San Marino Island Miami Beach

PRICE: $835,000 **VENETIAN ISLANDS**

Description | A classic home located on San Marino Island in the Venetian Island chain practically minutes from Lincoln Mall Road, Epicure or The Standard Hotel, this home offers sophisticated entertaining and relaxed island living. The home is fully renovated and features hurricane impact windows, granite counter tops, ceramic tile floors, stainless steel appliances plus one car garage. To view this home in Miami’s renowned Venetian Islands, please call 305-673-5300 or email info@miamiangelproperties.com.

Address | 114 Venetian Way, Miami Beach  -  map it

Property Type | Single Family Residence
Year Built | 1941
Living Area | 2,157 SF or 200 m2
Bedrooms | 3
Bathrooms | 2
Waterfront | N

Download a full description (PDF):

114 Venetian Way (Right click, and choose “Save link as”)

Miami Beach Bungalow

PRICE: $599,900  **PENDING SALE**

Description | This 1950’s home located in mid Miami-Beach has a converted garage that can serve as a third bedroom, den or office. This property has been renovated and features an open floor plan, original restored Dade pine wood flooring, and a large 7,500 square foot lot. With all the large windows you’ll feel like you’re living in a secret tropical garden with chic amenities and design. Call or email us today to view this mid-century Miami Beach bungalow – 305.673.5300 or info@miamiangelproperties.com.

Address | 3440 Sheridan Ave, Miami Beach  -   map it

Property Type | Single Family Residence
Year Built | 1954
Living Area | 1,992 SF or 185 m2
Bedrooms | 2
Bathrooms | 2
Waterfront | N

Download a full description (PDF):

3440 Sheridan Ave (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”)

The Floridian South Beach

LIST PRICE: $292,900 **PENDING SALE**

Description | The Floridian on West Avenue has some of most amazing views of Hibiscus and Star Island, downtown Miami, Fisher Island and South Beach. This community has fantastic amenities, pool area and tennis court. Here is an opportunity to purchase a foreclosure, two bedroom unit on the 31st floor, with panoramic views of South Beach and the ocean. For more information or to view this unit please call 305.673.5300 or info@miamiangelproperties.com.

Address | 650 West Ave #3110  -  map it

Property Type | Condominium
Year Built | 1997
Living Area | 1,078 SF or 100 m2
Bedrooms | 2
Bathrooms | 2
Waterfront | Y

Download a full description (PDF):

650-west-ave-u3110 (Right click, and choose “Save link as”)

Miami Real Estate – August 2009

Summary - August 2009

For the month of August 2009, the Miami real estate market experienced a slight drop of 13 percent in overall closed sales. While the median price for single family homes remained constant at $173,000, condominiums and townhomes actually realized an increase in the median price from $126,670 in July 2009 to $135,000 in August 2009.

We think that this slight increase in the median price of condominiums is primarly due to the pent up demand for second homes and investment properties in Miami. In today’s market, it is not uncommon to find multiple cash offers on condominums in desirable locations and somewhat “stable” condo projects.  Additionally, according to the MLS data on the sale of bank owned condos in the Miami Beach area priced at under $500,000, more than 80 percent of all closed sales were all cash transactions. Additionally, there were several examples where the purchaser closed at a price up to 25 percent over the asking price.

The majority of properties trading in the lower price ranges continues to be dominated by distressed properties.  While buyers appear to be having more success closing on short sale deals with financing, if you are looking to be competitive and negotiate terms, be prepared to come with an all cash offer.

Featured Sales - 

800 S Pointe Dr #1203, Miami Beach “The Apogee”

Balconies in the Apogee feature complete outdoor kitchens

According to Miami Dade Public Records, attorney Jan Carson Cheezem of Cohen Fox P.A. in Miami, purchased this 3 bedroom 3.5 bathroom luxury condo in The Apogee on South Beach for $3.8 million or $1,378 per square foot. This unit on the 12th floor, which overlooks Miami Beach to the north, downtown Miami to the west and the oceanbeach to the east, was on the market for 248 days with an asking price of $4.1 million.

1200 West Ave #807, Miami Beach “The Mirador”

The Mirador apartment buildings located on West Avenue in South Beach, were built in the 1960’s and then converted to condominiums by the developer and condo converter Crescent Heights in 2005. With lines of prospective buyers camping out on West Avenue the entire week before the developer opened sales to the public, this condo project was the epitomy of condo conversion frenzy during the Miami real estate rush. This 1 bedroom 1.5 bathroom corner unit with 1,019 square feet of living area, was originally sold by the developer in 2005 for $265,900, then flipped four months later for $383,000, and again six months later in May 2006 for $515,000, only to be taken back by the subprime lender, New Century Mortgage, in December 2008. In this most recent sale last month, the purchaser paid $147,000 or $144 per square foot.

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 August 2009 for single family homes, unless otherwise indicated as condominiums/townhomes. The prices are the actual sales prices of all single family or condos/townhomes that closed during the month of August 2009 and are published in the MLS as of the date of this post.

Miami Real Estate – March 2009

Summary - March 2009

For the month of March 2009 vs. February 2009, we experienced an 14% increase in the number of closed sales from a total of 206 to 235 closed sales. The inventory of properties for sale increased marginally by 10% over the previous month.  This is the third month in a row that we have seen an increase in the overall number of closed sales, and we are up an impressive 35% in the past two months alone.

