Brickell Condo Market Expected to Remain Strong Throughout 2013 and 2014

January 9, 2013

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.