Monday, May 25, 2015

Downtown Doral – Update on the Process

As construction progresses, Downtown Doral has officially become a reality with more announcements being made.  This is definitely one of the major "talks of the town" when it comes to Doral real estate.  With townhouse communities completed and condominiums, apartments and commercial space in the works, it is always good to present an update on the process of Downtown Doral.

5252 Paseo is Sold Out
The only place to start is by the most recent announcement in The Real Deal a couple of weeks ago stating that 5252 Paseo is officially sold out with most of the 203 individual properties being “sold to foreign investors in Latin America.” It is anticipated that this condominium will be open by the end of the year.  According to the developers, unit prices fell between the upper-$200s and upper-$900s.

5300 Paseo is On the Move
For those who were considering 5252 Paseo, don't worry.  Its sister condominium is 5300 Paseo, a 23-story, 219-unit condominium is about underway.  In addition to successful sales with the condominium, it was announced in the South Florida Business Journal that Codina Partners had secured a $46+million dollar construction loan for the building being designed by Sieger Suarez and Adriana Hoyos.  For potential buyers, 5300 Paseo preconstruction list prices start in the mid to upper-$200s and climb to the mid-$800s for units ranging from 1,100+ square feet to over 1,900 square feet.  The condominium offers one, two and three-bedroom units along with amenities including a pool, children’s play area, and a fitness center with massage rooms.

Townhomes at Downtown Doral
Construction for the Townhomes at Downtown Doral is complete with a handful of townhouses listed for sale in the $800s.  These are some of the most luxurious townhomes in all of Miami-Dade County – think elaborate rooftop patios and terraces on top of each townhouse and high-end fixtures, finishes and appliances.

Other Elements of Downtown Doral
Downtown Doral is located in the heart of Doral as a sort of city within a city.  Tagging itself as a “Live-Work-Play” master-planned community, the entire city appears to be culminating in Downtown Doral to ultimately “include eight to nine mid-rise condo towers, more than 1 million square feet of office space, a K-5 charter school, and 70 retail stores and restaurants” stated in The Real Deal.  The official Doral City Hall is located in this new part of Doral along with retail, business, and restaurant space.  The first phase of the Shops at Downtown Doral is expected to open late this year.

Fantastic businesses have committed to Downtown Doral. According to The Real Deal article, “A UPS Store, AT&T store, Marilyn Monroe Spa and Nail Salon, and liquor store are among the retailers Codina announced this week, Codina Barlick said.  Popular Coral Gables eatery Bulla Gastrobar will open a Peruvian ceviche restaurant called Pisco y Nazca; and Dragonfly, a Japanese sushi chain out of Gainesville and Orlando, will also be a tenant.”

Doral has an excellent public school system. The Downtown Doral Charter Elementary School is in its final stages of construction and is expected to open for school next fall.  According to a Doral community newspaper article, “Downtown Doral Charter Elementary School is projected to open in fall of 2015 and will accommodate over 800 students from Pre-K through fifth grade. DDCES will offer a one-of-a-kind, dual language curriculum, which will prepare students to excel in an increasingly complex global society. DDCES is private-public partnership, which will be managed by M-DCPS.”

Downtown Doral is underway to become an amazing community within the city of Doral. Watching the community progress is an awesome experience. The goal is to make Downtown Doral a destination for those living and visiting Miami-Dade.  It looks like it is well on its way to meeting that goal.

Monday, May 4, 2015

Five Doral Listings Under $500K

South Florida has ridden a huge wave out of the financial debacle that sank the real estate market several years ago – and at a pretty fast rate.  Much of the rebound is due to the influx of foreign buyers wanting a solid place to put their money that would offer a good return.  The US real estate market – specifically Florida – fit the bill. 

In a press release from the Miami Association of Realtors, “Brazil again led all foreign countries searching for South Florida real estate on the MIAMI Association of REALTORS® (MIAMI) website in February 2015.”  Additionally, according to MAR, “Brazilians spend the most on South Florida properties among foreign consumers, paying an average of $495,000. On average, Miami’s international buyers paid $444,000 per purchase, compared to $245,000 statewide.”

