Lofts 1 and 2 Downtown Miami

For the hip, upwardly mobile professional living in or moving to Downtown Miami, lofts are becoming a very chic and cool place to live.  Probably one of the most popular condominiums with loft-style units is Loft 1 and Loft 2 Downtown. They combine the chic lifestyle of South Beach with the urban feel of a metropolitan loft.  Built in 2006 and 2007, respectively, Loft 1 and Loft 2 Downtown are the products of forward thinking developer, The Related Group and the architecture firm, Cohen, Freedman, Encinosa and Associates.  Loft 1 has 24 stories with a two-story lobby and 196 residences in the building (only nine per floor).  In Loft 2, the building hosts another two-story lobby and 36 stories with 496 units.

The Groups Involved in the Lofts

Miami developer, The Related Group, was behind the concept and development of the Lofts 1 and 2 Downtown and enlisted Cohen Freedman, Encinosa and Associates to design the buildings.  The Related Group has developed some of the area’s most well-known residential condominiums including Icon Brickell, 50 Biscayne, My Brickell, and Icon Bay (currently about to begin construction).  Cohen, Freedman, Encinosa and Associates have designed such condominiums as Brickell on the River, Uptown Lofts and other landmark buildings.

Location

These urban lofts are located in the heart of Downtown Miami with Loft 1 Downtown at 234 3^rd Street and Loft 2 Downtown at 133 2^nd Avenue.  In the center of everything, The Lofts are a block away from Bayfront Park and within walking distance to most everything in Downtown Miami including the Performing Arts Center, Bayside Market  and more. Situated adjacent to Miami’s Metro Mover system, residents can live in Miami without owning a car.

Downtown Miami is a thriving cultural mecca with so much going on.  As a prosperous part of the city, it offers the best of metropolitan living in a tropical paradise. 

Amenities of the Lofts 1 and Lofts 2 Downtown

The Lofts 1 and Lofts 2 Downtown have so much to offer their residents. Each building is a “smart” building that is pre-wired for high-speed internet and cable television; tinted, energy efficient and impact resistant windows; state of the art fitness centers with a sauna, steam room; outdoor pool; 24-hour concierge and valet service; and, so much more.

Inside each studio, one and two-bedroom homes, while the spaces are smaller than many other condominium residences, each has a wide open space with 10-foot ceilings and an interior design that has an authentic loft feel.  Updated appliances in open, eat-in kitchens and large areas make living at the Lofts easy and comfortable.  In addition to designer fixtures and finishes, homeowners enjoy a contemporary atmosphere with unique concrete floors and ceilings as well as panoramic city and Bay views.  Some homeowners have installed hardwood flooring to create their own aesthetic. 

Real Estate at the Lofts 1 and 2

Lofts 1 and 2 real estate features studios and one and two-bedroom homes.   At the Loft 1, the building is somewhat smaller with only 196 units on 22 floors (nine per floor) while Loft 2 has 34 floors with 396 units (about 12 per floor).  In Loft 1 there are only nine units for sale (as of this writing) that are priced between about $165K and the mid-$300s while 14 units on the market priced between just under $200K to almost $400K. 

Over the past six months, there have been 22 sales in Loft 1 Downtown with sale prices between $110K and $210K while in Loft 2 Downtown, there have been 50 sales with sale prices between $110K and about $340K.  The average number of days on the market range between just over 20 days and almost 90 days.  Because these are much more affordable, offer so much for the price tag and are so popular, they sell quickly.

As for Loft 1 and 2 Downtown rentals in either of the buildings, monthly rental rates fall anywhere between about $1,300 and $2,600.  With these kinds of rental rates and the reasonable sale prices, this is an excellent opportunity for investors. 

Excellent Real Estate Opportunities

The Lofts Downtown 1 and 2 are excellent real estate opportunities for many different buyers from first time buyers to investors to international buyers who are frequently come to Miami for business.  With all that the buildings offer as well as what is in each unit, it is truly understandable why these sell so quickly.

