Miami Angel Properties

Harriet Court South Beach

Ross — Wed, 25 Aug 2010 18:48:41 +0000

PRICE: $301,950 FORECLOSURE

Description | This gorgeous bank-owned 2 bedroom, 2 bathroom spacious condominium is located in the heart of South Beach and just 5 minutes walking distance to Lincoln Road or the beach. An impeccable boutique, art deco Mediterranean building that was converted and fully restored a few years ago. This unit features terrific design accents and great finishes. The Harriet Court condo also offers gated access, an amazing pool area and beautiful central courtyard.

To view this fantastic condo conversion in the heart of South Beach – call 305-673-5300 or email us info@miamiangelproperties.com.

Address | 1508 Pennsylvania Ave, Unit 2B, Miami Beach - map it

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Miami Beach Waterfront Foreclosure

Ross — Fri, 13 Aug 2010 23:20:28 +0000

PRICE: $1,436,000 BISCAYNE POINT

Description | This bank owned single family residence is located in Biscayne Point, a small gated community in the central Miami Beach area. If you are an avid boater or just looking for a waterfront property, this home offers fantastic access to the ocean, a small dock, and a large lot for entertaining or enjoying sunsets over Biscayne Bay. With over 3,500 square feet, four bedrooms and four bathrooms, this home is a fantastic value priced at $392 per square foot. To view this waterfront Miami Beach residence in the Biscayne Point community – call 305-673-5300 or email us info@miamiangelproperties.com.

Address | 1215 N Biscayne Point Rd., Miami Beach - map it

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Casa 40 Condo South Beach

Ross — Fri, 06 Aug 2010 21:42:54 +0000

PRICE: $434,000 FULLY RENOVATED

Description | The Casa 40 Condo is a boutique, fully renovated, historic building located directly opposite Flamingo Park in the heart of South Beach. There are only four “pied-a-terre” units in this building, each with one assigned parking space. This unit features a loft or town house style with two large bedrooms on each floor, a fully equipped gourmet kitchen, Jenn-Air appliances, a guest bathroom, and hurricane impact windows. With very low monthly maintenance fees and solid rental rates, this property is excellent for investors or for your second home. To view this fantastic boutique yet modern condo – call 305-673-5300 or email us info@miamiangelproperties.com.

Address | 1061 Michigan Ave, Unit 3, Miami Beach - map it

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Nine Island Miami Beach Retreat

Ross — Fri, 06 Aug 2010 21:25:52 +0000

PRICE: $434,000 DIRECT BAY VIEWS

Description | Enter this chic condo and you are greeted with direct panoramic views of Biscayne Bay and downtown Miami. This impeccably renovated Miami Beach retreat offers a gourmet kitchen, split floor plan with floor-to-ceiling windows in both bedrooms, large walk-in closets, a generous balcony, and resort style amenities. This property is located directly across from the Standard Hotel & Spa on the famed Venetian Isles between South Beach and downtown Miami. To view this amazing condo on the Venetian Islands – call 305-673-5300 or email us info@miamiangelproperties.com.

Address | 9 Island Ave, Unit 1102, Miami Beach - map it

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Hibiscus Miami Beach Hideaway

Ross — Fri, 06 Aug 2010 18:09:40 +0000

PRICE: $1,375,000 HIBISCUS ISLAND

Description | This single family residence located on Miami Beach’s hidden Hibiscus Island was featured in Better Homes and Gardens magazine. The property offers 2.774 square feet of living area, with four bedrooms, three bathrooms, gas generator, heated pool and a good sized lot just over 8,000 square feet (748 m2). Hibiscus Island is a gated community located in Biscayne Bay and within minutes to South Beach, downtown Miami and the international airport.

To view this stunning zen-like home on Hibiscus Island, call or email us today - 305.673.5300 or info@miamiangelproperties.com.

