Thursday, March 20, 2014
The Miami Bayfront is Booming
Miami new construction is on a roll with so many properties
coming up in different parts of the city as well as the Bayfront area. Real estate professionals often say that the
Miami Bayfront is booming! And what a
great place to be…the Miami Bayfront features amazingly breathtaking views of
Biscayne Bay, South Beach and the Miami skyline.
One of the best parts of living here is being so close to
Bayfront Park. If there is not an event
going on, it is just a nice place to spend some time outside getting your daily
dose of Vitamin D. A really cool event coming up next weekend is the Ultra Music Festival. Over the three days – March 28-30, the
world’s most famous DJ’s come together at one of the largest electronic music
festivals in the world. This is a
fantastic event for anyone who loves music and loves to dance with several popular Miami DJs performing.
Bayfront Park is one of the best parts of Miami. This large park features a large amphitheater
and a large park and pavilion. In
addition to simply enjoying the tropical landscaping, there are free yoga
classes, a trapeze school, a huge playground and so much more.
Miami Bayfront Real Estate
Midtown and Downtown Miami are the closest neighborhoods
around Bayfront Park. These neighborhoods
are well known for their beautiful and luxury condominiums. Several of them feature residences that look
over Bayfront Park and Biscayne Bay.
An up and coming neighborhood, Edgewater , is situated just
north of Bayfront Park and is undergoing a major overhaul turning it from a
rundown and avoided part of Miami into a neighborhood where people are
beginning to flock. Developers like The
Related Group see the potential in Edgewater and have begun to develop major
projects along the water.
Properties Close to Bayfront Park
Whether a new condominium or one that has been around for a
while, there are lots of options to living near Bayfront Park. Several are within walking distance to the
park and offer lots of amenities to make living in Miami like living on
vacation all the time. Here are some of
the closest condominiums to Bayfront Park as well as others along the water
that are worth mentioning.
One Miami.
Located at 325 South Biscayne Boulevard, One Miami is a two-tower condominium
with almost 900 residences. It was
developed by the Related Group with help in the architectural design by Arquitectonica. Amenities include a resort-style pool,
24-hour valet and concierge, 24-hour security with gated entry, common rooms
for entertaining and meetings, and so much more. There are studios, penthouses, one bedroom,
two and three bedrooms ranging in size from 507 to 3208 square feet. List prices typically fall between the
mid-$200s and the mid-$800s with units taking about 150 days to sell. In terms of rentals, there are always units
for rent with monthly rates ranging from about $1,700 for a studio to over
$3,500 for a three-bedroom unit. For
those interested, there are fully furnished units as well as unfurnished
available. This is an excellent option for
Miami real estate investors.
50 Biscayne. This Related Group condominium sits directly
across from Bayfront Park and features a very creative and unique architectural
style by Sieger Suarez. Built in 2005,
it is a 54-story building with 523 units all spread over the building. It offers a three-story ground floor with
retail/commercial space, a state-of-the-art fitness center, large pool and so
much more. Units feature continuous
glass balconies, floor to ceiling windows, gourmet kitchens and more. List prices at 50 Biscayne start in the low
to mid-$200s and climb to about $1 million with the average number of days on the market at about 160 days. In terms of rentals, monthly rental rates ranging
from 567 to almost 2,000 square feet.
Met 1 Miami. Situated
on Biscayne Bay, Met 1 is just a few short blocks from Bayfront Park (no
parking issues for the Ultra Music Festival!) and faces the point where the
Miami River flows into Biscayne Bay.
This is a beautiful condominium with lots of character in its design. It consists of 447 residences comprised of lofts,
tower suites and penthouses with one to three bedrooms. List prices for Met 1 condominium properties typically range between the low
to mid-$200s and upper-$900s taking about 120 days to sell. As for
rentals, monthly rates go from about $1,700 to almost $8,000 for a larger
upper-floor, three-bedroom unit. There
are lots amenities inside each unit as well as throughout the condominium.
Edgewater
Just north of Bayfront Park and the Midtown neighborhood is
Edgewater. This up and coming
neighborhood is beginning to take Miami by storm. Developers have begun to buy up land and lay
the groundwork for new condominiums as well as retail and commercial space
throughout the area. The Related Group
has several major projects in the works that will give Edgewater its claim to
fame.
Paraiso Bay. In Spanish, Paraiso means paradise and that is what Paraiso Bay is destined to be. It will be set on five acres that will
include a beautiful new park designed for the public in exchange
for the city allowing one of the streets to be permanently closed off. Paraiso Bay will consist of two 55-story
towers housing approximately (345) one, two, three and four-bedroom units
ranging in size from about 1,000 square feet to about 2,500 square feet. All of the residences have gorgeous bay views
as there are only a maximum of seven units on each floor lined up across the
building. While much of the building is
sold out, list prices range from the upper-$300s to well over $1 million. Rentals are yet to be determined as the
property is under construction.
