93% of All Newly Completed Condos in Downtown Miami Now Occupied

The Miami Downtown Development Authority recently released a study showing that of the 22,785 newly completed units in Downtown Miami, 93% of them were occupied as of December 2011.  That number is up 7 percentage points from December 2010 in which 86% of the units were occupied.  The study focused on those units completed after 2003 located within the Downtown Development Authority District and adjacent areas of influence as shown in the above map. A total of 77 newly completed condominium developments, as defined by the study, are located within these boundaries.

I read through the entire study and wanted to share a few highlights that I found to be rather enlightening:

• 84% of the newly completed units have closed.  (The overall 93% occupancy rate in downtown area condominiums substantially exceeds the number of units sold as a result of developers’ rental of unsold units.)
• In 2011, approximately 45% of total sales were first-time new unit sales in new buildings.  On average about 140 sales per month were in new buildings in 2011.
• Renters account for approximately 56% of occupied units.  ( I figured that this would have been slightly higher.)
• From 2010 to 2011, the average sales price of new units increased approximately 11.7% to about $420,000
• The average price per square foot of new unit sales increased approximately 12.6% from 2010 to about $365 per square foot in 2011.

Grand Opening of the Brickell Bazaar & Fresh Farmer’s Market

Don’t miss the grand opening of the Brickell Bazaar & Fresh Farmer’s Market this Saturday, March 17th, from 8am to 4pm.  The event is hosted by the Downtown Miami & Brickell Chamber of Commerce and will be located just south of Icon Brickell at the historic First Presbyterian Church of Miami at 609 Brickell Avenue. If you can’t make it out this weekend, the Brickell Bazaar & Fresh Farmer’s Market will return every other Saturday.

1814 Brickell Avenue Park Almost Completed

Earlier this afternoon while driving south along Brickell Avenue, I noticed that 1814 Brickell Avenue Park appeared close to being completed.  The park was originally scheduled to be completed towards the end of 2011.  The .81 acre park will fill a void for many Brickell residents living along the southern end of Brickell who have long awaited a usable green space.

Below, you will find the design for 1814 Brickell Avenue Park.  The design called for a reading area, picnic area, children’s playground and open lawn space.  You will also notice a number of trees and shrubs planted throughout the park as well. I was happy to see this afternoon that a water fountain was included and more lighting installed than was called for in the original plan.

Additional Renderings of 1100 Millecento Residences

I came across two additional renderings of 1100 Millecento Residences while surfing the Internet which I decided to share.  The one above is a nighttime shot of 1100 Millecento Residences as seen from the intersection of Southeast 9 Street and South Miami Avenue at Mary Brickell Village.  I’m quite pleased with the amount of air space that resides between 1100 Millecento Residences and the north tower of Axis.  I was concerned that the 19 and 20 lines at Axis would be looking directly into the west side of 1100 Millecento Residences and have their view completely obstructed.  That doesn’t seem to be the case if the rendering above is accurate.

The second rendering is of an east facing unit at 1100 Millecento Residences which would provide you with an amazing view of the Brickell skyline as well as an obstructed view of Biscayne Bay.  The rendering indicates that the kitchens will be outfitted with Italian wood cabinetry, limestone counter tops and a Subzero refrigerator. Unit details have to be released, however.

I also learned that 1100 Millecento Residences will have a 9th floor elevated pool deck with a club room, a state-of-the-art fitness center, private theater and 42nd floor rooftop infinity edge pool with private cabanas.  To put into perspective the type of view one might get from the 42nd floor, think 500 Brickell.  500 Brickell also has a 42nd floor rooftop pool.

Pre-construction sales for 1100 Millecento Residences have not yet begun but prices are expected to start at $350 per square foot.

27 Star Island Drive (Casa Di Paolo) Hits the Market for $21M

It may not be particularly noteworthy when a Star Island home hits the market for $20M+.  After all, there are currently two Star Island homes with asking prices of $35M.  What does make this new listing particularly noteworthy, however, is that 27 Star Island Drive, also known as Casa Di Paolo, was purchased last May for $10.75M.  The home was relisted earlier today with an asking price of $21M.  The listing makes no mention of any upgrades or additions made to the home since last May and the pictures included with the listing are the exact same which accompanied the listing last year.

