For those of you who do not know, Marina Blue is one of the hottest buildings in Miami and has been for a while. In yet another sign of how prices have skyrocketed in the building, my listing, Marina Blue Unit 3607, closed today at $395,000. That might not sound like a lot, but when you look at the price per square foot (“SQ/FT”), it is the highest ever paid for a 1 bedroom in Marina Blue’s history! Let’s look at the numbers:
Unit 3607 – 1 Bedroom / 1.5 Bathroom
833 SQ/FT of Interior
153 SQ/FT Terrace
Sales Price: $395,000
Price Per SQ/FT: $474.19
Miami Luxury Homes listed Unit 3607 as having dark hardwood floors throughout and custom wenge “California” style closets. Stainless steel appliances, granite counters and white gloss lacquered Italian cabinetry in the kitchen. The master bath has a dual bowl vanity with marble top, marble floor, bidet and European style “wet room” shower and roman soaking tub. 9-foot ceilings with impact resistant glass doors and direct views of Biscayne Bay, Atlantic Ocean and Downtown Miami skyline.
In the last 6 months, there have been 18 units sold at Marina Blue with the price per SQ/FT ranging from $384 up to the highest closing ever, Unit 4408 at $495 per SQ/FT. This makes Unit 3607 the highest EVER paid for a 1 bedroom and the second highest EVER paid for any size unit at Marina Blue, based on the Multiple Listing Service (“MLS”) data at the time of this writing. Let’s take a look at all sales in the past 6 months. This picture is a screenshot of the MLS as Miami real estate agents see it. It is in descending order based on sales price per square foot (“SP$/Sq/Ft”):
Right now, there is currently less than 5 months of available inventory in Downtown Miami. What this means is that if no more inventory was added to the market and sales continue at the current pace, all condos currently available would sell out in less than 5 months. When inventory falls below a 5 month supply, it becomes a seller’s market. If you have thought about selling your condo in the past, NOW IS THE TIME!
If you or someone you know are considering selling, please contact me. I understand what it takes to market your property to sell for the highest price possible in the least amount of time, and I provide a full list of services for sellers. I appreciate the opportunity to earn your business.
Here are some additional photos:
