How's the building filling up?

Replies to This Discussion

Permalink Reply by Alex (MUL) on June 5, 2008 at 8:46am

Hi Antonios,

I see more and more activity every day. It seems like the elevator issues have been all sorted out. I normally do a straight shot every time I go up now. The pool deck gets packed on the weekends, too.

I heard there were still 2-3 closings happening per week. I think most of the units are being rented out and I noticed the rent rates have gone up slightly. All in all, I think 50 Biscayne will be a success compared to many other buildings (in the short term, but especially in the long term).

-Alex

Permalink Reply by Antonios on June 5, 2008 at 9:28am

Thanks for the update. Sounds good. You say the rent rates have gone up, what would you say ocean view 2bed/2baths are going for?

Permalink Reply by Alex (MUL) on June 5, 2008 at 10:10am

I used to see studio units available for rent at $1,100. Now the lowest priced studio unit in the MLS is $1,495 and there aren't that many available.

I've seen some east facing 2 bedroom units as low as $2,300, but for the most part they are all priced around $2,500 or more depending on upgrades and what floor they're on.

Sales prices seem to have sustained, but it's still too soon to tell. Many new condos will be coming on the market this year and that will increase supply.