78% Of Condos At 512-Unit Canvas Have Been Sold

Canvas is on schedule to open in the first quarter of 2018, with nearly 80 percent of units already in contract.

The developer told the SFBJ this week that 401 of 512 condo units had been sold, or about 78 percent.

With completion soon, the developer is now accepting 20 percent deposits on the remaining units. Those deposits can be refunded once the building opens, since it is eligible for up to 97 percent Fannie Mae financing (the developer has turned away bulk buyers in order to obtain Fannie approval).

Prices range from $345,000 to $690,000, with unit sizes from 620 to 1,100 square feet.

Previously, buyers have had to place a 50 percent deposit, and most domestic buyers have had their parents help in placing the deposit, the developer said.

Nearby, the developer is planning a similar condo project targeted at end-users, designed by architect Carlos Zapata.

 

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Marc305
4 years ago

It very is exciting to see the transformation of this area, I can only imagine how it will look in the 2020’s. Best part is that the Metromover is already there. Now let’s hope it will expand further north and east soon.

Anonymous
4 years ago

Agreed man..NR Investment has really focused on selling to local Miamians, and a younger demographics.. they deserve a lot of credit and congratulations.. this was a dead area before they started investing.

Anonymous
4 years ago

Coastal Link should take care of the north. As for the east, Metrorail is sorely needed for its higher capacity and speed, but the fact Miami Beach opposed streetcars makes any transit a hard sell.

Anonymous
4 years ago

Miami Beach can either get on board or be left behind. This area is hot and it’s about to get smoking hot! Like Mark305 said, “the Metromover is already there,” building more lines and stations to it is simple because the cost of looping it is fairly nominal.

For the locals, Miami Beach will be sooo passe.

Anonymous
4 years ago

Except it makes the streets it runs along miserable for pedestrians, costs more to build elevated tracks, has little ROI when it’s free, and less capacity than Metrorail and streetcars.

Even if it wasn’t a destination, Miami Beach is a major population center which needs transit access to employment centers like Greater Downtown Miami, Dadeland, etc.

Anonymous
4 years ago

Uh, what? Miami is the only place that you’ll see where mass transit rail lines were built with sparse dwellings near them. That is why you see city government trying to rectify that right now.

Elevated tracks are the most least traffic interference solution to mass transit, besides the subway, designed. Miami Beach has a small nimby population that makes governmental decisions that stalls or kills any and all logical solutions concerning just the most simple mass transit plans.

Anonymous
4 years ago

Just a pile of concrete blocks covered with stucco and paint like 90% of the new buildings iin Miami. No other major city uses such cheap materials in their new buildings. especially expensive condos.

suomynona
4 years ago

No. Coastal Link really won’t do anything in that regard.

Anonymous
4 years ago

As a real estate broker what is your opinion of the RELATIVE value here – canvas priced at $550-$600 sq ft and quite small layouts- vs 12-30 year “older” buildings directly at the bay like Grand, 1800, Quantum that sell at about a 40% discount to Canvas?

Marc305
4 years ago

That’s a good question with many different answers depending on the type of buyer. If you are looking to invest the newer buildings will have more demand and the condo fees will usually be lower. Older buildings may or may not have that much demand or be able to offer a good return. Case in point the Venetia built in 1980, great location but with all its special assessments the condo fees are reaching a $1,000 a month. Hard to stay in the black with so much money going out every month.

If you are not an investor and you are looking to live in the unit, the buildings you mentioned are perfectly fine. Like you said they are more affordable than Canvas. However, keep in mind that units in Canvas and other new buildings in this immediate area will probably appreciate faster as the area becomes more dense and the surrounding areas begin to develop as well. Hope that answers your question.

Anonymous
4 years ago

People are beyond ridiculous to be paying 600/sf in inland buildings that are just 10 years newer. Lets say for example in 1800 Club that opened in Jan 2008 has direct bay view unit is hovering around $500/sf. The amenities are nothing to be sneezed at. Granted the finishes and appliances are not high end compared to some other buildings but they are easily replaceable like a carpet. While Venetia is a bad example, 1800 Club has 0.55 Cent per SqFt HOA making it the lowest HOA fee for a Luxury Building. So My question is why would a buyer pay more for a inland location with no water views over building like 1800 which has the best location, a park and the best water views? Remember, it is location x 3. You can replace or upgrade everything in your home but you cant upgrade your location.

Anonymous
4 years ago

Clean with some subtle curves. I like it.

defamed2
4 years ago

I really thought Canvas would be an eye sore, but it is actually quite aesthetically pleasing, even if it is not very imaginative. I think it will age well. Melo’s twin towers, nearby, however, look cramped and uninviting, actually making Canvas look much nicer in comparison.

Anonymous
4 years ago

You must realize that the twin tower structure the Melo’s are building is all rental. Different clientele.

Anonymous
4 years ago

meanwhile what’s with those goofy bastards at ‘The Museum Club’ who occupy the building below in the first pic ?

BDub
4 years ago

It’s meant to be a condo tower/ shooting range according to New Times in 2015.
http://www.miaminewtimes.com/news/proposed-downtown-miami-hotel-would-include-gun-and-archery-ranges-8112885

Anonymous
4 years ago

Congratulations to the developer …… if you believe it , it is possible …… this area is a raw diamond , just need some cuts and polish…….. and good investment for all the buyers 😉

Mainland
4 years ago

A pet peeve: Can the writers of these articles please include the street address when they write about these new buildings? Reading this article, I have no idea where “Canvas” is!

Anonymous
4 years ago

bland architecture

Miami1
4 years ago

I’m sure you can do better

Anonymous
4 years ago

Yeah…I’ve been waiting for a long time to see his work.