Marina Blue in Downtown Miami is Renovating its Valet Area…Finally!

 
Marina Blue, the 57-story luxury condo building in the epicenter of Downtown Miami, is finally fixing the valet parking situation, which has been a complaint of owners, tenants and visitors over the years.

As the rendering above shows, the space directly in front of the building, which has been used as pedestrian space since the building opened in 2008, will now be turned into a so-called ’round-about,’ allotting plenty of room for drivers to pull into valet without getting stuck in the middle of 9th Street. But, the good news is that there will still be plenty of pedestrian-friendly space in front of the building. This is definitely a significant improvement for the building and the area!

The construction is expected to begin in approximately one month, according to the Marina Blue Condominium Association, with an estimated completion of 80 days from the start date. So, if they stick to this timeline, valet parking at Marina Blue should be much relieved by the time the 2017-2018 Miami Heat Basketball schedule heats up!

Good News for Owners…no special assessments will be levied as the Marina Blue general reserve fund is quite healthy and has the funds available for the valet renovation. 

Marina Blue, which was completed in 2008, has long awaited an improvement for the valet line. Marina Blue is located in one of the most sought-after locations in the heart of Downtown Miami across from American Airlines Arena, which is home to the Miami Heat, across from Museum Park, Perez Art Museum, Frost Museum of Science and steps from the highly-anticipated Miami Worldcenter. So, with all of the traffic in this area, it should be no surprise that they are finally renovating the valet line and improving it.

If you, or someone you know, are interested in selling or buying a luxury condo at Marina Blue in Downtown Miami, please contact Michael Light, Director of Luxury Sales at Douglas Elliman and Owner of www.MarinaBlueCondos.com. You may reach Michael at (786) 566-1700 or michael@miamiluxuryhomes.com.

JUST LISTED | Marina Blue Unit 3507 with Direct Bay Views Offered at $409,888

 
Miami Luxury Homes has just listed an exceptional investment opportunity with direct-water views from every room at Marina Blue in the epicenter of Downtown Miami. Unit 3507 at Marina Blue is a beautiful 1-bedroom, 1.5-bathroom condo offering an open layout with 833 square feet of interior living space featuring 24-inch porcelain flooring, 9-foot ceilings and floor-to-ceiling, impact-resistant windows and glass doors throughout. This modern unit boasts an open kitchen with granite countertops and stainless steel appliances, spacious bedroom with custom-built, walk-in closet, a spa-inspired master bathroom with a dual sink vanity with marble countertops and a glass-enclosed wet room with an oversized soaking tub and separate shower and an in-unit washer and dryer pantry. Unit 3507 also boasts an expansive terrace with incredible views of Biscayne Bay, the Atlantic Ocean and the Miami Beach skyline.

Marina Blue Unit 3507 Floor Plan

Marina Blue Unit 3507 Floor Plan

Situated in the heart of Downtown Miami next to the highly-anticipated Miami Worldcenter, Marina Blue boasts exceptional amenities including a resort-style pool deck with a sunrise pool, sunset pool, hot tub, plunge pool, 5-hole putting green, sand-beach volleyball court and barbecue grills with seating. Marina Blue also features a high-tech fitness center, a separate yoga/aerobics studio and a social club room. For more about Marina blue, please visit www.MarinaBlueCondos.com.

If you, or someone you know, are interested in purchasing unit 3507 at Marina Blue, an extraordinary condo investment in the heart of Downtown Miami, please contact listing broker, Michael Light of Douglas Elliman. You may reach Michael at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.

Marina Blue Unit 3507 City View

Marina Blue Unit 3507 City View

Marina Blue Unit 3507 Master Bedroom View

Marina Blue Unit 3507 Master Bedroom View

Marina Blue Unit 3507 Kitchen Flow Through

Marina Blue Unit 3507 Kitchen Flow Through

Marina Blue Unit 3507 Kitchen

Marina Blue Unit 3507 Kitchen

Marina Blue Unit 3507 Master Bathroom

Marina Blue Unit 3507 Master Bathroom

JUST SOLD | Marina Blue Unit 2508 in Downtown Miami

 
My clients from Brazil just closed on unit 2508 at Marina Blue in Downtown Miami as a second home. This unit is an ’08 line which is the best line in the entire building and closed for $670,000, which is $502 per square foot. This unit is a spacious 2-bedroom, 2.5-bathroom corner unit with direct-water views of Biscayne Bay and the Atlantic Ocean and is the best “line” in the entire building. This unit offers 1,334 square feet of interior space that boasts floor-to-ceiling glass windows and doors throughout, European-style kitchen and spa-inspired bathrooms including a master bathroom with a resort-style marble “wet room” with a shower and soaking tub enclosed in glass and an oversized terrace.

