Miami Beach Normandy Island

PRICE: $649,900  **CLOSED SALE $625,000**

Description | This modern home was built in 1938 by a Frank Lloyd Wright student and recently upgraded and designed by one of the best local Miami firms, Nuhouse Design. This is a modernist dream house. Separate cottage with bathroom and kitchen for in-laws or guests. Hardwood floors, gourmet kitchen, modern pool with hot tub,designer bathrooms, steam shower and garden views galore. Once inside you may never want to leave. To view this modern Miami Beach home call or email us today at 305.673.5300 or info@miamiangelproperties.com.

Address | 1548 Biarritz Drive, Miami Beach  -  map it

Property Type | Single Family Residence
Year Built | 1938
Living Area | 2,500 SF or 232 m2
Bedrooms | 3
Bathrooms | 4
Waterfront | N

Download a full description (PDF):

1548 Biarritz Drive (Right click the link and choose “Save link as”)

Alton Road Miami Beach Home

PRICE: $699,000  **REDUCED**

Description |  Beautiful home minutes from La Gorce Golf Course and all the splendors Miami Beach has to offer. Wonderfully remodeled with a gated courtyard entrance. Spacious living areas with high ceilings and hurricane impact windows. Saturnia marble and brazilian cherry floors. Master bedroom suite with roman jacuzzi. Amazing European kitchen featuring granite counter tops, Jennair appliances & wine cooler. Call or email us today to view this amazing Miami Beach home -305.673.5300 or info@miamiangelproperties.com.

Address | 4634 Alton Road, Miami Beach  -   map it

Property Type | Single Family Home
Year Built | 1959
Living Area | 2,545 SF or 237 m2
Bedrooms | 3
Bathrooms | 2
Waterfront | N

Download a full description (PDF):

4634 Alton Road (Right click the link and choose “Save link as”)

The Apogee Miami Beach

PRICE: $19,000 p/month  **UNFURNISHED**

Description | The Apogee South Beach, with only 67 residences, is a premium residence suitable for the most discriminating individuals in the South of Fifth neighborhood. This waterfront property offers resort like amenities, flow through floor plans, 11 foot balconies with Summer Kitchen, Miele appliances, Gas and Electric cooking, interactive AMX “Smart Lifestyle” technology, electronic window treatments and over-sized private air-conditioned garages. To view this luxury waterfront South Beach condo call or email us today at 305.673.5300 or info@miamiangelproperties.com.

Address | 800 S. Point Dr., Unit 2003, Miami Beach  -  map it

Property Type | Condominium
Year Built | 2007
Living Area | 3,103 SF or 288 m2
Bedrooms | 3
Bathrooms | 3.5
Waterfront | Y

Download a full description (PDF):

800 S Pointe Dr _2003 (Right click the link and choose “Save link as”)

Icon South Beach Rental

PRICE: $4,300 p/month

Description | Wake up in the morning and enjoy your coffee in bed while looking at the stunning views of downtown Miami, Fisher Island and Biscayne Bay. The warm tropical water and beach is just a short five minute walk. Prepare your favorite pasta in this gourmet kitchen and shop till you drop to fill up this custom walk-in closet. For additional information on this unfurnished rental unit at the Icon South Beach call 305-673-5300 or email us info@miamiangelproperties.com.

Address | 450 Alton Rd #3206, Miami Beach  -  map it

Property Type | Condominium
Year Built | 2005
Living Area | 1,452 SF or 135 m2
Bedrooms | 2
Bathrooms | 2
Waterfront | Y

Download a full description (PDF):

450 alton rd u3206 (Right click the link and choose “Save link as”)

Miami Real Estate – October 2009

Summary - October 2009

During the month of October 2009, the Miami real estate market experienced  a decrease in the median sales price for single family homes from $173,000 to $167,500, and the median sales price for condominiums and townhouses also decreased from $135,000 to $130,000.

The number of closed sales that are distressed properties continues to shrink on a month-to-month basis. However, we experienced a dramatic month-over-month increase in the number of short sales that closed. In the Miami Beach sub-market, for example, the percentage of distressed sales dropped to 39 percent, of which, the number of short sales practically equaled the number of foreclosure sales. This was also the case in the downtown Brickell area.

In the luxury condominium market, financing continues to be a major issue with very few deals closing with financing. In Miami Beach, 25 out of the 29 closed sales of luxury condos were all cash transactions. Only four deals closed with conventional financing. These units were located in the Mosaic, Murano Grande, Blue Diamond and Canyon Ranch condo projects.

With few distressed properties available, real estate in the Coral Gables and Coconut Grove areas continues to show some resiliency. The same should be noted for the Miami Beach condo market versus that of the downtown Brickell market. What is encouraging is that the number of non-distressed transactions continues to increase as sellers are forced to adjust to the distressed prices in the market.

October’s Featured Sales:

101 20th Street #THB, Miami Beach – The Setai

This unique residence in The Setai is one of the most extraordinary condominium residences in Miami Beach. With 20 foot floor-to-ceiling windows, a 500 square foot terrace, Balinese garden, and incredible ocean views, this unit sold for an impressive $1,141 per square foot. According to public records, the buyer, R Scott Handel out of Washington DC, paid $2,625,000 in an all cash transaction.

1330 West Ave #709, Miami Beach -  The Waverly

This two bedroom, two bathroom unit on the seventh floor in the Waverly at South Beach sold in a short sale transaction for $186 per square foot, or a price of $210,000. The former owner paid a price of $850,000, or $754 per square foot, in February 2007. The previous purchase was financed by subprime mortgage lender, Novastar, that provided the buyer with a mortgage in the amount of $807,500 at 95 percent loan-to-value.

Are you looking for a Miami or Miami Beach property at a deep discount? Are you looking for a discounted short sale or bank owned property? Ross Milroy of Miami Angel Properties, LLC may be reached at 305-673-5300 or info@miamiangelproperties.com.

Copyright © Miami Angel Properties, LLC

* The data used to generate this chart/data is gathered from the Multiple Listing Service (“MLS”) and the Miami Dade Clerk of the Courts. The data in the MLS is deemed reliable but not guaranteed. This data is for October 2009 for single family homes, unless otherwise indicated as condominiums/town homes. The prices are the actual sales prices of all single family or condos/town homes that closed during the month of October 2009 and are published in the MLS as of the date of this post.

Pine Tree Drive Foreclosure

PRICE: $535,000  **CLOSED SALE $535,000**

Description | A large three bedroom house located in one of the most desirable and recognized neighborhoods in Miami Beach. This home is just minutes from the beach, La Gorce Country Club, the Miami Beach Country Club, downtown Miami, or South Beach. This property features a gourmet kitchen with stainless steel appliances, gas range, plus a Sub-Zero refrigerator, as well as marble floors, french doors, updated bathrooms and a two car garage.

For additional information on this property or other single family homes in Miami Beach, please email us at info@miamiangelproperties.com or call 305.673.5300.

Address | 5830 Pine Tree Drive, Miami Beach  -  map it

Property Type | Single Family Residence
Year Built | 1968
Living Area | 2,543 SF or 236 m2
Bedrooms | 3
Bathrooms | 3
Waterfront | N

Download a full description (PDF):

5830-pinetree-drive (Right click the link and choose “Save link as”)

Luxury Aqua Miami Beach Condo

PRICE : $519,900  **PENDING SALE**

Description | Aqua, a private residential island on the intracoastal waterway of Miami Beach, was created by Miami Beach pioneer developer Craig Robbins. A secure and private island retreat just minutes from the golf course, ocean or South Beach, this development offers oustanding amenities and a quality product. This unit is a large 2 bedroom 2 1/2 bathroom with a gourmet kitchen, high ceilings and a huge 1,356 square foot outdoor patio. Call or email us today to view this stunning unit -305.673.5300 or info@miamiangelproperties.com.

Address | 201 Aqua Ave, Unit 804, Miami Beach  -   map it

Property Type | Condominium
Year Built | 2004
Living Area | 1,957 SF or 182 m2
Bedrooms | 2
Bathrooms | 2.5
Waterfront | Y

Download a full description (PDF):

201-aqua-ave-unit-804 (Right click the link and choose “Save link as”)

Renovated Lincoln Road Condo

PRICE: $340,000

Description |  A fabulous two bedroom, two and a half bathroom condo in an excellent central South Beach location. The Lincoln Road Mall, Van Dyke Cafe, Carlyle Theater, and several restaurants are literally just steps from this property. This renovated unit features wood floors, white marble in the bathrooms, a fully updated kitchen, plenty of natural light, and is priced at an asking price of only $228 per square foot. Call or email us today to view this unit -305.673.5300 or info@miamiangelproperties.com.

Address | 1606 Jefferson Avenue, Unit 9, Miami Beach  -   map it

Property Type | Condominium
Year Built | 1946
Living Area | 1,490 SF or 138 m2
Bedrooms | 2
Bathrooms | 2.5
Waterfront | N

Download a full description (PDF):

1606-jefferson-ave-unit-9 (Right click the link and choose “Save link as”)

Central South Beach Condo

PRICE: $235,000

Description | This two bedroom, one bathroom, fully renovated South Beach condo is located just blocks from the beach or Flamingo Park. This corner unit has plenty of natural light, both light maple wood and marble flooring, and a modern kitchen. With low monthly maintenance fees of only $168 and a parking space, this unit offers tremendous overall value. Call or email us today to view this amazing condo in South Beach -305.673.5300 or info@miamiangelproperties.com.

