Mint, Miami Condos From $198,000
March 15, 2011
Joel Greene here from Condo Hotel Center. Today I’m taking you for a stroll in my backyard. I have a beautiful, new Miami condo to tell you about.
As I’ve mentioned in several of my recent Property Alerts, we are starting to see Miami’s excess inventory disappearing. Condos are selling and buyers are getting them at prices up to 40% less than they would have paid just a year or two ago.
Mint, today’s featured property, is one of those Miami developments where business is now brisk, as its condos are surprisingly affordable for the quality and amenities of the property. I’ll tell you a bit more about the history of this property in a minute. For now, all I can say is, if you’ve contemplated owning a South Florida home and you like all that an active downtown has to offer, you might want to check out Mint. I think you’ll be impressed.
Live the Lush Life
A new, luxurious condominium development, Mint lies on the north bank of the Miami River. It is a residential oasis in Miami’s exciting downtown. Its 54-story tower contains 530 units, some of which are townhomes and others that are one- to three- bedroom condos. There are also 13 skyloft penthouses.
A full complement of amenities awaits the residents:
- Sunrise infinity edge pool with zero entry
- Exclusive spa offering treatments and full services
- Expansive outdoor space with trails and meditation gardens
- Breakfast café/business lounge
- Billiards area
- Game room for kids
- Community room with city views & recreational deck
- Fast access wireless internet in public areas
- 24-hour valet garage parking
- 24-hour security, gated community
A Unique Contemporary Design
Mint is a gated community. It spans 13.5 acres, all lushly landscaped including trails, meditation gardens and a sports area for outdoor activities. It has 900 linear feet of scenic river frontage.
Construction on Mint was begun in 2007 and completed in December 2009. It was designed by Luis Revuelta, one of Miami’s most renowned architects. The individual condos have nine-foot ceilings and floor-to-ceiling windows that offer expansive views of the city, river and ocean. They are outfitted with top-of-the-line appliances, cabinetry and designer fixtures. The condos are all move-in ready.
Near Popular Brickell Avenue
Mint is located just a few blocks off popular Brickell Ave. in the heart of the Greater Downtown Miami area. It offers easy access to everything you could want in a downtown home:
Shopping – Mary Brickell Village, an open-air retail mecca with a diverse selection of upscale shopping, dining and entertainment venues
Nightlife – The hottest after-hours scene in the surrounding Brickell neighborhood or across the causeway to world-famous South Beach
Arts & Entertainment – Short drive to performing arts at the Adrienne Arsht Center to lush gardens and art at Vizcaya
Sports – Just a few miles away is the American Airlines Arena, home of the Miami Heat.
Restaurants, bars, shopping, movie theaters and more are all conveniently close by.
History of Mint
During the South Florida condo boom that began in 2003, the seven largest condo markets east of Interstate 95 in Dade, Broward, and Palm Beach counties saw the development of 250 properties containing 49,000 residential units.
By the end of 2010, only about 15 percent of the total new inventory remained unsold. This is one of those last few projects to come back on the market, offering you an opportunity to get in at low prices below the cost of what it would take to duplicate a property of this quality with as many amenities and services.
Original preconstruction pricing at the Mint for standard units ranged from $489 per square foot for one-bedroom units to $563 per square foot for two-bedroom units, when developer, Key International, first introduced the property a few years ago. At that time 92% of the property was originally under contract when Key International lost the property to Corus Bank in September 2009.
In 2009 the Federal Deposit Insurance Corp. (FDIC) took control of Corus Bank. Among its assets was Mint. The FDIC sought a partner with a sound plan and the expertise to put it into action. They chose ST in October 2010.
ST is the managing member of a public-private partnership between the FDIC and a group of esteemed private equity investors, including Starwood Capital, TPG, Perry Capital and WLR LeFrak. It specializes in managing luxury condominium properties.
ST has recently re-launched the sales effort with pricing that has been reduced by approximately $160 per square foot from pre-construction pricing, which has spurred buyer interest. Currently there are roughly 200 units sold with many of those having gone to people who originally had them under contract with Key International.
Prices range from $198,000 to $1,050,000. The condos can be closed on immediately.
Want more details and photos about Mint? Request our free data sheet. You’ll just need to provide your name and contact information, per developer requirements.
Miami Condo Offerings
If you’ve been a regular reader of our Property Alerts, then you’ve surely noticed our recent interest in Miami condo offerings. We have our ear to the ground for properties in this area that are offering top-notch quality and extremely favorable pricing. If Mint isn’t exactly what you’re looking for, you can check out some of our other Miami condos here. Or contact me directly, and I’ll fill you in on what properties are available and match your needs.
As always, thank you for your interest in the properties we showcase. Please feel free to pass this Property Alert on to anyone you know who might find it useful.
Have a great day!
Licensed Real Estate Broker
Condo Hotel Center
1368 NW 165th Ave.
Pembroke Pines, FL 33028
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