Construction Accident at Echo Brickell Leaves 1 Dead, 5 Injured
Being that Brickell is one of the most densely populated neighborhoods in America, traffic is typically pretty congested, but today was a different level. Right at rush hour, there was an accident on the Echo Brickell construction site, showering Brickell Avenue with construction debris that left 5 people injured, 1 passed away and thousands were stuck in gridlock.
Many news outlets are reporting that a construction crane fell, but as you can see in the photo, it was a scaffolding that came loose and fell from the 48th floor down to the street. The construction crews were getting ready to pour the concrete into the form set that they had built when the panels came loose and fell. Luckily no construction workers were standing on the scaffolding at the time.
Down on the street, a car was crushed by the falling debris and the driver was trapped inside. Emergency workers quickly closed Brickell Avenue and evacuated the Four Seasons building next door. One man had a heart attack as he fled to escape the falling debris. As of 10pm, crews are still trying to secure the remaining panels that are dangling from the construction site and Brickell Avenue is still closed.
Unfortunately, construction accidents are not so uncommon with high rises. Paramount Bay, Biscayne Beach and Infinity at Brickell all had their turn at mishap while they were rising. I imagine a visit from OSHA is next up for the folks at Echo. We hope those who were affected have a speedy recovery.
FHA Proposes New Approval Process That Helps People Get Condo Loans
Condo shoppers rejoice! The FHA (Federal Housing Administration) is proposing changes to their condo approval process that could really benefit South Florida shoppers.
Up until now, if a person wanted to buy a condo in the Downtown Miami, Brickell, Midtown, or Miami Beach areas with an FHA loan, their choices would be to buy at Brickell on the River’s south tower, Brickell on the River’s south tower, or Brickell on the River’s south tower. That is not a typo, the only approved condo project in our area is Brickell on the River. The entire project isn’t even approved, just the south tower. 1800 Club was approved in 2012, but that expired in 2014 and wasn’t renewed. In my experience, whenever I have a buyer who is looking to use an FHA loan, I always tell them that they need to purchase a house, not a condo. Condo FHA loans are almost impossible.
The problem is that in order to offer FHA loans on the properties in the various condos, the entire building has to undergo an application process with FHA. This isn’t cost effective for developers because they have typically already sold their units prior to the building’s opening. Established condos would have to undergo the expense of the application, which is another expense for the condo association to pay. Those buildings that do go for the application typically get rejected because of the number of owner-occupants in the building. Let’s face it, a lot of the residents in our towers are vacation homes, rental units, or a combination of the two.
Well today is a new day. The FHA has realized that it is extremely difficult to use their loans in condos and are proposing to change their ways. They are proposing to lower the minimum owner-occupancy requirements to 25%-75% and allow single-unit spot approvals.
What this means is that instead of having to qualify the entire building, you could get an FHA loan on a single condo as long as their building information matches the requirements of FHA (which would now be far more lenient). Since FHA loans are designed for people who are responsible homebuyers but may not have a huge down payment or fully-established credit, these buyers have been left out of the Downtown Miami market, which is in need of new buyers now. Let’s hope and pray that this goes through! It would be amazing to see more homeowners in the downtown area!
If you would like to read the entire proposed rule, you can find it here.
Andy Murray Tries Again To Sell His Condo At Jade Brickell
Photo courtesy Miami MLS
Tennis ace Andy Murray is trying once more to sell the big 4 bedroom condo with big bay views at Jade at Brickell Bay. Back in May, it was reported that he was in contract to sell the apartment after having listed it for $2,900,000 but I guess that didn’t go through. It never closed, the listing expired from the MLS and everything was quiet… until today.
The 45th floor property was relisted today with a price reduction to $2,690,000 according to the MLS, or $787/square foot. The average sales price for the building over the last 3 months is $700/square foot so it looks like there could be a workable deal here.
It also appears that Mr. Murray has as much investment prowess as he has tennis skills. He purchased the apartment back in 2008 for $1,575,000, or $461/square foot. Bargain! Some newer residents of Brickell may not remember that in 2008, Jade at Brickell Bay was particularly hit by the market crash. Even hard money lenders wouldn’t make a mortgage in that building because of all the mortgage fraud that had gone on. The person that sold Andy the apartment had previously purchased it from the developer for $2,250,000. The original seller lost $675,000 on the apartment! Ouch!
Fast forward to today, all is well at Jade, and Andy wins. He’s been soaking in that bay view for the last 8 years (when he passes through Miami anyway), and now he will soak in the dough when it sells. I know we can’t predict what it will sell for, but the apartment doesn’t seem to have any defects that would prevent a fair market value sale. Even if he sold at the average price per foot of the building, he would sell it for around $2,400,000. Since it is a corner unit with a spacious kitchen and large terrace, I anticipate it would bring in more than the average, so we shall see!
What do you think about the apartment? Is it well-priced?
5 Most Expensive Rentals In The Downtown Miami Area
MLS Photo 900 Biscayne 6301
Lots of us are suckers for browsing fancy properties online and Miami is known for our flashy pads. Here is a list of the top 5 most expensive rental properties in the Downtown Miami area.
