Brickell Condo Market Expected to Remain Strong Throughout 2013 and 2014
January 9, 2013 by Lucas Lechuga
As of late, little has been said about the fact that myBrickell and 1100 Millecento are completely out of inventory. With the exception of two very large penthouses, the same goes for BrickellHouse. Take a moment to digest that piece of news. Of the 948 combined units that these three developments represent, only two remain available. That speaks volumes about the strength of this real estate market in Miami. 192 units at myBrickell are scheduled for delivery towards the end of this year and the balance of condos from the two other developments are not expected until the end of 2014. In the meantime, demand remains high so existing condo inventory should continue to dwindle. There isn't much help on the way in near term either. We know that there will be a residential aspect to the highly anticipated Brickell Citicentre, which is currently under construction, but no sales information has been released as of yet. Regardless, completion of those condominiums would not be expected until 2015 at the earliest. We also know that Related Group recently purchased the Infinity II site located at 1300 S Miami Avenue. It is highly likely that sales for condominiums in that project will be announced sometime during the first half of this year. The site is approved for a 65-story tower with 556 total units so don't expect those units to be delivered any earlier than mid-2015 unless the project is massively scaled back. Lastly, there has also been mention of Panorama Tower and Villa Magna but both projects will be rather massive so inventory in either wouldn't be expected until late-2015. In summary, I think it is relatively safe to say that, barring any global economic meltdown, prices for condominiums in Brickell should enjoy a steady rise throughout 2013 and 2014 given the lack of inventory that will exist over the course of that time period.
By the way, the two remaining penthouses at BrickellHouse are priced at $2,396,000 for 3,500 interior square feet and $5,200,000 for 7,500 interior square feet. No matter how you slice it, sub-$700 per square foot for a penthouse in a building of this caliber is an amazing deal.
I absolutely agree the condos in brickell will enjoy that steady rise throughout the 2013 and 2014 given the lack of inventory that will exist over the course of that time period.
The only projects under construction right now is EnV (above Mary Brickell Village) and that will be rental so it won’t directly compete. Another building on 2nd ave but I’m hearing that it might be affordable housing. Then there is Panorama Tower (formerly 1101). I think FECR has started some preliminary site work. It’s going to have about 800 units. But at 85 floors I wouldn’t expect it to be complete until well into 2015 assuming they get going pretty soon. There are a lot of MUSP’s floating around out there and everyone thinks their site is going to the… Read more »
WOW.. the Miami market is crazy. Even though I am an agent in another part of the country it is so interesting to see what the S. FL market is up to since it is one all to it’s own.
Hello, Gixx, What’s happening at Met 2? Some people are digging for Indian remains. Is this another archaeological site? I doubt it but it’s interesting. What are they going to build there?
I’m assuming you mean Met Square, Met 2 is the building with the Marriott Marquis in it. At Met Square there are plans for a movie theater, restaurant and a 570 room hotel. They have been held up due to the artifacts found on the site. They are projecting a completion date in late 2014 or early 2015.
Gixx, Thank you for this information. It’s so interesting. This city of Miami is like no other!
gixxer,whole foods is coming downtown? you mean north of the river?
i think brickell is hopping already, it won’t become a totally diff nabe with citycentre. it will just become famous 😉 it sorely needs good retail though. did they line up the dept store yet?