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Condo Hotel Center: Property
Alert
May 3, 2004
Boutique
Condo Hotel on Miami Beach Priced from $125,475
Just Put on Market—Only 32 Units Left!
 Over
the weekend I got wind of a boutique oceanfront condo
hotel on Miami
Beach
offering units starting at an incredibly low $125,475.
I had to see this for myself because
by any standards, for Miami
Beach
oceanfront property, THAT’S CHEAP!
So
on Sunday, I took the wife and kids (twin 5-year-old
girls who let’s just say don’t appreciate the finer
points of an economically-priced condo hotel) for
a little tour of the property.
Here’s what I learned, (despite the continual
“please-can-we-go-now” whining from Lindsay and Haley).
The
Mimosa Residences is a beachfront condo hotel located
at 6525
Collins Avenue
in Miami
Beach.
The project has recently undergone an impressive $3
million renovation and features 60 brand new and completely
furnished studios and suites in a three-story converted
hotel. Now here’s why I’m sending
you this “Urgent” Property Alert. Of the 60 units,
28 are already gone!
The
developer is keeping the six best units, the ones
with ocean views.
The other 22 have gone to his friends, families
and other insiders. Doing the quick math
that means only 32 units remain. Furthermore, my personal
experience has been that as soon as a condo hotel
hits the 50% sold benchmark, price increases soon
follow, (usually without
warning).
Property Amenities
The
Mimosa has all the amenities of a luxury resort with
the personal touch and uniqueness of a boutique property. European furnishings
give it a fashionable ambiance. Units are Internet-ready,
have kitchenettes, Jacuzzis, TVs and central air conditioning.
Building
amenities include a pool, lobby café, security, fitness
center, concierge, valet parking and 24-hour room
service.
My Personal Observations
Frankly,
I was impressed.
I’ve known this property all my life. It is the former Brazil
Hotel built in the 50’s, a little David property,
just three-stories tall surrounded by Goliaths, mammoth
high-rise condo developments.
The developer has completely gutted the property,
and in essence, created a new look and feel for what
was an aging hotel.
The
individual units, which are small by condo hotel unit
standards, did not feel small. They were well laid
out and tastefully decorated. In summation, the renovation
amounts to a complete overhaul, one that I can say
with confidence was "done right."
It’s
also worth mentioning that construction on this condo
hotel will be complete within the next 60 days. With so many of the
properties I sell, I’m used to saying that availability
is several years out.
For someone who wants to begin enjoying "the
good life" now, this is a great opportunity.
Location
The Mimosa’s perfect
location between vibrant South Beach and prestigious
Bal Harbour ensures that its condo owners will not
only enjoy the historically appreciating values of
oceanfront property in Miami Beach, but can also benefit
from the rental of their suites when they are not
in residence.
As South Beach has become overbuilt
and very costly for developers, they have flocked
to the space between 63rd
Street and 87th
Terrace. The
area along Collins Avenue and Indian Creek
is literally crammed with cranes and construction
crews. North Beach is becoming a
revamped community of commerce, family-oriented neighborhoods,
luxury hotels and high-end condos.
Proximity to Canyon Ranch will Ensure
Appreciation
Just
three blocks north of The Mimosa, Canyon Ranch, the
world's most celebrated health resort, will develop
its first healthy living residential community, Canyon
Ranch Living, on the oceanfront site of the former
Carillon Hotel.
Canyon
Ranch, which will consist of three condominium towers
featuring 151 condo hotel suites (average price $500,000-$1,000,000+),
and 467 condominium residences, and a 60,000 sq. ft.
state-of-the-art fitness center, has been a catalyst
for development in the North
Beach
area. There
are, as I write this Property Alert, no less than
six high-end condominiums going up in the area.
Prices
At
The Mimosa Residences, you can get a 290 sq. ft. studio
suite with kitchenette and whirlpool bathroom priced
from $135,975-$146,475.