Four Seasons 48E – $22,500/month
Throughout the last building booms in Brickell, the Four Seasons has retained its stature as one of the best ultra-luxury properties in the neighborhood. People are familiar with the name and the level of service. For $22,500 per month, you can call this 3,357 square foot residence home. It has 4 bedrooms, 4 baths and tremendous east-facing bay views that include South Beach, Fisher Island, the Port of Miami and Key Biscayne. The listing photos don’t do this apartment justice, so here is a photo of the view.
MLS Photo Four Seasons Brickell 48E
Paramount Bay 4502 – $19,900/month
You can actually be the first to live in this full-floor residence at Paramount Bay. It has 4,437 square feet of walls of glass and 360 degree views. There are 4 bedrooms and 4 bathrooms, multiple balconies, a view from your bathtub, a hidden kitchen and all top-of-the-line fixtures that are detailed out in the listing photos.
MLS Photo Paramount Bay 4502
Four Seasons 56CD – $19,850/month
Skipping back over to Brickell, we have another option at the Four Seasons. Just like apartment 48E, this apartment comes fully furnished and designer decorated. This one is a combination of two west-facing apartments, so offers view of all of Brickell and westward into the Everglades. At night, the twinkling lights are amazing. The apartment is 3,253 square feet and has 3 bedrooms and 3 bathrooms. You can check out the photos here.
MLS Photo Four Seasons Brickell 56CD
900 Biscayne Bay 6301 – $16,000/month
Now we’ll head back over to Park West and visit THE apartment to have if you’re into backlit onyx. Probably the most photogenic of the bunch, 900 Biscayne Bay 6301 offers 3,199 square feet indoors and a 1,500 square foot terrace. The custom backlit onyx stretches throughout the apartment, giving it a completely different feel at night versus the daytime look. You have to check the listing photos to see for yourself. It may not be everybody’s taste, but you can’t deny that it is fun to look at. It’s like a family home that transforms into a private nightclub when the sun goes down. Interesting. Very Miami.
MLS Photo 900 Biscayne 6301
Santa Maria 1202 – $15,000/month
Back in Brickell again, we will round out the list at Ugo Colombo’s 1996 stunner, Santa Maria. Possibly the most secure of all of the buildings, there are very few clues that this property is 20 years old. Unit 1202 has 3,170 square feet and 3 bedrooms, 4.5 bathrooms with wraparound terraces and views of both the Biscayne Bay and Brickell. This unit is furnished by Artefacto and I would say the most tasteful of the bunch. Because the building is as secure as a fortress, you will have a treat in the listing photos. There are some shots of the amenities that are not typically seen.
MLS Photo Santa Maria 1202
What do you think of the list? Were there any buildings that you were surprised to not see? Do you like the apartments? Let us know, we love hearing feedback!
Throwback Thursday: Brickell’s Santander Tower
Welcome to TBT! Throwback Thursday, a time when we can pay our respects to what once was (or could have been). For today, let’s pay homage to the Santander Tower.
This was originally proposed to be located at 1401 Brickell Avenue, where the smaller Santander office building still stands today. It was slated for completion in 2018 but never got off the ground after being cancelled several years back during Spain’s economic crisis. If built, it would have stood 843 ft and had 52 stories of offices and retail on the ground level.
Do you think this would have been a welcome addition to our skyline?
On a side note, if you’re ever curious about the status of proposed or rumored towers, feel free to reach out! We keep track of the status of all of the projects, whether approved or not.
Brickell Homeowners Association Proposes Upgrades To 1814 Brickell Park
Five years ago, residents of Brickell were overjoyed at the addition of a new park designed by Enea Garden Design at 1814 Brickell Avenue. At the time, it was envisioned that the park would be frequented by “businesswomen in high heels” and “workers relaxing from the business district”. Now that the park has been open for awhile, it is evident that they missed the demographic big time. The businesswomen and businessmen that were envisioned are instead young children with their mothers or nannies an nowhere to play.
Currently, the park has some picnic tables outside of the gated area and beautiful yet non-functional landscaping. The playscape is great for big kids and there is a dog park area. The dog park is really just a fenced in area with a bench, and I rarely see anyone there. Tibor Hollo donated a sculpture that was formed from beams from the 9/11 terrorist attacks and there is a CitiBike station.
As of now, the only parks for little kids nearby are Brickell Key Park and Alice Wainwright Park. Both are very nice, but not necessarily walking-distance for those living in the Brickell condos. Considering that we’re one of the densest neighborhoods in America and Brickell residents make up 2/3 of Miami’s tax base, there really aren’t enough play areas for our little ones. In order to accommodate the 0-7 year old crowd, a few changes will need to be made such as:
– Remove the large landscaping and add better lighting for security purposes.
– Add a playscape suitable for smaller children. Ideally a slide and swings at the very least.
– Move the picnic tables into the gated playscape area so that the moms and nannies can watch over their children as they play.
– Install sunshades over the playground to protect the equipment and children from the sun.
A petition has been started on Change.org and needs just 135 more signature. I signed it here, will you?
1814 Brickell Park – Proposed Changes on Scribd
Frost Science Museum Releases New Interactive Website With Floor Plans
The Patricia and Phillip Frost Museum of Science has launched a new website to promote the upcoming opening of the Science Museum in Downtown Miami’s Museum Park. The site boasts an opening in Spring of 2017 and has lots of cool features including a floor plan.
In addition to the floor plan, they are garnering interest for all of the exhibits by giving more detail of each area along with a preview of the calendar of events. Membership plans are available for purchase now, with an additional 3 months added as a reward for signing up early. I plan to get the family plan and am really excited to take my son through the exhibits.
Check out the website in its entirety here. Do you plan to join?
Deal Alert: Renovated & Fully Furnished 3 Bedroom Condo at Trump Palace – Asking $2.1M
If you’re looking for a great deal – and who isn’t these days? – look no further. Earlier today, I reduced the price of an already well-priced 3 bedroom condo at Trump Palace $150,000, from $2.25M to $2.1M. Unit 3604 is now PRICED TO SELL and should do so quickly given the level of finishes and upgrades in this beautifully renovated and fully furnished 3 bedroom residence. The condo is in impeccable condition, with renovations and furnishings totaling $800,000. The most recent 04 line condo at Trump Palace sold in 2014 for $2M; that unit – unit 3904 – was three floors higher but had no renovation work upon sale.
Unit 3604 at Trump Palace is a spacious, flow-through residence with 3 bedrooms, 3.5 bathrooms and 2,167 interior square feet. It boasts 2 large balconies offering direct views of the Atlantic Ocean and Intracoastal Waterway. Property features include: renovated kitchen and bathrooms, Nest thermostat, Sonos surround sound system, private elevators, 10-foot high ceilings with floor-to-ceiling glass windows, and designer furniture and furnishings. See photos below and VIDEO TOUR of Trump Palace #3604.
Trump Palace is an oceanfront, luxury condominium development located at 18101 Collins Avenue in Sunny Isles Beach, Florida. Upscale amenities at Trump Palace include: full-service concierge, gatehouse entry with 24-hour attendant, an 8,000 square foot spa and fitness center, temperature-controlled lagoon pool, two temperature-controlled lap pools, Jacuzzi, waterfalls, snack bar and grill, complimentary valet parking, tennis courts, and more.
If you or someone you know has an interest in scheduling a showing for this contemporary masterpiece, please contact me via email at [email protected] or on my cell phone at 786-247-6332.
Hyde Midtown Tears Down Their Sales Office
Hyde Midtown Sales Office by Hyde Midtown Instagram
It’s not what you think. After almost exactly one year of construction, the Hyde Midtown sales office has been torn down in order to make way for the building that is already 1/3 finished. The sales office is being relocated around the corner until completion.
The project is steaming along at a great pace, around 1 floor per week. They are 77% sold, but still have a good collection of apartments available in all different sizes. Prices start at $446/ft and penthouses start at $734,900. The penthouses of the 31 story tower will include rooftop patios with amazing views and a great price. Have a look here for more photos.
Mario Chalmers Is Eager To Sell That Double Apartment He Bought From Drake
Earlier this week, Curbed reported that people are not necessarily lining up to purchase celebrity-owned real estate and it seems Mario Chalmers got the memo. According to the listing agent, they are reducing the price of his double condo at Marquis Residences to $2,990,000 from the original $4,000,000 ask… and there is still room to negotiate.
If you are a regular reader, you will remember that Chalmers purchased the condo from Drake in 2012 for $2.4M. Drake had previously purchased two apartments from the developer of Marquis and combined them to make one amazingly huge penthouse with a view of the American Airlines Arena. He even filmed one of his music videos from the apartment before the interior finish-out was completed. I wish I could remember the name of it, but I don’t really listen to Drake so the actual video name escapes me. Maybe someone can refresh my post-hurricane foggy memory. (UPDATE: Thank you to Eliot Ramos for reminding me that the video is ‘I’m On One’)
Anyway, In 2014 Chalmers decided that he did not like having a view of the office and put the property on the market for $4M. That didn’t work, so in early 2015, he took the property off the market for a bit. After getting traded to the Memphis Grizzlies in November, I guess he decided he doesn’t need the apartment after all, so relisted the property with a lower price of $3,590,000. And here we are today.
The Curbed article suggests that one of the reasons celebrity owned properties are difficult to sell is that they add upgrades that a typical buyer would not be interested in. That doesn’t really seem to be the case here. The upgrades are certainly a personal touch, but nothing out of the ordinary. Pharrell Williams also had a tough time selling his penthouse in Brickell, ultimately selling for more than $3 million less than his purchase price. Lil’ Wayne is also having an impossible time with his Miami Beach home.
It seems that the property is well-priced too, at least according to the recent comparable sales. This past December, unit 5106 sold with furnishings for $2.9M. At 3,800 square feet of interior space, that amounts to $763 per square foot. With the new price reduction, Chalmers is offering his place for $546 per square foot. It seems this is a great opportunity to purchase a trophy property at a bargain price.
Here are some photos from the MLS. Let us know what you think, and if you have any ideas of why this one hasn’t yet sold.
