Fantastic Deal in Brickell Key at Brickell Key One

July 1, 2007

Yesterday I came across a fantastic condo deal in Brickell Key in the building known as Brickell Key One. At $318 per square foot it offers the best price per square foot of all currently listed condo units on the entire island of Brickell Key. The next best price per square foot in all of Brickell Key is listed at $355 per square foot. There are a total of four other units that have a list price that is under $400 per square foot in all of Brickell Key.

According to my June Miami Condo Index for Brickell Key it was shown that condo units on the island are listed at an average price per square foot of $519.97, or $513.19 when using a weighted-average. Condo units sold at an average price per square foot of $433.66, or $430.09 when weight-adjusted. Units listed at Brickell Key One were listed at an average price per square foot of $393.04 and sold at an average price per square foot of $372.15.

Built in 1982, Brickell Key One is the oldest building on Brickell Key and also offers the best price per square foot. At $318 per square foot one might expect this unit to be a total mess but it isn’t. It was recently completely remodeled. The kitchen has solid wood cabinets and top of the line stainless steel appliances. The living areas have marble floors while the bedrooms and hallways have bamboo floors. The unit has a total of 1,725 square feet of interior space and two balconies offering an additional 225 square feet of exterior space. It is a 2 bedroom/2 bathroom unit and is listed for $549,000. The two pictures below will show you what the kitchen looks like.

This is not a foreclosure or short sale, just a very motivated seller. The owner has found a new home and wants to sell this condo at Brickell Key One fast. Even at this great price, the owner will still walk away with a good chunk of profit. He paid $175,000 for the unit in January of 1998.

The maintenance fee for this unit is $725 per month, or 45 cents per square foot. That is really low for Brickell Key. Brickell Key One offers a lot of amenities such as tennis courts, racquetball courts, card room, billiards room, swimming pool, hot tub, fitness center, 24-hour security, barbecue area and free valet parking for guests.