Season’s greetings! Following Art Basel, the unofficial start of Miami’s busiest season for real estate, we are pleased to report the second closed condo resale at Biscayne Beach. Unit #2009 (a 1-bedroom, 2-bath, corner residence with 1,057 sq ft of interior) sold decorator ready for $504,000. According to the MLS, it closed on December 5th, 2017. The original asking price of the property first listed on June 28th was $595,000 (or $563 per square foot). It closed at approximately 15% below the original asking price, or $477 per square foot. Unit #2307, a 3 bedroom corner unit and the only other resale that’s closed to date, did so at $597 per square foot, which is quite a bit higher considering the larger floorplan and the proximity of floors.
Interestingly enough, there are currently 2 more units listed as pending, both of which are the 1-bedroom 09 floorplan: 1009 (asking $599,000 with flooring, 2 assigned parking spaces, and motorized shades) and #3509 (also asking $599,0000, with porcelain flooring). Below is a link to the 09 condo floorplan. It will be very interesting to see at what prices these units sell. They each went pending in early November. Stay tuned for more building real estate updates, and have a wonderful holiday!
Just over a month after the first closed condo resale at Biscayne Beach (read more about the transaction here), we are patiently awaiting more resale transactions, with 0 units currently listed as pending, or under contract. There are currently 88 available units for sale, or 22.5% of the building inventory, with an average list price of $722 per square foot, and a minimum of $466 per square foot for unit 301, a 2-bed, 2.5 bath northwest corner residence. Thanks to the one closed resale at Biscayne Beach thus far, the average sales price per square foot remains $597. A huge portion of sales listings have been reduced from their original asking price, so it will be very interesting to track the average list price per square foot over the next few months and into the real estate busy season. No doubt some lucky buyers will be securing Biscayne Beach condos at great prices over the course of the next year, as more Miami condo developments are completed. Make sure to contact us if you’re interested in buying, selling, or renting at Biscayne Beach – we are your building experts!
On the heels of the first closed resale at Biscayne Beach, unit 2307 (read previous post for more details here), unit 3407 was just recently reduced to $1.35M from $1.549M. Originally listed at $1.595 on May 31st, 3407 is another 3-bedroom 4-bath, decorator-ready, southeast corner condo, with 1 parking space included. There’s no doubt the seller’s price change was influenced by the recent transaction which closed at $597 per square foot. The new asking price of 3407 equates to $643 per square foot, making it a steal for an identical unit that is 11 floors higher. 3407 features gorgeous views of Biscayne Bay, 9 foot high ceilings, floor-to-ceiling windows, and a private elevator with private foyer entrance. It won’t be any surprise if this gorgeous and well-priced unit will be the next to go under contract at Biscayne Beach.
Check out these photos of 3407 from the MLS listing, and make sure to visit our Contact page to inquire about sales and rentals at Biscayne Beach.
On September 22nd, 2017, unit 2307 at Biscayne Beach closed for $1.255M, becoming the first closed resale of the building at $597 per square foot. The condo is a 3-bedroom, 4 bath, southeast corner unit, with 1 parking space included. The 07 line is unquestionably the most coveted floor plan in the building, with a spacious living room, a generous den, and incredible bay views (check out another 07 line unit now for sale here) The original asking price for 2307 was $1.3M and the unit was first listed on June 21st. The residence was sold decorator-ready, just as it was delivered by the developer, without flooring, light fixtures, or molding.
According to Miami-Dade tax records, 2307 was purchased from the developer for $1,229,900, only $25,100 below the new sale price. Considering that commissions are typically 6% of the sale price and paid by the seller, it would be safe to say that the seller took a loss after closing costs and commissions. Based on the original asking price of $1.3M, the seller seems to have been very motivated to unload the condo, hoping to break even at best.
While we’ll never know the reason that the preconstruction buyer would sell the condo at a loss, other sellers and buyers for Biscayne Beach will find something positive in the first resale transaction. Sellers will be happy to see some movement in the resale market only 5 months after the building’s opening, and buyers will be happy to have some reference point of pricing for comparison. It will be very interesting to see if any other motivated sellers adjust their prices for similar units in the next few months, and also to track future sale prices as more transactions take place.
