Biscayne Point Miami Beach
PRICE: $419,000
Description | A fantastic 3 bedroom 2 bathroom home, with several upgrades including screened porch & jacuzzi, koi pond, huge storage shed, large open kitchen w/ gas stove, hurricane shutters, stamped driveway, large master bathroom, full size washer & dryer, and an amazing fenced yard with a gazebo. This property is located in the gated waterfront community of Biscayne Point, and just minutes from several schools, the beach, Normandy Isle Park, North Shore Park, and Normandy Shores Golf Club.
To view this single family home in Miami Beach’s Biscayne Point neighborhood – call 305-673-5300 or email us info@miamiangelproperties.com.
Address | 1321 S Biscayne Point Rd, Miami Beach - map it
Property Type | Single Family Residence
Year Built | 1947
Living Area | 1,461 SF or 136 m2
Bedrooms | 3
Bathrooms | 2
Waterfront | N
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1321 S Biscayne Point Rd (Right click the link and choose “Save link as”)
King Cole Miami Beach
PRICE : $99,500 **CLOSED SALE $92,000**
Description | The King Cole Condo was built in the early1960’s in Miami Beach. The building has a unique “U” design and most units have outstanding views of downtown Miami, Miami Beach and Biscayne Bay. This unit is a large one bedroom unit that is renovated and is being sold for an asking price just over $100 per square foot.
This unit is a fantastic opportunity for a first time home buyer or investor looking for that waterfront Miami Beach location at an affordable price – Call or email us today to view this property -305.673.5300 or info@miamiangelproperties.com.
Address | 900 Bay Drive, Unit 521, Miami Beach - map it
Property Type | Condominium
Year Built | 1963
Living Area | 921 SF or 86 m2
Bedrooms | 1
Bathrooms | 1.5
Waterfront | Y
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Shanghai’s Real Estate Exuberance mimicks Miami’s Boom
Filed Under Blog ·
Miami aka "Crane City" in 2007
Miami’s incredible real estate boom and subsequent bust during the past decade has many similarities with China’s current hyper-development.
Developers are touting the same old “lifestyle” story and a buying frenzy has taken over Shanghai. Just as buyers camped out for days to purchase condos at the Mirador in South Beach, so to are long waiting lists the norm in Shanghai’s new developments.
According to a recent article published in the New York Times “prices in Shanghai have risen more than 150 percent since 2003, pushing the price of a typical 1,100 square foot apartment up to $200,000.” This is painfully similar to Miami’s boom to bust in the past decade.
Real estate prices in Miami have been artificially inflated several times in our history. It was not that long ago that we experienced a massive boom during the years of that the “Cocaine Cowboys” in the 1980’s. As black market cash needed to be washed, new buildings sprouted up on Brickell Avenue and Miami Beach like mushrooms. The end result was that we had a glut of condominiums in the late eighties that would take several years to be absorbed and prices subsequently tanked.
The next wave that began just a few years ago labeled Miami as “Crane City.” Our skyline was literally dotted with construction cranes, and at one point, there were over fifty of them in downtown Miami alone. Developers touted living the “downtown Miami lifestyle.” Domestic and international buyers rushed in and bankers offered easy money to just about anyone. Developers hosted several introductory and opening parties to the public, champagne flowed, models danced on tables, real estate agents were dizzy with commissions, and everyone bought into the illusion of getting rich while living the new Miami lifestyle.
The problem was that no-one was paying attention to the local demographics and facts. Our “developer friendly” local government, which is the understatement of the decade, allowed developers to take over the city. The average annual income of a family in Miami is ridiculously low compared to the cost of living. For the average resident, annual incomes barely cover maintenance fees and real estate taxes to live in a one bedroom condo. Just as speculators bought into the illusion that real estate prices in five to seven years would be even higher in Miami, they are now repeating the same pattern in Shanghai.
The average income of a Shanghai resident is less than $5,000 per year. The average income of a Miami resident is less than $30,000 per year. You do the math.
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
Icon South Beach Short Sale
Filed Under Condos, Hot Picks, Hot Picks - Condos, Listings ·
PRICE: $695,000 **SHORT SALE**
Description | The Icon South Beach is one of the most sought after addresses in Miami Beach. Designed by Philippe Starck and developed in 2004, the Icon South Beach offers a lobby, views and amenities that few condo projects can compete with. This short sale has been approved by the bank at an attractive price that is a 60 percent discount to the $1.7 million price that the seller paid in 2007. To view this luxury condo in South Beach’s South of Fifth neighborhood – call 305-673-5300 or email us info@miamiangelproperties.com.
Address | 450 Alton Rd #2306, Miami Beach - map it
Property Type | Condominium
Year Built | 2004
Living Area | 1,452 SF or 135 m2
Bedrooms | 2
Bathrooms | 2
Waterfront | Y
450 Alton Rd _2306 Download a full description (PDF):
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5838 Collins Ave Foreclosure
Filed Under Condos, Hot Picks, Hot Picks - Condos, Listings ·
PRICE: $219,900 **BANK OWNED**
Description | A large direct waterfront two bedroom two bathroom condo located in the Millionaire’s Row area of Miami Beach. The fantastic views of La Gorce Country Club, Biscayne Bay and downtown Miami are just incredible day or night. This building is directly opposite the beach and within minutes of South Beach. To view this attractive foreclosure opportunity in Miami Beach – call 305-673-5300 or email us info@miamiangelproperties.com.
