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!
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 email@example.com 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 firstname.lastname@example.org 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!