Imperial at Brickell Penthouse Update
February 15, 2011 by Lucas Lechuga
Last summer, as you may recall, I wrote a few blog posts regarding the penthouse at Imperial at Brickell. At the time, the penthouse was a bank-owned foreclosure. I felt that it was very well priced and, with the right amount of work, had a ton of potential. The 5,034 square foot penthouse ultimately sold for $1.05M, or $209 per square foot, on August 13, 2010. Amazing price!
Well, the penthouse at Imperial at Brickell is back on the market...the rental market to be exact. The asking price is $18,000 per month. No, that's not a typo, just EXTREMELY high expectations. Judging by the pictures, only minor changes were made to the unit. I was expecting to see a complete rebuild of the penthouse. Regardless, the price had made me doing several triple-takes earlier this afternoon before I even took a look at the pictures.
Below is a video of the unit as I saw it last May:
I forgot to mention, the carrying costs of the penthouse are $5,029 per month (HOA fee is $3,466 per month and 2010 property taxes were $18,757, or $1563 per month).
This is the problem with miami real estate — they would be lucky to rent that hole out for 7k– below any real carry, assuming 100% equity
Real estate is such a burden. Glad most people don’t know how to use a calculator yet.
In the Imperial the value apartments are the 2 bedrooms, 2 and 1/2 bath. They are very undervalued at 240$/foot