If you, or someone you know, are interested in selling or leasing your condo at Marina Blue or are interested in purchasing or leasing a unit at Marina Blue, please contact Miami condo specialist Michael Light of Douglas Elliman. You may reach me on my cell at (786) 566-1700, directly at my office at (305) 350-9842 or via email at michael@miamiluxuryhomes.com.

Marina Blue Unit 2508 Terrace View

Marina Blue Unit 2508 Terrace View

Marina Blue '08 Line Floor Plan

Marina Blue ’08 Line Floor Plan

About Marina Blue
Located at 888 Biscayne Boulevard in the epicenter of Downtown Miami across from American Airlines Arena and Museum Park, Marina Blue is a 57-story luxury condo development that offers 516 residences with spectacular views of Biscayne Bay, the Atlantic Ocean and the Miami Beach skyline. Marina Blue offers exceptional amenities including a morning swimming pool overlooking Biscayne Bay, an afternoon lap pool with beautiful city views, plunge pool, sand volleyball court, 5-hole putting green area, lush tropical garden, barbecue area with outdoor seating, indoor social room, high-tech/fully-equipped fitness and cardio center and yoga/aerobics studio with stunning water views.

Click Here for more information about Marina Blue including floor plans, a list of amenities and available condos for sale and/or lease.

Canadian Sellers Grab Instant 45% Return Due To Exchange Rate

 
As the majority of my clients are international, I have several long-time clients from Canada, 2 of which have recently contacted me to sell their condos in Miami. When I asked them each for their reasons, they both gave me the same answer,the exchange rate.”

Moreover, both of these clients purchased condos between 2010-2012, a period of time at which the Canadian Dollar (“CAD” or “CAN$“) was approximately even with the U.S. Dollar (“USD” or “$“). For many years, Canadians were purchasing Miami real estate to take advantage of this nearly even rate. If they were going to spend CAN$500,000 to purchase in Canada, why not purchase in Miami for the same amount in USD and have a great winter retreat from the cold. However, in late 2014, the exchange rate began to shift as the USD strengthened.

This week, the exchange rate is approximately $1.00 to CAN$1.45. This means that the same $500,000 “even swap” I mentioned above would cost you CAN$725,000 today!

Let’s look at a hypothetical example of a Canadian condo owner in Downtown Miami. She purchased a 1-bedroom condo at Marina Blue in January 2013 for $300,000. Upon exchange at the time, this purchase cost her CAN$297,000. The unit has since been rented with no vacancies for the past 3 years with a return of 4% per year (3.5% – 4% return is average in Miami). After getting a modest return on her money, she decides to list it for sale at $415,000 today. At full asking price, the gross profit would be $115,000, plus the 4% return for 3 years, totaling approximately $151,000. That’s a 50% return on her original $300,000…looks like a great investment.

Now, let’s look further at the numbers once it is converted back to CAD. A $415,000 closed sales price becomes a whopping CAN$602,000! That is a gross profit of CAN$305,000 above the CAN$297,000 she spent to purchase the property. That is over a 100% return on her investment…now that 50% return above doesn’t look as good, does it.

Purchase:
January 2013 – $300,000 | CAN$297,000

Sale (At full asking price):
January 2016 – $415,000 | CAN$602,000 

USD to CAD 5 Year Exchange Rate

USD to CAD 5 Year Exchange Rate

Make Sense?!

I know this is a very simplistic way to look at the numbers, but I am trying to prove a point. When buying or selling, there is much more that comes into play than just price. Miami has the highest level of foreign buyers in the entire country. When working with buyers or sellers, I, as a licensed real estate broker, have to understand the complexities of more than just sales price. Buy low, sell high doesn’t always make sense unless you couple that with the right exchange rate on both purchase and sale.

