Check Out the New Renderings of STK in Downtown Miami Posted on June 22, 2016 by Michael Light Renderings of the brand-new STK Miami, which is being designed by ICRAVE, have been released, and it looks very Miami chic! With the major transformation of Downtown Miami in progress, it was no surprise that the celebrity-popular steakhouse STK decided to open up its second South Florida location, dubbed STK Miami, right in the center of Downtown Miami, across from the Frost Museum of Science, PAMM and Museum Park, in the Marquis Residences Tower off of 11th Street and Biscayne Boulevard. Its first location, located in Miami Beach, has experienced major success, and I assume the same success for the upcoming Downtown location. The upcoming STK Miami plans to offer lunch service and dinner service as well as outdoor seating, with the design of the famed steakhouse being described as “refreshed, yet edgy,” per the release. Rendering of STK Miami If you, or someone you know, are interested in learning more about the transformation of Downtown Miami or are interested in purchasing a condo in Downtown Miami, please contact Michael Light, a Miami condo specialist. You may reach me directly at my office at (305) 350-9842, on my cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
2015 Downtown Miami Condo Statistics Posted on January 15, 2016 by Michael Light 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 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.
Marquis Condo Residences 2014 Year-End Market Report Posted on January 12, 2015 by Michael Light Marquis Condo Residences 2014 Year-End Market Report 2014 condo sales at Marquis Residences in Downtown Miami were off the charts! According to the statistics retrieved from the Multiple Listing Service (MLS) on January 9, 2015, the median sales price and median sales price per square of foot of Marquis condos skyrocketed in comparison to the sales in 2013. In analyzing the Miami real estate market, it is imperative to analyze the numbers based on a year-over-year comparison. As I analyzed Marquis’ year-over-year comparison from 2014 to 2013, I noticed that the median sales price jumped $400,000. Not only did I see this huge increase, but I also found a tremendous increase in the median sales price per square foot, which exploded by $117.40 which equals an increase of 24.9%! These numbers are astounding and just further prove that Marquis Residences is a safe investment in Downtown Miami. Furthermore, Marquis Residences had ZERO foreclosures and/or short sales in all of 2013 AND 2014. No distressed sales + HUGE increases in value = Extraordinary Building! 2014 vs. 2013 Marquis Residences Sales Year-Over-Year Numbers: Total Number of Sales: ⇓ 12 Sales Average Sales Price: + $147,613 Median Sales Price: + $400,000 Average Sales Price Per SQ/FT: + $83.77 (+17.1%) Median Sales Price Per SQ/FT: + $117.40 (+24.9%) Marquis Residences Unit 2501 2014 Marquis Residences Sales by the Numbers: Total Number of Sales: 21 Average Sales Price: $1,179,881 Median Sales Price: $1,150,000 Average Sales Price Per SQ/FT: $573.11 Median Sales Price Per SQ/FT: $588.79 Highest Priced Sale of 2014: Unit 3106/07 (Combination) Closed on 07/18/2014 @ $2,600,000 ($688.56 per sq/ft) Lowest Priced Sale of 2014: Unit 1603 Closed on 10/21/2014 @ $697,500 ($423.50 per sq/ft) Marquis Condo Residences 2014 Closed Sales 2013 Marquis Residences Sales by the Numbers: Total Number of Sales: 33 Average Sales Price: $1,032,268 Median Sales Price: $750,000 Average Sales Price Per SQ/FT: $489.34 Median Sales Price Per SQ/FT: $471.39 Highest Priced Sale of 2013: Unit 6101 (Penthouse) Closed on 12/20/2013 @ $2,675,000 ($717.35 per sq/ft) Lowest Priced Sale of 2013: Unit 1506 Closed on 05/10/2013 @ $470,000 ($285.37 per sq/ft) Marquis Condo Residences 2013 Closed Sales If you, or someone you know, would like more information on Marquis Residences or any other condos in Downtown Miami, please contact me, Michael Light of Miami Luxury Homes. I have direct knowledge of the Downtown Miami condo market and have sold and rented many condo units at Marquis Residences. 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.
