Casablanca Villas Video Tour 6362 Collins Avenue, Miami Beach

The Casablanca Villas is a lovely boutique condo building located at 63rd and Collins in Miami Beach. What makes the Casablanca so special is location and price. At the Casablanca Villas, you can purchase a new one bedroom unit for between $200,000 and $250,000, and a new two bedroom unit for between $300,000 and $400,000. The building is steps away from the beach. The majority of the new inventory along Collins Avenue is at much higher price points which makes this building very attractive, in my opinion.

The units at the Casablanca Villas are very quaint. On the west side of the building there are 1 bedroom, 1 bath flats that face the intracoastal that are 856 square feet. On the east side of the building, there are 1 bedroom, 1.5 bathroom lofts that are 881 square feet. When I visited, I preferred the layout of the loft as it had high ceilings and two balconies, but I preferred the intracoastal view of the flat. The two bedroom units sit on the corners of the building, the largest of which is 1437 square feet.

The building also features a gorgeous rooftop pool, jacuzzi, and lounge that offers wonderful views of the intracoastal, and partial views of the ocean.

Below are descriptions of the various floorplans available at the Casablanca Villas

Check out the pictures below....I hope you like them and the video. I'd love to hear your feedback -- comment below. Feel free to contact us if you have any questions or would like more information.

Photos

Casablanca Villas

Casablanca Villas E Unit Living Room

Casablanca Villas E Unit Kitchen

Casablanca Villas E Unit Bedroom

Casablanca Villas E Unit View

Casablanca Villas E Unit Bathroom

Casablanca Villas D Unit Living Room

Casablanca Villas D Unit Bedroom

Casablanca Villas D Unit View

Casablanca Villas Rooftop Pool Deck

Casablanca Villas West View

Waverly South Beach Video Tour 1330 West Avenue, Miami Beach

In my opinion, the Waverly is one of the nicest places to live in South Beach. The Waverly is home to 400 residences ranging in size from one to three bedrooms. The building is located on West End Avenue and directly borders Biscayne Bay, so the units here have amazing views. What really sets the Waverly apart from other buildings is the combination of views, location, amenities, and price. As a result, the Waverly is a favorite building among second home owners and renters. Because rental demand has been historically strong in the building, a unit here would make for a great investment property as well.

When you live at the Waverly, you really have no reason to leave the building as everything you need to stay entertained is at your fingertips. The Waverly has a wonderful bayfront pool and lounge area. Next to the pool is a beach volleyball court. On the amenities level, there is a club room complete with billiard table, and outdoors there is a feng sui meditation garden with a koi pond. There also is a tennis court here as well. The Waverly also has a small convenience store on site, and a concierge for your dry cleaning. There is also a gym on the premises.

In my opinion, the interiors of the units at the Waverly offer nothing special, but the views are amazing. Units are available in sizes ranging from one to three bedrooms. My favorite unit was the 01 Line that sits on the corner of the northwest corner of the building. The 01 Line is a 2 bedroom, 2 bath unit that is almost 1300 square feet and has an amazing direct view of Biscayne Bay and Downtown Miami.

Check out the pictures below....I hope you like them and the video. I'd love to hear your feedback -- comment below. Feel free to contact us if you have any questions or would like more information.

Photos

Waverly South Beach 01 Line Kitchen

Waverly South Beach 01 Line Bathroom

Waverly South Beach 01 Line View

Waverly South Beach Billiard Table

Waverly South Beach Pool Deck

Waverly South Beach Club Room

Waverly South Beach Gym

Waverly South Beach Beach Volleyball Court

Waverly South Beach Feng Sui Garden

Waverly South Beach Tennis Court

Terra Beachside Villas Video Tour 6000 Collins Avenue, Miami Beach

Terra Beachside Villas is one of the most unique developments that you will find along Collins Avenue in Miami Beach. Residents at Terra Beachside can enjoy luxury loft living while just being steps away from the beach and ocean. The project was recently acquired and completed by a group from New York after the original developer went bankrupt. As a result, pricing for units is extremely attractive, especially considering the location. When you drive by the building, it might see a bit strange from the outside, but the units inside are a sight to see.

Upon entry to the building, you step into a spacious open air atrium with a lush landscape. One side of all the units face the atrium. The centerpiece of the development is the 3 story, cone-shaped, three story lifestyle center. At the top of the lifestyle center is the gym. The middle of the lifestyle center is home to a media room with billiard table and tv. At the bottom of the lifestyle center is a rather long pool and jacuzzi. For a boutique development like this, I didn't expect there to be so many amenities. I was also curious as to what was inside the cone.

