Brickell Heights Expects Move In’s To Begin May 1 – Equinox To Follow
Brickell Heights and SLS Lux from 1010 Brickell – Photo by @305_gucci
Brickell Heights will begin distributing keys on May 1 with Equinox opening shortly thereafter, according to an email we have received from Equinox. The project sold the last of the 690 residences in January, although we expect to see plenty of resale and rental opportunities once the doors officially open.
Equinox has been busy gaining membership over the last months, with their membership center set up on the vacant lot to the east of SLS Lux (30 SE 8th Street). They are offering zero initiation fee and reduced monthly rate promotions to those who purchase memberships prior to opening day. Those who join after opening day will pay an initiation fee of $300 and a monthly rate of $165. Some companies also offer a reduced rate wellness program to their employees.
Jonathan Vilma’s Brickell Condo Fetches $1.1 Million
Super Bowl champ Jonathan Vilma has unloaded his 27th-floor, 2 bedroom condo at Jade at Brickell Bay for $1.1 million, according to MLS data. The unit has 1,730 interior square feet and features a private elevator and porcelain tiled flooring throughout, with direct, unobstructed views of Biscayne Bay.
According to public records, Jonathan Vilma purchased the property in 2004 for $940,000, the same year that he joined the New York Jets as a first round draft pick and named NFL Defensive Rookie of the Year. The former linebacker was later traded to the New Orleans Saints, where he helped lead them to a Super Bowl Championship in 2009. The property was originally listed for sale last year for $1.335M, just a few months before Vilma joined ESPN as a college football commentator.
Jonathan Vilma is a native of Miami and a graduate of the University of Miami, where he won a national championship title and led the Hurricanes in tackles for three consecutive seasons. He is also co-owner of the popular BBQ joint, Brother Jimmy’s, at Mary Brickell Village.
Brickell Buildings With Tennis Courts
Today we start the semifinals of the 2017 Miami Open on Key Biscayne, so let’s wrap up this condo list by looking at the buildings in the Downtown Miami area that have tennis courts. We qualify the Greater Downtown area as being Brickell, Downtown, and Midtown. Since there aren’t yet any buildings with tennis courts in Downtown Miami or Midtown, we’ll look at Brickell today.
Let’s start with the building closest to the Rickenbacker Causeway that takes you to the tennis center and work our way north. That puts us at Brickell Townhouse, which was built in 1963 but remodeled in the early 2010’s. It has been reported that there is an offer from Vladislav Doronin to purchase the entire building and use it as an 8 acre waterfront development site, but that is a very complicated deal to put together. In order for it to happen, 90% of the condo owners must agree to the terms. So, in the meantime, 1 bedroom units start at $274,000 up to $675,000 for a 1,703 square foot 3 bedroom. The 1 bedroom is newly renovated with a park and city view, the 3 bedroom is renovated with a modern look and has a park and partial bay view. Rentals range from 1,800/month to $4,300/month.
Next door to Brickell Townhouse is the Brickell Bay Club (not to be confused with the Club at Brickell Bay, which is at 1200 Brickell Bay Drive). Brickell Bay Club was built in 1974 and has a whopping six tennis courts. The building is also situated so that most every unit has at least a partial bay view, but most have a direct view. There are also some great opportunities to find renovation deals. The 1 bedroom sales start at $279,000 (not bad for a waterfront deal!) up to $1.575 million for the 3,100 square foot penthouse. Tenants should prepare to pay between $1,850/month to $3,600/month depending upon the size of the unit.
Two blocks up is Bristol Tower, the site of Pharrell’s famous penthouse and the first of Ugo Colombo’s Brickell buildings. The 40 story rotunda shaped building offers large units, from 1,210 square foot 1 bedrooms up to the 9,000 square foot triplex penthouse. The largest unit on the market currently is a 2,825 square foot 3 bedroom for $2.38 million. Rentals range from $4,700/month for a 2 bedroom to $9,500/month for a 3 bedroom.
The newest building on the Brickell list is Skyline at Brickell, which was built in 2004. The floor plans range from 1 to 3 bedrooms and offer up to 1,762 square feet. Prices start at $309,900 or $1,850/month for a fifth floor 1 bedroom with 791 square feet up to $820,000 or $3,900/month for a 2 bedroom an $950,000 to $1.1 million for a 3 bedroom. Most all of the units have at least a partial bay view.
From the newest building to possibly the most famous, many people have seen this iconic Miami building in the Scarface as well as Miami Vice. It is the first high rise designed by Architectonica, who has gone on to dominate the skyline. Atlantis on Brickell offers 2 to 4 bedroom plans from $475,000 to $1.45 million and rental units from $2,900/month to $3,700/month. All of the rental units available today are 2 bedroom plans between 1,304 square feet up to 1,666 square feet.
To follow the success of Atlantis, Architectonica went on to design the Imperial at Brickell at 16th and Brickell avenue in 1983. This building is very popular due to its proximity to the financial district and large floorplans. Available units range from 1,316 square feet to 1,792 square feet and $489,000 to $895,000. Rentals range from $2,600/month for a 2 bedroom to $3,500/month for a 3 bedroom.
The most luxurious option on our list of Brickell apartments that have tennis courts is Ugo Colombo’s Santa Maria. This is actually one of the most luxurious buildings in the neighborhood. It was built in 1997 and features the last of the original Brickell waterfront estate homes that once lined the bay. Intensely private, there are no photographs allowed of this estate, but it is an amazing place to hold an event. The apartments at Santa Maria start at $1.93 million up to $11.5 million. They have private elevators and 2,100 square feet up to 6,300 square feet. Rentals range from $6,900/month to $20,000/month.
Another interesting building in Brickell that also has a tennis court is The Palace on Brickell. It was developed by the husband of the “Queen of Mean,” Leona Helmsley. She once owned the penthouse, which was sold to a Saudi Sheik and redesigned as Brickell’s Taj Mahal. You can see photos of that penthouse here. As for current availability, units start at $595,000 and go up to $699,000. All of the available units are 2 bedroom plans around 1,650 square feet. If you are looking to lease, there are slightly more options between $3,400/month to $4,600/month. All of the rental units are also 2 bedroom plans.
The only current condo building in the financial district section of Brickell that has a tennis court is The Mark on Brickell. It is also located on a waterfront lot, at 1155 Brickell Bay Drive. Despite being built in 2001, the building recently underwent a thorough renovation. They received a new lobby, the pool deck and tennis court were refurbished, the building was repainted and the balcony railings were switched to glass from the original iron railings to give the building a newer and more high end look. This is one of my personal favorite buildings to get a great value, particularly after the modernization. It is close enough to the action of Brickell to be a part of it, yet secluded enough to be more peaceful when you want to be. The layouts are modern and usable and the prices are fair. Currently there are 1 bedrooms starting at $290,000 and a 2 bedroom penthouse is available for $760,000. All of the units have a bay view, and rental prices range from $2,100/month to $3,700/month.
Just like yesterday, when we toured the Brickell Key condo buildings that have tennis courts, it is important to remember that the prices we discuss are what is available right now. Apartments come available and others go into contract every day, so reach out if you are interested in learning more about any of these Miami buildings with tennis courts.
Brickell Key has the largest concentration of buildings with tennis courts in the area. For those who don’t know, it is a private island with 11 residential buildings, most of which were built in the 1980’s through the early 2000’s. Given the fact that it is situated behind a guard gate and the large array of family-friendly amenities, the island is very popular for families with young children.
The newest and most luxurious building on the island is Asia. It was built in 2008 and has 123 residences. Some of the amenities include private elevators and fingerprint access. Prices range from around $1 million to the $12.8 million penthouse. Rental prices range from $4,500/month to $12,000/ month.
The most affordable buildings with tennis courts are Brickell Key 1 & Brickell Key 2. Brickell Key 1 was the first building to be constructed on the island in 1982, followed by Brickell Key 2 in 1991. Together, they offer a resort-like feel and share a tennis court. Prices currently start at $220,000 for a studio and average $425/square foot. Rental prices start at $1,750 for 1 bedrooms and $2,500 for 2 bedrooms. Every now and again you can catch a studio for $1,550 or a 3 bedroom for $3,000.
On the south side of the island, next to the Mandarin Oriental Hotel, is Isola Condo. It was built in 1990 with 1 and 2 bedroom plans and has availability ranging from $260,000 – $600,000. Rental prices range from $1,750-$2,800.
Carbonell is located on the northern tip of the island and offers larger floor plans that range in price from $469,000 to $2.35 million. It was built in 2005 and has amazing unobstructed water views from most all of the apartments. Even the apartments facing south have nice water views over the island. Rental prices range from $2,700 for a 1 bedroom that is over 1,000 square feet up to $9,700 for a 2,860 square foot 4 bedroom and amazing wraparound terrace.
If you are interested in courts of all kinds, I would suggest Courts at Brickell Key. They have tennis, racquetball AND squash courts (hence the name). Apartments at Courts range from 863 one bedrooms up to 1,878 three bedrooms. Their prices range from $359,000 to $1.4 million for sales and $2,050/month to $4,900/month for rentals.
On the top of the hill are the Tequesta buildings. The newest is Three Tequesta Point, which also has a tennis court. This building was built in 2001 and also offers larger floor plans. The one bedrooms start at 1,087 square feet and $490,000. The largest unit is a 3,739 square foot 46th floor penthouse that is $3.825 million. Tenants can find opportunities between $2,950/month up to $14,700 for that same 46th floor penthouse.
Something that many people are unaware of is that Two Tequesta Point shares amenities with Three Tequesta Point, so residents of both towers share a tennis court. The apartments in Two Tequesta Point are slightly smaller, but just as beautiful. They range from $400,000 for a 907 square foot 1 bedroom up to $1.95 million for a 2,510 square foot 3 bedroom on the 34th floor. Rentals range from $2,500/month for a 1 bedroom up to $7,250/month for a 3 bedroom. Two Tequesta Point is also in the process of having its lobby renovated, which can be previewed here.
It is important to note that the prices we have discussed are valid for today, March 29, 2017. Since these are resales and rentals, they could change at any moment depending upon the market. If you would like to discuss specific availability, we are always here to help. Tomorrow, we will head back over to the mainland for a tour of Brickell condo buildings that have tennis courts!
New Miami Condo Buildings With Tennis Courts
This time of year brings one of our favorite events to Miami. The Miami Open runs from March 19-April 1 this year, and to commemorate it, let’s have a look at our favorite buildings in the greater downtown area that have tennis courts!
If living in a brand-new condo is important to you, there are several in the pipeline. Key International’s 1010 Brickell is slated to open within a few weeks. They have an indoor tennis court and 3 remaining presales starting at $950,000. All are 3 bedroom layouts. There is one resale unit on the market so far. SLS Lux is also on track for completion this fall/winter. They have only four penthouses remaining that have recently been repriced.
In Downtown, Paramount Miami Worldcenter is going to bring every amenity imaginable to their mega-project. They are about 60% sold and have residences priced at an average of $750/square foot. Because of their strong sales figures, they were recently able to secure the second largest construction loan in this build cycle. They are currently in vertical construction and should deliver keys at the end of 2018.
If you’re looking for something sooner, you could head up to Edgewater and check out Biscayne Beach. They have 2 tennis courts over their parking deck and a bayfront beach club. They have 5 remaining presale opportunities, and we will be listing an amazing high floor 3 bedroom on the southeast corner.
For people who are looking for an integrated community, I would suggest the waterfront Paraiso complex. There are five residential sections to the complex, totaling 1400 units. Paraiso Bayviews is the most affordable section, with remaining inventory starting at $470k (as of today). They just passed the 42nd floor of construction and should be ready by the end of this year. Paraiso Bay was the first of the towers to open sales. They are currently all sold out and on track to open this summer. GranParaiso is the most luxurious of the towers. It will be finished in Spring of 2018 and has 2 bedroom residences starting at $1 million. One Paraiso is the sister building to Paraiso Bay. They have 3 remaining penthouses, starting at $1.9 million. Aside from the towers, there is also a small enclave of bayfront beach homes. There are only 8 in total and 1 remains at $2 million.
Hyde Midtown is going to be the first project in Midtown to offer a tennis court for residents. They recently topped off at 80% sold. Their prices start in the mid $400,000’s and the rooftop penthouses start at just $735,000! The penthouses have rooftop terraces as well.
Come back tomorrow and we can take a look at the existing buildings who also offer tennis courts!
One Miami Is The Next Building To Get A New Pool
Tis the season for pool repair! One Miami has followed suit with IconBrickell, Infinity at Brickell, Villa Regina and EPIC Residences and has announced a pool makeover (Infinity’s renovation is already complete). Luckily, the One Miami repair will not take as long as the IconBrickell renovation. The work started this Monday, March 20, and is slated to last three months, opening just in time for Summer, according to a notice from the condominium association.
During the construction, all three pools will be closed and work will go on from 9am-4:30pm. Residences will still have access to the viewing deck as well and the association also made a walkway in between the One Miami East Tower and One Miami West Tower to make for easy access to the InterContinental elevator. The work is in conjunction with the face lift that One Miami began late last year. It is not immediately known whether additional upgrades will be made to the gym or other common areas.
Despite being 12 years old (older than many of the alternative choices), One Miami has fared very well in recent months. There are currently 53 available units, 4 units are in contract and waiting to close, and 2017 has brought 5 closings with an average sale price of $370/square foot.
The highly anticipated Biscayne Beach is preparing to open!
The sand has been delivered, the pools are being filled, the tennis courts are installed and the closing letters are being sent. That’s right, the highly anticipated Biscayne Beach is preparing to open! The developer’s title company has reached out to clients in order to start preparing for closing. As is typical, they will close the cash deals first to give some time to the buyers who are financing to line up their loans.
There are a few finishing touches being added before the TCO is delivered. The ground level pool already has water, but the upper level one does not. We haven’t been able to preview the amenities yet, but hope to schedule something soon. From the looks of the exterior and the fact that the title company is rounding things up, I imagine that the indoor amenities are also nearly finished. The interior design is by Thom Filicia, who you may remember from Queer Eye For The Straight Guy.
When it opens (we’re anticipating next month), the building will offer a full-fledged beach club on the bay. They will have 2 tennis courts, basketball courts, beach and pool cabana service, a beach/pool club bar, an outdoor fire pit, beach volleyball, jet ski and kayak rentals, library, theater, and pool tables.The lobby of Biscayne Beach includes a fine dining restaurant, beauty salon, and art gallery for guests and residents. The list goes on and on.
There are 399 total apartments with layouts ranging from one to four bedrooms plus den options, as well as exclusive penthouses with private rooftop garden terraces. All units will include floor-to-ceiling glass windows, oversized balconies, and sweeping views of Biscayne Bay, Miami Beach and the city skyline.
Something that I love about Biscayne Beach condos is that it is within close proximity to both causeways which travel to and from Miami Beach. The tower is also within 10 minutes of the Design District, Midtown Miami, and the American Airlines Arena, home of the Miami Heat. It really is a central location, but still very private.
We are preparing to list a lovely 2,103 square foot corner apartment on a high floor. It has 3 bedrooms, a den, 4 full baths and is a corner unit. The southeast corner offers south views of the skyline as well as east views of the bay and Miami Beach (the best view offered).
The plan has a private elevator and all of the rooms are very spacious. The living room is 21feet by 20feet, the master bedroom is separated from the rest of the apartment to offer it’s own skyline and beach/bay views, and there are enormous his/hers closets. Even the den is over 18 feet by 12 feet, making it actually big enough to be a separate bedroom (not like the dens in some other buildings that could be converted into closets).
Because the seller has not yet closed, we are not permitted to disclose the price. We can however, promise that it will be priced to sell quickly. Reach out if you’d like more details. In the meantime, feast your eyes on our latest drone video of the project, and the floor plan we’ll be offering below.
07 Line Floor Plan:
IconBrickell’s Hotel Program Was Cancelled – Tips For Investors
News broke last May that IconBrickell’s Viceroy Hotel was being sold to Starwood Hotels. The 148 room hotel began a renovation and was rebranded as W Miami in a $64.5 million deal that included hotel rooms, 15th floor restaurant, and access to the 10 acre amenity deck. What was not included was the hotel program, which allows unit owners in Tower 3 the option to have the hotel to lease their units on a nightly basis to hotel guests. The program was cancelled.
We receive a lot of requests from investors who want to purchase a condo in Miami to rent out for most of the year and then retain the ability to use it during the times when they would like to visit. For this type of investor, hotel programs have always been a popular choice, although they are not as plentiful as one would expect. They are also not as profitable as one would expect.
In the investor’s eyes, they are granting the hotel the right to lease their apartment to hotel guests. The apartment owner does not need to manage those guests or the apartment, they just give notice to the hotel that they would like to use their apartment on certain days and then collect checks. It’s not so easy or profitable.
What isn’t usually mentioned is that the hotel only rents condo/hotel apartments to the hotel guests after the hotel is already at full capacity. The condo/hotel unit owners are only getting the overflow guests, and since the average occupancy rate for 2016 was 75.9%, the vacancy rate could go quite high. From that amount that the guests pay, the owner receives a percentage of their daily rate minus a management charge and reserve account charges. They also lose the right to determine how the unit is furnished, as it must follow the design guidelines of the hotel brand. Even with all of these fees and regulations, the owner is still required to repair damage to the apartment in the event that a hotel guest is rowdy.
Since the introduction of AirBnb, many investors have abandoned condo/hotel investments in favor of the online booking service, even though it is fully illegal in Miami Beach and not allowed in condo buildings from other areas. Most of the buildings in the Greater Downtown area (Brickell up to Midtown) require at least 6 months of minimum lease term, although a few have begun to allow rental terms of as low as one month. Finding a building that allows daily rentals is extremely rare in this area.
Even if Miami is successful in introducing similar ordinances to the aggressive $20,000/infraction fine that Miami Beach is enforcing, there are private companies who manage short term rentals that do follow the rules. These could fall under the category of vacation rentals or corporate rentals. It gives the investor more control of the apartment without having to be hands-on with the guests’ stay.
So, here we have a great investment opportunity! Tower 3 at IconBrickell allows daily rentals, making it a great spot for AirBnb investors (or other corporate rental investors). The investors are able to have more control over their investment and occupancy rates, while still reserving the right to use the apartment at their leisure. I like it.
Jennifer Lopez & Alex Rodriguez an Item; Could a Miami Beach Waterfront Home be in Their Near Future?
If A-Rod and J-Lo are heating up as much as they say, the pair may soon be on the hunt for a future love nest. With Rodriguez’s real estate background, my guess is that the couple “eases” into their relationship by purchasing a vacant, waterfront lot and then developing upon it their ultimate dream home…and if they’re still together by the time the home is completed, then it’s meant to be.
If my predictions are correct, A-Rod and J-Lo will soon be on the lookout for a vacant waterfront lot on North Bay Road – the go-to choice for Miami Beach’s rich and famous. My bet is that they’d pursue 5840 North Bay Road (pictured above) – the largest available lot with the most water frontage on North Bay Road. 5840 North Bay Road is a 38,000 square foot lot with 191 linear feet of water frontage and comes with an asking price of $16.9M.
If Lopez really is still Jenny from the block, she should have no reservations about moving to a waterfront estate on North Bay Road since she once owned a home there two lots down at 5800 North Bay Road. That home eventually sold a few years ago to Grammy Award-winning artist Phil Collins.
Are A Rod And JLO Shopping For A Miami Love Nest Already?
Over the weekend, a selfie of Jennifer Lopez was shared with Alex Rodriguez’s sister, who happens to be a Miami realtor. Could this be a sign that they are house shopping again? The pair is no stranger to Miami luxury real estate, both have an impressive roster of property deals.
Both have owned homes along Miami Beach’s glitzy North Bay Road and sold them. In 2011, Alex built a 20,000 square foot waterfront estate for then-girlfriend, Cameron Diaz. He later sold it for $30 million, turning a $15 million profit. Jennifer’s property just up the block at 5800 North Bay Road sold to Phil Collins last year for $33 million.
Aside from the homes, the pair is also a fan of condos. In 2009, Jennifer and her ex-husband purchased 10 units at IconBrickell for investment purposes and A-Rod is currently in contract to buy the 3200 square foot penthouse at GranParaiso in Edgewater.
In South Miami, the Yankees slugger turned real estate investor is building another home, which is slated for completion next year. Whether they decide to buy already or not, their portfolios are poised for success in the real estate world.
