BUYERS ( … and … REALTORS) WANT TO KNOW: “Which condos in Miami’s Brickell area are SOLID ? ” … “Where can we buy ?” … “Where SHOULD we buy ?” … “What do you recommend ?”
The short answer is: “Depends on the buyer”. Yes, of course there is a longer answer too. Finding a solid investment requires staying on top of the changing inventory and being very, very diligent. New construction is popping up left and right… the Miami skyline changing minute by minute. Financial stability of any given building, and desirability of a particular building or area can morph, given time, and given the ever-changing mix of buyers/renters.
Lenders have strict criteria which can seriously impact one’s ability to obtain a mortgage. Miami Condos are at times “ousted” from lender’s lists of “qualified buildings”… based on percentages of unsold units, investor-owned units, owners in arrears on condo association fees, short sales or foreclosures in specific buildings themselves. With the newspapers and news channels brimming with stories about the South Florida condo ‘glut’… where do you turn for direction? Which buildings do you look at ,and which do you consider? And Why?
There ARE solid condos scattered all across South Florida, and some exquisitely beautiful opportunities in the Brickell area. On Brickell, I’ve been impressed with what I’ve seen of the 43 floor creation designed by Architectonica: The 500 Brickell Condo building located between 5th and 6th Streets, with it’s breathtaking floor-to-ceiling views of the bay. And 500 Brickell is Fannie Mae approved! The photo above is taken from the 34th floor of 500 Brickell, which we just sold to international buyers purchasing a second home in Miami.
Of the 633 units in 500 Brickell’s two towers (East and West): 591 sold … and 42 are currently available for sale. Of those 591 units sold, 252 have actually closed. 63% are owner occupied (373 units) … and 18% (or 107 units) were bought as vacation or second homes. Only 19% (or 112 units) were purchased for investment purposes (and rented/leased out).
Those bits of information are helpful in knowing whether a bank will or will not provide financing… and whether you, as a buyer, will need cash to close.
Important to know, in any condo building, is the percentage of occupants in arrears on their association payments. Those percentages can seriously impact whether a new buyer can obtain financing, and may predict even how the building will or will not be maintained (peering off into the future)… and ultimately whether possible assessments are on the horizon. Without a crystal ball in hand, facts and figures go a long way in paving the road and helping buyers with their selection process.
Have any questions about 500 Brickell? Contact us anytime. You may work 8am-6pm, but we are available after you’ve left the office, and you can always contact us through our website. You’re always welcome to explore current listings or glean information on Miami’s eclectic and charming neighborhoods at www.MiamiRealEstateCafe.com . Care to know about other intriguing opportunities in the Brickell area? We’d love to hear from you. Please leave your comments regarding Brickell… opportunities you’d like to share… insights, thoughts, and questions.
