BrickellHouse Renderings
Up until now, interior renderings for BrickellHouse have not been made available. Earlier today, however, I was able to get my hands on a few initial designs created by the award-winning interior design firm Yabu Pushelberg. Yabu Pushelberg has designed the interiors for a number of exceptionally high quality condominium developments in South Florida which include Apogee South Beach, W South Beach and the soon-to-be-opened St. Regis Bal Harbour. That should give you an idea of what to expect from BrickellHouse when it is completed in 2014.
These are hot off the presses. As you can see these were dated November 7, 2011 and were released to the developer earlier today.
Apogee Beach Renderings
As many of you already know, Apogee Beach is a luxury beachfront condo development which will be located in Hallandale Beach. Pre-construction sales recently began and 40% of the total 49 units at Apogee Beach have already been sold. The developer behind the project is The Related Group which of course also developed Apogee South Beach, one of South Florida’s most exclusive condo developments. Apogee South Beach set the bar extremely high when it comes to quality and attention to detail. Name recognition and reputation go a long way in this business and perhaps there’s no better name for a new condo development to be associated with than “Apogee”.
After reviewing the renderings for Apogee Beach, however, I could not help but think that it bears an uncanny resemblance to two Miami condo developments – 50 Biscayne and Icon Brickell. The lobby for Apogee Beach appears to be a clone of the lobby at 50 Biscayne while the kitchen and bathroom are glaringly similar to those at Icon Brickell. What do you all think?
Apogee Beach rendering
50 Biscayne’s lobby
50 Biscayne’s lobby
Apogee Beach rendering
Icon Brickell’s bathroom
Apogee Beach rendering
Icon Brickell’s kitchen
Marquis Residences Honored with ‘Americas Property Award’
Marquis Residences, a 67-story luxury condominium development located in Downtown Miami was recently honored with the prestigious Americas Property Award in the Residential High-Rise Development category. The developer of Marquis Residences, Africa-Israel USA, will accept the prestigious award on December 12 at The International Property Awards to take place at The Savoy Hotel in London. Marquis Residences will then compete against category front-runners from the Asia Pacific, Europe, Africa, Arabia and the United Kingdom for the coveted title of “World’s Best”.
Marquis Residences was designed by the world-acclaimed architectural firm Arquitectonica. The 292-unit condominium high-rise was completed in 2009 and currently has limited developer inventory remaining. Prices range from $590,000 for a 1,477 square foot 2 bedroom/2.5 bath condo to $2.2M for a 3,017 square foot 2 bedroom/2.5 bath duplex penthouse.
Miami Condo Glut is Coming to an End – reports The Wall Street Journal
In an article entitled “Miami Condos on Upswing,” The Wall Street Journal reported late Tuesday night that the Miami condo glut may soon be over as evidenced by recent sales activity. The article points to a 539-unit bulk deal at Midtown Miami which recently sold for $110M, or $183 per square foot. More importantly, the “acquisition represents one of the last remaining 100-plus unit bulk condominium opportunities in all of South Florida”.
The article also states that Icon Brickell, with 1,796 total units, now has fewer than 20 units remaining as of October and is expected to sell out in November. In my opinion, the sell-out of Icon Brickell will ultimately be heralded as the true end of the Miami condo glut. Icon Brickell was depicted, by the media and everyone alike, as the poster child of condominium over-development in Miami and, to me, is as symbolic as it gets. Once the last unit at Icon Brickell closes, those with real estate interests in Miami might as well bust out their vuvuzelas and make some noise because the biggest hurdle will have been overcome for the Miami real estate market.
The recent launch of sales at Paramount Bay is mentioned as well in the article. Paramount Bay launched sales around mid-October. I was recently told that 70 units at Paramount Bay have now either closed or are under contract. More surprising, is the fact that only 4 of the 11 total penthouses remain. None of the penthouses at Paramount Bay with the large terraces (1945 square feet to 2949 square feet) remain available. Given that terraces of that size are rather unique in Miami, there was a mad rush by buyers to grab those. Prices for penthouses at Paramount Bay with the large terraces were priced around $2.1M to $2.9M – a good indication that the luxury market in Miami is also performing stupendously.
Marquis Residences, a 292-unit luxury condo development located in Downtown Miami which was not mentioned in The Wall Street Journal article, hit an important sales milestone recently. I was informed last week that Marquis Residences is now over 75% sold. Remaining 2 bedroom condos start at $590,000 while remaining 3 bedroom condos start at $860,900. A few penthouse condos at Marquis Residences also remain available for sale.
Vizcayne, another condo development in Downtown Miami with remaining inventory, is now over 50% sold. Earlier this week, it was announced that no-doc seller financing is now available with 30% down to qualified buyers. That should make Vizcayne a very popular option among investors once this news is disseminated. Vizcayne prices range from $200K to $2M.
Inventory of new construction condos in Miami continues to dwindle with each successive month. By all accounts, it very well seems that 2011 will go down as the year that the Miami condo glut came to an end. With the worst behind us, I see 2012 filled with announcements of additional pre-construction condo developments throughout Miami. It will be the year that construction cranes will once again grace our skyline to fulfill the future demand for condos in Miami.
