Wednesday, March 25, 2015

Park Grove in Coconut Grove -- Luxury Condominiums Like No Other

Park Grove, the newest addition to Coconut Grove real estate, is turning out to be just as popular some of the condos in Edgewater and Brickell with over 80 percent of the properties in the building sold.  With ground-breaking taking place very soon, the completion of the first tower is expected to be sometime during the first part of 2017.  A couple of well-known area celebrities who have purchased property at Park Grove include healthcare CEO, Mike Fernandez and Brazilian race car driver, Emerson Fittipaldi. 

Park Grove Overview
Plans show that Park Grove consists of three towers housing 298 residences. The condominium, situated right on Biscayne Bay, has been pegged as an alternative to the Grove at Grand Bay which has sold out.

The site for Park Grove sits on 5.2 acres of bay front property at 2701 Bayshore Drive. The location is ideal as it is in the heart of Coconut Grove across from Dinner Key Marina and within a short walk to shopping and restaurants. Along with Dinner Key Marina, Coconut Grove is known for its exclusivity and some of the most beautiful tourist sites including Vizcaya Museum and Gardens and Barnacle State Park.

Situated next door to the under construction Grove at Grand Bay, Park Grove must be able to stand on its own in terms of architecture and it does.  The architectural design of Park Grove’s Towers One and Two resemble the shape of a peanut – albeit a glass peanut, but still a peanut (aerial renderings). This design of the buildings allows for extended balconies with each residence. Tower Three (referred to as the core tower) is more cylindrically-shaped and like the others has a glass exterior. 
Park Grove Amenities
When we say that no stone is being left un-turned, we mean that no stone is being left un-turned.  The promotional brochures show that some of the Park Grove amenities include an extensive and amazing art collection (Jorge Perez is involved so of course art is a major part), 24-hour concierge, valet and butler service, wine cellars for residents, kids indoor and outdoor play areas, rooftop pools with private cabanas, a state-of-the-art fitness center with area dedicated to yoga, integrated media system and library, game room, business center with meeting rooms, and more.  On top of this, the building is LEED-certified to ensure steps are taken to protect the environment. 

The details of each residence include 10-12 foot ceilings, walls of windows; luxury fixtures and finishes; Sub Zero and Wolf appliances; Italian cabinetry with glass doors and stone countertops in the kitchen; walls of windows, spacious bedrooms and over-sized balconies with unbelievable water and city views; and so much more. 
Tower Two at Park Grove features high ceilings and 20-foot balconies along with all of the amenities mentioned above.  The composition of residences includes one, two, three and four-bedroom units in addition to penthouses.  Tower Two is the superior tower of the compound with 12-foot ceilings in most residences and private pools with the penthouses.
In Tower Three, the plans show eight floor plans with a mix of one, two and three bedroom units each with ceilings reaching 10 feet.  Even though Tower Three houses the most affordable residences, it is still full of all the bells and whistles.
Real Estate at Park Grove
Construction is set to begin soon for Tower Two which is 80 percent sold out.  The square footage for these properties ranges from just over 2,200 square feet to over 3,500 square feet (four-bedroom/five and a half bath) with list prices falling between about $2.5 million and $5 million. 
The payment schedule for property at Park Grove is as follows: 
  • 10% due at reservation
  • 10% due at contract
  • 10% due at ground breaking
  • 10% due at residence floor
  • 50% due at closing

Park Grove – Everything and More
With the Grove at Grand Bay’s unique architectural design and insurmountable luxury, it is imperative that Park Grove hold its own – especially in Coconut Grove.  And from what we see, it definitely does just that.  This is the perfect place to land if you want to live in “the Grove” and expect a certain level of luxury.  Park Grove has everything and more.

Saturday, March 7, 2015

Affordable Brickell Condominiums

Brickell real estate is on fire with closings taking place almost every day. Whether property in a new construction condominium or one that is established and may have buyers chomping at the bit to buy property, Brickell combines the best of a top metro area with a tropical atmosphere and landscape.  And, yes, other major metro areas feature waterfront property but no other offers panoramic views of crystal blue waters paired with the feeling of the Florida sunshine and balmy breezes.

