Penthouse view from Nine at Mary Brickell Village – PH08
Many people have been debating recently on the state of Miami’s condo market, and sometimes it is difficult to tell whether they are overly optimistic, pessimistic, in denial or leading us on. Is the market declining? Are we in a bubble? Are we in for a crash? Here are a few notes that we have made about the Brickell condo market that will be of use to residents, buyers and sellers alike.
The statistics listed below are accurate at the time of publishing. For statistics updated daily, visit the building and neighborhood pages linked in this post.
Brickell Statistics
Average sales price/square foot (over previous 6 months): $554
Average marketing time for listings that ultimately sell (over previous 6 months): 134 days
Buildings that currently have the most available sales
Lowest Priced Sale: 540 Brickell Key Drive #1509
This apartment is a 470 square foot studio in Brickell Key II with partial bay & city views. It was originally built in 1991 and was listed for $219,900 then sold for $177,510 cash after 101 days on the market.
Highest Priced Sale: 1643 Brickell Avenue #4401
For $6,550,000 the new owners of Santa Maria 4401 will enjoy direct bay and city views from this flow-through residence on the 44th floor. The apartment has 4 bedrooms, 6 1/2 baths, private elevator, his/hers master suite and staff quarters. Santa Maria was built in 1997 and this apartment was originally listed for $7,000,000 then sold for cash after 21 days on the market.
Living room with bay view in Santa Maria #4401 Photo credit: MLS
Stay tuned for our update of the preconstruction market!
Week in Review: How to Avoid the Federal Disclosure Law for Cash Purchases and Other News…
Rendering from Paramount Miami Worldcenter
Week of January 17-23, 2016.
The US Treasury announced this week that starting in March, title companies will be required to disclose the identities of buyers to government regulators for all cash purchases above $1 million in Miami’s residential real estate market. They are hoping to put a stop to illicit funds being laundered through the cash purchases, but effectively are also spooking legitimate buyers who simply do not wish to have their buying habits publicly disclosed.
Fear not, fancy condo shoppers. The ink is not even dry on the new order and The Real Deal has already compiled a list of 7 ways that the rule can be circumvented. [The Real Deal]
Last week, the developer of Miami Worldcenter announced that it is scrapping the plans for an enclosed mall just days after Macy’s announced multiple store closings due to slow sales. After this announcement Taubman and Forbes cancelled their contract with Worldcenter, causing a flurry of rumors and news stories stating that the project would be scrapped. It turns out that everyone jumped the gun. According to the developer and this Taubman release, the project is not scrapped. The contract just needs to be renegotiated to reflect the new building plans. [Zacks]
While everyone was up in arms about the potential drama at Miami Worldcenter, Brickell CityCentre released their updated list of all retailers, shops and restaurants that will be opening with the mall. The shops will begin individual build-out soon and is scheduled to open later in the year. [The Next Miami]
In possibly the least surprising news of the week, Car2Go finally announced that they are suspending service effective March 1. They say that the reason for the service-shuttering is low ridership and high state taxes, locals have not wasted time or minced words with their own theories. It seems they have been in trouble with their client base for some time due to poor handling of a PR incident involving a drunk driving accident, not offering service in many important areas of the community, poor customer service and unreliable service. We think it can be easily explained by simple economics… why pay more to drive yourself in a shared smart car with a complicated service when you can pay less and have an Uber car pick you up at your doorstep and drop you off wherever you want to go? The choice is simple. [Curbed]
Brickell Heights Construction Progress – Carlos Rosso’s Facebook
Related Group’s Brickell Heights has now reached the 35th floor of construction and less than 100 opportunities remain. To celebrate the development’s success, Related Group has opened their close-out incentives with hopes of selling the remaining 10% of apartments as quickly as possible.
Buyers can now secure their apartment with a lower deposit amount, having paid only 30% of the purchase price at closing time. The remaining 70% comes due at closing, rather than the previously required 50% deposit. All of the apartments will come fully finished with porcelain tile floors throughout and select apartments have price discounts.
Because of the way developers release their inventory in new projects, the remaining opportunities are scattered throughout the different floors and the different sizes offered. The last apartments are not the least attractive opportunities, they are the same as the mix of views and floor placement that were offered earlier in the sales cycle… just at a discount now because the developer is excited to finish up.
With the special incentives and discounts, the remaining apartments range in price from $409,900 for a 1 bedroom on the 33rd floor with a view of Brickell City Center (once offered for $481,900) up to a 2 bedroom with den on the northeast corner, also with a view of Brickell City Center for $589,900 (once priced at $706,900).
Brickell Heights is scheduled to open in early 2017 and is located just across the street from both Mary Brickell Village and Brickell City Centre (opening Fall 2016). Retailers for Brickell City Centre are slated to include Valentino, Chopard, Stuart Weitzman and anchored by Saks Fifth Avenue.
Contact us today to discuss the remaining inventory with information on prices, floor plans and deposit terms.