On Wednesday of this week, the CAD, commonly referred to as the “loonie,” fell to its cheapest value since April 2003. Real estate investors from Canada must look at this as a prime opportunity to sell in the States. Between Miami seeing its highest real estate values since the market downturn and the loonie at its lowest value, this is a prime “sweet spot” for Canadian investors to cash out with enormous gains.

If you, or someone you know, are interested in selling your condo in Miami or Miami Beach, please contact your Miami condo specialist, Michael Light. You may reach me directly at my office at (305) 350-9842, on my cell phone at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
 

Disclaimer: The information contained herein is for informative purposes only and should not be relied upon. Please also note that currency exchange rates fluctuate on a daily basis, and although I am a licensed and experienced real estate broker, I am neither a certified accountant nor a licensed tax attorney.

2015 Downtown Miami Condo Statistics

 
The Downtown Miami condo market in 2015 saw 310 closed sales – just short of the 355 sales in 2014. Moreover, the average Downtown Miami condo closed sales price in 2015 was $536,870 which equals $431.07 per square foot and was 94.5% of the average list price.  The most expensive closed sale of 2015 in Downtown Miami was a luxury condo at 900 Biscayne Bay which closed for $3,150,000 at $830.48 per square foot, better known as basketball superstar Kevin Durant’s penthouse which I sold in May.  This condo at 900 Biscayne Bay shattered the average closed sales price of a condo in Downtown Miami by $400 per square foot, and rightfully so…just check out the pictures here:

Penthouse 6307 at 900 Biscayne Bay Virtual Tour

Below, I have laid out all of the 2015 Downtown Miami condo statistics and then a year-over-year comparison of 2015 vs. 2014.

2015 Downtown Miami Condo Sales by the Numbers:

  • Total Number of Sales: 310
  • Average List Price: $568,337
  • Median List Price: $452,205
  • Average Sales Price: $536,870 (94.5% of List Price)
  • Median Sales Price: $435,000 (96.2% of List Price)
  • Average Sales Price Per SQ/FT: $431.07
  • Median Sales Price Per SQ/FT: $413.87
  • Days on Market: 148 Average / 93 Median
  • Highest Priced Sale of 2015: 900 Biscayne Bay PH6307 Closed on 05/08/2015 @ $3,150,000 ($830.48 per sq/ft)
  • Lowest Priced Sale of 2015: 50 Biscayne Unit 4103 Closed on 10/14/2015 @ $188,500 ($332.45 per sq/ft)

For those “vultures” out there looking for distressed properties, please note, there were only 18 distressed sales in Downtown Miami in 2015: 16 REO’s & 2 Short Sales. “Miami” seems to pop up on so many year-end lists for high levels of foreclosures and short sales, but this may be misleading. The reason I placed Miami in quotes above is because these lists include so many surrounding suburbs of Miami, i.e. Homestead, Opa Locka, Kendall, etc., and then analysts lump them all together as “Miami.”

Download – 2015 Downtown Miami Condo Sales Data

2015 vs. 2014 Downtown Miami Condo Sales Year-Over-Year Numbers:

  • Total Number of Sales: DOWN 45 | 310 in 2015 vs. 355 in 2014
  • Average List Price: DOWN $27,326 | $568,337 in 2015 vs. $595,663 in 2014
  • Median List Price: DOWN $22,795 | $452,205 in 2015 vs. $475,000 in 2014
  • Average Sales Price: DOWN $27,050 (-4.8%) | $536,870 in 2015 vs. $563,920 in 2014
  • Median Sales Price: DOWN $15,000 (-3.3%) | $435,000 in 2015 vs. $450,000 in 2014
  • Average Sales Price Per SQ/FT: DOWN $11.06 (-2.5%) | $431.07 in 2015 vs. $442.13 in 2014
  • Median Sales Price Per SQ/FT: DOWN $6.25 (-1.5%) | $413.87 in 2015 vs. $420.12 in 2014

As you can see, all of the sales statistics were trending down in 2015 vs. 2014, but I don’t think this has to do with a market downturn. In my opinion, it has to do with the high number of new construction condo projects in Miami that were announced last year. Many buyers looked more towards the long-term opportunity of purchasing a new construction condo and waiting for its completion over an existing condo. Since developer sales are private and not disclosed to the public, it is impossible to include those sales with this data. Chances are, if I could somehow get a list of developer sales in 2015, all of the statistics above would be significantly higher.

