MyBrickell Sales Officially Launch; Prices Start at $177,900
October 28, 2011 by Lucas Lechuga
Last night's gala introducing Karim Rashid, the world-acclaimed interior designer behind MyBrickell, marked the official launch of sales for the condo development. MyBrickell is off to a tremendous start with over one-third of the condos already reserved. That is quite an amazing feat given the fact that reservations were not being accepted until just 11 days ago. The level of success that MyBrickell has experienced thus far helps to understand the level of demand that still remains for new condo inventory in Miami.
MyBrickell will have a mix of studio, one bedroom + den, 2 bedroom and 2 bedroom + den units. Prices start at $177,900 which is excellent, in my opinion, given the current availability of Brickell condos in that price range. To put the pricing for studios into perspective, there are currently only 4 studios in Brickell priced under $200,000 for sale on the MLS. Two of those studio condos are located at The Four Ambassadors (built in 1968), one at Brickell Townhouse (built in 1963) and one at Brickell Bay Tower (built in 1964). Furthermore, two of the four listings are short sales. It goes without saying that MyBrickell will be a brand-spanking new condo development when it is completed and delivered in 2013 to those with reservations. I may not have a crystal ball, and cannot tell you with certainty where prices are headed, but I can pretty much guarantee you that there will be less condo inventory in Brickell in 2013 than there is now. Moreover, MyBrickell will be the only Brickell condo development to hit the market that year.
One of our clients attended the MyBrickell sales event last night and reserved a 1 bedroom + den. Her price - only $228,000! With pricing like that, it helps explain the rush by people to reserve condos at MyBrickell.
Below, you will find the price ranges for condos available at MyBrickell. The average price per square foot for MyBrickell hovers around $300.
Now that sales have officially launched at MyBrickell, you are able to receive pricing for specific units and reserve one immediately if you choose to move forward. Please refer to our MyBrickell profile page with renderings, building and unit information and pricing. There, you may also download the MyBrickell e-brochure as well as the reservation agreement and wire instructions. Feel free to contact us if you have any questions or an interest in reserving a condo at MyBrickell.
Good sales program from Related.
Units actually start at $164,00 for a 600sft studio/1 bedroom or $275 a sft.
A steal considering that Icon Brickell is closer to $450 a sft.
Great location across from Brickell Financial Center (4,000 people will work there) and Brickell Citi Center (4MM sft of retail, opffice and hotel).
I know it is a great project and all that. But I still cannot believe the fact that a land locked building like that commands $300/sf just because it is next to a major office tower. I feel super fortunate that 3 years ago I got a Total unobstructed water view flat with a gorgeous park thrown in for $325/sf. And that same office tower and all of downtown buildings are a 5 minute FREE Metro Mover ride away from my building. It almost feels unreal. Good times are here again!
WooHoo. No marble. No granite. No water view. No parking. And 8 foot ceilings. WooHoo.
Not to rain on your parade AJ….and 1800 Club isn’t a bad building since it has views….but you could have bought on the beach for $325/sf if you had played your cards right. Not that $325/sf is a bad price per se just saying’ there were/are better deals. Which line do you buy again….too lazy to look it up. At least hotel occupancy is up and entertainment spending is up a bit which should help with the DJ-ing business. I think the realization of the true condition of the real estate market has fully set in (well, most aren’t in… Read more »
RT, I know I could have got something on the beach. But I already have a condo on the beach and I do not want to put all my eggs in one basket. And also I am very very worried that in 20-40 years life on the beach is going to be hell with surging high tides due to global warming. We are already seeing it on SOBE once or twice a year. It will be a once a month phenomenon during every New Moon not very far in the future making the roads like Venice Canals. If a new… Read more »
Hey RT, glad to have you back. Maybe I missed it, but did you give the details on the “(now owner)” part? If not, where did you buy?
Comments from Perez about MyBrickell: “This project is very special to me, because it is the first job of the new Miami. We’ve gone through three or four years of no new construction, a debacle in the economy and in the housing industry, and Miami has proven to be highly resilient. In another year, we’ll have almost no development inventory left. The key is how you price that product. Miami is still perceived as an area where you can get a very, very good deal. What we’re doing [with My Brickell] is pricing this building below the level of the… Read more »
“This was only possible because they didn’t build the garage. Had they gone with the original larger tower they would’t have been able to sell at this price.”
Funny! After we talked so much about condo garage space in the last thread, here it – a garage factor determining price! But, what does Perez mean by “they didn’t build garage” – no garage, Gixxer?
That line was my comment, that why I didn’t put any quotations on it. Sorry for the confusion. They had approval for a larger building with a traditional structured parking garage. But given the current climate they would have been able to build it and sell it a competitive price as compared to what’s selling. So they scaled down the project, got rid of the garage and decided to use the leftover parking in 500 Brickell next door. Icon is at $400, Brickell 500 is at $300 and they can now sell these units less than Brickell 500. Had they… Read more »
Why and how does Brickell 500 have 240 “extra” spaces ???
