Above is a video of a beautiful 2 bedroom/2.5 bathroom bi-level townhouse in a neighborhood of Miami known as Brickell. Brickell, also known as the Financial District of Miami, is one of the most prestigious neighborhoods in Miami. This 2/2.5 townhouse resides in a building known as The Palace, along the southern end of Brickell Avenue. Of the 254 units at The Palace, only seven two-story townhomes exist. These townhomes are located on the east side of the building along Biscayne Bay offering breathtaking views of the sunrise, water and Key Biscayne. Click on the video below to see it for yourself.

• Bedrooms: 2 + den
• Bathrooms: 2.5
• Square Feet: 1,510
• Price: $649,000

Today, I discovered a 3 bedroom pre-foreclosure at Uptown Lofts. Built in 2005, Uptown Lofts is a relatively new building. The building has a concierge, swimming pool, gated parking, club room, sauna and fitness center. It is located on the corner of Biscayne Boulevard and NE 23 Street, in the Arts District of Miami. Uptown Lofts has a total of 66 units.

I went over and checked out the 3 bedroom pre-foreclosure an hour after I found out about it. I’ve seen other units at Uptown Lofts in the past, but I wasn’t aware that some of the Penthouse units have 20-foot ceilings. That is, until today. The 3 bedroom/2 bathroom pre-foreclosure has 1,950 square feet of living space, 20-foot ceilings, stainless steel appliances, a huge wrap-around balcony, spiral staircase, stackable washer/dryer and a fantastic view of Biscayne Bay. This spacious corner unit has exposures to the east and north. It is considered a 3 bedroom unit but only one of the bedrooms is closed off. Because it is a loft unit, the two bedrooms upstairs are open and do not have any separating walls.

The owner of this unit paid $599,900 in November 2005. A foreclosure notice was posted on January 12, 2007. The bank is going to take possession of the property soon unless someone steps in to take it off their hands. The price of the 3 bedroom today was reduced from $550,000 to $535,000. That is already less than $275 per square foot. I wouldn’t be surprised if the bank accepted an offer slightly less than $250 per square foot. That would be an amazing deal! It is next to impossible to find a property for under $300 per square foot in a recently constructed building with a direct, unobstructed bay view in the Arts District. $350 per square foot is more like it. The monthly maintenance fees are $987 per month.

The unit does need a little work. Judging by the condition of the unit, it seems as though the owner has abandoned the property. I would definitely repaint the whole unit and install new floors. The carpeting upstairs definitely needs to be torn out but the tiles downstairs can stay if you’re looking to minimize expenses.

The picture slideshow and the video below will show you what I saw today at the 3 bedroom pre-foreclosure unit at Uptown Lofts. Let me know if you have any questions.

Uptown Lofts – 2 bedroom foreclosure
Uploaded by MiamiCondoInvestments

Live in luxury in Key Biscayne’s prestigious Grand Bay, one of South Florida’s most desirable addresses. This first class gated beachfront community featuring The Ritz Carlton Hotel and the Grand Bay Beach Club with five-star amenities, including 24-hour security, valet service, private pool, tennis club, gym with Pilates studio and beach staff.

A private elevator leads you to this elegant, spacious and bright corner unit with 3,095 square feet of living space, 2 bedrooms, 3.5 bathrooms, open area for den or office, family room and hardwood floors throughout. One of the few units in the building with 3 balconies totaling 335 square feet.

• Top-of-the-line kitchen with marble countertops, double door Subzero refrigerator and Thermador double oven.

• Separate large laundry room with access to service elevator.

• Grand master suite with his and her’s marble baths and his and her’s walk-in closets.

• High impact resistant floor-to-ceiling windows and doors provide lots of natural light and expansive views of Key Biscayne.