There are 4 residence types available at Terra Beachside. They are named after the 4 elements of nature: Fire, Earth, Water, and Wind. All of the residences, except Fire are two level lofts. The largest unit, the 3 bedroom, 3 bath Wind, has a private roof terrace. The Earth floorplan, which is 2 bedrooms and 2 baths has a private garden. When you walk into the units, they feel extremely spacious as the 2 bedrooms here are around 2000 square feet and have double high ceilings. I was also very impressed with the luxury finishes in both the kitchens and bathrooms. The maintenance fees are also very reasonable here as well, as the open air atrium and hallways reduce the cooling bill.

Below are descriptions of the 4 floorplans

Check out the pictures below....I hope you like them and the video. I'd love to hear your feedback -- comment below. Feel free to contact us if you have any questions or would like more information.

Photos

Terra Beachside Villas

Terra Beachside Villas Water Living Room

Terra Beachside Villas Water Kitchen

Terra Beachside Villas Water Master Bedroom

Terra Beachside Villas Water Master Bathroom

Terra Beachside Villas Water Second Bedroom

Terra Beachside Villas Water Bathroom

Terra Beachside Villas Pool

Terra Beachside Villas Lounge

Terra Beachside Villas Gym

The Decoplage Video Tour 100 Lincoln Road, Miami Beach

I just finished visiting the Decoplage, a condo building located where Lincoln Road meets the ocean in South Beach. What makes the Decoplage special is location, as there are hardly any oceanfront condos south of Lincoln Road until you reach the "South of Fifth" area which is more expensive. From the Decoplage you can enjoy a dip in the ocean, plus all the restaurants, shops, and all the nightlife that is Lincoln Road.

The building is primarily composed of studio and one bedroom units, but there are a couple of two bedrooms here as well. The building is great for investors as it allows monthly rentals in a wonderful oceanfront location. Units here are always in high demand, and as a result many of my clients usually compare opportunities here with those at the Roney Palace. The way the building is shaped allows for practically all of the units to have at least a partial view of the ocean. Some of the one bedrooms do have a direct ocean view.

The pool deck at the Decoplage has just undergone a major renovation and is spectacular. During your walk outside, you are surrounded by the lush tropical landscape and the pool sits just steps from the ocean and is great for sunbathing. The Decoplage is a full service building that features 24 hour security, a gym, and has several shops including a Walgreens in its retail space downstairs.

Check out the pictures below....I hope you like them and the video. I'd love to hear your feedback -- comment below. Feel free to contact us if you have any questions or would like more information.

Photos

The Decoplage 41 Line Kitchen

The Decoplage 41 Line Living Room

The Decoplage 41 Line Bedroom

The Decoplage 41 Line View

The Decoplage 21 Line Living Room

The Decoplage Direct Ocean View

The Decoplage Pool Deck

Roney Palace Video Tour 2301 Collins Avenue, Miami Beach

The other day I had a chance to take a tour of the Roney Palace, one of Miami Beach's most historic buildings. The original Roney Plaza was completed in 1926, rebuilt in 1968, and was renovated in 1999. As part of the renovations in 1999, the building was split in two, one side would be condo and the other side hotel. As a result, residents of the Roney Palace condo share facilities and a building with the Gansevoort Hotel next door.

The Roney Palace is a very popular building among investors as the building allows owners to rent their unit 12 times per year, and with the building's prime oceanfront location, rooms are always in high demand. The majority of the rooms are 1 bedrooms and studios. Many of the studios have been converted to one bedrooms. It is important to remember, that due to the building's age, not all the units have balconies.

he residents of the Roney Palace have access to three pools. One pool is on the south side of the building, and is primarily for residents. There is a pool in the center of the building that is shared with the Gansevoort Hotel. Roney residents also have access to the rooftop pool at the Gansevoort Hotel as well. Roney Palace residents also have access to the David Barton Gym and Spa at the Gansevoort Hotel.

Check out the pictures below....I hope you like them and the video. I'd love to hear your feedback -- comment below. Feel free to contact us if you have any questions or would like more information.

Photos

Roney Palace Main Pool

Roney Palace Direct Ocean View

Roney Palace West View

Roney Palace

Roney Palace Studio Kitchen

Roney Palace 1 Bedroom Kitchen

Roney Palace 1 Bedroom Living Room

Roney Palace 1 Bedroom Master Bath

Roney Palace 1 Bedroom Master Bedroom

I recently had the opportunity to visit the Capri, a new boutique condo development in South Beach. The Capri is nestled in a quaint area of South Beach, where 16th Street meets Biscayne Bay. The Capri is actually comprised of three buildings: the Marina Piccola, a historic waterfront structure, the Ana Capri, a six story mid-rise building with only 5 residences, and the Marina Grande. In total, the Capri boasts sixty-nine exquisite residences on nearly two acres of prime waterfront real estate.