An article in yesterday’s South Florida Business Journal stated that “Miami's Brickell financial district is among the 10 most expensive markets in the Americas to lease an office.” The article went on to state that even though it is one the most expensive, it is still substantially less than the equivalent in New York’s Midtown (about $50 per square foot compared to $130).  Because of this, companies from New York to Sao Paulo are coming to Brickell to open offices.

Real estate listings in Brickell range from about $100K to about $1.5 million making it possible for most any buyer to afford property. To provide insight as what you get for you money, here are a few affordable Brickell condominiums:

500 Brickell, 500 Brickell Avenue
Situated in the heart of Brickell, 500 Brickell Condo features two 43-story buildings with over (600) one, two and three-bedroom residences.  Its eclectically modern fa├žade makes it very evident that it is a Related Group/Arquitectonica development that was completed in 2008.  Residents enjoy many amenities including the interactive touch panel located in each residence giving them a smart-home advantage. It exudes a metropolitan feel due to its location within walking distance to Mary Brickell Village, excellent restaurants, the Miami River Walk and more. One of the biggest attributes is that 500 Brickell appeals to all home buyers including first-time buyers.  Real estate list prices start in the low-$300s and top $2 million. Over the last six months, nine units have sold with the average number of days on the market at 218 days.  Three one-bedrooms sold from the upper-$200s to mid-$300s while six two-bedrooms sold with sale prices in the mid-$400s.  Sale prices sold at about 95 percent of list price for both levels. 

1060 Brickell, 1060 Brickell Avenue
1060 Brickell condo features two towers with a total of 570 residences in two towers located on 1050 and 1060 Brickell Avenue. Built in 2008, this grand condo features unbelievable views, a 12-story parking garage and 24,000 square feet of retail space.  The two towers, 34 stories and 45 stories, offer a variety of floor plans ranging from studios to lofts and penthouses with oversized floor-to-ceiling windows and large terraces to enjoy the Bay breezes and beautiful views, roomy kitchens with stainless steel appliances and more.  For those who work in the center of Brickell, 1060 Brickell is the ideal location as it is close to everything in the area including consulates, Mary Brickell Village, grocery, and more. List prices fall between the high-$200s and the upper-$600s with larger residences topping $1 million making it affordable for many potential buyers.  In the last six months, there have been a total of 10 closings at 1060 Brickell.  Three studios sold in the mid to upper-$200s and averaged about 105 days on the market to sell; six one-bedrooms had sale prices from the low to upper-$300s and averaged about 155 days on the market; and, finally, only one two-bedroom unit sold at $420K but took over 430 days to sell, however, four other two-bedroom properties sold in 2014 with an average number of days on the market at only 74 days.

1060 Brickell Listings

My Brickell, 30 SE 6th Street
Designed by Karim Rashid and developed by The Related Group, My Brickell is one of the most distinctive condominiums in Brickell.  With 192 units on 28 floors, there are a range of floor plans for studios, one and two-bedroom units with square footages ranging from 550 to almost 1,300 square feet and modern fixtures and finishes throughout each unit.  The building offers magnificent water and city views as well as unique open and lofty design, modern kitchens with stainless steel appliances and a slew of amenities that make residents feel like they are on vacation – think resort-style pool, large state-of-the-art fitness center and more.  As a new condominium completed just last year, there have already been six sales since November 2014 with sale prices between the mid-$200 and mid-$400s and the average number of days on the market at about 132 days.    List prices start in the mid-$200s and climb to about $600K.   My Brickell is a top pick for buyers who want a very metropolitan lifestyle combined with the eclectic feel that only Miami can convey.  It is centrally located within walking distance to everything in Brickell and only a short trip to the beaches.

Lots of Options in Brickell
Brickell is in a major growth mode. There are lots of options in Brickell for all buyers from buildings that have been around for years to those that have just been completed to even more in the works.  The best way to find what you want is to explore the area, select a location in this widely, sought after neighborhood, then begin the process of buying in Brickell. 

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