Aqua on Allison Island – Miami’s Tropical Oasis

Situated in Miami Beach, Aqua on Allison Island is Miami’s tropical oasis.  It is a small island village set on 8.5 acres of land that features some of the most sought after Miami real estate.  This guarded close-knit community features the ultimate in luxury and privacy.  The people who live here are very friendly and love where they live. 

Aqua on Allison Island is a collection of some of the most creative and successful architects, designers and developers who have created a city within a city.  This creative and savvy group of professionals worked individually yet as a cohesive unit to create an unbelievable assembly of condominiums and private homes that only a select few live.

History

Up until 1912, Allison Island was nothing but a small clearing in a swamp of mangroves at the mouth of Indian Creek.  Because it was inhabited by nothing but alligators and other “swamp creatures,” no one ever thought about developing it.  Then in 1912, Carl Fisher, who began developing Miami Beach, decided to buy Allison Island as a tribute to his good friend and partner, Jim Allison.  Allison tried unsuccessfully to develop it several times.  But until 1926, nothing succeeded.  At that point, he began to develop a luxury, “state of the art” hospital for the wealthy Miami Beach residents.  But the Hurricane of 1926 (Great Miami Hurricane), a category 4 storm, destroyed all hopes of such a development when it flattened the hospital. 

Location of Aqua Allison Island

This small island, long and skinny in its shape, sits directly between La Gorce Island and Miami Beach.  Just a short drive from Bal Harbour and North Bay Village, this quaint little paradise sits at the mouth of Indian Creek.  While it has a feel of being far away from all the action of Miami, it is very close to much of the action of Miami.

Aqua Allison Island Amenities

Luxury is the number one goal at Aqua on Allison Island.  The amenities at any Aqua property are all about comfort and indulgence. There are so many awesome conveniences for the residents and their guests that include a state of the art fitness center with a large patio that looks out over the water, 24-hour security and monitoring of the private entrance to the community, beautiful heated pools and a children’s pool, a children’s center, walking and jogging paths throughout the island, private docks and so much more.

For Aqua residence amenities, luxury continues to be at the forefront of the features of this high-end Miami real estate.  In terms of the residential design, homes have a contemporary style with private garage, wrap around balconies, and high ceilings of 10 feet.  As for features, residences offer designer kitchens with high-end fixtures, large open rooms, floor to ceiling windows that look out over the water and the rest of Miami, and more. 

Everything about Aqua on Allison Island is so breathtaking and amazing.  From the inside out, everything has been well thought out with the home owners in mind.

Real Estate at Aqua on Allison Island

Aqua at Allison Island real estate is a combination of condominiums and private homes.  There is a striking yet subtle art deco design throughout the island with a color scheme that has a tropical feel.   While so many have the aspiration to live on the island, only a lucky few get to call an Aqua property home. 

There are 46 private homes in the form of individual condominium homes and townhouses, and 105 units in three mid-rise condominiums each with 11 stories – The Spear, Gorlin and Chatham.  The Spear offers the largest potential for buying as it has 60 residences inside while the Gorlin and Chatham are slightly more exclusive with only 29 and 16 homes in each, respectively. 

Mid-Rise Condos

Spear Condo has a unique appearance where it almost seems to float in the water and features colors that blend or compliment the surroundings.  There are two to four-bedroom homes inside this 11-story building that range in size from 1,367 to 2,752 square feet. List prices fall between about $900K and $1.5 million. 

As for the Gorlin Condo, its 11 stories encompass 29 units ranging in size from 1,316 to 3,442 square feet and featuring three bedrooms.  Its design compliments its sister properties and offers list prices that typically start at about $1 million and climb to over $1.5 million. 