The Capri features a variety of floorplans to choose between, many with stunning views of Biscayne Bay and Downtown Miami. One of the most popular floorplans in the Marina Grande is the 02 line, a 3 bedroom, 3 bath unit that has 1,842 square feet of interior space and terraces that have a direct view of Biscayne Bay. The 03 line is nice as well, as it features 2 bedrooms plus a den, 3.5 bathrooms and has views of both the bay and Miami Beach.

Below are descriptions of the five unit types available in the Marina Grande.

The Capri is a full service building, offering free valet service for all residents and guests, a fitness center, pool, and jacuzzi. Private boat slips are also available for purchase.

Check out the pictures below....I hope you like them and the video. I'd love to hear your feedback -- comment below. Feel free to contact us if you have any questions or would like more information.

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Capri South Beach

Capri South Beach Outside

Capri South Beach 02 Line Living Room

Capri South Beach 02 Line View

Capri South Beach 02 Line Kitchen

Capri South Beach 02 Line Master Bedroom

Capri South Beach 02 Line Master Bath

Capri South Beach 03 Line Living Room

Capri South Beach 03 Line Bay View

Capri South Beach 03 Line Kitchen

Capri South Beach 03 Line Master Bedroom

Capri South Beach 03 Line City View

Capri South Beach 03 Line Master Bath

Capri South Beach Pool

Capri South Beach Jacuzzi

Capri South Beach Gym

South of Fifth Video Tour 125 Ocean Drive, Miami Beach

I recently had the opportunity to tour South of Fifth, a new luxury condo development in Miami Beach. The units at this building are absolutely amazing, you can practically step out of your living room onto the ocean. It's hard to describe it in words, I suggest you watch the video above.

South of Fifth gets its name because it is located in the prestigious "South of Fifth" neighborhood, they are often confused. The building is located at 125 Ocean Drive right across from Prime 112 and next to Nikki Beach and Prime Italian. What really makes South of Fifth unique is that it is a boutique condo project that is able to deliver the same level of luxury as other nearby addresses such as the Continuum or the Apogee.

The building only has 28 residences, almost all of which have a direct view of the ocean. The oceanfront units range from 2500 to over 6000 square feet. My two favorite units at the building were Unit 203 and Unit 703. Unit 203 was one of the two level beach houses. The beach houses are located on the ground floor of the building. The bottom floor of the beach house has a large recreational area that is great for entertaining. From the recreational area, you can step out to the pool area and also the beach. The top floor of the beach house has 3 bedrooms, a large living and dining area, and a master suite with balcony. Unit 703 is one of the 3 penthouse units at the building. Each of the penthouse units has its own private rooftop pool. Unit 703 is one of the smaller penthouses at 2500 square feet featuring only 2 bedrooms, but would be ideal for a bachelor or a couple.

This level of luxury does not come cheap, however. Most of the original preconstruction buyers have failed to close on their units. I am hearing from the developer's representative that the lender on the project is becoming more realistic with their pricing. With that said, comparable units at the Continuum and the Apogee have been selling for 1000 to 1200 per square foot.

Check out the pictures below....I hope you like them and the video. I'd love to hear your feedback -- comment below.

Photos

Beach House

Beach House View

Beach House Kitchen

Beach House Master Bedroom

Beach House Master Bath

Beach House Second Bath

Ocean View

Penthouse Pool

Common Pool

Back Facade

Wow, that's all I can say! Fannie Mae just released a bulletin detailing a new Special Approval Designation for Florida Condominium Projects. As a result, you can now get financing in many condo buildings where cheap units were previously only available to all cash buyers.

Many existing condominium projects were previously made ineligible for Fannie Mae loans as a result of increasing delinquencies and foreclosures. As a result, prices fell precipitously in those buildings as the universe of potential buyers was drastically reduced. To illustrate, in a building like the Club at Brickell Bay in Downtown Miami / Brickell you could purchase a 1br unit for between $120,000 and $145,000, but it had to be an all cash transaction. On the flip side, to purchase a similar unit in one of the new buildings by the Related Group, you would have to pay almost double the price, but you would be able to get a loan. The quality of the Related Group's buildings is slightly better, but it doesn't justify paying two times the price. The difference is the financing.

