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.
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!