As usual, I'm always out visiting condo buildings here in Miami with or without my clients. The other day I was in Akoya on Miami Beach looking at 1 bedroom REO property that came on the market for $240,000. I've always liked Akoya since it was built in 2004, but this is the first time I managed to snap some pictures. Akoya is one of the newer buildings located in North Beach and offers awesome ocean views on either side of the building. You can see up or down the coast because the building sits closer to the beach than those nearby.
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Archive for October, 2009
FHA Approved Miami Condos
October 22nd, 2009 · View Comments
In today's market, many buyers are using FHA backed mortgages to finance a purchase of a new home or condo. The FHA offers loans with as little as 3.5% down, which is very attractive, especially considering the $8,000 first time home buyer tax credit. According to a recent survey of home builders by John Burns Real Estate Consulting, the FHA has backed a staggering 62% of new home loans given in South Florida.
So, its no surprise that I have been working with many condo buyers lately looking to get FHA backed loans. This has not been an easy task. There are not many FHA approved buildings in the greater downtown Miami area. If you want to see if a particular condo is FHA approved, I suggest CheckFHAApproval.com. I've compiled a short list below of the 10 or so buildings that I would consider showing to clients.
(more...)Emerald at Brickell: A Walking Tour
October 14th, 2009 · View Comments
One of the buildings in Downtown Miami that offers amazing views, but gets very little publicity is the Emerald at Brickell. The Emerald sits at 218 SE 14th Street in the vicinity of the Jade and the Four Seasons. It's the easternmost building on that street, so you get amazing views of Biscayne Bay and Miami Beach. The Emerald was completed in 2006 and contains 142 units on 27 floors.
By far an away the best units in the building are the "01" line which have 2 bedrooms, 2.5 baths, 1594 sqft, and have an expansive terrace that faces directly east onto Biscayne Bay. Earlier this year, Unit 2201 sold for $300,000 in a REO transaction. View Details. I doubt we'll see these prices again, but that was an amazing steal. I had the opportunity to visit another "01" unit in the building and snapped a couple of photos. See below.
(more...)Miami Condo Sales Summary – September 2009
October 13th, 2009 · View Comments
Right now there are some amazing opportunities to purchase condos in Miami Beach, Downtown Miami / Brickell, North Bay Village, or Sunny Isles Beach. During September 2009, condo inventory continued to decrease across all areas. In Downtown Miami / Brickell, some developers sold out of inventory in buildings like 1060 Brickell and Brickell on the River after price reductions. The market for luxury ($1mm+) condos is starting to improve in Miami Beach and Downtown Miami / Brickell, but luxury sales fell off in Sunny Isles Beach. The data used in this summary has been provided courtesy of the Southeast Florida MLS.
(more...)The Axis on Brickell: A Walking Tour
October 12th, 2009 · View Comments
Recently, I had the opportunity to tour the Axis on Brickell, another one of the new condo buildings that have opened in Downtown Miami / Brickell. The Axis on Brickell is "Conditionally" Approved by Fannie Mae meaning that Fannie will start buying loans once the developer has around 50% of the units presold. Right now, however, all transactions must be cash, as they have not reached the required amount of presales. Currently, the Axis offers an excellent developer rental program as the pace of sales in the building has been slow due to the lack of financing. Please contact us for more information on the rental program at Axis.
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