Here’s an excerpt from a blog post I wrote about the sale of 27 Star Island Drive last year:

The 12 bedroom/13.5 bath mansion resides on a 40,000 square foot lot and has 15,000 square feet of living space, a bayfront swimming pool and a boat dock with 100 feet of water frontage. The property sold in 300 days at a 17 percent discount from its initial asking price of $12.95M. The estate was previously purchased in 1999 for $5.9M.

There’s no denying that the luxury real estate market in Miami is hot right now.  In fact, several major publications such as The Wall Street Journal, Forbes and Huffington Post reported last week about an Indian Creek home that was recently placed under contract for $40M by Sears Holdings Corp.’s chairman and hedge fund billionaire, Edward Lampert.  But just how hot is the luxury real estate market in Miami? How much has the luxury real estate market improved over the past year?  27 Star Island Drive may help to shed some light on these questions if and when it sells.  I’ll be sure to keep an eye on it and report any property status updates

1100 Millecento Residences – A First Look

If all goes according to plan, Related Group will follow pre-construction sales of myBrickell with the launch of 1100 Millecento Residences, a proposed 382-unit condo development to be located directly east of the north tower of Axis at 1100 S Miami Avenue in Brickell.  Designed by world-renowned architect Carlos Ott, the development formerly known as myBrickell 2 will rise 42 stories and include street-level retail space.

Pre-construction sales information has yet to released for 1100 Millencento Residences but expect an announcement soon given the level of demand for Miami condos at this time and the fact that Related Group is close to selling out myBrickell.

Mario Chalmers of the Miami Heat Purchases 5 Bedroom Condo at Marquis Residences from Drake

Miami Heat point guard Mario Chalmers will now have a short commute to work.  The Miami Herald reported on Friday that he recently purchased a 5 bedroom/6 bath condo at Marquis Residences in Downtown Miami for $2.6M.  Marquis Residences is located at 1100 Biscayne Blvd, just 5 short blocks away from the American Airlines Arena, home of the Miami Heat.  The condo was previously owned by hip-hop/rap artist Drake who placed two side-by-side units at Marquis Residences under contract last September then later combined them.

Brickell City Centre Construction Set to Begin

Earlier this week, The Miami Herald reported that Swire Properties has closed on a $140M line of credit which would allow them to fund the initial construction of Brickell City Centre, a $1B mixed-used development to be located just north of Mary Brickell Village along 8th Street.  There’s no doubt that the addition of Brickell City Centre to the neighborhood will have a profound impact on Brickell and that real estate values in the immediate area will be positively impacted. The residential component of Brickell City Centre will be comprised of two towers: Brickell City Centre Reach and Brickell City Centre Rise.

The first phase of Brickell City Centre is expected to be completed in late 2015 and will include about 4.3 million million square feet. Plans call for 520,000 square feet of retail shops, 800 condominium units divided between two towers, a hotel with 243 rooms, two small office towers of 110,000 square feet each and 93 full-service apartments. The first phase will also include 3,100 parking spaces and design feature known as the “Climate Ribbon” that will provide a covered walkway to navigate the project. The second phase calls for an office tower of 750,000 square feet that will be built as market conditions permit.

The Mark on Brickell 3 Bedroom – $365,000

If you are in the market for a 3 bedroom condo in Brickell but on a limited budget, you might want to consider this property at The Mark on Brickell.  I came across it while conducting a search on the MLS on behalf of a client and was surprised at the price.  It’s a 3 bedroom/2 bath condo with 1,470 interior square feet and travertine and wood flooring throughout.  The asking price is $365,000, or $248 per square foot, which is an exceptional value to be in a waterfront building in Brickell.  The unit does not have a water view but one should not be expected at this price point.  Expect to pay at least $100,000 more for a 3 bedroom in Brickell if you require a water view.  This condo is located on the 6th floor with direct access to the pool deck which does offer panoramic views of Biscayne Bay.  The unit is currently tenant-occupied but the lease ends next month.