Miami Condo Index – Brickell – November 2008

It’s been three months since I last released the Brickell Condo Index.  The last update for Brickell condos was published in August 2008.   The data used to create the statistics below was collected on November 18, 2008 from the MLS.  You may want to also compare the statistics below to those published a year ago in November 2007. It really helps to put into perspective how inflated prices were a year ago in some of the condo developments in Brickell.

The Brickell Condo Index now stands at an average price of $429.52 per square foot.  This represents a 2.28 percent drop in the average asking prices of the 18 condo developments that comprise the Brickell Condo Index over the past three months.

Average price per square foot of Brickell condos currently listed on the MLS:

• Atlantis on Brickell – 2025 Brickell Ave | 33129 | $305.86
• Brickell on the River North – 31 SE 5 St | 33131 | $338.44
• Bristol Tower – 2127 Brickell Ave | 33129 | $461.51
• Emerald at Brickell – 218 SE 14 St | 33131 | $395.61
• Four Seasons Residences – 1425 Brickell Ave | 33131 | $931.23
• Imperial at Brickell – 1627 Brickell Ave | 33129 | $375.31
• Jade at Brickell – 1331 Brickell Bay Dr | 33131 | $609.25
• Latitude on the River – 185 SW 7 St | 331310 | $366.44
• Neo Vertika – 690 SW 1 Ct | 33130 | $314.18
• One Miami – 325 & 335 S Biscayne Blvd | 33131 | $376.38
• Santa Maria – 1643 Brickell Ave | 33129 | $729.24
• Skyline on Brickell – 2101 Brickell Ave | 33129 | $407.49
• Solaris at Brickell – 186 SE 12 Ter | 33131 | $370.35
• The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $339.33
• The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $389.33
• The Palace – 1541 Brickell Ave | 33129 | $371.22
• Villa Regina – 1581 Brickell Ave | 33129 | $384.06
• Vue at Brickell – 1250 S Miami Ave | 33131 | $266.16

The average price of Brickell condos sold over the past six months has dropped 7.13 percent to $291.59 per square foot from August’s average of $313.97.  As with the last update, the average would normally be higher had a sale occurred in the MLS within the past six months at Four Seasons Residences, which sells at the highest price per square foot of the 18 condo developments comprising the Brickell Condo Index.

Average price per square foot of Brickell condos sold in the MLS within the past six months:

• Atlantis – 2025 Brickell Ave | 33129 | $250.71
• Brickell on the River – 31 SE 5 St | 33131 | $264.63
• Bristol Tower – 2127 Brickell Ave | 33129 | $364.86
• Emerald at Brickell – 218 SE 14 St | 33131 | $238.88
• Four Seasons Residences – 1425 Brickell Ave | 33131 | N/A
• Imperial at Brickell – 1627 Brickell Ave | 33129 | $316.83
• Jade – 1331 Brickell Bay Dr | 33131 | $385.81
• Latitude on the River – 185 SW 7 St | 33130 | N/A
• Neo Vertika – 690 SW 1 Ct | 33130 | $228.00
• One Miami – 325 & 335 S Biscayne Blvd | 33131 | $296.13
• Santa Maria – 1643 Brickell Ave | 33129 | $661.70
• Skyline on Brickell – 2101 Brickell Ave | 33129 | $298.68
• Solaris at Brickell – 186 SE 12 Ter | 33131 | $200.00
• The Club at Brickell Bay – 1200 Brickell Bay Dr | 33131 | $201.44
• The Mark on Brickell – 1155 Brickell Bay Dr | 33131 | $289.18
• The Palace – 1541 Brickell Ave | 33129 | $260.14
• Villa Regina – 1581 Brickell Ave | 33129 | $249.88
• Vue at Brickell – 1250 S Miami Ave | 33131 | $158.55

Below you will find some additional statistics:

The first column to the right of each condo development’s name is the difference in the average sales price and list price for this month, expressed as a percentage. An “N/A” is found next to Four Seasons Residences and Latitude on the River since this percentage could not be computed as each building failed to have a closed sale within the past six months through the MLS.  A high percentage indicates that there is a large discrepancy between the average asking price for condos currently on the market and what has actually sold within the past six months.

The second column is the number of active listings in each condo development currently in the MLS. The third column shows the percentage that these listings represent over the total number of condo units in each development. The cells highlighted in green reveal those condo developments that have active listings that represent less than 10 percent of the the overall units in the building. To me, this is one indication of a sound condo development. Atlantis, Bristol Tower, Four Seasons Residences, Imperial at Brickell, The Palace and Villa Regina are the condo buildings highlighted in green.  The ones highlighted in red reveal those condo developments that have active listings that represent over 20 percent of the overall units in the building. There’s definitely underlying risk in buying in these condo developments and I’d only advise buying in one of these if the price justifies the risk. This month, Solaris at Brickell is the only condo developments highlighted in red.  This is usually a good indication that prices will fall further in future months. The condo developments with active listings less than 10 percent are considered safe, in my opinion, and anything in the 10-15 percent range is considered normal, even in a healthy market.