Address | 5838 Collins Ave #7B, Miami Beach - map it
Property Type | Condominium
Year Built | 1970
Living Area | 1,208 SF or 112 m2
Bedrooms | 2
Bathrooms | 2
Waterfront | Y
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5838 Collins Ave _7B (Right click the link and choose “Save link as”)
Bayview Terrace Foreclosure
PRICE: $114,900 **BANK OWNED**
Description | The Bayview Terrace Condominiums are located on West Avenue facing Biscayne Bay in Miami Beach. This fantastic location is within walking distance of Lincoln Road Mall, movie theaters, shops, supermarkets and multiple South Beach venues. This renovated unit is on a high floor and features sweeping views of downtown Miami and the bay. Attractively priced at only $153 per square foot with affordable monthly maintenance fees of $369, this condo is a great deal in a prime location. To view this condo in South Beach – call 305-673-5300 or email us info@miamiangelproperties.com.
Address | 1288 West Ave, Unit 1505, Miami Beach - map it
Property Type | Condominium
Year Built | 1971
Living Area | 750 SF or 70 m2
Bedrooms | 1
Bathrooms | 1.5
Waterfront | Y
1228 West Ave 1505 Download a full description (PDF):
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San Marino Island Miami Beach
Filed Under Homes, Hot Picks, Hot Picks - Homes, Listings ·
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
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Miami Real Estate – January 2010
Filed Under Blog ·
Miami Real Estate Market Summary – January 2010
For the month of January 2010 versus December 2009, the total number of closed sales decreased to 233 in January 2010 from 384 in December 2009, which represents a decrease of 40 percent. The drop in closed sales is somewhat typical for this time of the year, in particular, with the banks looking to clean up their balance sheets before year end.
In the Miami Beach condominium market, we witnessed a positive turn in the tide in the less than $500,000 price range. The total number of distressed properties for sale, including bank owned foreclosures and short sales, continues to diminish and currently represents 28 percent of properties for sale. Additionally, the number of distressed properties that sold in January 2010 represented 39 percent of the total closed sales. These improving numbers are significantly less than in other areas of Miami and indicate that the condo market is stabilizing at the lower end in Miami Beach.
Conversely, in the downtown Miami / Brickell area, the number of distressed sales accounted for 60 percent of total sales in January 2010. This high percentage of distressed properties is consistent with the past years performance in the Brickell district and downtown Miami area. Unfortunately, due to such an extensive supply of new condominiums as well as a large number of foreclosures, this area will continue feel downward pressure on property values.
The luxury condo segment remains void of any significant number of short sales or bank owned foreclosures. However, there was a significant number of new listings of luxury condominiums in Miami Beach placed on the market in January 2010, in particular at the Murano Grande, Icon Miami Beach, Il Villagio and Continuum North [23 out of 27 new listings are developer units].
It is also important to note that the number of condos closing with financing is increasing. In the Brickell area, for example, almost 40 percent of new purchases were acquired with conventional financing in January. This trend is likely to increase as Fannie Mae recently provided “special approval designation” for several downtown Miami condominium projects, including Cite, Isola, Latitude on the River, NEO Vertika, and the Club at Brickell Bay.
January 2010 Featured Closed Sales:
6662 Windsor Lane, Miami Beach
This luxury single family residence is situated on La Gorce Island, a private island community in the mid Miami Beach area. This enormous home with almost 7,000 square feet of living area, four bedroom and five bathrooms, was listed for $2.99 million and sold for $2,665,000 to a cash buyer. The seller, Windsor Lane LLC, purchased the vacant lot in 1999 for $550,000 and developed the property in 2003. Based on recent comparable sales in this Miami Beach neighborhood, the buyers acquired the property at an attractive price of only $383 per square foot.
829 Medina Ave, Coral Gables
A 1,724 square foot home with three bedrooms and two bathroom that was originally built in 1947. Fully renovated with Brazilian cherry wood floors, new kitchen and appliances and several other upgrades, this property traded twice in the past three months. It was acquired at public auction for $214,000 in November 2009 and then immediately flipped by the investor to a cash buyer for $385,000 in January 2010. Prior to the purchase at auction, the former owner attempted to sell the property as a short sale for several months. Purchasing this fully renovated Coral Gables home at auction for $124 per square foot and then reselling the property within 90 days is a prime example of the opportunities in our market.
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 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 2010 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 January 2010 and are published in the MLS as of the date of this post.