For example, Paramount Miami Worldcenter has sold approximately half of its 513 units at around $700 per square foot. I know this because I sold over $10M worth of condos there in 2015, and I watch their numbers very closely. If you were to use their sales and add those numbers to the MLS data above, you would be looking at the average sales price in Downtown Miami in 2015 hovering above $750,000 and $550 per square foot. I haven’t even mentioned One Thousand Museum which is selling well over $1,200 per square foot and would make the numbers even higher.

Downtown Miami Condo Sales Over $1M in 2015

2015 Downtown Miami Condo Sales Over $1 Million

2015 Downtown Miami Condo Sales Over $1 Million

In 2015, there were 22 condo sales over $1,000,000 in Downtown Miami compared to 35 in 2014. The average days on market in 2015 for sales over $1M was 184 (one sale was on the market for a whopping 1,289 days which skewed the numbers) compared to 177 in 2014, but median days on the market fell from 129 in 2014 to 84 in 2015.

Downtown Miami is still a super hot condo market, so If you, or someone you know, would like more information about purchasing a condo in Downtown Miami, please contact me, Michael Light. You may reach me directly at my office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com.
 

Disclaimer: The statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on January 15, 2016. Any closed sales not listed in the MLS are not included in the statistics referenced herein. The MLS search criteria used was 33131 & 33132 zip code + map outline from North – I-395 to South – Miami River & West – I-95 + built after 2000. The information contained herein is for informative purposes only and should not be relied upon.

JUST LISTED | Extraordinary Condo Investments at Marina Blue and The Club at Brickell Bay

 
Miami Luxury Homes has just listed TWO condos that are absolutely amazing investment opportunities, unit 3507 at Marina Blue in Downtown Miami and unit 2806 at The Club at Brickell Bay in Brickell. Whether you plan to live in either unit or use one purely as an investment, both condos are excellent opportunities to dive into the flourishing Miami condo market. There are options to work with Investors Choice Lending if one needs to refinance their current properties to purchase this – but it’s a great investment property in our opinion!

Marina Blue Unit 3507 Offered at $425,000 with Tenant in Place Through October 2016

Unit 3507 at Marina Blue is a 1-bedroom, 1.5-bathroom, luxury condo offering 833 square feet of interior space that features an open layout with 9-foot ceilings and porcelain flooring throughout. This unit also features a kitchen with stainless steel appliances and granite countertops, custom-built closets and spa-like master bathroom with double sink vanity, marble countertops and glass-enclosed “wet room” with shower and spacious soaking tub. Unit 3507 at Marina Blue also features a spacious terrace with breathtaking, direct views of Biscayne Bay, the Atlantic Ocean and the Miami Beach skyline.

Situated in the epicenter of Downtown Miami, Marina Blue boasts extraordinary amenities including a resort-style pool deck with sunrise AND sunset swimming pools, hot tub, plunge pool, 5-hole putting green, sand-beach volleyball court and barbecue grills with seating and a state-of the-art fitness center with separate aerobics/yoga studio.

The Club at Brickell Bay Unit 2806 Offered at $288,000 Fully Furnished

Unit 2806 at The Club at Brickell Bay is an 826-square-foot, 1-bedroom, 1-bathroom, luxury condo that was completely remodeled with Carrera marble flooring in the living area and beautiful real hardwood floors in the bedroom and walk-in closet. This unit also features a kitchen with granite countertops and oak cabinetry and a spacious bathroom with custom cabinetry, marble vanity countertop and ensuite laundry. This unit is offered fully furnished and turnkey.

The Club at Brickell offers amazing amenities including a pool deck with lap pool, heated swimming pool, oversized whirlpool and barbecue area, fully-equipped fitness center, business center and media room and a social club hall. Located in the heart of Brickell, just steps from Mary Brickell Village, Brickell City Centre, and an array of fine and casual dining, shopping and entertainment, The Club at Brickell Bay is the perfect location.

If you, or someone you know, are interested in purchasing unit 3507 at Marina Blue in Downtown Miami or unit 2806 at The Club at Brickell Bay in Brickell, please contact listing agent Michael Light for a private showing. You may reach me on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.