The fourth column shows the number of pending sales while the fifth column displays the number of closed sales within the past six months. There are a total of 94 total pending sales in the 18 condo buildings represented in the Brickell Condo Index. In August, there were a total of 79 pending sales at the time. Once again, The Club at Brickell Bay, Vue at Brickell and Jade each have pending sales in the double digits. The same goes for closed sales within the past six months in each of these condo developments.  Skyline on Brickell also hit the double digit mark with a totla of 13 closed sales in the MLS within the past six months.  In August, there were a total of 123 closed sales within the past six months.  This figure has gone up almost 32 percent since the August update.  The 18 Brickell condo developments had a total of 164 closed sales within the past six months.The vast majority of these closings occurred in just a handful of the condo developments, however.  8 of the condo developments had three or less closings within the past six months.

The sixth column shows the difference in the average list prices from this month’s and August’s, expressed as a percentage. Those highlighted in red reveal those condo developments which had a drop in their average list price while those highlighted in green show those that had an increase. Emerald at Brickell saw asking prices drop a little over 10.5 percent while Solaris at Brickell shed about 9.8 percent from its average asking price in August. An increase in average asking prices occurred in 8 of the condo developments in the Brickell Condo Index.

The seventh column reveals the difference in average sales prices from this month’s and August’s, expressed as a percentage. Vue at Brickell saw the largest drop with a 15.94 percent decline. Jade, Neo Vertika, The Club at Brickell Bay and Villa Regina also had double digits drops.  It should be noted that Villa Regina only had one closed sale within the past six months to calculate its new average. Atlantis, Santa Maria, Skyline on Brickell and The Palace each experienced an increase in their average sales prices for the previous six months.

Vue at Brickell is very, very close to hitting the $150 average per square foot mark for closed sales over the previous six months. In August, the condos available on the market at Vue at Brickell represented about 28 percent of the overall units in the building.  This figure now resides at around 17 percent.  It will be interesting to see how much lower the average price per square foot of condos sold at Vue at Brickell will go if inventory levels continue to improve.  As I mentioned earlier, the 10-15 percent range is normal even in a healthy market.  Perhaps some sort of stability is right around the corner for Vue at Brickell.  The same can be said for Jade and The Club at Brickell which have also continued to show progress in reaching normal inventory levels.

Marina Blue Featured in New Akon Music Video

A little over a month ago, Akon shot a music video for his new hit single “Right Now (Na Na Na)” at Marina Blue. I came across the video and wanted to share it with everyone.

The opening scene is shot in the loading dock area of the parking garage at Marina Blue. It then appears that he is entering a nightclub but is actually entering the lobby of Marina Blue. 3 minutes and 3 seconds into the video, you will also see Akon singing on a couch in a living room. This was shot in a penthouse unit at Marina Blue. Notice the 20-foot floor-to-ceiling glass windows and the Miami Beach skyline in the background.

Bank Approved Short-Sale at Parc Lofts – $220,000

I have a short-sale listing at Parc Lofts that just received lender approval this evening.  The list price has just been reduced to $220,000 from the previous asking price of $250,000.  Unfortunately, the person who submitted an offer canceled recently because they felt that the short-sale process was taking too long.

The unit has 1,267 square feet of living space, 15-foot ceilings, acid stained concrete floors, stainless steel appliances, De La Casa cabinets, washer/dryer and balcony.  Parc Lofts is one of the few industrial-style lofts in South Florida.  It has become home to many of Miami’s artists, videographers, photographers and others desiring a unique space.  Amenities at Parc Lofts include: swimming pool, hot tub, concierge and fitness center.

Contact me if you have any questions or would like to view this loft in person.

Top 5 Miami Distressed Condo Sales Closed in October 2008

I found a total of 30 distressed condo sales that closed in the month of October in the MLS located in Brickell, Brickell Key, Downtown Miami and the Arts District.  The following are, in my opinion, the five best deals that took place along with one worth mentioning.

1. Skyline on Brickell – unit 2505 – 1 bedroom/1 bath (791 square feet) – This unit sold for $200,000, or $253 per square foot, on October 28, 2008.  Foreclosure
2. Vue at Brickell – unit 1501 – 2 bedroom/2 bath (1,255 square feet) – This unit sold for $170,000, or $135 per square foot, on October 17, 2008. Foreclosure
3. Jade at Brickell – unit 504 – 1 bedroom/1 bath (895 square feet) – This unit sold for $220,000, or $246 per square foot, on October 24, 2008.  Foreclosure
4. Solaris at Brickell Bay – unit 1607 – 1 bedroom/1 bath (730 square feet) – This unit sold for $146,000, or $200 per square foot, on October 24, 2008.  Foreclosure
5. Courvoisier Courts – unit 704 – 2 bedroom/2.5 bath (1,230 square feet) – This unit sold for $290,000, or $236 per square foot, on October 22, 2008.  Foreclosure

