to take place in the 516-unit Marina Blue Condominium in the last six months and this would total the closed units at 482 resulting in a 93% closing rate. Chicago based Corus Bank has issued a satisfaction of mortgage notice on its first mortgage to the developer of Marina Blue. In December of 2008 the developer sold 60 units in a bulk sale to Singer Island based Welcome Bay Inc. for $13 million.

This is good news for the residents of Marina Blue. Residents can breathe a little easier knowing that most of the units are now closed. Financing for new buyers in the building has been plagued due to these bulk deals and in conforming to Fannie-Mae guidelines. For the short-term new buyers into this building will be required to pay all cash or acquire a Non-Fannie loan at above market rates. I expect some of the Fannie-Mae guidelines to be rolled back eventually but we don’t know when.

Here are photos from Marina Blue:

A few weeks ago I had a second opportunity to run over to North Bay Village and to take a look at Cielo on the Bay. Cielo is a brand new boutique condominium tower built on the East fork of Harbor Island in North Bay Village. North Bay Village is a three island city located between Mainland Miami and Miami Beach. It is accessible via the Kennedy Causeway from Miami. Cielo was developed by Mario Egozi founder of Egozi Development, Inc. which has been in the real estate and construction industry for over 25 years. The building architect was Luis Revuelta and it shows.

Here are the photos of Cielo on the Bay:

So I was very impressed by the units at Cielo. The building is a 15 story boutique style building and consists of only 36 units with all units having a direct unobstructed Biscayne Bay view. There are only 4 units on each floor and are very spacious – 1820 to 1888 sq ft. There are also 2 large penthouses which have 1500+ sq ft roof-top terraces on the same level as the roof-top pool. Since the building is in the early stages of opening pricing is by request. So for a tour and the best deals on sales or rentals please call me at 305-503-6183 – Samir Patel, Miami Condo Realty, Inc.

Cielo Direct Bay Views:

Cielo Floor-to-Ceiling Glass:

Cielo Terraces:

Cielo Roof-top Pool: