This is a very interesting time in Miami’s real estate market and we are going to start doing more regular market updates of the various neighborhoods and even individual buildings. We’ll start with Brickell, but don’t hesitate to reach out and make a request if there is a specific neighborhood or building that you are curious about.
SALES MARKET
January 2017 brought 41 closed sales in Brickell, according to MLS data, down from 66 in January of 2016. These were seller to buyer transactions, not developer to buyer transactions, since developer to buyer transactions are not reported in the MLS. We will do a separate post with developer-buyer transactions for each building as they open and the sales are recorded.
Although the number of transactions fell, the average price rose to $514,000 for those 41 closed sales. 2016’s average price was $500,000. The average price per square foot also rose to $412/square foot, up from $401/square foot last year. The condos that found buyers had an average time on the market of 163 days, last year was 114 days. It seems the longer marketing time and increasing inventory choices for buyers has made the sellers more eager to sell. The buyers who transacted were able to negotiate down to 92% of the asking price this January, down from 97% of the buyers who bought last January.
The most expensive listing that sold this month was Tower Suite 3801 in Reach at Brickell City Centre. It sold for $1.95M and was offered at $2.1M and the buyer was represented by our very own Lucas Lechuga. We did an in-depth look at the numbers from that transaction last week. The least expensive sale of the month was a $168,000 studio at Brickell’s original condo building, the Four Ambassador.
As of today, there are 1,888 active listings in Brickell (300 of which are new listings in January), averaging $725,000 and $508/square foot. If we continue selling at this rate, we have enough inventory for 46 months of business. With this amount of available alternatives for the buyers, the sellers who are eager to move on from their units need to not only price them aggressively but also hire an agent with strong marketing power so that you stand out from the crowd.
RENTAL MARKET There were 306 new leases signed in January of this year, up from 264 in 2016. The average rental price is $2,466/month, basically the same as last year’s $2,440. The 306 landlords who found new tenants beat out the competition of 1,442 alternative active listings, 465 of which were new listings.
Although the number of transactions is up and the prices are holding firm, the marketing time is increased this year to an average of 79 days on the market. Last year it took an average of 65 days to find a new tenant and move them in.
Tenants should not smell blood in the water yet though. The 306 leases that were signed garnered 96% of the asking price, so lowballing isn’t a thing just yet. The landlords who are not into 2+ months of vacancy are pricing their units well and finding a tenant quickly.
The most expensive rental of the month was the Four Seasons Residences Unit 44C. That one rented for $9,750/month. The least expensive was a studio at The Club at Brickell Bay for $1,400. It is important to note that the entry-level apartments in the neighborhood are less likely to negotiate price. Brickell is increasingly a hot neighborhood, so the entry point options are very much in demand.
What trends do you anticipate for Brickell? Weigh in and we’ll follow back up next month!
Richard Meier’s Surf Club Four Seasons In Surfside Prepares To Open
Bringing a mix of elegant history and contemporary high design, Richard Meyer’s The Surf Club Four Seasons is preparing to open the first of two residential towers. The north tower will open later this month and the south tower will be completed by the end of the year. We have scheduled a tour and are delighted to be one of the first to walk the project once the north tower is complete. Ahead of that tour, here is a preview of the project.
The Surf Club Miami opened on New Year’s Eve back in 1930 and quickly became THE place to be for the international elite. It hosted such guests as Frank Sinatra, Dean Martin, Elizabeth Taylor, the Duke and Duchess of Windsor, General MacArthur and Winston Churchill, who reportedly painted watercolors in his cabana. In 2012, the club had received historic designation yet still sold to a Turkish conglomerate for $116 million. Since that stretch of Miami Beach is limited to a 12 story height limit for new construction and the club was designated historic, it was a mystery what would come next.
The developers soon brought on Pritzker Prize winning Richard Meier to design The Surf Club Four Seasons Private Residences. The creation ofFour Seasons Hotel at The Surf Club combines the glories of the past with the possibilities of the future, bringing the next chapter of this legendary club to life. The club was restored to its original glory with the convenience of modern technology, and added a contemporary towers of residences above. The project currently has only a handful of sales opportunities remaining of the 150 residences, including the 7,000 square foot penthouse for $24.5 million.
Prices start at $3.75 million for a 1 bedroom residence with library, 1,960 square feet of interior space and sweeping views of the Biscayne Bay and Miami skyline. Two, three, four and five bedroom residences range from $3.8 million to $15.9 million.
We are very excited to see how Mr. Meier brought the history ofFour Seasons Hotel at The Surf Club together with contemporary design! Here is a sneak peek from the renderings:
THE RESIDENCES
THE HOTEL
THE CABANAS
THE SPA
FOR THE CHILDREN
THE PENTHOUSE
Mint at Riverfront Is Getting A New Lobby
Nine years after being built, Mint at Riverfront is getting a lobby face-lift. The project began on January 30, and includes new terrazzo flooring and accents. The work should be complete by the end of March.
After a rocky start in 2008 when Corus Bank (the bank that financed Mint’s construction) went out of business, Starwood Capital stepped in and completed the building. When they re-released the sales of the residences just in time for the market rebound in 2010, the building was a big success.
Since then, the building has remained a success. It is a popular choice for tenants and buyers alike, and has been very well kept. I imagine that the refreshed lobby will only enhance the value of the apartments there, once completed.
Units are trading in the high $300’s per square foot right now, and rental prices start at $1,950 for one bedrooms, $2,350 for two bedrooms, $3,600 for three bedrooms. There is also one three bedroom duplex penthouse on the market for $5,200/month.
UPDATED: Brickell City Centre’s Cinemex Movie Theater Set To Open
Photo from The Next Miami
Get your popcorn, moviegoers!!! Brickell will officially have a movie theater very soon!
Brickell City Centre’s Cinemex theater is set to open its doors on Friday night, February 17, according to sources involved with the Mexican theater chain. The theater is located on the third floor of the shopping center, above Saks Fifth Avenue. Just outside the door is Pubbelly Sushi and Tacology, conveniently located for a dinner & movie date night. A full menu will also be served inside for those who prefer to dine during the film.
The Next Miami reported a few weeks back that the theater was hiring their staff and hosting new workers onsite. There are 517 total seats in 10 viewing rooms over the 47,000 square foot location.
***UPDATE February 8*** After varying claims from other offices within the development, we contacted Swire directly to have confirmation from all sides on the opening date. While the contact within CMX does claim February 17 as the opening date, Swire is saying mid March (considering all of the final permits are closed in a timely manner).
***UPDATE March 1*** Our contact with the theater has updated the opening date to be March 15. Here is a preview of the lobby.
Why Do Developers Put Trees On Top Of Buildings Under Construction?
There are many signs that a building has completed vertical construction. Of course, the scaffolding will be removed and there is a celebration/media event, but there is also one lonely tree on the top level. Many people have asked why developers leave those trees on top, and it is quite interesting.
The construction tradition dates back to pre-Dark Age Scandinavian cultures and was thought to appease the tree-dwelling spirits of their ancestors who were now displaced because the trees were cut down. It would also ward off evil spirits from those who ultimately inhabited the structure. The first record of this tradition dates back to 700 A.D.
In modern times, the tradition is continued to acknowledge a smooth construction process and is typically a media event celebrating the project. Even if builders today do not believe in tree-dwelling spirits, the tree symbolizes good luck for future residents, continued growth and celebrates their achievement of completing vertical construction.
When the tradition began, builders used pine trees for the celebrations, many times Christmas trees. In modern times, many different types of evergreens are used. Pine branches are still used in Northern areas of the US, Danish people use Evergreen garlands and it seems only appropriate that we should use palm trees in Miami. Above, you can see the palm tree atop Muse Residences in Sunny Isles. It doesn’t look too happy on top of the 49 story tower, but the residences will have good fortune still.
A closer look at Muse Condos’ Top Off Tree via Goldendusk Photography
Brickell Heights’ top off tree is faint, but is there on the East Tower via Goldendusk Photography
Aston Martin Residences – Available Floor Plans & Prices
We were excited earlier this week to receive a full presentation of Aston Martin Residences, the new super-luxury development in Downtown Miami. Earlier, we posted the new renderings along with new details about the amenities and finishes that were shared with us during that presentation.
I always say that the best time to buy is in the very beginning or the very end of a project’s sales cycle. In the beginning, the details are less concrete and many times the sales center and brochures are not yet completed. At the end, the developer is eager to move on to their next project. Either way, these are the times to get the best pricing.
In our previous post, we mentioned that 25 of the available 391 residences have already been sold. The developer is now selling their second release, here is our favorite option from each line. Please remember that this is the availability and price as of today. If you are interested in one of the options, just reach out and we can quickly send you an update.
Here is where you can find the sales brochure and fact sheet that we received when the project originally launched. Now, without further adieu, The Residences:
River Residence 401 – $3,181,900 ($954/square foot)
River Residence 502 – $1,470,900 ($997/square foot)
River Residence 703 – $1,763,900 ($969/square foot)
River Residence 1105 – $531,900 ($762/square foot)
River Residence 1006 – $681,900 ($799/square foot)
Aston Martin Residences Releases New Renderings And Details
Aston Martin Residences has released a new set of renderings for their building whose design was inspired by an Aston Martin DB11. They are making it clear that this partnership is in fact a complete partnership, not just a licensing agreement.
The interiors of the building will have the same lighting scheme, design and feel of the interiors of their signature hand-made car. The same jeweler who places the Aston Martin logo on the hood of the cars will be the jeweler who places the unit numbers on the residence doors. A $2.3 million Aston Martin Vulcan will be the center piece of their $12 million sales center, which is currently under construction. There are only 8 of these cars in the world, and Miami’s was delivered last week.
Despite the fact that the sales center does not open until around Mother’s Day, 25 of the 391 residences have already been spoken for. They will feature floor to ceiling glass without any visible concrete whatsoever. Even the support beams will be encased in glass for an elegant and timeless feel… just like the cars. The project is expected to break ground in October of this year.
One additional new piece of information that we were able to learn is that the developer has also purchased a plot of beachfront land on Virginia Key to construct an Aston Martin Beach Club for the residences. They will be ferried from the deep-water dock onsite to the beach club by an Aston Martin yacht. Wow.
Have a look here at the new renderings. Prices range from just under $500,000 up to $7,000,000 for the River and Panoramic Residences and Penthouses that range from $14,000,000 – $35,000,000 including a triplex penthouse with private pools, a helipad and an Aston Martin Vulcan. Here is a selection of floor plans & prices for the best deals from each line as of today.
Inside Rise at Brickell City Centre
Last summer, we were able to take a photo tour through Reach Tower at Brickell City Centre shortly after it opened. Reach is now 95% sold out and its sister tower, Rise at Brickell City Centre has opened as well.
Rise is located at 88 SW 7th Street, above Saks Fifth Avenue. It has 43 floors and 390 total units ranging from 1 bedrooms up to 3 bedrooms, Tower Suites with 4 bedrooms and 3-5 bedroom Penthouses. They are currently 60% sold and move-ins are underway. The prices for each tower start in the mid $600,000’s and go up to $2,750,000 for the 4 bedroom Tower Suite at Rise.
Stay tuned for Friday, when we will tour the available Tower Suites and Penthouses on both projects with details on each.
Here are the photos of our tour of the Rise model apartments. You can find the associated floor plans here. If you are interested in a personal tour, don’t hesitate to reach out. We’re always available to set it up for you.
The street-level lobby:
The 6th Floor Resident’s Lobby:
A full-service Hammam and Salon:
The model units are all on the 31st floor:
Diana and Francisco are making deals while touring. Multitasking like champs!
Surprisingly, the west view apartments also have a water view:
The kitchen is finished with the Latte color palette. Also available, kitchens in Espresso palette.
These are the standard finishes for all master bathrooms:
Master bedroom closets are delivered finished out:
Northeast views from the 31st floor:
Direct east views:
The rooftop of the office towers are finished with grass, making an additional community area:
Reach Tower as seen from Rise:
Our sunset happy hour awaits! Check out that view!
Doing deals while sampling the amazing food at Sugar. I recommend the boneless Korean chicken wings, but everything we sampled was amazing.