The Chatham Condo is the most exclusive of the three buildings with only 16 units in the 11 story building.  It sits on a multi-level parking structure.  The units have a loft-type feel and offer two and three bedrooms.  Sizes range from 1,957 to 3,427 square feet.  This building is much more exclusive and rarely has units available for sale.

Private Residences

In terms of the individual Aqua homes, they range in size from around 2,000 square foot condominium home to over 4,000 square feet for a townhome.  The main draw to these private residences is that they have an individual style and design.  List prices range anywhere from $1.2 million to well over $2 million.

Eight homes have sold in the past 12 months with sale prices ranging from the upper $500s to over $1.2 million.  While the average number of days on the market sits at about 190 days for these recent sales, the spread is all over the board with some selling within as little as five days while others took over one year to sell. 

Rental Property

Aqua real estate is an excellent investment as any property that hits the market as a rental is swiped up in a quick manner.  It is such an awesome place to live that there are Miami residents who will rent property here.

There are Aqua rentals available but never more than a couple at a time.  When one does appear, monthly rental rates range from around $4,500 to over $10,000.  After all, Aqua Allison Island is very exclusive and the rates reflect that.

Living the Dream

To live at Aqua on Allison Island is truly living the Dream.  This city within a city offers exclusive Miami real estate for those who are lucky enough to buy here.   Take some time and visit the island to see what it is all about.  

Miami Neighborhoods -- Where the Rich and Famous Live

Long before the Kardashians headed to Miami, the rich and famous flocked to Miami to live.  Whether a permanent residence for successful business people, dignitaries and sports icons or vacation homes for some of the world’s favorite celebrities, sightings are commonplace throughout the downtown, beach and island areas.  Following are the top Miami neighborhoods where the rich and famous live.

Star Island

As one of the most exclusive communities in all of Miami, Star Island is a favorite of celebrity residents.  Star Island is a man-made island in Biscayne Bay that, while it has a guard house at the only entrance to the one street neighborhood, is a public neighborhood in which anyone can enter after stopping at the guard gate.  On the island are very large estates that are home to many wealthy homeowners including some very famous people.  Some names of former and present residents include Julio Iglesias, Rosie O’Donnell, Shaquille O’Neal, Gloria Estefan, and more. 

List prices for Star Island homes typically start at about $10 million.  Over the past five years, one home has sold each year with sale prices and sale prices per square foot varying with no common thread.  In a nutshell, potential buyers want to live on Star Island and have no issues paying to live there as they can easily afford it.

 

Palm Island

Palm Island is another manmade island that lies in Biscayne Bay and is accessible by one entrance from the Mac Arthur Causeway.  Homes on Palm Island are grand in their appearance and offer the ultimate in luxury living. Homes feature extensive pool and outdoor living areas along with private docks housing mega yachts and multiple vessels.   Celebrities who have lived or still own homes on Palm Island include Barbara Walters, Gabrielle Anwar, Al Capone, Enrique Iglesias, Anna Kournikova and others. 

Palm Island real estate typically ranges between about $4 million and over $20 million. In 2012, two homes sold between $2.8 million and just over $5 million while one home sold earlier this month for $2.4 million. 

Fisher Island

A barrier island in Miami, Fisher Island is known for having the highest per capita income in the United States.  It is one of the most exclusive neighborhoods in all of Miami-Dade County.  Fisher Island real estate features some of the most beautiful and sought after condominiums.  In addition, the community amenities are second to none with a private marina and yacht club, elegant Club, secluded beach club, and top golf course among other things make it as elite as the residents who choose to have homes on Fisher Island.  Some of the celebrities who have lived or still live include Oprah Winfrey, Jim Carrey, Andre Agassi, and others.

Fisher Island real estate features condominiums varying in size but offers an immense amount of luxury that is second to none.  With list prices from the mid-$200s at Marina Village to $15 million at Oceanside, residents have the ability to live an exclusive lifestyle on Fisher Island.  In 2012, 24 units sold with sale prices ranging from $300K to over $5.7 million.  So far this year, six units have sold with prices between $500K and over $6 million. 

