Where to Find Buy Opportunities in Miami’s New Construction Market

Sunny Isles Beach Real Estate

Where to Find Buy Opportunities in Miami’s New Construction Market

In 2007 through 2009, the floodgates were open for amazing buy opportunities on preconstruction delivery in Miami-Dade County.

Now in 2016, we have new buy opportunities as unfortunate speculators decide to sell at market values.

“In New York, you trade stocks. In Chicago, we trade commodities. Miami, we trade condos. This is what we do. We trade down here. These are traders who are not looking to live the American dream with a family of four and a dog. They’re looking to make a hundred grand a unit … with virtually nothing being done but making a phone call to your broker in Miami and having him unload it to somebody else’s broker.” – Peter Z of the infamous Condo Vultures/Crane Spotters

The basic idea is: Investors buy in before construction begins, betting that by the time the building is finished, prices will have gone up. Not always the case as we see below.

Here are today’s top contenders in alphabetical order surely to offer Miami condo discounts & deals:

400 Sunny Isles | 400 Sunny Isles Boulevard (Sunny Isles)

This new high-end Sunny Isles project does not even get ‘Beach’ in the location title and although waterfront/Intracoastal, it’s also on the very busy S.I. Boulevard. The first apparent opportunities are beginning to show with prices that have been dropping like a hot potato. Just this month, two units went into contract asking $709 & $739 per square foot. Somebody’s got to break the ice!

  • 2015 Year Built
  • 90 for Sale
  • 39% Inventory
  • 2 Pending Sales ($724 PSF asking)
  • 0 Closed (re)Sales in Last 6-Months
  • Median List Price $1.265M
  • Median LP$/PSF $677

Baltus House | 4250 Biscayne Boulevard (Design District)

  • 2015 Year Built
  • 40 for Sale
  • 24% Inventory
  • 0 Pending Sales
  • 0 Closed (re)Sales in Last 6-Months
  • Median List Price $550,000
  • Median LP$/PSF $516

Bay House | 600 NE 27th Street (Edgewater)

The “up & coming” Edgewater location still has a few years to go before it’s considered fun and truly walkable. At least Wynwood & Midtown have a killer walk score whereas Edgewater would make someone want to own a car.

  • 2015 Year Built
  • 43 for Sale
  • 26% Inventory
  • 0 Pending Sales
  • Closed (re)Sales in Last 6-Months
  • Median List Price $849,000
  • Median LP$/PSF $499

Château Beach Residences | 17475 Collins Avenue (Sunny Isles Beach)

From the rooftop gas explosion in October to the fake greenery at the front entry, Chateau Beach has not started off as we might have expected.

  • 2015 Year Built
  • 16 for Sale
  • 19% Inventory
  • 0 Pending Sales
  • 0 Closed (re)Sales in Last 6-Months
  • Median List Price $3.925M
  • Median LP$/PSF $1264

FAENA House | 3315 Collins Avenue (Miami Beach)

When Ken Griffin made headlines for buying the most expensive $60M penthouse in Miami Beach, all expectations went through the roof. In the hopes of a resale profit (or other determining factors), he decided to flip it and hired a new agency to help make a profit. Earlier this year, news articles reported notices went to new owners including Ken via text with a warning to “sell immediately” considering it a “piece of shit” project. Nevertheless, today’s median list price is $15M and it should hold its title for setting area records given that is the newest, latest, and greatest in Miami Beach.

  • 2015 Year Built
  • 8 for Sale
  • 17% Inventory
  • 0 Pending Sales
  • 0 Closed (re)Sales in Last 6-Months
  • Median List Price $15.475M
  • Median LP$/PSF $3911

ICON Bay | 460 NE 28th Street (Edgewater)

Reminds me of “If you build it they will come.” ICON is at least on the waterfront in Edgewater with amazing open Biscayne Bay views having great potential to push through its lull and shine with time. Anything ICON (ICON South Beach & ICON Brickell) eventually becomes a ‘go-to’ destination for the cool kids in Miami. Luxurious. Large. Sexy. It’s so Miami!

  • 2015 Year Built
  • 103 for Sale
  • 34% Inventory
  • 1 Pending Sale ($575 PSF asking)
  • 4 Closed (re)Sales in Last 6-Months ($550 Median SP$/PSF)
  • Median List Price $745,000
  • Median LP$/PSF $601

Mansions at Acqualina | 17749 Collins Avenue (Sunny Isles Beach)

Mansions will eventually come around and push through this lull; I have no doubts or concerns. The residences are extraordinary, and the finishes are ultra high-end with amenities and services one would expect of the Acqualina brand. Gorgeous. Sexy. Pricey.