The Doral real estate market is on an upswing in terms of development by real estate developers that see the value. For foreign buyers looking at South Florida as a place to invest, Doral real estate offers significantly more property for the money.  When considering the above statistic, here are the top five Doral listings under $500K:

10961 NW 65th Street, Doral Isles Antigua, List Price:  $499,900
This townhouse offers a beautiful lake view along with a nice, open floor plan.  Inside, owners enjoy the gorgeous Italian kitchen with quartz countertops, wood floors, stainless steel appliances and other upgrades. Doral Isles is one of Doral’s most exclusive communities with amenities like an unbelievable community club house with several resort-style pools, an unbelievable children’s playground, basketball and tennis courts and more.  Antigua is a townhouse community that is situated adjacent to the community’s club house and pools. There are currently only two listings in Doral Isles Antigua and only one sale over the past six months at 95 percent of the list price (average number of days on the market at 182 days).  Doral Isles allows annual rentals; however, there are none currently for rent in Antigua.  The average monthly rental rate for Doral Isles condominiums typically ranges from around $1,800 to $3,000. 

8759 NW 98th Court, Grand Bay at Doral, List Price:  $499,000
Doral is well known for being home to several luxury townhouse communities and Grand Bay at Doral is one of them.  Just completed in the last couple of years, Grand Bay Doral is a community of executive single-family homes and large townhomes.  This unit is situated on a single house lot and features a full bed and bath on the main level along with three bedrooms and two baths on the second floor.  Additionally, the large kitchen has stainless steel appliances, stone counter tops and custom wood cabinets.  There are so many incredible fixtures and finishes throughout the house including tile flooring on the first floor, wood on the second floor and a wonderful patio to enjoy the Florida breezes.  Grand Bay Doral is a newer neighborhood just a short drive from Trump National and top schools in Doral. There are currently seven townhomes listed for sale in Grand Bay Doral with list prices ranging from the mid-$200s for two bedrooms to almost $500K for four bedrooms. This townhouse is also available for rent (furnished) at $3,000 per month.

5184 NW 108th Place, Piazza Vecchia, List Price:  $499,000
This four-bedroom, three-bath home is just under 2,400 square feet with a newly renovated kitchen, large, open living areas and a private outdoor pool.  Piazza Vecchia is a small gated enclave of homes ideally situated in the heart of the City of Doral close to shopping, top schools, golf and major arteries into and out of the area.  There are currently seven listings in Piazza Vecchia with three having four bedrooms and three baths.  This listing is the lower priced of the two listings.  Three-bedroom properties in Piazza Vecchia fall between the lower-$300s and mid-$400s while the four-bedrooms start at just under $500K and climb to the mid-$500s.  There is currently one rental listed with a monthly rental rate at $2,350 (three bedrooms, two baths).  Taking that average price per square foot, investors can expect a monthly rental rate for this property to fall around $3,000. 

7031 103th Court, Vintage Place, List Price:  $499,000
Another new development that has finally come to fruition is Vintage Doral, a community filled with beautiful Tuscan style single-family homes and carriage houses (Vintage Place).  This carriage-style home features four bedrooms and three and a half baths along with Italian custom cabinetry, porcelain flooring, marble bathroom counter tops and so many more amenities.  Community amenities include a private gated entrance with a 24-hour manned guardhouse, professional community management,  private clubhouse overlooking a beautiful lake complete with a fully-equipped adult fitness center and children’s playroom, a library, a business center with media room and kitchenette, an over-sized swimming pool with spa, sun deck, a BBQ gazebo area and fountains and so much more. One of the nicest features at Vintage Doral is the green park with trails for walking, running and biking. With six properties listed for sale at Vintage Place, this unit is one of the lowest priced in the community with the other topping out at in the mid-$600s.  Vintage Place rentals are also available for rent with monthly rates ranging from around $3,000 to $4,000. 

10461 NW 61st Lane, Doral Cay, List Price:  $498,500
In addition to being located in the heart of Doral, this brand new Doral Cay townhouse features four bedrooms and three baths under 2,100+ square feet of living space along with a great kitchen that has upgraded counter tops, stainless steel appliances.  Doral Cay is a gated community with a large clubhouse, fitness center, resort-style pool, sun deck overlooking lake, playground, guard house with 24-hour guard and so much more.  The location only makes this one of the most desirable neighborhoods in Doral as it is adjacent to the Morgan Levy Park and all it has to offer and very close to top Doral schools and top Doral golf courses. Currently, there are 15 listings in Doral Cay with list prices ranging from the mid-$400s to mid-$600s.  Additionally, Doral Cay rentals  typically range between about $2,600 and $4,200 per month for an annual lease.

Even though list prices are showing signs of increasing, the amount of property for the investment far outweighs other areas of South Florida. So for foreign investors looking at South Florida real estate, Doral properties should be at the top of the list of possibilities.  Developers see the too should those wanting to buy real estate.

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