Celebrity Spottings Throughout Miami

Only a very select group of people have the ability to live in the exclusive Miami communities.   While there are certain communities where celebrities tend to seek out homes, there are always celebrity spottings throughout Miami.  Other areas include Brickell and Miami’s Design District, Key Biscayne where Miami socialites and other celebrities have homes, and of course, Miami Beach/South Beach.  Miami has always been a worldwide fashion and cultural mecca in the United States and continues to draw the rich and famous to live in areas all over the city.  

Brickell Citicentre

Another major player in the development of Brickell, Miami’s financial district, is Swire Properties.  Brickell CitiCentre is another big Brickell real estate project underway in this ever growing part of Miami.  This $1.5 billion project’s construction is underway and covers nine acres of land with an estimated 5.4 million square feet of retail, office, condominium, and hotel space.  In addition, plans show two levels of underground parking spread over seven acres with an estimated 3,100 parking spaces.  CitiCentre is, without a doubt, going to be an amazing assembly of real estate just like Swire Properties likes to build. 

The Muscle Behind the Magic

With the ground breaking just under a year ago, Swire Properties, the developer of Brickell Key and the condominiums situated on it, is the brains behind Brickell CitiCentre.    In addition, Arquitectonica, the   firm designing Icon Bay and the newly announced SLS Brickell, is charged with designing this masterpiece.  Finally, Turner Construction and Dragados USA are heading the construction of the underground parking garage and foundation for the mammoth mixed use project.  Turner is well known for 1060 Brickell, The Gables Club Condominium in Coral Gables and many other Miami commercial and residential projects. 

Location

Located at 701 South Miami Avenue, Brickell CitiCentre is situated three blocks south of the Miami River and west of Brickell Avenue.  In the center of Brickell, CitiCentre is just a mere two blocks from Brickell Village and a short drive to the major transportation hubs in and around Miami – port of Miami and Miami International Airport.

Living at Brickell CitiCentre

While the construction of the buildings is getting underway, the details are beginning to surface.  Some have called it the “city within a city” because of all it plans to offer residents and those who live and work in Brickell.  In addition to the planned office, retail, and restaurant space in addition to a huge wellness center.  With Swire Properties at the helm and Arquitectonica designing this work of art, amenities will include such things as an amazing state-of-the-art fitness center, meeting rooms, 24-hour concierge and valet, pools on tropical pool decks, and more.  Inside each residence, modern kitchens and baths, spacious living areas, and amazing views of the river, Biscayne Bay and the city will make Brickell CitiCentre real estate a goal for all those who live and work in Brickell.

Real Estate at Brickell CitiCentre

While many of the new construction condominium projects begin selling prior to groundbreaking, Swire Properties has a different philosophy where they build first.  As construction begins, more details will emerge regarding condominium sales.  One thing for sure is that the location and amenities of Brickell CitiCentre, sales will be strong and fast.

Fascinating to Watch

When construction on new projects begins, it is always fascinating to watch the progress.  With Brickell CitiCentre, the fascination is magnified especially after viewing the renderings.  As the vertical construction begins, Miami Riches will keep potential Brickell buyers informed with the details about real estate sales.  This is definitely going to be a popular address for Miami residents.  In the meantime, there are so many other Brickell condominiums that offer amazing views, excellent amenities and the perfect location of an ever-growing part of Miami.

SLS Brickell - New construction in Brickell

With condominium construction in Miami real estate kicking into high gear, the Related Group seems to be at the helm of many of the projects.  From those currently under construction like My Brickell, Millecento and Apogee Beach in Hollywood to the pre-construction condominiums like Icon Bay and Beachwalk in Hollywood, The Related Group knows that there is high demand for condominium and hotel space in South Florida especially in Brickell.  According to a recent article in Daily Business News, “Brickell is experiencing a demand for hotel rooms.”  Because of this, the Related Group is responding with a new project combining a luxury boutique hotel with luxury condominiums which we refer to as SLS Brickell as the exact name has not yet been announced.   