Brickell Heights Rendering
Brickell Heights Lobby Rendering
Brickell Heights Corner Apartment
Brickell Heights Pool Deck Rendering
Brickell City Centre Saves The Trees
Photo courtesy: Jami Reyes Facebook
Of all the developers in the greater Downtown Miami area, we have to give kudos to Swire for their efforts in preserving the oak trees on their development sites. This weekend, they began the landscaping for Brickell City Centre using the existing oak trees from their site that will one day be One Brickell City Centre. As you can see, the project was quite the undertaking but was well worth it for everyone.
This isn’t the first time we have seen such community-friendly activity from Swire either. Some Brickellians may remember that before Brickell City Centre was Brickell City Centre, a big portion of the land was the lushly landscaped Brickell Tennis Club. Have a look at the promotional video from Social Buzz TV that was released in 2011.
Video courtesy: http://SebastianRusk.com
When the tennis club was demolished in 2012 to make way for Brickell City Centre, Swire again opted for relocating the greenery rather than cutting it down. See below for an updated photo of the trees from the Brickell Tennis Club. Does this look familiar?
Photo courtesy: Jami Reyes Facebook
The same trees are now thriving in Museum Park. Downtown’s Museum Park had previously been in desperate need of the face lift that Swire helped to achieve with their trees. Before the renovation, Museum Park had been a haven for transients despite its bayfront location and views. The grass was crispy and brown, not very welcoming to the neighbors of the nearby luxury high rises who may want to have a jog or an afternoon picnic.
Today, the park’s renovation is nearly complete. The trees helped to breathe new life into the abandoned space, as did the Perez Art Museum which opened in 2013. The Patricia and Philip Frost Museum of Science should open within the year, completing the transformation into a fully usable space that is enjoyed now by thousands.
Here are some additional photos of the Brickell City Centre trees getting their new home in the shopping center that is scheduled to open very soon now:
Photo courtesy: Jami Reyes Facebook
Photo courtesy: Jami Reyes Facebook
Photo courtesy: Jami Reyes Facebook
Canvas Secures Fannie Mae Approval
Just to the west of the Adrienne Arscht Center is Canvas, a 513 unit condo development that is being built as “affordable luxury” to attract the local buyers who are hungry to participate in Miami’s new condo boom. The site work has begun and over half of the residences are currently under contract.
In order to attract more of the 30-45 year old local buyers, they have also received their Fannie Mae Approval, making mortgages easier to obtain once the development is complete. What this means to buyers is that Fannie Mae is willing to purchase or securitize the mortgages people take out on individual apartments in the development. When a project is Fannie Mae Approved, banks are more willing to issue mortgages to buyers at lower rates and with lower down payments. This is excellent news for local buyers, who are typically priced out of the new condo market due to competition with foreign cash investors.
Because the approval process is so scrutinizing, the approval should be seen as a gold star for any development that obtains one. Of all the condo developments in the Greater Downtown Area (the general area between Brickell and the Design District, east of I95 and west of the Biscayne Bay), Canvas is one of only 6 developments with the approval. Fannie Mae has reviewed the specifications of the project and is pleased with the budget, insurance and legal documents associated with the building. Developments who have the approval are seen as “safer” investments as the buildings are well-run.
Locals have been especially excited about this development because of the quality of finishes/amenities offered, the anticipated restaurant by Kevin Aoki (son of Benihana founder Rocky Aoki and brother of recording artist Steve Aoki) as well as the addition of a new recording studio to the area.
Canvas is still offering new condos with price ranges from the mid $300’s-$600’s and floor plans from one bedrooms up to three bedrooms. The tower will be 37 stories and is expected to be completed in 2017. Groundbreaking is scheduled for next month.
See below for additional renderings just released from the developer:
Building Entry
Lobby
Lobby
Yoga Area
Pool Area at Dusk
Social Area/Bar
Rooftop Dining
Amenity Area
Fitness Center
Kids’ Playroom
Kitchen
Living Room
Bedroom with view
Master Bath
Regalia Introduces a $45 Million Penthouse
“Life’s Magnum Opus” – That is the tagline for Regalia’s crown jewel, the 43rd floor penthouse. And what a jewel it is!
The penthouse spans the top two floors of the tower and also includes a 6,000+ square foot rooftop pool deck with a 360 degree terrace overlooking the Atlantic Ocean, Intracoastal Waterway, Golden Beach, Miami Beach and the Miami skyline. There are two other terraces, the 43rd floor has a 360 degree terrace and the 44th floor has one that spans 270 degrees. The rooftop pool deck also has a summer kitchen with retractable Louver shading, an indoor wet bar and a full bath.
Indoors, owners will find 6 bedrooms and 7.5 bathrooms spanning 10,000+ square feet. The three levels are tied together with a custom glass elevator and a floating grand staircase in the double height great room.
While visiting, guests can enjoy a dining room that seats 12, custom stone and glass wine cellar, a game room with designer billiards table, and a lounge theater and bar. The dining room and billiard table have custom pendant lighting fixtures. An art gallery mezzanine overlooks the double height great room.