Runner-up: Jade – unit 3509 – 2 bedroom/3 bath (1,730 square feet) – This unit sold for $710,000, or $410 per square foot, on October 13, 2008. Foreclosure

Icon Brickell Tour – Condos

This past week I was able to tour not only the amenities and common areas at Icon Brickell but also a few condos.  Below, you will find the pictures that I took of a few two bedroom condos.  Keep in mind that these are model units.  Condos at Icon Brickell are delivered by the developer “decorator-ready”.  However, as an incentive to buy now, the developer is offering either a 3 percent decorator credit or flooring installed throughout your condo.

The first condo I saw was a 2 bedroom/2 bath plus den.  It has 1,503 square feet of interior space and 218 square feet of balcony.

The hallway leading to the condos at Icon Brickell.

A shot of the kitchen and dining area.

The living room and dining area.

A close-up of the kitchen with natural stone countertops and appliances by Sub-Zero, Wolf and Bosch.

The den area of this condo.

The master bedroom.

The master bathroom with French limestone flooring.

Another shot of the master bathroom with matching limestone vanity top and porcelain sinks.

A third shot of the master bathroom.

The second bedroom.

The view of Brickell Key, Biscayne Bay and Key Biscayne from this 2 bedroom condo.

The second condo I viewed was a 2 bedroom/2 bath with 1,314 square feet of interior space and 133 square feet of balcony.

The kitchen and dining area.

The living room.

The master bedroom.

The master bathroom.

The second bedroom.

The view of the Miami River and Biscayne Bay.

Icon Brickell Tour – Common Areas

Yesterday, I had the opportunity to tour Icon Brickell.  I’ve decided to write two separate posts to encompass the thorough tour that I was given.  This first post will include pictures and my thoughts about the common areas found at Icon Brickell.  The second post, which should be published within the next couple of days, will focus on two model units that I was able to see.

The valet area is grand to say the least.  The large columns that greet you as you enter the property resemble the stone heads on Easter Island called Moai.  $10M was spent on these monstrous columns.

The windows of each lobby has a yellow film on them to distinguish the room from the rest of the building.  It felt a bit like a haunted house to me.  Above, you see the concierge desk with an over-sized armoire behind it.

The fireplace located in the lobby of Icon Brickell is surrounded by classical furniture and large, frameless Renaissance portraits.

Another shot of the lobby.

Another look at some of the artwork in the lobby of Icon Brickell.

The hallway leading to the mail room and elevators creates a sharp contrast from the lobby.

The mail room at Icon Brickell.

The Icon Brickell Cafe serves food and beverages to the pool area and makes deliveries to all of the residences.

The Icon Brickell pool deck has a Delano-style to it.

Over-sized chessboard located off the Icon Brickell pool deck.

Outdoor dining table with room for 50 people.

Outdoor gas fireplace and furniture located off the pool deck.

The theater room was locked but I was able to a shot of it through the doors.  We were told the room will be filled with beds instead of leather recliners.

The Icon Brickell club room.

Another shot of the Icon Brickell club room.  Although I did not get a chance to see them, I was told that there is a separate billiards room and poker room.

Above, you’ll find the thermal spa room which is reminiscent of an ancient Roman bath.

Spinning room at Icon Brickell.

The fitness center at Icon Brickell has free weights, machines, cardio equipment with personal TV screens and two boxing bags.

The locker room at Icon Brickell.

The men’s spa.  We were told that the men’s and women’s spas are identical.

The steam room.  There is also a separate sauna room.

A treatment/massage room in the Men’s spa at Icon Brickell.

Icon Brickell was different to say the least.  It is very over-the-top with an Alice in Wonderland type feel and a hint of South Beach flare to it.  The 2 acre pool deck was incredible with its lengthy dining room table, large fireplace, over-sized chessboard and Delano-style Infinity-Edge pools.  Most will also appreciate the extensive collection of artwork that fill the various rooms throughout Icon Brickell.  My favorite room was the thermal spa room with plunge pools and floor-to-ceiling bookcases on each end.  Although it may not appeal to some, it is still a sight to see in person.  The Icon Brickell Cafe is definitely an amenity that most will appreciate.  There will also be two signature restaurants located at Icon Brickell.  I did feel, however, that the fitness center was a bit small to accommodate 1700+ units.  Overall, the development may not conform to the tastes of some but I think everyone will agree that it is unlike any condo development that we have seen in Miami.

Icon Brickell has a total of 1,783 units in the three towers that comprise the development.  Closings are scheduled to begin next week.  Our tour guide notified us that 90 percent of the units had been presold.  It will be interesting to see how Icon Brickell fares with their closings in the months ahead.