SLS Brickell

Just announced, the SLS Brickell project includes a 52-story building with three restaurants; a luxury boutique hotel occupying the 3^rd through 9^th floors; and 451 condominium residences from the 10^th to the 51^st floors (11 units per floor).  The Related Group and Philippe Starck, who also designed Icon Brickell, have enlisted the architectural firm of Arquitectonica to design SLS Brickell.  Known for other architectural masterpieces in Miami including the Miami Museum of Art, the South Miami Cultural Arts Center, and others, Arquitectonica is also designing the upcoming Related Group residential project, Icon Bay.   Plans currently call for the condominium residences to include one, two and three bedroom units all with the square footage ranging between 717 square feet to just over 1,500 square feet.  Just like the other Related Group projects, SLS Brickell will definitely be a beacon in Miami architecture.

Location

Located at 1300 South Miami Avenue, next to Infinity, SLS Brickell will be situated in the heart of Brickell, Miami’s financial district, and close to everything around there including Brickell Village and CitiCentre (under construction) not to mention its close proximity to Biscayne Bay.  Additionally, this ideal location offers super easy access to I-95 and is just minutes away from the growing neighborhoods of the Design District and Wynwood Arts District.

Amenities

With a luxury hotel occupying six floors of the project, the residents of SLS Brickell will have access to all of the hotel amenities and with a hotel at this level, the amenities are sure to be plentiful and well above standard.   Some of the hotel amenities include the hotel swimming pool on the 9th floor terrace along with access to the Hyde Lounge, Ciel Spa, state of the art fitness center, executive business center and grand ballroom.  In addition, there will be three restaurants, Katsuya, Bazaar by Jose Andrews and another by Michael Schwartz from Michael’s Genuine Kitchen. 

While the details of the residences have not been revealed, knowing the other residences developed by the Related Group, residents can expect all the bells and whistles that accompany residential condominiums at this level.  One amenity that has been disclosed is the resident-exclusive pool and club located on the 52nd floor terrace. 

Real Estate at SLS Brickell

The current plans for the residential properties at SLS Brickell include one, two, and three bedroom units with only 11 units on each floor.  With pricing starting in the $200s, SLS Brickell is a great opportunity for investors as well as first time buyers seeking Brickell real estate.  The pricing is as follows:

Line#	Type	AC/SF	Location	Approx. Starting Price
01	2BR/2BA+Den	1,486	NE	$600s
02	2BR/2BA+Den	1,290	East	$600s
03	1BR/2BA+Den	971	East	$400s
04	1BR/1BA+Den	813	East	$300s
05	3BR/2.5BA+Den	1,505	SE	$700s
06	1BR/1.5BA+Den	1,332	SW	$500s
07	1BR/1BA	717	West	$200s
08	1BR/1BA+Den	734	West	$300s
09	2BR/2BA	1,137	West	$400s
10	2BR/2BA+Den	1,362	NW	$500s

As the construction date has not been announced, reservations are accepted with a deposit and the payment schedule is structured as follows (dates are tentative and subject to change):

• 10% with Reservation (April 2013)
• 10% at Contract (July 2013)
• 10% at Groundbreaking (November 2013)
• 10% at 25^th floor (9 months after groundbreaking - August 2014)
• 10% at Top off (June 2015)
• 50% at closing (mid-2016)       

SLS Brickell is one of several luxury condominium projects that will begin redefining the Miami skyline.  Similar projects in the vicinity have sold out or all but sold out quickly.  With such an increased interest in the Brickell area as well as the neighborhoods that surround it, the demand on Miami real estate is high.  

