Miami real estate news and information

How to find a SOLID CONDO INVESTMENT on Brickell (Casa a Miami)

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 ?”   

cimg0077The 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.comCare 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.

To receive my blog posts directly to your inbox, click here to subscribe.