ICON BRICKELL sold four units per day during April

According to a new report circulating the Internet, ICON BRICKELL condo sold 126 new units in April, which in average means it sold four units per day, in comparison with lower two units per day levels in the first three months 2010.

These levels are the result of higher discounts that have attracted price-oriented buyers into this three-tower waterfront condo with a privileged location in Greater Downtown Miami. The Icon has been trhu some trouble due to very low sales levels, but its great amenities and deep discounts seem to be attracting more buyers now than ever in this 1,800-unit complex.

ICON BRICKELL is located at 465 Brickell Avenue, and its towers are 57-story state-of-the-art projects designed by Arquitectonica that features key-ready units, 9 foot ceilings, marble flooring and amazing oceanfront unobstructed views. Its concept is clearly impressionist with a vanguardist lobby that gathers Easter islands Moai columns in the main entrance, all conceived first in the heart of well-known Yoo studios.

During 2010 ICON BRICKELL CONDO has surely recovered from past times. It has managed to sell over 700 units at average prices of $326 per square foot. This discounts have triggered sales, following the pace of Downtown Miami, since Brickell is a part of the Greater Downtown Miami area. Good things are coming in the Downtown way, and ICON BRICKELL seems to be catching up with it. Contact us now for more information on availability and visits to this dazzling building.

By Antonio Bendek

http://gomiamicondos.com/

Downtown Condos running out? End-users, long-term investors taking a big piece of Downtown.

Downtown Miami is the hot spot for long term investors and end-users. Fannie Mae’s approval of several condominiums for financing in Downtwon is contributing for single investors to take a share of the appealing Downtown Miami market, even more in current times, when Downtown’s permanent occupancy numbers are favourable. Recently approved buildings for financing in Downtown and Brickell by Fannie Mae are Vue at brickell (picture on the left), Club at Brickell Bay (picture below to the right) and the Marina Blue (picture below to the left).

As we wrote in this blog in March, (read the blog: Residential Closings and Occupancy Study reveals positive results for Downtown Miami) already 74 percent of the new units built since 2003 are occupied in downtown, in contrast with 2009 levels of 62 percent occupancy. This occupancy is mainly of renters, as real estate agents and analysts have observed that every time less units are available for rent downtown.

2009 buyers were mainly cash buyers, while financing options are opening doors for more and more clients to compete with investors. Also small investors are joining the downtown real estate scene again because of the new financing options and products. End-users and small investors are currently renting units in downtown, waiting for a better climate to sell their properties. This is a switch in the mentality of investors, who now buy expecting revenues in the middle and long terms.

Those renters living now in Downtown Miami are bringing a good season to the area, while retail spaces and restaurants also increase to supply the permanent residents’ needs. Our Residential Closings and Occupancy Study reveals positive results for Downtown Miami blog also contains information about this, marking that Downtown Miami is one of the areas with the lowest retail space vacancy in the US (only 5,06 percent vacancy by March 2010). Very positive behaviors are expected in Downtown Miami’s economy in the time to come.

From 82 condos built during the construction boom, 35 condos are sold out and other 24 of them are at least 50 percent sold. According to some real estate analysts, like Lewis Goodkin -president and chief executive officer of Goodkin Research Copr., one of the firms that conducted the cited occupancy study-, the new investors and occupants “have really accelerated absorption in the downtown area”, from which we can expect new projects to come, and prices to recover as supply becomes short in front of new local and international demmands -mainly from Latin America and Europe.

Our real estate advisors at Go Miami Condos would be glad to solve your inquiries on the Downtown Miami real estate market, and other local markets, as you make your desition to put your assets in a profitable middle and long term high-revenue investment. Contact us today to catch up with other small and individual investors already making good numbers out of the market.

By Antonio Bendek

http://gomiamicondos.com/

Sunny Isles Beach Sold 100 New Condos in Q1

100 new condos were sold in Sunny Isles Beach during the first four months of the year. This information, available on the Internet in the Condo Buyers Guide to Sunny Isles, allows to conclude a few aspects on the Sunny Isles market.