Icon Bay - Update

One of the most anticipated condominium projects is finally set to break ground in the next month or so.  Icon Bay, the latest residential landmark from world-renowned developer, The Related Group, is a 40-story architectural marvel that will follow the success of the Icon line of condominiums in Miami including Icon Brickell and Icon South Beach.  With magnificent, panoramic views from every residence and a high attention to detail, Icon Bay is set to be one of the most sought after addresses in all of Miami real estate.

The Icon Bay Team

At the helm is Miami developer, The Related Group, one of Miami’s most successful commercial and residential developers of projects like Apogee, 500 Brickell, My Brickell, One Ocean and so many more.   Jorge Perez, the CEO of the Related Group, is a real estate genius and known for his “iconic” and recognizable buildings in Miami and South Florida.

Arquitectonica is the architectural partner that is designing Icon Bay.  In business for over 25 years, it is the name behind other successful Related Group projects as well as the American Airlines Arena, Museum of Modern Art and South Miami Cultural Arts Center.

The landscaping around Icon Bay as well as the adjacent waterfront park being constructed adjacent to Icon Bay is under the direction of ArquitectonicaGEO, a Coconut Grove based “green-friendly” landscape architectural firm with projects like Sonesta Key Biscayne and the Miami Science Museum under their belts. 

Location of Icon Bay

Located in the heart of “new Miami,” Icon Bay is located at 460 NW 28^th Street.  Directly between Midtown and the Wynwood Arts District, the building is situated on Biscayne Bay.  Its locale in the up and coming Biscayne Corridor is ideal as it is five minutes from Brickell, a few blocks from the Design District and only a 10-15 drive from Miami International Airport and South Beach.  Icon Bay is set apart from the booming areas of Midtown, Wynwood, and Design Districts but still in the middle of the excitement.  Homeowners can enjoy privacy and a quiet environment while being close to tons of shops, dining and entertainment.

The Design District is a fabulous part of Miami real estate that is growing in popularity by leaps and bounds.  Many high-end shops such as Hermes, Christian Dior and others are relocating Bal Harbour to this chic part of town. 

Icon Bay

The first word that comes to mind when seeing renderings of Icon Bay is WOW!  The exterior façade compliments the water with a woven or checked like contemporary design.  This masterpiece is 40 stories tall with 300 units and features a grand three-story lobby intended to showcase the fabulous artwork that is a passion of Jorge Perez. 

With only eight units per floor, the plan is for all of the one, two and three bedroom residences to have beautiful bay views.  In terms of size, the residences range in size from slightly more than 900 square feet to over 1500 square feet (penthouses are over 2,000 square feet). 

Amenities

The Related Group is known for its affinity of luxury amenities.  Because the Icon line features only the best in their properties, residents at Icon Bay should expect only the best.

Community Amenities.  Amenities will be plentiful around the grounds of Icon Bay.  Residents will have access to 24-hour valet, concierge and security; a state of the art fitness center with top of the line equipment as well as cardio and other group classes, and floor to ceiling windows that showcase the bay front and pool area; a beautiful infinity resort-style pool that overlooks Biscayne Bay and features towel service and luxury cabanas; a coffee lounge and kids and teen lounge; clay tennis courts over the garage and so much more. 

Waterfront Park.  Probably the most amazing part of the project will be the small community park just south of the condominium.  This green space will feature art and sculptures from Miami’s up and coming artists and have areas for running and exercising as well as a dog park and play fountain. 

Residence Amenities.  Residences will be spacious and designer-ready for home owners to select fixtures and finishes.  Other details will include private elevator entrances to a private foyer for each residence; nine-foot ceilings; imported porcelain tile; elegant kitchens with European cabinetry; impact-resistant windows and rails framing large terraces; one assigned parking spot with additional available; and more.

 

Real Estate Information at Icon Bay

From the time the announcement was made presenting Icon Bay, there has been a lot of chatter about the project.  Because of the location and the popularity of other Icon properties, sales were wildly successful out of the gate.  In fact 50 percent of the building had reservations within a month of the announcement. 