The vision of newly constructed condo development Biscayne Beach has truly come to life since its opening last May, bringing the beach to the city. Downtown Miami’s Edgewater neighborhood has become the home of mainland Miami’s first ever Beach Club, which is located at the ground floor of Biscayne Beach. Already attracting renters and buyers alike, the club is truly a one-of-a-kind feature in the downtown Miami condo scene, and will no doubt play a roll in keeping the building values strong amidst the wave of new construction.
The man-made bay-front beach club features pristine sands, lounge chairs, and beautifully designed private cabanas for the ultimate in relaxation. Residents and club members will also enjoy a children’s water feature, beach volleyball, poolside bar, and piers for swimming, jet-skiing, paddle-boarding, kayaking, and other water sports, rounding out a proper beach day experience. It will be interesting to see which restaurant takes over the open space next to the building lobby, as they will also operate the poolside beach club bar and cabana service.
In the meantime, enjoy the following photo tour of the decadent Beach Club of Biscayne Beach, and email firstname.lastname@example.org if you’re interested in renting, buying, or selling a condo at Biscayne Beach:
As of September 17th, 2017, there are 79 condos listed for sale at Biscayne Beach, with 0 closed sales since the building’s opening, and 0 marked as pending. It is not uncommon with new construction buildings in Miami for the first resale to take a few months, or even a full year to close, so while sellers may be eager to unload their property, it may be a bit longer for that first transaction. Closings from the developer began in May, so at this moment, we’re only about 4 months past the building’s opening.
Another commonality among new construction buildings that is quite apparent in the sales listings at Biscayne Beach is the wide range of pricing among even similar units. This in part reflects the range of purchase prices that owners paid to the developer (developer pricing varies with time and availability), and also the lack of comparable resales to help guide the market value. Essentially, the first round of resale prices are determined from a blank slate. This is why it may take a year or two for pricing to even out, as closed resales will help determine future pricing. At the time of writing this article, available 1 bedroom condos range from $490k-$742k, 2 bedrooms from $649k to $1.2M, and 3 bedrooms from $1.275M to $4M, with 2 4-bedroom units asking $2.473M and $2.8M, respectively.
This period with such high variation in pricing presents a great opportunity for buyers to strike a great deal once they find a motivated seller. It will be very interesting to see how the sales market develops at Biscayne Beach and to track the price per square foot once there are some closed resales. If you have an interest in selling, renting, or buying a condo at Biscayne Beach, please email email@example.com and a building specialist will contact you.
While investors await the first condo resale at Biscayne Beach, a healthy rental market is beginning to develop. Closings from the developer began in May of 2017, delivering decorator units to the owners that required flooring installation in order to become move-in ready. Contractors have been working diligently to finish off these units since their delivery, and fifty-six are currently available for rent, with 4 pending rentals, and 8 already closed.
Seven of the 8 closed rentals are 2 bedroom, 2 bath units (3 which also have a half bath). These 2 bedroom rentals range in price from $2500 to $3650, all unfurnished. Four of the rented units are the 06 line (see 06 line floor plan here) which according to the developer floor plan, is actually a 1 bedroom, 2 bath plus den with 1,014 square feet of living space. The den, although smaller than the master bedroom, has its own attached bathroom, closet, and West-facing window, so calling it a 2 bedroom unit does seem most appropriate. The lowest priced rental so far is unit #2306, which closed on August 15th at $2500 per month.
The most expensive closed rental so far is unit #3107 at $6600 per month. The 07 line condo is a gorgeous, 3 bedroom, 4 bath unit on the southeast corner of the building. For jaw-dropping photos of another 07 line unit, check out #3007 listed for sale at $1.65M. It features its own private elevator entrance, 10 foot high ceilings, 2 side-by-side parking spaces located on the 1st floor, and some of the best views in all of Miami!