The first conclussion is that the quantity of sales -100 new condos- made up for the low prices in the city of sun and sea. In comparison with South Beach’s numbers, Sunny Isles sold 100 new condos, yes, but at great 12 percent discounts in a year-to-year comparison. The average sqware foot price was down around $70 from 2009 Q1 levels, when it was at $578. Now, average prices of $508 was the reason why buyers rushed to buy condos built in the area since 2003, leaving Sunny Isles a sales level of $3.4 billion for new units.

Although South Beach good sales levels, what is to point out about this area is that in some of its most appealing buildings prices were well above the $1,000 floor, with average sq. ft. prices of $1,350. SoBe’s condos have managed to maintain value, as we wrote in previous entries in this blog, becoming appealing investments for those who can wait for middle and long-term revenues; also, we most bare in mind that SoBe’s neighborhood profile is different from Sunny Isles Beach. Sunny Isles has been steadily developing for 13 years now, and represents the second largest new condos concentration after Greater Downtown Miami, but its approach is a resort-style condo with amenities thought specially for seasons travelers. Sunny Isles Beach big concentration of 18,000 condo units is markedly located along Collins Avenue, featuring unobstructed views of the Atlantic Ocean.

South Beach neighborhood, as we all know, is more focused in ultra-luxury high profile sales. It is an area traditionally known by its well-acknowledged neighbors, and by being the place where the urban latest trends meet in one place, leaving the profile of the average luxury winter traveler for the well-planned Sunny Isles Beach at North, and its resort condos.

Precisely, these northern luxury full-amenities condos with the resort approach and the great oceanviews, sum up to be 27 large projects built since 2003. From the 6,300 units built ever since, 10 projects are 100 percent sold, while another six are 90 percent out, and four left are at least 50 percent sold; least sold projects are another three of them, with about 23-43 percent sold. These figures sum up to be 78 percent of the total 6,300.

These numbers may change rapidly, specially after the Trump Tower III ultra-luxury project is already oficially becoming a condominium available for individual sales. We will be looking forward to read another report on Sunny Isles Beach and South Beach areas to further analyse the behavior of the market.

By Antonio Bendek

www.GomiamiCondos.com

Miami-Dade accounts for half of residences under contract 22,000 new high

A new Condo Vultures report showed that there is a new high in residences under contract in the South Florida area: 22,000 residences are now under contract, which represents a 138 percent increase in comparison with November 2008, the date where the weekly comparison report started, based on Florida Association of Realtors data.

Even greatest is the news that Miami-Dade’s contracts account for 46 percent of the total contracts in the tri-county South Florida area. Residences under contract in Aventura, Miami Beach and Sunny Isles Beach are primarily condos and townhouses -5,800 pending deals-, while single-family houses take for the 4,500 contracts left.

These figures don’t reflect pending contracts of developers who are privately marketing their own product, according to the report. The positive figures are the reflection, better, of the rush of buyers to get government incentives during February and March, and of course, to take advantage of favourable prices and discounts.

In other areas of South Florida, like Broward County -Ft. Lauderdale, Hollywood and Pompano Beach- residences under contract were 38 percent of the total 22,000. In real terms there are 4,700 condos and townhouses and 3,800 single-family houses contracts. In Palm Beach County -Boca Raton, Delray Beach and West Palm Beach- there are 3,500 residences under contract, from which condos and townhouses totaled 1,800, as found on the report.

By Antonio Bendek

www.GomiamiCondos.com

Trump Tower III in Sunny Isles now available for individual buyers at incredible prices!

Controversy around the Trump Tower III in Sunny Isles is now solved. The building is to be sold on individual unit sales, instead of as a Wall Street institutional fund which was the proposition of some industry watchers. The idea was to advertise the Trump Tower III as a luxury rental project, and sell units individually once the market was recovered.

But the units of this luxury oceanfront building are already available for individual buyers and investors after the official filling of the declaration of condominium paperwork in April 20, according to Condo Vultures information. The result of this is much lower prices than what was originally planned. Many big investors were planning to buy massively on this luxury project to re-sell later.