Currently, with the exact groundbreaking still being determined, there are only six units (all one-bedrooms) available for sale all of which are located on lower floors.  The pricing of the available units is as follows:

Unit #	Type	AC/SF	List Price	Price/SF
304	1BR/2BA+Den	1,096	$455,900	$415.96
305	1BR/2BA+Den	1,190	$490,900	$412.52
306	1BR/2BA+Den	1,055	$438,900	$416.02
307	1BR/2BA+Den	1,003	$420,900	$419.64
502	1BR/1.5BA+Den	964	$448,900	$465.66
902	1BR/1.5BA+Den	964	$456,900	$473.96

When comparing the price/square foot of the one-bedrooms versus those at the announcement of sales, the current amounts are slightly lower than in August 2012.  With all the remaining units priced below $500K, this is a phenomenal opportunity to live in one of Miami’s most iconic buildings. To be part of the excitement, following is the current payment schedule to purchase property at Icon Bay:

• 20% at contract (now)
• 20% at Ground breaking (approximately March 2013)
• 10% at Top off (approximately March 2014)
• 50% at closing (approximately beginning 2015)  

To compare to similar sales, newly constructed Paramount Bay Condominium which is located in the same area and also designed by Arquitectonica, features original sales with the price per square foot falling between the upper-$400s and upper-$700s.  Resale numbers show that the price per square foot has increased with the range from the mid-$500s to well over $800K.

Icon Bay’s Success

The success of Icon Bay definitely shows that the Miami real estate market is back in play.  With only six units available for sale, this is an excellent opportunity for investors and buyers who want to live in such a hot part of Miami.

Miami Design District and Surrounding Real Estate

Most major metro areas in the country have a part of town that is considered an up and coming area on the verge of a real estate boom.  In Miami, that area is called the Design District.  Bordered by 36^th and 42^nd Streets on the south and north, and Federal Highway and Miami Avenue on the east and west, this trendy part of Miami is about to experience a large upswing in the real estate market. 

Over the past few years, warehouse space has been converted from low-rise warehouse and gallery space into high end retail space, restaurants, cafes, and art galleries.  In fact, many high end retailers like Louis Vuitton, Hermes, Dior and Cartier are moving their Bal Harbour shops to the Design District.  Surrounded by prominent Miami neighborhoods, the Design District is poised for huge growth and major increases in real estate value.

Design District Real Estate

To the south of the Design District is Midtown Miami with its high-rise condominiums, office space and retail space.  Just north of the Design District (and just south of Little Haiti) is an area of single family homes that offer tons of opportunity for an investment in a position to provide immediate equity.  These homes are situated in neighborhoods like Buena Vista, Old Spanish Buena Vista, Lemontree, and Brentwood and built mostly between 1920 and 1960.  While some homes have tons of character with their Mediterranean and Spanish architectural styles and others are in need of lots of work, the common denominator with all the homes is that they are affordable and are in a location that is hip and close to everything.

Currently, there are about 15 single family homes in the Design District area that are priced up to about $500K.  These homes are mid-sized homes ranging between 1,000 and 2,500 square feet.  List prices increase as the address gets closer to the Design District.  With list prices at this level, not only are they affordable but they easily accommodate renovations to bring them up to a level that is aesthetically and financially comparable to the beautiful homes in the outlying neighborhoods to the east like Morningside and Bay Point. 

According to Trulia, over the past six months, similar homes sold for significantly less than their estimated value which is based partly on location.   Remodeled homes within one to two blocks of the Design Districts have listed and sold for well over $500K.

Huge Opportunity

There is a huge opportunity in the Design District to buy a Miami single family home at a very low price and walk into the home with equity.  Not since 2006 has this been an option for home owners especially in Florida.  For real estate investors and those who have the desire to recreate a masterpiece, this is the place to be.  Be part of the transformation of this up and coming neighborhood.