While the average sale price of single family residences in Miami Beach with a price under $1 million continues to decline from $653,282 in January 2009 to $513,800 in March 2009, the average closed sale price of condominiums in Miami Beach (under $500,000) and in the Downtown/Brickell market actually increased. This is the second month in a row that we have seen prices increase in the Downtown market, and are up from $231,767 in January 2009 to $296,252 in March 2009 respectively.

This leads us to a bit of a quandry in regard to the prices of foreclosure and distressed properties. While we all hear that prices continue to drop, and in relative terms and year-over-year this is the case, the banks are playing a game of cat and mouse with their REO properties. Here is the spiel – offer the property to the public at a bargain basement price, allow multiple offers to accumulate, play it off for a few weeks, and many suckers will bid up the price to more than asking.  It’s simple enough, but works time and time again.

Another interesting change in sentiment this month is indicated in the sale of five single family residences in Miami Beach in the $1 million plus category. For the past few months, we have witnessed lackluster sales with many luxury home buyers sitting on the sidelines. With five closed sales in the luxury category, and an average closed sale price of $2.4 million, the luxury home buyer has re-emerged in Miami Beach.

Featured Sales -  Two Luxury Miami Beach Homes

28 W San Marino Dr, Miami Beach

This Bauhaus inspired house built in the 1930’s, is located on the prestigious San Marino Island in Miami Beach. With six bedrooms and six bathrooms, a total living area of 4,716 square feet, and incredible views of the Miami skyline, the property sold to Venetian Marino Investments Inc, Hubert Jean Marie Weisslinger as president and director, for $3,830,000 or $812 per square foot. This house was placed on the market in December 2008 with an asking price of $4,450,000 and was only on the market for 47 days before going under contract.

5777 Pinetree Drive, Miami Beach

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 March 2009 for single family homes, unless otherwise indicated as condominiums/townhomes. The prices are the actual sales prices of all single family or condos/townhomes that closed during the month of March 2009.

Ross Milroy, Broker

Ross is an entrepreneurial professional with twenty years of diversified experience in residential and commercial real estate, sales and marketing, consulting and finance. He has specific experience in transaction and advisory services, sales management, securing equity and debt financing, developing business processes and infrastructure, as well as real estate asset management. Ross has resided in the Miami Beach area for the past seven years and has been an active licensed Florida Real Estate Broker since 1999. He is an active member of the Miami Beach community and has been a Big Brother and mentor to his “little” Angelo for the past three years.

Contact Ross Milroy

Office Phone: 305.673.5300
Mobile: 305.788.1220
Email: rossmilroy@gmail.com
Fax: 305.576.8306

10 Condo Questions To Ask

Before you buy in a Miami condo, it is important to contact the condo board or management company and ask several questions. During this process you will learn how responsive and organized the management or board members are.

Here is a list of several important considerations and facts you need to obtain before making your investment:

1. What percentage of the units are owner-occupied? In general, the higher the percentage of owner-occupied units, the more marketable the units will be for resale and the easier it will be to obtain financing.
2. What bylaws and restrictions govern the property? What rental restrictions are in place? You may determine, for instance, that you cannot rent out the property during the first year of ownership or that only a certain percentage of units may be rented at one time.
3. How much does the association keep in reserves? How does the association invest the reserves? If there is a shortfall in the reserves, there may be an upcoming assessment, or you may find it difficult to obtain financing.
4. What exactly does the fee cover? Common area maintenance, cable, water, garbage removal, recreational facilities, building liability insurance, Internet, air conditioning?
5. What special assessments have been mandated in the past 5 years? How much was each owner responsible for? Repeated special assessments can be a red flag about the condition of the building, management, or the board’s fiscal policy.
6. How much turnover occurs in the building? If there is a lot of turnover, you may want to ask other owners in the building about their experiences.
7. Is the project or board involved in any litigation? If the board is involved in any major litigation, or having to foreclose on lenders to get the maintenance fees paid, reserves may be quickly depleted.
8. Is the developer reputable? This is especially important if buying in a building that was a conversion. If the roof, windows, and balconies are in bad condition, they become your problem once you become an owner.
9. Are there multiple associations involved in the property? In very large developments, there may be several associations as well as one umbrella association, and each may require separate assessments.
10. Are the assessments or maintenance fee increases reasonable? Smart associations raise assessments by a certain percentage each year to build reserves for future repairs. On the other hand, unreasonable assessments should be questioned.

If you would like further information in regard to buying a condo in Miami, please free to contact us at (305) 673-5300 or via email info@miamiangelproperties.com.

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  -  map it

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”)

Miami Beach Loft Foreclosure

PRICE : $196,900  **BANK-OWNED**

Description | 2 levels, 2 bedrooms, 2 bathrooms, and 2 good to be true, nope, this is bank owned and priced to sell.  There are only 22 exclusive condo/loft residences in this boutique waterfront building. If you are looking for something new, affordable, waterfront, 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  map it

Property Type | Condominium
Year Built | 2005
Living Area | 1,346 SF or 125 m2
Bedrooms | 2
Bathrooms | 2
Waterfront | Y

Download a full description (PDF):

2000_bay_dr_203 (Right click the link and choose “Save link as”)

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