Peter Zalewski, from Condo Vultures, said “there are a lot of institutional funds that are disappointed that another entire tower got away… numerous opportunity funds were pursuing this project as a bulk deal as it could have been purchased in its entirety… the only real difference is, the pricing is going to be a lot less than what it originally started at back in the boom days”. Zalewski talked about how investors were after the Trump Towers from time ago, a wonderful opportunity for small investors and single buyers to take advantage on, since the condominium is an authentic project that meets the highest standards and counts on a privileged location on Collins Avenue, and on the resort-style Sunny Isles City.

The call is for you to make the call on us to advice you on this new opportunity to live by the Miami lifestyle standards. Let Go Miami Condos be the one to guide you thru your desition of buying, and of being a part of the Trump Tower III condo community. This wonderful building is a 43-story skyscraper; it counts on 195 two-bedroom units and 95 three-bedroom units, and all of the state-of-the-art amenities plus access to the one of Florida’s most appealing beaches.

Feel free to search our database to find more details on this amazing opportunity now open to all!

By Antonio Bendek

www.GomiamiCondos.com

Metrostudy: “The Worst is Over”, Florida’s prices called to recovery!

Metrostudy is a firm that gathers information every three months about the current projects and building lots all across the nation. Their outcome is accurate information on the basis of 4.5 million building lots every 90 days, information that helps to conclude about the state of the real estate and housing markets nationwide. Recently this week Mike Castleman, the founder and CEO of Texas-based Metrostudy gave some opinions about the real estate and the housing market, concluding that the worst of it all may now be over.

According to Castleman, the housing industry stopped its activities so dramatically that now demand is already pushing prices back up in places like Washington D.C. and Indianapolis. For other hot spots like Denver, Naples and Florida, the prices are in a stable moment due to the same dyanmic of demand surpassing surplus. He pointed out also that the housing acitivities during this year should have to be way bigger than 2009’s to satisfy the current demand levels. This push to the housing industry is also a push-up for prices levels; as inventories run out, prices of left inventories come up and new opportunities for project development rises as well.

So, Metrostudy published this valuable information to bring a new air of optimism to the already better weather that March brought to the real estate market. The housing industry’s activities helps also in the creation of employment, which is only good in the long term of our economy, Castleman says. Our recommendation from this blog is to continue on surfing Go Miami Condos property offers to take advantage of good prices while they’re still steady. Time is runing out, and those who are still waiting may found tomorrow that prices are already gaining value back.

By Antonio Bendek

www.GomiamiCondos.com

New Homes Sales Rise 26.9 Percent

The US Department of Commerce reported this week that new homes sales increased 26.9 percent nationwide, the biggest rise in five decades. From March 2009 to March 2010, new homes sales rose 23.8 percent. If the current demand levels continue, inventories so far -288,000 new homes- would only satisfy the public’s needs for 6.7 monyhs, according also to the Deparment of Commerce.

In the same fashion, the National Association of Realtos reported that sales not of new, but of existing homes rose 6.8 percent in a month-to-month comparison from February to March, and in a year-to-year comparison they increased 16.1 percent. These positive figures also apply for Florida’s local analysis; according to Florida Realtors, existing homes sales rose 24 percent during last month, as has been previously pointed out by Go Miami Condos’ Blog.

The positive information that we have been gathering during March is an example of how government aid has impacted positively the real estate market. But there is also a private share for the increasing sales levels. As many markets close for some US buyers, other doors and opportunities from the same market open for foreign buyers and investors. We will be publishing information on studies about the impact of those new investors in our market, as it has turned obvious for those of us who work daily in the field that more and more interest has been rising in places like Europe, Asia and Latin America, towards the Miami real estate market. We encourage our readers to post an opinion about this, and to continue surfing thru our website to find great opportunities to own a new home, or invest in the Miami real estate market.

By Antonio Bendek

www.GomiamiCondos.com