Fannie Mae states in its bulletin that it is "committed to providing liquidity and stability to the condominium market". The Special Approval Designation will improve condo sales in those buildings that have:

• significanly weakened homeowners' association (HOA) budgets - association fees are not being paid by delinquent homeowners
• unpaid common expenses including pest control, property insurance, water, pool service, and garbage collection
• increased vacancies and REO's, exacerbated by the length of time it takes to complete the foreclosure process

Some of the notable buildings in Miami and Miami Beach where Fannie Mae financing is now available via the Special Approval Designation are:

This is unequivocally a good sign for the market. It will be interesting to see how many additional buildings are able to obtain the Special Approval Designation from Fannie Mae.

It's no surprise that every client that I work with is interested in getting a great deal on a property.  A fair amount of them are only interested in looking at bank owned properties, figuring that is where they can get the best deal.  Recently, bidding wars have been breaking out for bank owned properties as a result of high demand and low list prices.

In order to capitalize on the demand for attractively priced properties, real estate "flippers" have returned to Miami albeit in a slightly different form. Flippers purchase properties at the daily foreclosure sales held by the Miami-Dade County Clerk of the Courts and then list them for resale on the open market.  In buildings where there have been a lot of foreclosures such as the Club at Brickell Bay (1200 Brickell Bay Drive), there are several units currently attempting to be flipped by these auction investors.  This trend has not gone unnoticed by the mainstream media.  The Wall Street Journal just published an article entitled "House Flipping Makes a Comeback" on the subject.

There are no restrictions on who can purchase property at the County foreclosure auction as long as the individual has the cash available for payment. However, the foreclosure auctions are usually attended by knowledgeable individuals that are able to navigate through the potential pitfalls of purchasing a property at auction.  At auction, the properties are sold "as-is".  This means in most cases, you won't know the condition of the property interior in advance, which could be damaged. Furthermore, there could be a tenant living in the property that you might have to evict.  Also, the property may be subject to additional liens that you will be responsible for as the new owner.  For example, you could purchase a property at auction where the second mortgage holder is foreclosing, leaving you responsible for satisfying the terms on the first mortgage. If the property is a condo, you might be responsible for paying off the balance of the monthly assessments that are owed to the association.

Starting Jan 11, 2010, Miami-Dade County foreclosure sales will be conducted via an online auction system so you will be able to bid on foreclosures eBay style.  As the number of foreclosures in Florida continues to increase, the County hopes that the online system will help to push through the backlog of foreclosures faster.  The County's official website on foreclosures sales can be found here.

At Miami Condo Shop, we are committed to helping our clients find the best properties at the best prices, so we are happy to assist you in purchasing a property at a foreclosure sale.  It is not an easy task, but we will provide you with the local market knowledge and the required due diligence so that you can bid with confidence. If you are interested in purchasing a property at the deepest discount possible, the foreclosure auction is the place for you.

Right now there are some amazing opportunities to purchase condos in Miami Beach, Downtown Miami / Brickell, North Bay Village, or Sunny Isles Beach. During November 2009, there was a noticeable increase in sales compared with October. It was primarily driven by an increase in completed short sale transactions. The banks may have finally gotten their act together and realize that short sales are the most efficient way to deal with the foreclosure crisis. I'm very interested to see how this plays out over the next few months. As a result, short sale inventory dropped across all areas. During November, some cheap bank owned condos changed hands in the South of Fifth area of Miami Beach. There was one at the Icon and another at the Portofino Tower -- details are below. A couple of notable short sales were completed in Downtown Miami as well. The data used in this summary has been provided courtesy of the Southeast Florida MLS.

Miami Beach Condo Sales

In November 2009, the Miami Beach market experienced a noticeable uptick in sales. There were 136 closed sales compared to 117 in October. In the November prior, there were only 72 sales. The proportion of cash deals was down slightly, as they accounted for 94 of the 136 sales (69%). There were 21 REO transactions and 32 Short Sales during the period. This was the first time I can remember there being significantly more closed short sales than REO's. The increase in short sale transactions (from 14 to 32) explains the jump in sales seen from October to November. Luxury condo sales ($1mm+) seem to be doing ok as well, with 9 sales taking place during the month. The median sales price for a condo in Miami Beach during November 2009 was $240,000 compared with a median sales price of $260,000 in November 2008. It appears as though the lower prices are helping to attract buyers.

In Miami Beach, there are currently 2,984 active listings, a slight decrease from the 2,989 in October, as inventory remains about the same. The inventory of short sales did drop however, with 566 properties listed compared to 592 in October. There are only 44 REO properties listed, as REO's do not stay on the market long.