Duo Condo Hallandale Beach
PRICE: $310,000
Description | This new 3 bedroom, 2 bathroom condo in the Duo condo project in Hallandale Beach has an amazing direct view of the Diplomat Golf Course. This is a corner unit with plenty of natural light and is just a short walk to the beach or Gulfstream Park. The condo project offers fantastic amenities including resort style pools, tennis courts, gym, spa, concierge and valet. To view this luxury condo in Hallandale Beach and take your golf game to the next level – call 305-673-5300 or email us info@miamiangelproperties.com.
Address | 1745 E Hallandale Beach Blvd., Unit 502W, Hallandale Beach - map it
Property Type | Condominium
Year Built | 2007
Living Area | 1,481 SF or 137.6 m2
Bedrooms | 3
Bathrooms | 2
Waterfront | N
1745 E Hallandale Bch Blvd U502W Download a full description (PDF):
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South Beach’s Neighborhoods
Filed Under Blog ·
CLICK TO ENLARGE MAP
South Beach, an area no larger than three square miles, consists of several residential neighborhoods each with their own distinct style, charm, history and green space. The Flamingo Park area or Historic District, for example, consists mostly of boutique art deco buildings that were developed in the 1930’s and 1940’s. Whereas, the South of Fifth neighborhood, features most of the upscale, luxury condo projects in South Beach.
It is important to recognize is that the tourist areas of South Beach are generally separate from the residential neighborhoods. Additionally, the primary four residential areas, as indicated on the map, have several differences ranging from architecture, property size, and price, to the mix of permanent versus part time residents.
The four main residential neighborhoods of South Beach are best described as follows:
Cultural Arts District
The Collins Park neighborhood of South Beach, now referred to as “CANDO” or the Cultural Arts Neighborhood District Overlay, is an often neglected residential and arts district. This entire neighborhood, which includes the Miami City Ballet, Miami Beach Public Library, New World Symphony and Bass Musuem of Art, has undergone a complete transformation.
This area includes some of our finest examples of Miami Art Deco with historic buildings such as the Governor Hotel, designed by Henry Hohauser in 1937, and the former Princeton Hotel, which now houses the New World Symphony, which was designed by Siskelwicz in 1939.
Several of South Beaches hippest condo hotels and new residential developments are home to this district, including the new W Hotel South Beach and Residences, the Setai Hotel and Residences, Parc Place Residences and ArteCity Miami Beach, an upscale residential village with 202 condos, townhouses and junior suites.
Flamingo Park District
The Historic or Flamingo Park District of South Beach is bordered to the south by Fifth Street, to the north by the Miami Beach Convention Center, to the east by the beach, and to the west by Alton Road. This approximately one square mile district contains over 1,200 historic designated buildings that are either Art Deco or Spanish / Mediterranean.
The central attractions in this area include Flamingo Park, Espanola Way and Lincoln Road Mall. In general, properties located within close walking distance to the Lincoln Road Mall are higher in demand, and therefore, demand a premium in price or rent. Additionally, one has to recognize the implications of owning a condominium in an art deco or historic building.
Historic properties are protected, and as such, property owners or developers are severely restricted in making any changes to the external facade and other design features, such as terrazzo floors. Therefore, one has to keep in mind that while owning a historic property adds value as they cannot be duplicated, replaced or demolished, ownership does come with certain inherent redevelopment constraints and costs.
South of Fifth Neighborhood
As with many of Miami’s old neighborhoods, the South of Fifth “SoFi” neighborhood in Miami Beach enjoyed its heydays in the 1950’s. Miami Beach had a reputation as the “American Riviera” with its beaches, hotels, tropical weather, mobsters and star power. However, the area was ethnically divided with SoFi as home to a thriving, mostly Jewish community, while the areas to the north and even some hotels had little tolerance for diversity.
Then in the 1980’s an investor from Germany, Thomas Kramer, descended on South Beach and in a short time purchased over 11 acres of oceanfront property in the South of Fifth neighborhood. Over the following twenty years Kramer, along with Jorge Perez of the Related Group, developed some of the most successful luxury condo projects in Miami Beach. These luxury developments included the Apogee, Icon South Beach, Murano at Portofino, Murano Grande, Portofino Tower, Continuum North, Continuum South, and the Yacht Club at Portofino.
In recent years the South of Fifth neighborhood developed the reputation as the most exclusive area to own and live in South Beach. Even during this challenging real estate market, it is not uncommon for luxury condominiums to trade at prices over $1,200 per square foot, or over $110 per square meter.
West Avenue Area
The West Avenue area comprises of several mid to high rise condominium buildings that face Biscayne Bay and downtown Miami. Although this area was partially developed during the early years of development in South Beach, the majority of the buildings were developed from the 1960’s onwards.
In general, full time residents reside in the West Avenue area, and this is also a very successful area for investment properties. There are several condo projects located on West Avenue, including the Mirador, Waverly, Bentley Bay, Floridian and Flamingo, that are favored by renters in the South Beach market.
West Avenue is easily accessed from downtown Miami via I-395 or the Venetian Causeway. It is also close to several supermarkets, stores and restaurants, as well as within walking distance of the Lincoln Road Mall and Flamingo Park.
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