Related owns the entire lot. They planned both 500 Brickell and Brickell Station, a 600 foot condo with 234 units on top of a 10 story parking garage. The parking requirements were based off of the entire lot so they built more in Brickell 500 to compensate for the ones they wouldn’t be able to be built in Brickell Station due to the narrow lot size. Given current pricing there would be no way they could build the 600 foot building with 234 units and 10 story garage and price it competitively. So the dropped it from 600 to 350… Read more »
As a local, what’s to be excited about with a project that is off-limits for conventional financing? These are marketed towards Latin investors and developers/real estate analysts have conceded that this type of project is unfeeasible for local buyers due to the deposit structure. I know Gixxer will say “who cares”…”it doesn’t matter who the buyer is.” that’s fine from a developer’s perspective, but I question the long-term benefit to the area with such a small % of unit owners. Does the fair price point really even matter when you need so much cash to get in the door? I… Read more »
Drew, They are using the deposits to finance the construction of the project. They’re obviously not going to presale the entire building. As you can see from the comments I posted earlier from Perez he says he’ll be fine if the only presale 50% of the building. So you would have 50% of the building left that you would be able to purchase with traditional financing. The deposit just allow you to lock in the current pricing, no different than the deposit structure from before, just a larger amount. I live in Brickell and I do care. There is a… Read more »
Gixxer, you say nobody wants to pay for garage space but this is understandable because as condo residents you are stacked up so high in the sky and don’t even have land to walk on and yet the property tax so high (or your rental so high) and they wants you to pay for garage space too? This is bad economics. (Luckily, property tax is slashed this year – came down to the ground level more or less)
How many times do we need to debate the same damn thing? End users absolutely do want garage space, but these projects aren’t marketed to end users, they’re marketed to flippers and/or foreigners.
If they tried to sell this building to end users it would take years to do so. That’s why corners are cut in the places where initial buyers are least likely to notice. It ain’t rocket science.
Then why is it like this is every major city? Are you saying that every condo in every major city is built for investorts?
I don’t think an end user would be willing to sale these exact same units to end users for $75k more just because they have an extra parking space.
If that were the case then developers would just build the garage and sell the parking spaces seperately. But again, they cant because most people aren’t willing to even pay what it cost to development them.
gixxer, it just goes back to overall themes regarding what is good for the individual is not neccesarily good for society at large. a single company laying off employees will result in a boost in profit for the company, as the work is shifted to existing employees without any increase in pay. if only one company does this, the overall effect is good for the company. but as all companies begin to lay off workers to increase profit, a macro effect occurs. too many unemployed people begin to exist, and it affects the overall demand of the product for the… Read more »
“if one developer cuts costs by reducing parking, in isolation it will not affect the area. but as all developers make the same cuts, before you know it you have a parking problem in the area.” Let’s agree here for arguments sake. Again how is this the developers fault and not the customers fault. If the buyer continues to choose the cheaper unit with less parking in the end you’ll end up with a lot of units with less parking. Again developers will build whatever people want to buy. Baciacally you’re asking developers to build parking that no one is… Read more »
gixxer, you are under the false assumption that city planners are correct when they set their requirements. they do not have a crystal ball, and often times provide design codes that are arbitrary, and after a decade become obvious they were deficient in their task. they just become a mistake somebody in the future must design around. you can have cars and parking along with public transportation-there is absolutely no reason to make it an either/or situation. many urban planners are nostolgic to the early 1900’s, when cities used public transportation because cars were not a household item. it does… Read more »
“it does seem silly today to think people should feel the need to return to the days when cars are not a major part of daily life.” And why is that. I think the exact opposite is true and it shows in the demographics. Younger people are increasingly moving to areas where they can live/work/play in the same area. Regarless it’s obvious we wont agree. I assume you are older from your comments and as they say you cant teach an old dog new tricks. I’m not going to say one side is 100% right or wrong but I think… Read more »
Gixxer, can you provide me your email address, mine is [email protected]. Thanks
gixxer, you simply overstate the issue of urban cores and transportation. few people want to live without a car-it is very difficult in today’s world. they simply like to live in an area where they need to use their car less. that is why i enjoyed living in coral gables. i never would have gone without a car, but i enjoyed leaving it in the garage whenever possible. you need to understand the difference between minimizing the use of a car, and going without a car. my insight is not simply from common wisdom. in fact, i have taught and… Read more »
The biggest joke of all is that Miami has collected something like a billion dollars from that “transit tax” but now has *LESS* mass transit than it did 10 or 15 years ago, when the tax was passed. But the wealthier people don’t care and everyone else is brain dead, so nothing ever changes.
Interesting argument going on here about parking situation. I don’t know who is right or wrong but it is possible some buyers don’t care much about parking or maybe they are willing to sacrifice the car in order to live in a certain neighborhood. Most residents of cities like NYC does not even know how to drive and if they own a license it is for ID. Miami does not have a transportation system like NYC though. There are other options though, it is relatively cheap to rent a car in Florida if you need to take a weekend trip… Read more »
Some people, yes, but not most people. The traffic in Miami proves as much.
But were not talking about most people, were talking about people who CHOOSE to live downtown. So basically 70,000 people out of 2.5 million.
gixxer, they choose to live in new luxury high rise buildings. they do not choose to live with fewer cars. they live with fewer cars because developers underbuild parking where the new high rises have been constructed.
Just wanted to be clear about the garage situation: If I buy there, I have to park in another building, and then walk outside to get to my MyBrickell apartment ? Or always valet ?
SoBeresident,
I would recommend you ask your agent to get clarification on the parking situation from the developer. Or if you’re not currently working with an agent, contact Lucas to get that information from the developer
Went yesterday to the new sales center located in front of 500 Brickell East Lobby. Go and see it for yourselves!! Funky cool. Met Hector Pintos. Knows the project very well. he explained me everything including patrking. Project looks great, I reserved a 2 bedroom for $295 a sft with great river views plus 1 parking space. Unbeatable price for a new product to be delivered in 2013. Great success. Start date is end of February, got 5% discount as a broker (mycomission). Done my own numbers at $2,50 sft rent in 2013 rent will probably give me 6% to… Read more »