Just Listed | Marina Blue Unit 901 Offered at $2,700 Per Month

Marina Blue Condo Unit 901

Marina Blue Condo Unit 901

We are happy to announce our newest Miami luxury condo rental listing at Marina Blue, unit 901.  This luxury, 2-story, loft-style condo is quite unique. With floor-to-ceiling glass windows throughout this 1 bedroom, 1.5 bathroom condo, the direct bay views are quite breathtaking.  This luxury condo also features 18′ ceilings, wood flooring, open kitchen with stainless steel appliances and granite countertops, a master bathroom with European-style wet room, powder room with washer and dryer and most importantly, an oversized terrace with stunning views of Biscayne Bay and the Miami skyline.

Situated in Downtown Miami directly across from American Airlines Arena, Museum Park and the Perez Art Museum and just steps from the highly-anticipated Miami Worldcenter, Marina Blue is the perfect location to call home!

Marina Blue Condo Amenities

Marina Blue Condo Amenities

Marina Blue offers exceptional amenities including a morning pool overlooking Biscayne Bay, afternoon pool with city views, beach volleyball, plunge pool, hot tub, fitness center, yoga/aerobics studio and putting green.  For more information about the amenities at Marina Blue, please visit our Marina Blue website at www.MarinaBlueCondos.com.

If you, or someone you know, are interested in renting condo unit 901 at Marina Blue or any other condo in Downtown Miami, please contact Michael Light, a Downtown Miami condo specialist.  You may reach me on my cell at (786) 566-1700, at my office at (305) 350-9842 or via email at michael@miamiluxuryhomes.com.

Marina Blue Condos 2014 Year-End Market Report

Marina Blue Condos 2014 Year-End Market Report

Marina Blue Condos 2014 Year-End Market Report

What a great start to a brand new year…increased sales and prices of Marina Blue condos coming off a rising year of 2014.

As you know, the real estate market has trends, so it is important to look at the year-end numbers from previous years to get a good idea of where the local market is heading.  So, in order to look at the market trends, I compiled all of the 2014 and 2013 closed sales data of Marina Blue condos from the MLS.  I compared the year-over-year numbers from 2014 and 2013 and listed the statistics below.  Fortunately, from 2013 to 2014, prices increased, sales increased and price per square foot increased…that’s a good sign!

2014 vs. 2013 Marina Blue Condo Sales Year-Over-Year Numbers:

  • Total Number of Sales: + 5 Sales
  • Average Sales Price: + $8,014
  • Median Sales Price: + $10,000
  • Average Sales Price Per SQ/FT: + $6.08 (+ 1.5%)
  • Median Sales Price Per SQ/FT: + $4.97 (+ 1.2%)

2014 Marina Blue Condo Sales by the Numbers:

  • Total Number of Sales: 36
  • Average Sales Price: $504,208
  • Median Sales Price: $485,000
  • Average Sales Price Per SQ/FT: $421.93
  • Median Sales Price Per SQ/FT: $414.74
  • Highest Priced Sale of 2014: Unit 5009 Closed on 05/07/2014 @ $800,000 ($456.10 per sq/ft)
  • Lowest Priced Sale of 2014: Unit 1511 Closed on 04/10/2014 @ $355,000 ($420.12 per sq/ft)
Marina Blue Condos 2014 Closed Sales Data

Marina Blue Condos 2014 Closed Sales Data

2013 Marina Blue Condo Sales by the Numbers:

  • Total Number of Sales: 31
  • Average Sales Price: $496,194
  • Median Sales Price: $475,000
  • Average Sales Price Per SQ/FT: $415.85
  • Median Sales Price Per SQ/FT: $409.77
  • Highest Priced Sale of 2013: Unit 5705 (Penthouse) Closed on 10/01/2013 @ $1,300,000 ($458.23 per sq/ft)
  • Lowest Priced Sale of 2013: Unit 711 Closed on 01/18/2013 @ $310,000 ($366.86 per sq/ft)
Marina Blue Condos 2013 Closed Sales Data

Marina Blue Condos 2013 Closed Sales Data

If you, or someone you know, would like more information on Marina Blue condos or any other condos in Downtown Miami, please contact me, Michael Light of Miami Luxury Homes.  I have direct knowledge of Marina Blue as I lived there for 3 years and have sold and rented many condos in this building.  So, please call me with any questions you may have about Marina Blue or the Miami condo market.  You can reach me directly at my office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com.

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