Icon Bay. Another Related Group project under construction in
Edgewater is Icon Bay. It features 40
stories with 300 units and a grand three-story lobby that will showcase the
fabulous artwork that is a passion of Jorge Perez. Each floor will house only eight units
consisting of one, two and three bedroom residences with bay views. Sizes range from slightly more than 900
square feet to over 1500 square feet (penthouses are over 2,000 square
feet). Each residence is contemporary in
its design and amenities with the common areas featuring the same unique look
and tons of bells and whistles.
Completion is expected in Spring 2015 with the majority of the building
sold out.
A Popular Area
With so much going on in terms of Miami real estate
developments in and around Bayfront Park, it is no wonder that the park is such
a popular area for major events. It is
events like the Ultra Music Festival that bring so many people to the area
allowing them to see what Miami is all about and how fabulous it is to live
here. There is no place like it and
nowhere else a lot of people want to be.
Monday, March 3, 2014
Midtown Miami Real Estate – Luxury Rentals
When you say the words Midtown Miami, the first thought is
that this neighborhood is in the middle of Miami. And it is.
Some call it the hub while others call it the epicenter. That might be a stretch as Brickell (Miami’s
Financial District) is more of the epicenter, Midtown is certainly in the
center of the city. And its prime
location sits perfectly surrounded by other cool Miami neighborhoods with downtown
Miami just south, the Design District to the north and the majestic Biscayne
Bay on the east.
Midtown is the product of a desire for residents to live in
an area where there is excitement and life.
One of the most appealing traits of this hip neighborhood is the
walkable streets with delectable restaurants, art galleries and other
interesting venues. And let’s face
it…there is always a breeze coming off the Bay making it very pleasant to
meander along the palm tree lined streets.
Over the past few years, Midtown has really come alive. Prior to the economic crumble, Midtown was on
the verge of redevelopment but that all came to a halt. Then about three years ago, the construction
restarted and the regrowth again began to happen. Developers are in building mode and have
several Midtown Miami condominiums in the works. In fact, real estate surveys
indicate that the 33137 zip code which encompasses Midtown, the Design District
and Wynwood, is one of the most rapidly appreciating areas in the US.
Midtown Miami Attractions
Besides Biscayne Bay, there are several Midtown Miami
attractions that draw residents and visitors to this urban neighbor with a
small-community feel. The ability to
enjoy all that Midtown has to offer including the pedestrian promenade with
sculpted medians, paved sidewalks and tropical landscaping.
Midtown Miami offers outstanding shopping, art galleries
and, of course, excellent restaurants and exciting nightlife. But surrounding this neighborhood are other
cool and upcoming neighborhoods. Wynwood
and The Design District are situated just north of Midtown and are home to some
of the most eclectic art galleries and retail shops as well as really high-end
shops like Cartier and Hermés that have relocated to the Design District. To the east is Edgewater, an established part
of Miami that is undergoing a major revitalization.
A major attraction under development is Museum Park. This is a 29-acre waterfront park with a new
Museum of Science and Space Transit Planetarium and the new Miami Art Museum
under construction as well as tons of green space and gorgeous bay front
views. Museum Park is Miami’s answer to
NYC’s Central Park.
Renting Midtown Miami Real Estate
While Miami residents and investors are drawn to buy Midtown
Miami real estate, others are very open to renting in here. There are so many options for renting in some
of the most well-known condominiums from lofts to high-rise buildings.
Amenities in most of them include the obvious – valet and
concierge services, resort-style outdoor pools, state of the art fitness
centers, reserved parking, and more. With
the newer condominiums, they are wired for today’s technology. Inside residences, owners and guests enjoy
fantastic views, have stainless steel appliances and granite counter tops, and
great walk-in closets.
One-bedroom units in condominiums like Bay Park Towers and
Biscayne 21 start around $1,500 per month and climb to around $2,500 per month
in luxury buildings like Two Midtown and Four Midtown. As for two-bedrooms and more, monthly rental
rates start at about $1,900 at Charter Club, Midblock at Midtown or Cityscape while three-bedrooms
start at about $3,500 at Two Midtown. On
the upper end, monthly rates climb to about $10,000 for a two-bedroom and
$13,000 at Paramount Bay.
Midtown rentals are ideal for those who live and work in the
area as well as investors looking for solid investments. While many condominiums accommodate only long
term and annual rentals, there are some that do allow short term rentals
whether monthly or quarterly.
In the Middle of Everything
The Midtown neighborhood is in the middle of everything and
is always a favorite area of Miami in which to live. It has tons of great characteristics like location
and affordable Midtown Miami rentals but also has that cool factor that is
always present when living in Miami.
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