Mario Chalmers Lists Marquis Condo in Downtown Miami for a cool $4,000,000 Posted on August 30, 2014 by Michael Light View from Mario Chalmers $4 Million Miami Condo On March 5, 2012, Miami Heat point guard, Mario Chalmers, bought a custom, 5,475 square foot condo at Marquis Residences from famous hip-hop artist, Drake for $2,400,000, according to Miami-Dade County Tax Records. Located in Downtown Miami across from American Airlines Arena, this 2-story, 5 bedroom, 6 bathroom condo on the 49th floor of Marquis was originally 2 units (4905 & 4906), but Drake combined the 2 units into 1 mega condo. This condo boasts 20’ ceilings, marble floors and an expansive terrace with spectacular views of the Miami Beach skyline, Biscayne Bay and the Atlantic Ocean. This condo was featured in Drake’s famous music video, “I’m on One,” according to the Miami New Times. Mario Chalmers has now listed this famous, mega condo for sale at a list price of $4 Million, according to the Multiple Listing Service. How about that 67% markup after only 2.5 years…if we could all be so lucky! In fact, it is the most expensive condo currently for sale at Marquis Residences. If you, or someone you know, would like more information on this condo at Marquis Residences, or any other condo in Downtown Miami, please contact Michael Light of Miami Luxury Homes. 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.
Michael Light Sells Marquis Residences Unit 2501 For $1,150,000 Posted on April 14, 2014 by Michael Light Marquis Residences Unit 2501 Last week, I sold Unit 2501 at Marquis Residences in Downtown Miami for $1,150,000. I represented the sellers in this transaction who were recently transferred to Spain. Located at 1100 Biscayne Boulevard in Downtown Miami, Florida, Marquis Residences offers it residents direct views of Biscayne Bay and the Miami Beach skyline. Of all the buildings along the Biscayne corridor, none can compare with Marquis Residences except the condos at 900 Biscayne Bay. This gorgeous Downtown Miami luxury condo has 3 bedrooms and 2.5 bathrooms. It consists of 2,106 interior square feet with 243 square feet on the terrace and it encompasses the entire southern end of the building. I sold this unit to the sellers in July 2011 for $840,000. It was originally purchased decorator-ready and as one of the services I offer to all of my clients, I managed the design and interior construction which totaled more than $100,000. See more of the pictures of this Miami luxury condo by reading my Marquis Residences Unit 2501 article. If you, or someone you know, would like more information on Marquis Residences or would like a private tour, please contact Miami Luxury Homes. 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.
Luxury Alert! Marquis Residences Unit 2501 Just Listed! Posted on September 28, 2013April 14, 2014 by Michael Light Miami Luxury Homes is pleased to announce a new luxury listing that we have just received at Marquis Residences in Downtown Miami. Marquis Residences Unit 2501 consists of 2,106 square feet of interior space with an additional 243 square feet of terrace space and is listed at $1,250,000. This luxury Miami condo has 3 Bedrooms and 2.5 Bathrooms which encompasses the entire southern end of the building. More details of this fully custom-built unit include: 2 Private Elevators Art gallery inspired foyer with gallery lighting Gourmet kitchen with Viking appliances, polished quartz counters and Zebrano Italian cabinetry 24″ imported white glass flooring Custom built 10-foot drop ceilings with wrap-around illuminated soffits in each room Custom Nuvo whole-home technology system with Apple© integration Zoned, remote-controlled window shades in all rooms Master bath with Duravit Starck fixtures, bidet and dual bowl vanity 8-foot deep private terrace with stunning bay, ocean and city views Over $100,000 in custom upgrades Located at 1100 Biscayne Boulevard in Downtown Miami, Marquis Residences is a 67-story glass tower which includes 292 luxury residences. Owners at Marquis Residences can enjoy the following features and amenities: 2-story grand residential lobby serviced by a 24/7 doorman, bellman, security and concierge High-speed private touchpad controlled elevators High-speed wireless internet throughout entire building Residential self parking and valet parking for guests Residential storage facilities 8,000 square foot full-service spa and fitness center offering a full range of spa treatments Private locker facilities which include sauna, steam room and plunge pools Sunrise lap and sunset lounge pools located on the 14th floor sky deck overlooking Biscayne Bay Yoga/spinning studio, cardio room and strength training room with Life Fitness equipment If you or someone you know would like more information, would like a Marquis Residences brochure or would like a private tour, please contact me. You can reach me at my office at 305-350-9842 or via email at michael@miamiluxuryhomes.com. Here are some additional photos of Unit 2501 at Marquis Residences: