Brickell’s Taj Mahal-Inspired Penthouse Under Contract
It is one of Brickell’s most unique and storied penthouses, nestled above The Palace Condominium and spanning over 5,800 square feet in 3 levels of Moroccan-inspired glamour. The Brickell Taj has had only 3 previous owners since it was built in 1981. That may soon change as a contract was accepted this week.
According to local legend, the penthouse was originally intended to be the Miami home of New York’s “Queen of Mean,” Leona Helmsley. Instead, the property was sold to a Saudi Sheik who spent 2 years with a team of 27 Moroccan craftsmen to finish the interior as an Arabian palace for his use while visiting the Magic City.
The property boasts 6 bedrooms and 4.5 bathrooms of hand-crafted wall designs and intricate tile mosaics with Turkish, Indian and Persian influences. A glass atrium offers amazing entertaining space with a 3,000 square foot terrace that spans the entire width of the building’s rooftop.
After nearly 20 years and very little use, the Sheik sold the palace atop The Palace to a developer and weapons collector, who has now received a contract from an unnamed buyer. The property had been on and off the market several times over the last 4 years without finding a buyer. In 2012 it hit the market with an asking price of $4,199,000 but was reduced to $2,295,000 at the time of sale… an excellent case in point of the fact that no matter how ornate or beautiful the property, spaces that are uniquely designed are notoriously more difficult to sell.
Photos courtesy of MLS
Condo Associations Opting to Not Include Water as a Utility in Their Monthly Dues
You know what they say when you assume: you make an ASS out of U and ME. Until recently, it was assumed, for condos located in Miami, that water would be included as a utility in a condo owner’s condominium association dues and, therefore, would be included in the rent price for tenants who lease their property. That no longer seems to be a safe assumption. Two recently completed condo developments – Nine at Mary Brickell Village and The Crimson – have done away with including in their condo dues water as a utility. For those two condo developments, units have associated to them separate water meters, which are read periodically in order to compute their individual utility bill.
While at first glance this may seem like great news for investors since they no longer would have to foot the bill for a utility service that they personally are not using, it could potentially be risky for owners as well. If a tenant neglected to pay his/her water bill, a lien could be placed on the property. That is not the case for other utilities and services such as electricity and cable TV. If a tenant neglected to pay their electricity bill, Florida Power & Light would simply shut off the power to the property. If a tenant neglected to pay their cable TV bill, the cable company would simply deactivate service. If, on the other hand, a tenant neglected to pay their water bill, the bill would continue to run up and a lien would be placed on the owner’s property. Something to keep in mind, especially for Realtors who are in the habit of telling prospective tenants that water comes included in the rent price. Rather than assuming, it’s always best to double check with a building’s condominium association before relaying such information.
Brickell City Centre Reach Tower Is Officially Open
At long last, Brickell City Centre’s first residential tower has opened! Reach Tower has received its certificate of occupancy from the city and closings have begun. The closings just began this week and the first residence to hit the public records was apartment 2109. That closed on Monday, April 11, according to The Next Miami.
Sources with the development have indicated an average sales price of $650/square foot for the 390 residences, 335 of which are currently under contract. The first investors to commit to the development were offered lower prices in exchange for believing in the project when it was in the conceptual phase. Apartment 2109 is a 2 bedroom with 1,501 interior square feet that closed for $884,300, or $589/square foot.
At the time of this post, we have not yet seen any of the apartments come to the rental market although they are expected soon. Some investors have mentioned to our agents that they intend to list the rental units for $3500/month for one bedroom options and $4500/month for two bedroom options.
The apartments are being delivered finished and ready for furniture, so we will not have to wait for interiors to be built out before seeing new neighbors occupying the tower. If you would like a tour of the development for purchase or lease, we are happy to arrange it.