Address | 818 Meridian Ave, Unit 9, Miami Beach -  map it

Property Type | Condominium
Year Built | 1972
Living Area | 764 SF or 71 m2
Bedrooms | 2
Bathrooms | 1
Waterfront | N

Download a full description (PDF):

818-meridian-ave-unit-9 (Right click the link and choose “Save link as”)

Perform a Condo Stress Test

During the past year, Miami’s real estate market has been all about distressed sales. As such, when considering investing in a Miami condo, performing a stress test to determine the financial health of the condominium association should be a critical part of your evaluation.

Why?  You need to determine if the condo association has sufficient capital buffers to withstand the impact of an economic environment that is more challenging than expected. It also important to point out that in general the most attractive condo deals are typically located in the most financially strapped buildings.

There is no simple mathematical equation or “health index” that can be applied. However, utilizing the following Condo Stress Test as a base guideline will help you make a more informed decision.

The Condo Stress Test:

Question 1 – What is the ratio of owner occupied units to investment properties?

Guideline – If the number of investment properties and/or second home owners is greater than fifty percent (50%), the higher the risk of further defaults, budget shortfalls, maintenance fee increases, or necessary assessments.

Question 2 – What percentage of unit owners are delinquent on their monthly maintenance fees?

Guideline – If twenty percent (20%) or more of the current owners are behind on their maintenance fees, then you could be in for a special assessment to make up for revenue shortfalls, a dramatic cut in the buildings services, and possible maintenance deferral issues.

Question 3 – How many units are currently distressed, including those in pre-foreclosure, foreclosure or already in bank owned status?

Guideline – If more than ten percent (10%) of the overall units are distressed, be prepared for more pain and potential increases in maintenance fees and/or new assessments. Today’s market is based on distressed pricing, so as each property goes to auction or is sold by a bank, you face the potential for additional value erosion.

Question 4 – When was the most recent 10 year or 40 year engineering inspection completed?

Guideline – If the building recently passed a major inspection, and there are to be NO assessments to cure any issues, then you are in good shape. However, if the building is due for either inspection, be prepared that the association may have to use its reserves or assess the current owners to cover any areas that have to be brought up to new building code.

Question 5 – Does the condo association have any reserves?

Guideline – If the association has no reserves then this can expose you to several potential issues, including, paying the monthly expenses, maintaining adequate insurance coverage,  unforeseen increase in expenses, necessary improvements, revenue shortfalls etc. Associations walk a very fine line between paying their monthly expenses and maintenance fee revenues.

Question 6 – Has the building cut back on any services or is the property in poor condition?

Guideline – As condominium projects lose revenue and expenses remain constant or increase, they may cut back on the building services, such as security or concierge services. As such, when you interview with the condo association ask for detailed information on any recent renovations, deferred maintenance or upcoming assessments.

Question 7 – Ask current owners or renters if they are experiencing any problems or issues residing in the building?

Guideline -When you are getting close to making an offer on a property, visit the building on your own time and talk to current owners and renters. You will find out very quickly what is going on and the major issues, if any, that people are dealing with on a day-to-day basis. Also, when walking the property pay attention to any notices posted in the building or look for a community billboard where all the recent board minutes, budget and pertinent information should be posted.

Question 8 – Has the condo association made any recent changes to the bylaws or rules?

Guideline -In today’s market it is common practice to find an owner collecting rent and NOT paying their monthly maintenance fees. Some condo associations have adopted a new rule that requires tenants to pay their rent to the association, and then the association will pay any overage to the owner.

Remember, there are certain protections under Florida Law that are in place to protect you, the consumer, when purchasing an existing or new construction condominium.  You are entitled to receive a current of the declaration of condominium, articles of incorporation, bylaws and rules of the association, and the most recent year end financial information.

If for any reason you are not comfortable with the condominium rules, bylaws or financial situation, you have the right to void your contract within a certain number of days, which is three (3) days for an existing condominium or fifteen (15) days with new construction condominiums.

Are you looking for a Miami or Miami Beach investment property at a deep discount? Are you looking for a discounted short sale or bank owned property? Ross Milroy of Miami Angel Properties, LLC may be reached at 305-673-5300 or info@miamiangelproperties.com.

Copyright © Miami Angel Properties, LLC

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