One Miami Condo Update: 2nd Quarter 2016

One Miami condo

If I were to label One Miami Condo as Downtown Miami’s hidden secret, I wouldn’t be doing much justice to the residents of the 890+ apartment development. A word such as “secret” also wouldn’t be consistent with the fact that so far in the year, it’s one of the developments that have sold the most units so far in 2016.

Last time I stopped by the building was on a sunny Saturday afternoon a few weeks ago. The front desk greeted me and my guests with all smiles. The pool deck resonated with a constant echo of music and energy. And Il Gabbiano, the buildings’ flagship restaurant, was filled to the brink with residents and visitors alike, who sat while trying to get a glimpse of the boats passing by. In other words, the building looked like heaven on earth.

With that introduction, I can’t help but ask: Why do people still call it a “secret spot”? Is it because it’s tucked behind The Intercontinental while it sits on The River? Is it because most people focus instead on the condos right by Biscayne Boulevard?

The answer is I’m not really sure why. Nevertheless, it doesn’t matter. At the end of the day, if you know about something and it’s good, does it really matter if other people also know about it?

Current Activity

A lot of of the Buyers I’ve spoken to over the last few months have shifted their focus on finding properties where the value of the building makes sense, placing a greater emphasis on location and quality than ever before. In the case of One Miami, not only is it one of the best managed buildings in all of Downtown, but it also delivers an extremely convenient location along with great waterfront views, an everlasting perk of living in South Florida.

In a similar fashion to what I saw with The Blue’s report a few days ago, larger units such as the two and three bedroom models have outsold the studio and one bedrooms models. Out of 18 total units that sold as of January 1st, only five of them were a one bedroom model or less. The most popular units of all continue to be the units facing south towards the Miami River, which for the  average price per square foot of $385, offers dazzling views of Brickell and the water.

TrendGraphix FactsAndTrends

ONE MIAMI


Single Family Homes and Condo/Coop/Villa/Twnhse Combined
TrendGraphix Curnt vs. Prev Month: For Sale -1.8% | Sold 0% | Pended 100%
Curnt vs. Same Month 1 Yr Ago: For Sale 17% | Sold 200% | Pended N/A

As of today, there are currently 49 units on the market starting at $215,000 and up to $1,900,000. This amount is equal to slightly less than 6% of all units or about 25 months of inventory based on the current absorption rates. An additional 4 units are also under contract and set to close.

TrendGraphix FactsAndTrends

ONE MIAMI


Single Family Homes and Condo/Coop/Villa/Twnhse Combined
TrendGraphix Curnt vs. Prev Month: Avg. Sq. Ft. Price (Sold) -11.3%
Curnt vs. Same Month 1 Yr Ago: Avg. Sq. Ft. Price (Sold) -22.6%

The 18 units that have sold this year at One Miami Condo were:

  • 335 S Biscayne Blvd #2409, 3/2 – Sold on 5/16 for $950,000
  • 335 S Biscayne Blvd #3312, 3/2 – Sold on 3/09 for $627,299
  • 335 S Biscayne Blvd #1205, 2/2 – Sold on 02/18 for $479,000
  • 325 S Biscayne Blvd #2715, 2/2 – Sold on 05/17 for $460,000
  • 335 S Biscayne Blvd #1607, 2/2 – Sold on 03/15 for $452,000
  • 335 S Biscayne Blvd #1601, 2/2 – Sold on 04/19 for $450,000
  • 325 S Biscayne Blvd #2015, 2/2 – Sold on 01/13 for $440,000
  • 335 S Biscayne Blvd #2208, 2/2 – Sold on 04/29 for $440,000
  • 325 S Biscayne Blvd #2622, 2/2 – Sold on 03/31 for $440,000
  • 325 S Biscayne Blvd #1615, 2/2 – Sold on 02/29 for $435,000
  • 325 S Biscayne Blvd #4014, 2/2 – Sold on 01/29 for $433,000
  • 325 S Biscayne Blvd #4215, 2/2 – Sold on 04/22 for $433,000
  • 325 S Biscayne Blvd #2022, 2/2 – Sold on 02/25 for $430,000
  • 325 S Biscayne Blvd #717, 1/1 – Sold on 03/18 for $335,000
  • 335 S Biscayne Blvd #2004, 1/1 – Sold on 04/29 for $316,900
  • 325 S Biscayne Blvd #1718, 1/1 – Sold on 02/25 for $310,000
  • 325 S Biscayne Blvd #2124, 1/1 – Sold on 01/22 for $282,000
  • 335 S Biscayne Blvd #1706, Studio – Sold on 01/27 for $228,000

*325 S Biscayne sales are at One Miami West, 335 S Biscayne sales are at One Miami East.

Click here for additional details on these sales.

Average Days On The Market

By my calculations, the average day on the market based on the closed sales stands at 75 days (2 months). Nevertheless, I firmly believe that this figure is a more accurate reflection of the sales activity that was seen at One Miami Condo during the first quarter of the year and shouldn’t be what’s expected in the next few months. Miami Real Estate has always been cyclical by nature and I wouldn’t be surprised to see most units take at least 3 – 5 months to close.

The chart below shows a steady rise in the months of inventory that can be attributed to a rising amount of inventory both in the building as well as other developments in the vicinity that compete for the same buyer pool.

TrendGraphix FactsAndTrends

ONE MIAMI


Single Family Homes and Condo/Coop/Villa/Twnhse Combined
TrendGraphix Curnt vs. Prev Month: Months of Inventory (Closed Sales) -2.1%
Curnt vs. Same Month 1 Yr Ago: Months of Inventory (Closed Sales) -61.1%

Best Suggestions For One Miami Condo

  • One Miami Condo is one of the best managed buildings in the area and thus, also has one of the lowest condo association payments as well. For budget minded buyers looking to get more bang for their buck, this is an absolute plus. Be sure to advertise it if you plan on selling.
  • Units facing south towards the river are some of the best priced waterfront units without obstructions. This is a huge selling point amid all the constructions facing Downtown.
  • A lot of the current demand I’ve seen in the area has been a rise in end users looking to reside in the buildings that interest them. If your unit is tenant occupied, It’s not a bad idea to discuss an kick out clause or even a month to month agreement.
  • Units facing north face the most challenges at selling but that doesn’t mean they can’t sell. Our only limitations are often the ones that are self-imposed. If your unit has not sold, it’s time to regain confidence and try again with a different plan.

Update Summary: One Miami Condo

  • % of Units For Sale: 5.9%
  • Sold (as of May 19th, 2016): 18
  • Average $ per sqft: $385
  • Currently For Sale: 49 Active
  • Currently Under Contract: 4 Pending

Interested in other information on the building? Send us an e-mail at steinmander.m@ewm.com for a full list of properties available at One Miami Condo. If you plan on selling your condo at One Miami anytime soon please call us and we’ll be happy to go over the market with you and prepare a custom selling plan that fits your unit.

We know Downtown Miami Real Estate.

If you’re interested in buying or selling in Downtown Miami,  contact us today at 305-305-3885 or send us a message here.Thank you for reading the Miami Observer! 

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