Address| 122 East 2nd Court, Miami Beach - map it

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The Mark on Brickell Foreclosure

Ross — Tue, 27 Jul 2010 14:56:28 +0000

PRICE: $389,900 PENDING SALE

Description | The Mark on Brickell is a luxury condominium project in a fantastic downtown Miami location. The building offers full amenities to enjoy the Brickell lifestyle including tennis courts, racquetball, gym spa, parking, security, restaurant, convenience store, valet and concierge. This bank owned property offers fantastic direct bay views of Biscayne Bay and Miami Beach. The former owner of this property paid $840,000 for this unit in July 2007. To view this luxury condo residence in this hot Brickell location – call 305-673-5300 or email us info@miamiangelproperties.com.

Address | 1155 Brickell Bay Dr., Unit 2410, Miami - map it

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Banks releasing more distressed real estate in Miami market

Ross — Wed, 21 Jul 2010 20:28:19 +0000

July 21, 2010 – While the majority of the country is experiencing a slowdown in real estate activity, Miami is defying the nation as the sale of existing condos, townhouses and single family residences, continues to increase.

During the first and second quarter of 2010, there was a total of 11,719 properties sold, which represents a 16.7 percent increase over the same period in 2009. In addition to the increase in the sales of existing homes, a recent study published by Condo Vultures stated that “an average of nearly 500 new condos traded per month in Greater Downtown Miami between April and June 2010, representing a 105 percent increase compared to the 241 units per month average in second quarter of 2009.”

Another important factor to pay attention to is the fact that the number of properties being taken back by banks has dramatically increased since the beginning of the year. Therefore, as depicted in the graph below, the banks are now under pressure to release more of their distressed inventory onto the open market -

So will this result in further pressure on prices, and in turn, damper the demand for Miami real estate? That is the question that many are asking right now, and so much so, that I fear that investors may return to the sidelines.

At least for the moment, my experience on the ground tells me otherwise. We are witnessing as many, if not more cash bids, on bank owned “REO” properties.

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? Do you need a professional property manager for your investment property? Ross Milroy of Miami Angel Properties, LLC may be reached at 305-673-5300 or info@miamiangelproperties.com.

* The data used to generate this chart/data is gathered from the Southeast Florida 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 January through June 2010 for single family homes, unless otherwise indicated as condominiums/town homes. The number of listings are the actual bank owned or “REO” single family or condos/townhouses that were published in the MLS as of the date of this post.

Ten Museum Park Miami

Ross — Tue, 20 Jul 2010 19:09:26 +0000

PRICE: $589,900 CLOSED SALE $590,000

Description | Ten Museum Park, an architectural masterpiece designed by Chad Oppenheim, is the ultimate loft home in the city of Miami. With 20 foot walls of floor to ceiling glass, this boutique condo project offers endless views of Miami Beach, the port of Miami, Fisher Island, Key Biscayne and the ocean. The building amenities includes five swimming pools, gym, yoga center, a VIP lounge, 24 hour security, valet, and Clinique La Prairie Wellness Center. Walk across the street to see the Miami Heat at the American Airlines Arena or catch a performance at the Adrienne Arsht Performing Arts Center. To view this stunning loft condo in downtown Miami, call or email us today - 305.673.5300 or info@miamiangelproperties.com.

Address| 1040 Biscayne Blvd., Unit 3704, Miami - map it

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Bentley Bay Condo Foreclosure

Ross — Tue, 20 Jul 2010 18:39:59 +0000

PRICE: $470,000 $476,000 CLOSED SALE

Description | The Bentley Bay is a modern high rise condominium that is perfectly located at the entrance to South Beach, and within minutes of the beach, downtown Miami and Miami International Airport. This bank owned property is a large two bedroom unit, with floor to ceiling windows, plenty of natural light, as well as incredible views of Biscayne Bay, Star Island, the Port of Miami, and the Miami skyline. With exquisite marble and wood flooring and a gourmet kitchen, this property is a steal! To view this stunning Miami Beach condo, call or email us today - 305.673.5300 or info@miamiangelproperties.com.

Address| 540 West Ave, Unit 1711, Miami Beach - map it

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Banks and Investors show confidence in Miami Beach real estate

Ross — Fri, 09 Jul 2010 22:44:34 +0000

Since the onset of public auctions moving to an online platform and opening up to global investors earlier this year, we have witnessed a number of changes to the old system of bidding in person at the Clerk of the Court’s office in Miami-Dade County.

The result? Substantially more properties are transferring ownership at public auction and we are witnessing some impressive all cash bids.

First, the number of bidders has changed dramatically. In the past, there would be less then 10 serious bidders at the auction, with up to 20 players on a busy day. Now, there are hundreds of “virtual bidders” bidding against each other from all corners of the globe.

Second, the bank’s representatives provided bidders with just a handful of reserve prices prior to the auction, perhaps less then 10 percent of those properties on the schedule. Now, banks are able to place their reserve price on each property up for auction in advance.

Third, the number of properties that would actually auction off has increased substantially as the online bidding system pushes them through in the thousands instead of the hundreds. For example, in November 2009, a total of 1,043 properties were sold at public auction, versus June 2010, when 4,010 properties were sold at auction via the online platform!

What does this all mean to the average investor? The banks are now having to repossess and place substantially more distressed or foreclosed Miami properties on their books. Therefore, we should expect what has been a trickle of bank foreclosures to increase to a more steady flow. Hopefully, this is going to be the motivation the banks need to diligently work at dealing with their bulging shadow inventories of foreclosed properties.

In addition to the above changes, we are also witnessing the banks having to outbid aggressive investors for certain properties, in particular, properties in high demand locations like Miami Beach. Let’s consider these two recent examples -

(1) 450 Alton Rd, Unit 1801, Miami Beach – This large condo is located in the popular Icon South Beach project in the South of Fifth neighborhood. On May 10, 2010, the property sold at auction to the bank holding the first mortgage for $1,500,100. Therefore, as bids are made in $100 increments, an investor had placed an all-cash bid as high as $1,500,000. This 4,303 SF property is now on the market with an asking price of $2.2 million. The former owner purchased the unit from the developer in June 2005 for $2,725,000.

(2) 6365 Collins Ave, Unit 3608, Miami Beach – An oceanfront 2 bedroom, 2 bathroom condo located in Akoya in mid Miami Beach, this corner unit sold at auction on March 1, 2010, for a price of $460,100. Therefore, an investor was willing to bid as high as $460,000, or $348 per SF, for this oceanfront unit. The bank REO property is on the market with an asking price of $580,000.

As these types of transactions are becoming more commonplace for certain Miami properties, sometimes I think that this supposed “Great Depression” is just an illusion. Not only are investors willing to aggressively bid for condos in Miami Beach at impressive numbers, but the banks are apparently just as, if not more bullish on our real estate.

Miami Angel Properties

Harriet Court South Beach

PRICE: $301,950 **FORECLOSURE**

Miami Beach Waterfront Foreclosure

PRICE: $1,436,000 **BISCAYNE POINT**

Casa 40 Condo South Beach

PRICE: $434,000 **FULLY RENOVATED**

Nine Island Miami Beach Retreat

PRICE: $434,000 **DIRECT BAY VIEWS**

Hibiscus Miami Beach Hideaway

PRICE: $1,375,000 **HIBISCUS ISLAND**

The Mark on Brickell Foreclosure

PRICE: $389,900 **PENDING SALE**

Banks releasing more distressed real estate in Miami market

Ten Museum Park Miami

PRICE: $589,900 **CLOSED SALE $590,000**

Bentley Bay Condo Foreclosure

PRICE: $470,000 **$476,000 CLOSED SALE**

Banks and Investors show confidence in Miami Beach real estate

PRICE: $301,950 FORECLOSURE

PRICE: $1,436,000 BISCAYNE POINT

PRICE: $434,000 FULLY RENOVATED

PRICE: $434,000 DIRECT BAY VIEWS

PRICE: $1,375,000 HIBISCUS ISLAND

PRICE: $389,900 PENDING SALE

PRICE: $589,900 CLOSED SALE $590,000

PRICE: $470,000 $476,000 CLOSED SALE