Notable transactions:

• The Setai #1802 - 3 bed / 2 bath, 1331 sq ft, Sold for $1,290,000 ($969/sq ft) on 11/23/2009.
• Regatta at Indian Creek #604 - 3 bed / 3 bath, 1712 sq ft, Sold for $829,000 ($484/sq ft) on 11/24/2009.
• Icon South Beach #1604 - 2 bed / 2 bath, 1536 sq ft, Sold for $685,900 ($447/sq ft) on 11/17/2009. REO.
• Portofino Tower #906 - 1 bed / 2 bath, 1160 sq ft, Sold for $351,000 ($302/sq ft) on 11/13/2009. REO.
• The Floridian #1610 - 2 bed / 2 bath, 1125 sq ft, Sold for $320,000 ($284/sq ft) on 11/9/2009. Short Sale.
• Casablanca Villas #518 - 1 bed / 1.5 bath, 772 sq ft, Sold for $205,000 ($266/sq ft) on 11/4/2009.

Downtown Miami / Brickell Condo Sales

In November 2009, there were 81 closed sales in Downtown Miami / Brickell, an increase from the 71 condos sold in October and the 62 sold in November 2008. There remains a significant amount of developer inventory that is not getting reported in the MLS sales numbers. Buyers continue to chase bargains on distressed properties, as there were 22 REO transactions as well as 15 short sales. If you are looking to buy a property Downtown, it is imperative that you are prepared to close with cash, unless the unit is in a building that you know is on the Fannie Mae approved list. Cash sales accounted for 58 of the 81 transactions on the MLS. The median sales price for a unit was $235,000 in November. There were 3 luxury sales (1mm+) in Epic West -- a hotel condo development on the Miami River. The deals closed with cash even though the building is Fannie Mae approved. Currently, there are 1,910 active listings in Downtown Miami / Brickell, a slight decrease from the 1,919 in August. 491 of these listings were short sales and there were 25 REO's.

Notable transactions:

• Epic West #309 - 2 bed / 2.5 bath, 1635 sq ft, Sold for $1,075,000 ($657/sq ft) on 11/2/2009.
• The Plaza at Brickell #2306 - 2 bed / 2 bath, 1192 sq ft, Sold for $300,000 ($252/sq ft) on 11/30/2009. Short Sale.
• Ten Museum Park #4105 - 1 bed / 1 bath, 791 sq ft, Sold for $215,000 ($272/sq ft) on 11/25/2009. Short Sale.
• Brickell on the River #3109 - 1 bed / 1 bath, 775 sq ft, Sold for $160,000 ($206/sq ft) on 11/9/2009. Short Sale.

Sunny Isles Beach Condo Sales

In November 2009, there were 57 closed sales in Sunny Isles Beach, an increase from the 46 condos sold in October and the 38 sold during November 2008. The market seems to be picking up. 46 of the 57 sales closed with cash, a trend that is continuing. Only 6 sales were REO's and there were 18 short sales. Luxury sales (1mm+) continued to plod along with 5 transactions during the period. The most notable sale took place in Jade Beach -- a stunning new oceanfront development. The median sales price in Sunny Isles for November 2009 was $230,000. Currently, there are 1,131 active listings compared with 1,132 in August. 211 of the listings were short sales and there are 20 REO's.

Notable transactions:

• Jade Beach #3601 - 4 bed / 4.5 bath, 3211 sq ft, Sold for $1,370,000 ($427/sq ft) on 11/9/2009.
• Ocean Four #3504 - 2 bed / 2.5 bath, 1886 sq ft, Sold for $650,000 ($345/sq ft) on 11/2/2009.

North Bay Village Condo Sales

In November 2009, there were 9 closed sales in North Bay Village, an increase from the 6 condos sold during November 2008. In my opinion, North Bay Village is the best place to pick up a cheap foreclosure, as you can find units with incredible views at rock bottom prices. 6 of the 9 transactions were paid for in cash. Of the 9 transactions, 2 were short sales and another 5 were REO's, further echoing my point. Currently, there are 240 active listings, down from the 257 in October. 90 of the listings were short sales and there were only 8 REO properties listed.

Notable transactions:

• The Lexi #2003 - 2 bed / 2 bath, 1458 sq ft, Sold for $315,000 ($216/sq ft) on 11/16/2009.
• Space 01 #1602 - 2 bed / 2 bath, 1815 sq ft, Sold for $233,400 ($129/sq ft) on 11/23/2009.