Oceanfront Foreclosure!!

PRICE : $229,800  **PENDING SALE**

Description | This ocean view penthouse unit is located right on Miami Beach. This is a huge one bedroom, two bathroom unit and the asking price is only $191 per square foot. An absolute steal for an oceanfront condo in Miami Beach, call 305-673-5300 today to check out the opportunity.

Address | 6039 Collins Ave PH15

Property Type | Condo
Year Built | 1971
Living Area | 1,206
Bedrooms | 1
Bathrooms | 2
Waterfront | Y

Download a full description (PDF):

6039-collins-ph15 (Right click the link and choose "Save link as")

Treasure Island Short Sale

PRICE : $110,000

Description | This cozy corner one bedroom condo is located in the popular mid-Miami Beach area on Treasure Island. The property has a new kitchen and beautiful views of the pool area and intracoastal waterway. A bargain for a first time homebuyer, call 305-673-5300 today to check out the opportunity.

Address | 1619 N Treasure Dr #H2

Property Type | Condo
Year Built | 1952
Living Area | 562
Bedrooms | 1
Bathrooms | 1
Waterfront | N

Download a full description (PDF):

1619_n_treasure_drive (Right click the link and choose "Save link as")

The New Miami Icon

This month the much talked about high-rise residential development known as the Icon Brickell, located at 495 Brickell Avenue in downtown Miami, will start closing on units and open it's doors to new residents. A couple of weekends ago, I visited the site to get a feel of this enormous condo project at the mouth of the Miami River.

The first thing that jumps out at me are the several gigantic heads, something reminiscent of the Maoi of Easter Island, staring at me as I enter the premises. Multiple shapes, colors, sizes, textures and even a few with lights in their eye sockets. The site is impressive from which the three Icon towers rise in the Miami skyline. I am drawn to the waterfront area and the historical Tequesta Indian settlement, or better know as the Miami Circle. Here it sits directly in front of the "north" tower, almost invisible and certainly not representative of a 2,000 year old archaelogical site. 

So this is Icon Brickell. Three modern glass towers as high as 57 stories tall, all containing 1,800 units and 148 hotel rooms. Spas, fitness centers, movie theater, club rooms, cabanas, pools and multiple sun decks. It's now 2pm and the middle tower is lost somewhere in the shade of the north and south towers. I imagine that natural light is going to be a premium and so is getting the buyers in contract to close.

According to the Daily Business Review, buyers of 120 condos no longer want to be part of this architectural Miami Icon. They are suing to recover $13.7 million in down payments on condos with purchase prices totaling $68.4 million. The suit claims that the developer failed to complete the project on schedule in 2007.

I cannot help but wonder the fate of this Icon. How many buyers will close and how many will follow that dreaded path to foreclosure? Hopefully these Easter Island heads will not become the living faces of sacred Icon Brickell owners.

Miami Beach Rock Star Cribs

Recently, these four rock star properties traded in Miami Beach. Two homes, two condos. New and old, ocean and bay. Just as I always say to clients, it is all about the location.

> The Residences at the Bath Club -5959 Collins Ave #1103, Miami Beach - a 3 bedroom, 3,640 square feet oceanfront unit - acquired from the developer in 2005 for $2.28 million -  sold for $2.29 million or $629 per square foot.

> The Setai - 101 20th St #1705, Miami Beach - one bedroom, 821 square feet, oceanfront condo - acquired in 2004 for $550,000, generates $110,000 in net rental income - sold for a $1.2 million OR $1,462 per square foot - impressive!

 

> North Bay Road - 5004 N Bay Rd, Miami Beach - a 4 bedroom single family home built in 1950, half an acres, 100 feet of waterfront - listed in Feb 2007 for $6.5 million, closed 9/29/08 for $3,075,000 or $747 per square foot.

> Venetian Islands - 122 E San Marino Drive, Miami Beach - a five bedroom home built in 2003 - active on the market 8/12/08, asking $1,799,000 - SOLD in less than 60 days on 10/29/08 for $1.7 million or $428 per square foot.

These recent Miami Beach sales just go to show that buyers continue to recognize the tremendous value of Miami Beach real estate, even in times of major economic instability.

Florida’s Property Tax Conundrum

Working with buyers of Miami residential real estate can be a lot of fun and full of adventure. We have so many unique neighborhoods, eclectic architectural styles, and such a diverse culture, including homes from tropical bohemian bungalows in Coconut Grove to high-tech modern waterfront homes on the Venetian Isles. Eventually, however, you have to cross that shaky old "real estate tax" bridge. PROPERTY TAXES ARE WAY TOO HIGH, and are a major factor in the property buying decision process.

YES, prices have come down considerably, and in some cases way below the threshold that any of us in this business imagined. Fantastic, that $2.1 million home in the Grove is now available at $850,000!

YES, unless you are in the $5 million and up range, there is a huge inventory of properties to choose from across the board. Superb, short sales and foreclosures galore!

YES, with only a minimum required down payment of 3%, attractive FHA financing is available. Wooohoo, my bank offered me is an amazing rate of 5.5% on 30YR fixed rate mortgage!!

SAY WHAT? Although my purchase price is $129,900 and I am purchasing a wonderful foreclosure property at 40 cents on the dollar, the property appraiser is not going to adjust my market value down to the purchase price in 2009!

According to the Miami Dade Property Appraiser, the current market value of this home is $322,205, and the 2007 real estate taxes were $8,113. This means that I am required to pay as much in real estate taxes as in principal and interest. Does that sound reasonable and workable to ANYONE?

There is some silver lining in this box. Several proposals are out there to drastically reduce the cost of real estate taxes in Florida. People we need to get with the program and talk to our Florida legislators. Check out one proposal out there called Cut Property Taxes Now, for example. They propose capping property taxes to a maximum of 1.35% of market value.

No matter which direction you think best, let your voice be heard and let's push for CHANGE!

If you would like a FREE consultation on the value of your property or to discuss your real estate tax situation, please feel free to send us a request at info@miamiangelproperties.com or call Ross at (305) 673-5300.

Continuum North ~ Call 305.673.5300

RENT: $5,150 / month

Description | With state of the art amenities and interior luxuries, this can be your home away from home.  Located on the tail end of South Beach, the Continuum North building is definitely in the best location.  Brand new, with a fresh, clean, slate, this gorgeous apartment is ready for your style, design, and character. 

Address | 50 South Pointe #1104

Property Type | Condominium
Year Built | 2008
Living Area | 1,491
Bedrooms | 2
Bathrooms | 2.5
Waterfront | Y

Download a full description (PDF):

50 S Pointe #1104 (Right click the link and choose "Save link as")
 

Miami Beach Foreclosure

PRICE : $299,900 **BANK OWNED**

Description | 2 levels, 2 bedrooms, 2 bathrooms, and 2 good to be true, nope, this is bank owned and priced to sell.  If you want something new, priced below new construction prices, this is the time to take full advantage, call us today to view this property and your opportunity -305.673.5300 or email us at info@miamiangelproperties.com.

Address | 2000 Bay Drive #203

Property Type | Condominium
Year Built | 2005
Living Area | 1346
Bedrooms | 2
Bathrooms | 2
Waterfront | Y

Download a full description (PDF):

2000 Bay Drive #203 (Right click the link and choose "Save link as")
 

South Beach Short Sale

PRICE : $120,000

Description | Reduced by more than half the original price, this is the perfect answer to get away from the cold winters up North.  Located in the heart of South Beach within walking distance to Flamingo Park, Lincoln Road, Espanola Way, and the beach, why wouldn't you snatch this up?  Call today for more information on this short sale.

Address | 536 14th Street #101

Property Type | Condominium
Year Built | 1925
Living Area | 520
Bedrooms | 1
Bathrooms | 1
Waterfront | N

Download a full description (PDF):

536 14th Street #101 (Right click the link and choose "Save link as")
 

Miami Beach Short Sale

PRICE : $230,000

Description | At about $235 per square foot, this direct ocean-view condominium is affordably fabulous.  With a pool, gym, garage parking, and all the other resort amenities, the lifestyle is nothing, but short...only the price is!  Call today to discuss the short-sale process and make it a reality.

Address | 5401 Collins Avenue #828

Property Type | Condominium
Year Built | 1967
Living Area | 980
Bedrooms | 1
Bathrooms | 1
Waterfront | Y

Download a full description (PDF):

5401 Collins Avenue #828 (Right click the link and choose "Save link as")
 

Alton Road Foreclosure

PRICE : $575,000 **PENDING SALE**

Description | In one of the most desired neighborhoods of Miami Beach, this bank owned property is another steal at $180 per square foot.  The house is huge with 5 bedrooms and 3 bathrooms and a view of the golf course.  Another day, another steal, call today to check out the opportunity.

Address | 2372 Alton Road

Property Type | Single Family
Year Built | 1924
Living Area | 3267
Bedrooms | 5
Bathrooms | 3
Waterfront | N

Download a full description (PDF):

2372 Alton Road (Right click the link and choose "Save link as")
 

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