Junior studios are 265 sq. ft. with in-room
Jacuzzi and private bathroom, priced from $125,475
to $135,975.
One
option that I understand is being done by some of
the people who’ve already reserved units is to combine
a studio with a junior studio to create a 565 sq.
ft. one-bedroom apartment, priced at a discount when
sold together from $238,875-$249,375.
Buy Two Units, Get a Week on a Yacht
Here’s
a unique twist being offered by the developer. With the purchase of
two connecting condominium units at The Mimosa, owners
get an added bonus.
They acquire the right to use the resort’s
own luxury yacht, The Orion.
With her quaint cabins and elegantly decorated
interiors, owners get a whole week every year FOR
FREE for 16 years.
Her
captain is always eager to arrange adventurous escapes
to the Keys or the Bahamas,
or just a day cruise up the Intracoastal. (By the way, I live
only 40 minutes away.
If you’re in need of some company, give me
a few hours notice, and my wife, twins and I will
be waiting at the dock.)
Summary
So
there you have it.
You can enjoy a beachfront lifestyle and the
benefits of an effective rental program at the same
time at The Mimosa Residences.
This is an opportunity for just a few (remember,
only 32 units left as I write this) to purchase Miami
Beach
oceanfront property for a real bargain price.
If
you are sincerely interested, please contact me to
assist you in tying up the best available unit. Keep in mind, by Florida
law, you will have a 15-day period to rescind your
deal for any reason and get 100% of your deposit back. That gives you 15 days
to come to Florida,
see the property and confirm your decision, while
locking in the unit you want and the price before
the increase, which I expect to come soon.
The
developer is requiring a 10% deposit now, and 15%
additional at closing, which is scheduled for the
end of June or 15 days after they get a certificate
of occupancy, whichever is later.
Upon
request, I can e-mail you a data sheet on this property
as well as some rather impressive photos. I would also be glad
to personally give you a tour of the property; I promise
to leave the twins at home.
***
Resale
Opportunity
By
the way, returning to Canyon Ranch for a moment, this
has always been one of my favorite buildings to offer,
as I firmly believe in this property’s success due
to its unique spa and Canyon
Ranch
Health
& Healing
Center. On Sunday morning, I
popped into the property, just to get an update on
the remaining inventory.
It
turns out that their least expensive unit two weeks
ago was $530,000, but they just had an even less expensive
unit come back on the market.
This is one of the few handicapped units in
the building, a difference that you might not even
notice as an owner, but which is definitely noticed
by the people who require the slightly lower sinks,
larger bathrooms and wider door frames.
This
unit is on the second floor, facing north. Unfortunately, it does
not have an ocean view because of its location in
the building, but I firmly believe that in Canyon
Ranch, the view is overrated.
When it comes to Canyon Ranch, people go for
the Spa, and the spinning classes, the cuisine and
physical fitness trainers.
They do not go there to look out their window. So view aside, here’s
what you should know.
This
is a one bedroom, one bath unit with 920 sq. ft. of
livable space, making it one of the largest one-bedroom
models in the building.
The price is only $475,000. Outside public
memberships to the spa will not be offered.
Having any one of the 151 condo hotel units
puts you in the enviable position of having a rental
in strong demand.
You can see photos and additional information
on Canyon Ranch here.
If
this fits your investment need, please let me know
as soon as possible, because I don’t expect this unit
to be around very long.
***
As
always, thank you for your interest in news from Condo
Hotel Center. If you have any friends who might
like to receive our Property Alerts, please direct
them to the sign-up box right on our Home Page, http://www.condohotelcenter.com/.
Have
a great day!
Joel
Greene, Broker-Associate
Condo Hotel Center
A division of Sheldon Greene & Assoc., Inc.
13499 Biscayne Blvd. Ste. 210
N. Miami, FL 33181
PH: 305-944-3090
FX: 305-948-0460
Info@CondoHotelCenter.com
www.CondoHotelCenter.com
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