• Bedrooms: 2
• Bathrooms: 3.5
• Square Feet: 3,095
• Price: $1,850,000

Emerald at Brickell is one of the newest additions to the Miami skyline. This luxury high-rise building rises 27-stories and has the amenities of a first-class building such as 24-hour security and concierge, wine cellar & cigar humidor room, rooftop fitness center and Infinity-edge swimming pool, business center, valet parking, dog park, club room and much, much more. The 2-story lobby greets you as you make your way to the Tower Suite residence situated one floor below the Penthouse level. The first thing that will catch your eye the moment you walk through the door of this exquisite 2 bedroom/2 ½ bathroom residence is the breathtaking bay views out the 10 foot high balcony doors. The unit has 1,451 square feet of interior space with marble flooring throughout. The luxurious kitchen on your right has upgraded wood veneer cabinetry, an upgraded full Quartz backsplash, Sub Zero refrigerator and stainless steel appliances by Kitchen Aid. The spectacular master bathroom has an infinity-edge overflowing bathtub that fills from the ceiling, a glass-enclosed stand-up shower with marble walls, hers and his European wash basins, a bidet and toilet. Both bedrooms are nicely sized and offer awe-inspiring views of the bay. On a clear day you can even appreciate the South Beach skyline and ocean views. The large balcony flows the length of the unit with entry ways off the living room and master bedroom.

• Bedrooms: 2
• Bathrooms: 2.5
• Square Feet: 1,451
• Price: $895,000

Wonderful family home on lush builder’s acre surrounded by privacy hedge and mature oaks. This home features 4 bedrooms, 3 baths, 2 car garage and large covered terrace, great for outdoor entertaining. Recently renovated with marble floors, crown moldings, all wood kitchen cabinets and granite countertops. Over-sized windows provide lots of natural light and views of professionally landscaped grounds from every room. Excellent location on a low traffic street near Pinecrest Elementary and Pinecrest Gardens.

• Bedrooms: 4
• Bathrooms: 3
• Square Feet: 2,402
• Price: $1,199,000

Be the first to enjoy this New York-style authentic loft in Miami’s performing art’s district. Within minutes to downtown Miami, South Beach, the Performing Arts Center and Miami International Airport. Industrial-style open loft with 15-foot ceilings and lots of open space. Italian designed kitchen with polished concrete countertops and GE appliances. Hansgrohe and Kohler bathroom fixtures. New full service building with security, concierge, pool, sun deck and gym. Owner will install hard wood floors, as soon as lease is signed.

• Bedrooms: 1
• Bathrooms: 1
• Square Feet: 2,552
• Price: $3,000 per month

Update: This unit has been rented for $3,000 per month for 2 years.

• Bedrooms: 2
• Bathrooms: 2
• Square Feet: 1,145
• Price: $499,000 / $2,600 per month

There’s a good short-sale opportunity in Brickell in a development known as Brickell on the River. The building is fairly new, having been completed in 2006, and has amenities which include: valet parking, a tri-level state-of-the-art fitness center, business center, 24-hour security, concierge, swimming pool, hot tub and club room. The monthly association fees also covers basic Cable TV, DSL, water, sewer and garbage.

I took a look at the unit in question last night and was very impressed with what I saw. Click on the thumbnails above to see full-size pictures of the actual unit. The 1 bedroom/1 bathroom condo located on the 27th floor has 775 square feet of living space, a balcony, stackable washer/dryer, stainless steel appliances, track lighting, blackout blinds, marble floors in the bathroom and hard wood floors throughout the rest of the unit. The unit faces West and has great views of the sunset and the boats passing by along the Miami River.

The current owner is in the foreclosure process and the bank has decided to accept short-sale offers. The owner paid $341,000 for the unit in September 2006 and it is currently listed at $280,000. I took a look at the closed sales in the building for the past six moths for 1 bedroom units with the same floor plan. There were only two closings for 1 bedroom units with the exact same floor plan as the unit in question. Both units were sold “decorator-ready” which means that the unit was sold without any flooring, light fixtures or window treatments. The first unit is located on the 12th floor and sold for $290,000 in February of this year while the second unit is located on the 16th floor and sold for $325,000 in December 2006. Keep in mind that the foreclosure unit is fully decorated and doesn’t require any additional money to make the unit complete. I am relatively confident that the bank would accept an offer in the ballpark of $240,000 to $250,000.

The unit is currently occupied by a tenant who is paying $1,650 per month. The lease ends at the end of July but the tenant has stated the he would be willing to terminate the lease if the buyer of the unit was also willing. The maintenance fee is $440 per month.

Feel free to call or email me with any questions that you might have. Click the play button below to see a short video of the unit.