Over the past 8 weeks, I have had the opportunity to see Quantum on the Bay Condominium up close and personal. From the first time I walked into the building I knew this building was a little bit special and would be successful in the short and long term. While I have been busy scheduling appointments with clients for walkthroughs, I have not been able to take out some time to upload all the photos I have taken in those 8 weeks. Well the wait is over. Here they are:
Closings on the South Tower at Quantum began the first week of January 2008. Since then I would estimate 70-80 units have closed so far. This is a pretty good number so far. The North Tower is currently expecting TCO shortly and the common areas are undergoing the finishing touches. Building management told me to expect another 1-2 weeks for the common areas to be operational.
The South Tower contains the 2-story club room which overlooks the bay. This room will house a billiards table, plasma television screens, a bar and multiple seating areas. The club room was nicely designed and is a great space which gives anyone who bought a city view apartment in Quantum a bayview. The South Tower also houses a 20 seat theater room which I was told would have a 60″ plasma television screen and wired with Blu-ray and High-Definition signals. Also in the South Tower is a 2-story gym complete with cardio equipment, strength-training machines and a room for yoga and spinning.
What really makes this property is the convenient location to everything Miami has to offer. You are 5 blocks away from the Carnival Center (Opera House), also within 9 blocks of access to the I-395 which takes you into South Beach. A few blocks further South and you are in downtown. Go north a few blocks from Quantum and you are in Midtown Miami and the Design District. Directly east of Quantum is Margaret Pace Park which is a bonus feature. The park contains a basketball court, sand volleyball courts and also tennis courts. The park is also great for walking your dog, jogging and rollerblading. If you are interested in buying a unit in Quantum give me a call. I will soon be calling Quantum my own home and I would love to meet a new neighbor.
9 responses so far ↓
1 laura // Jan 30, 2008 at 12:05 pm
Hi Samir,
Thank you so much for your pictures. You know that I am wondering about my L unit. Cannot wait when you will be able to look at North Tower.
Please update us on everything that is happening in this area. With so many new units on the market how is the rental situation? Changed since 2 months ago? The same?
Thanks again
2 Samir Patel // Jan 30, 2008 at 5:09 pm
Hi Laura,
I’m hoping to preview the North Tower this week. But I know the developer has been shifting their schedule around for new showings because of all the closings taking place.
As far as the rental situation it is pretty much the same. Only a few units have been listed for rent in Quantum so far. Of the 70-80 units closed I have only seen 5 two-bedrooms listed for rent so far. A couple of them are the J-line, 1 of them is a K-line and 2 of them are lofts. So there is a good distribution.
Also the area is much improving as construction on all of the buildings is wrapping up and retail spaces are getting filled. The staples store which is new to the area is also almost complete and now hiring. A few new restaurants are opening in the area (an Indian Restaurant and a Brazilian Steakhouse). Also I have a couple of clients interested in retail space nearby Quantum but I can’t disclose names yet.
3 laura // Feb 1, 2008 at 11:05 am
Hi Samir,
Did you go to The north Tower? Please let me know. Did they get TCO?
4 Samir Patel // Feb 1, 2008 at 11:15 am
I think TCO is expected for Feb 8th for the North Tower but I will ask again. My tour is for 2pm today.
5 RAQUEL // Feb 5, 2008 at 4:35 pm
HI. THANK YOU FOR THE UPDATES. DO YOU HAVE ANY IDEA WHAT THE RENTALS WILL BE GOING FOR ? ESPECIALLY THE ONE BEDROOM PLUS DEN WITH THE BATH AND A HALF. THE P LINE.
6 Samir Patel // Feb 5, 2008 at 7:23 pm
Raquel,
Based on the inventory available in the South Tower - There is one I Line listed for rent for $1590. I would expect this to rent for $1500. Of course rental rates would be dependent on inventory around the time you close and list for rent. As of now in the South Tower most one-bedrooms are asking $1350-$1600 per month.
7 Mary // Feb 12, 2008 at 5:43 am
Would appreciate your help.. have a q line at the Quantum and paid 460,000… is it even worth that much now? How many are able to close? and many walking as they can not attain mortgages? if this happens will the maintenance fees increase? what is the approximate rent that could be attained for a Q in the north tower? how long before you thing the market will recover? is there a water view from the q? appreicate your help thank you M
8 Samir Patel // Feb 12, 2008 at 11:00 am
Mary, I’ve been in the Q line and as you enter into the unit you see more of the city than the bay. From the windows in the living room if you are standing along the west wall and looking North East you would see the bay but you have to look around Paramount Bay (same from both bedrooms). The terrace is pretty large length-wise and you definitely will see the bay if you standing on the terrace but again you would have to be looking North East around Paramount Bay. I would expect the rent on this one to be around $1800-$2000. The more desirable 2 bedrooms would be the A, K, J and L. I just listed a J for rent @ $2300 a month. Another J a few floors below our J is currently listed for $2295 a month. A few of the units which have closed in the J line are asking $420,000 - $475,000. The market will take a while to completely recover as there is a lot of inventory out there. Quicker to recover would be specific units in specific buildings. I think the Quantum is one of the best new buildings in the Arts District when you consider the views, building amenities, proximity to the bay and park, and also quality of construction. I would not expect maintenance fees to increase. There are also 3 separate associations - South Tower, North Tower and Master Association.
9 Mary // Feb 13, 2008 at 8:57 pm
Samir, what would be your recommendation regarding this Q on the 27th floor… We are trying to decide if it is worth the 460,00 we are contracted on or whether we are just following bad monies with bad monies… if the J line is more desireable and selling for less 420,000 … I fear we are making a poor investment and we have already lost our 90,000 deposit… I understand they are selling for approximately 320 per square foot … if this is so our Q is only worth about 360,000… we are struggling as we have not been able to sell our home and this would indeed be a large debt to undertake… we had also already upgraded the unit with tile with plans on moving in…can you estimate whether many are closing or recinding their deposits as we are faced with… based on the fact that we could not sell… we could possibly close and rent… but at a significant loss each month… I am sincerely looking for some good advice as I am having difficulty finding our information… is there anychance the builders in these situation are dropping prices…. thank you for all your help M
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