For the owners, the grand master suite leaves nothing to be desired. A private spa holds a steam room, sauna and massage beds. The bedroom has a drop-down ceiling television and midnight bar, wine cooler, glass enclosures and secure safes. The grand master bath offers stone flooring and walls with glass enclosures, couples’ Jacuzzi tub with hydrotherapy and air treatment jets, and his and hers glass showers with rain heads, body jets and hand held fixtures. The dressing areas offer his and hers vanities with a separate make-up area for her and walk in closets.
Given that the name Regalia means, “the emblems or insignia of royalty, especially the crown, scepter, and other ornaments used at a coronation,” this residence is certainly fitting of the name. See below for additional photos and floor plans:
Regalia tower in Sunny Isles Beach
Level 1 Layout
Level 2 Layout
Level 3 Rooftop Pool Deck Layout
Miami Worldcenter Opts for Open-Air Shopping; Residential Amenities Remain Unchanged
News spread earlier today that Taubman has opted to turn Miami Worldcenter into an open air shopping mall rather than the originally planned enclosed mall. We found this to be great news, as open air malls have been more sought after by shoppers in recent years, leaving hoards of enclosed malls vacant and in need of redevelopment throughout the country. The open air plan will also likely be less costly to build.
The shopping center had been slated to be anchored by Macy’s and Bloomingdale’s, although it is not clear at this moment whether they are still on board. Just last week, Macy’s announced it would be closing 40 stores due to dismal holiday stores.
Construction is already underway on Paramount Miami Worldcenter, the luxury residential component of the development. Many people have contacted us regarding these changes and how they affect the condo portion. The developer has reassured us that the changes in the retail component will not affect the amenities slated for Paramount.
A First Look at Residence 900 at GLASS in Miami Beach
In case you haven’t heard, GLASS is the newest addition to Miami Beach’s South of Fifth neighborhood. Closings began in October. The 18-story tower – designed by renowned architect Rene Gonzalez – has just ten total units (yes, just 10), each encompassing at least one full floor. Due to its all-glass structure, the building’s natural surroundings are brilliantly integrated into its design, mirroring the sky, sea, and city in all directions.
Last month, my broker, Dora Puig, listed for sale a full-floor residence on the 9th floor (residence 900). The 3 bedroom, 3.5 bath condo has 3,400 interior square feet plus another 2,000 square feet of terrace. Earlier this week, I finally got an opportunity to take a look at it and brought my trusty camera along.
I must say, the quality of the finishes at GLASS are second to none. I was blown away. I have never seen a developer deliver such high-end finishes. The kitchens are wrapped in Calcutta marble, the master bath in Arabescato marble, and the floors covered in walnut wood. Truly impressive finishes throughout! And the sweeping city and water views are jaw-dropping! I also got a chance to photograph the beautiful pool deck which was designed by famed landscape architect Raymond Jungles. See for yourself…
BrickellHouse Parking Trouble: How Have Sales Values Been Affected?
Back in early November, residents at Brickell House condominium in the Brickell Financial District were shocked to receive news from the condo association that their “state-of-the-art” robotic parking system would cease to function due to a disagreement between the builder and the operator of the system.
While the news of the service interruption was a surprise, the issue between the building and Boomerang Systems was not. The parking system that was installed in 2014 never worked properly, and the morning ritual of retrieving cars could sometimes take upwards of an hour per resident. The building had done their best to appease the residents, offering free Starbucks coffee during the lengthy wait times, reimbursement for Uber trips and reimbursement for alternative parking arrangements, but the elephant in the room remained. The building had a major problem.
After scrambling to find alternative arrangements for the residents of the 374 apartments, the parking company continued to demand $50,000 per month as a fee for operating the system and $100,000 in back payments. The building resisted the payment as the delays continued to grow as the building continued to fill with residents. According to the South Florida Business Journal, US Bankruptcy Judge Mary F. Walrath settled the dispute on December 21 by cancelling the contracts for purchase, installation and maintenance of the parking system but allowing the building to hire another company to manage the equipment & software that is already on site. In the meantime, the temporary parking solution remains in place.
While the building is busy looking for a new parking service company, many are wondering what will happen to the sales and rental values of the building?
Now that the market has had a few months to reflect the aftermath of the dramatic news, we are happy to see that not much has changed in the sales values. According to our BrickellHouse Statistics page, the sales figures have steadily risen since the building opened in late 2014.
Over the previous 3 months, the average price per foot has been $641/foot for sold condos, up from $611/foot over the last 6 months and $595/foot at building opening. There are also 4 apartments that have executed contracts that are still in process. The rental market has also steadily grown with 18 new leases in place over the last 3 months, 56 leases in the last 6 months and 143 over the last year.
While we are sure the parking situation is inconvenient for all involved, it is a relief to see that the building is holding its value as planned. Once the parking debacle is resolved, we are confident that the building will be revealed as an even better investment for the long-run.