  • 2015 Year Built
  • 15 for Sale
  • 19% Inventory
  • 1 Pending Sale ($2860 PSF asking)
  • 1 Closed (re)Sales in Last 6-Months ($1573 SP$/PSF)
  • Median List Price $7.5M
  • Median LP$/PSF $1616

Marea | 801 South Point Drive (SoBe/SoFi)

Location. Location. Location. But unfortunately, Marea is not waterfront. The South of Fifth project has the potential between $1,000 and $1,200 per square foot but at $1,800+ asking values, there are far better options in the neighborhood.

  • 2015 Year Built
  • 9 for Sale
  • 30% Inventory
  • 0 Pending Sales
  • 2 Closed (re)Sales in Last 6-Months ($1099 SP$/PSF)
  • Median List Price $3.050M
  • Median LP$/PSF $1869

Marina Palms (North Tower) | 17301 Biscayne Boulevard (North Miami)

For Miami Beach agents, this new project is the one that’s “way up there.” This is located in North Miami just before Aventura and in my opinion, a good location once the values are corrected. The MLS has way too many resales to choose from today. I’m glad my boat-loving clients didn’t buy after all (b/c of boat slip bylaw/condo doc concerns) but we will be watching for deals this year. Anything in the $350 to $450’s per square foot makes sense but at $584 median per square foot asking, they’re in trouble. I expect speculator losses to continue.

  • 2015 Year Built
  • 102 for Sale
  • 44% Inventory
  • 0 Pending Sales
  • 3 Closed (re)Sales in Last 6-Months ($399 SP$/PSF)
  • Median List Price $1.180M
  • Median LP$/PSF $584

Millecento | 1100 S Miami Avenue (Brickell)

Walk Score is A+ and next to Mary Brickell and the Metromover Station. Anything in the $350 to $400 per square foot is on target for a rock star deal.

  • 2015 Year Built
  • 69 for Sale
  • 18% Inventory
  • 2 Pending Sales ($475 PSF asking)
  • 3 Closed (re)Sales in Last 6-Months ($370 SP$/PSF)
  • Median List Price $499k
  • Median LP$/PSF $488

NINE at Mary Brickell Village | 999 SW 1st Avenue (Brickell)

If you’re looking for a good building that’s new, glamorous and affordable in Brickell, then look no further. I like the location of NINE if only the resale values become reasonable. Unfortunately, the units do not have the best floor plans. Closet space alone would have most women running for the front door. As a side note, make sure your lease has the owner paying for water.

  • 2015 Year Built
  • 43 for Sale
  • 11% Inventory
  • 1 Pending Sale ($508 PSF asking)
  • 0 Closed (re)Sales in Last 6-Months
  • Median List Price $509
  • Median LP$/PSF $577,000

ONE Ocean | 1 Collins Avenue (SoBe)

Location. Location. Location. Several of Miami’s top agents having resales with no results. In my opinion, this is a better alternative to Marea and less than a block to the Atlantic Ocean, Nikki Beach and Prime 112.

  • 2015 Year Built
  • 11 for Sale
  • 22% Inventory
  • 0 Pending Sales
  • 0 Closed (re)Sales in Last 6-Months
  • Median List Price $1716
  • Median LP$/PSF $5.5M

Peloro | 6610 – 6620 Indian Creek Drive (NoBe)

Although bayfront, this North Beach location is not on the top of the list for most desirable of Miami locations. There’s a convenient Publix grocery two blocks North away great mom & pop-style restaurants/shops within walking distance, but this neighborhood has not seen price points such as this. With excellent views gazing over Biscayne Bay to Allison Island, this project should do well around $500 PSF.

  • 2015 Year Built
  • 16 for Sale
  • 14% Inventory
  • 0 Pending Sales
  • 0 Closed (re)Sales in Last 6-Months
  • Median List Price $795,000
  • Median LP$/PSF $686

(figures derived from the South Florida MLXChange)

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Whether you’re searching for Southeast Florida corporate relocation, off-market properties, new construction, waterfront estates, condo resales, land for development, market trends or just plain good deals, let me know and I’ll have it ready & customized for you. I’m a broker-associate and a top producer with the leading firm – ONE Sotheby’s International Realty.  Why Sotheby’s? Because of the brand heritage, global reach and their propensity for perfection.

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