Market Stat Monday: The IconBrickell Pool Prepares To Reopen
December is just around the corner, which means the day that IconBrickell‘s management office anticipated the completion of their pool repairs is upon us. According to the office, they are still aiming for a completion date of December 15 and from the progress we’ve seen, things appear to be coming back together.
We were the first to report of Icon Brickell’s scheduled year-long pool closing two years ago after months of whispers about the damage. As you can see below in the renovation schedule, by this point the new light fixtures should be being installed, followed by paint and cleanup, removal of the construction equipment and ultimately… POOL DAY!
IconBrickell Renovation Schedule by Sarah Elles Boggs on Scribd
You can see in our photo above that the landscaping has been reinstalled along with some light fixtures and what looks like charging stations. The management office did mention to us that additional outlets would be added, and we agree that they were much-needed!
So, now that we know that the pool is coming back very soon, what about the sales and rental values?
I cannot in good faith sit here and tell you that the values haven’t changed. They have. Condos were trading at a rate of $583 per square foot when news of the repair broke in November of 2015, By the time the work actually commenced in December of 2016, sales prices had plummeted to $426 per square foot. What is unclear is the effect the pool repair had on the final sales prices vs the effect the market in general had on sales prices.
On the upside, while the rest of the sale market is in decline, Icon Brickell is inching upward. Since July of this year, 35 units have closed with an average sales price of $449 per square foot.
The least expensive listing to sell (per square foot) was a two bedroom in Tower 3 (the W Hotel Tower) for $465,000 after nearly 2 years on the market. This works out to $361 per foot, but the listing DID mention that the seller was extremely motivated. The most expensive per square foot was a three bedroom on the 41st floor of Tower 1 that sold for $1.5 million after 5 months on the market. It was fully upgraded and furnished for $822 per square foot, so you can see the range depending upon placement, finishes and furnishings that we’re dealing with.
Now for the bad news. With 165 current active listings, IconBrickell is carrying 23 months of inventory. This isn’t as bad as some other developments that are carrying 80 months of inventory, but it still isn’t great.
So, what’s the lesson?
The 13 units that are currently under contract were listed for an average of $504 per square foot. The 35 that have closed since July all closed for 92% of their asking price, yet the 165 active listings have an asking price averaging $560 per square foot. I won’t call out specific unit numbers, but it appears a lot of the active sellers need to adjust their prices…
Trophy Property: Spectacular Rise Four Bedroom Asks $3.1 Million
In a sea of Downtown Miami area condos, it is easy to become jaded. There are so many beautiful options, and it really takes something special for us to pause and say WOW! Then we toured this exquisite corner four bedroom at Brickell City Centre’s Rise Tower.
Unit 3701 is a 3,244 square foot 4 bedroom/3.5 bath flow-through residence with a South/East-facing wraparound terrace AND a sunset terrace. The seller made several upgrades to the layout, which can be found here. They turned the staff quarters into a 400-bottle wine cellar, but left the original plumbing intact in case future owners are not wine connoisseurs. In the master bath, you will find that the dressing room is locked with fingerprint access and a hurricane-proof glass door. All closets are custom-designed Italian cabinets and a movie theater with surround-sound has been added.
Reach out at [email protected] for a tour of this gem!
SLS Lux Gets Its Rooftop Sign; Closings Begin Soon
Closings are just a few weeks away, and SLS Lux now has its sign. Related Group’s Carlos Rosso posted a photo update as they put the finishing touches on Brickell’s new newest tower.
The 58 story tower is the most luxurious of the Brickell Heights complex, which is easily identified by its signature Fabián Burgos mural wrapping the parking structures of all 3 towers. There will be a Katsuya restaurant in the lobby level as well as interiors and amenities designed by Yabu Pushelberg, which you can preview here.
Closings are scheduled to begin in December. While the project is fully sold, resale opportunities are available on an off-market basis. Please let us know if you are interested.
Rumor Mill: SaltBae To Open A Second Steakhouse In Miami!
It looks like Miami Beach is about to get a lot saltier, in a good way. Just as Miamians are finally able to digest the fact that we really have a Nusret Steakhouse in Brickell, rumors are swirling that a second location is in the works!
According to whispers in the commercial/retail real estate world, the internet sensation chef has taken the retail space below South of Fifth’s One Ocean building at 1 Collins Avenue, a newly opened development where condos range from $3.7 million to over $15 million. Given Nusret’s menu, this location would give direct competition to South Beach staple, Prime 112.
Since its opening a week ago, Nusret Miami has been packed non-stop and received rave reviews from all around. In addition to the Brickell and South Beach eateries, locations will be added in Manhattan and Los Angeles.
Downtown Miami DDA Ambassadors Expand To Brickell
Photo courtesy of blockbyblock.com
If you’ve been in Downtown Miami during the day or evening over the last few years, you’ve likely seen these folks. The walk around in official orange shirts and make sure everything is ok. They are the Downtown Miami Development Authority’s Ambassadors.
I’ve heard people say before that they thought the Ambassadors are Downtown Miami mall cops, but that’s wrong. They’re here to help. They make sure tourists know where they’re going, help the elderly cross the street, and report infrastructure problems. And now, they roam Brickell as well!
Just yesterday, I was teetering on a curb, pushing a baby stroller with one hand, trying to avoid an annoying puddle that is always on the corner of SW 1st Avenue and SW 13th Street. Even if there has been no rain, the puddle remains. It is the most resilient puddle I’ve ever seen. Anyway, I was in the middle of my puddle-dodging dance when I spotted these guys. It couldn’t have been a better time to stumble upon them. Within minutes, they had reported the puddle to the city for repair, handed me a brochure with handy numbers for everything from illegal parking and broken street lights to trolley information. They also have a Safe Walks program to make sure residents arrive home without issue!
If you see these guys roaming around in Brickell or Downtown, be sure to stop and thank them for keeping us safe and informed!
First Resale At ECHO Brickell Hits The Market At $1,100 Per Foot
instagram.com/echobrickell
After beginning closings last week, the first resale has hit the MLS at ECHO Brickell. A 1,262 square foot two bedroom with two and a half baths has been listed for $1.39 million and the pictures don’t do it justice.
To be honest, I have no idea why anyone would bring a property to market with photos like this, but to be fair it was a holiday weekend. Hopefully they just couldn’t get a photographer scheduled in time… Here’s what we’re working with…
In my opinion, these are among the best photos of the bunch. The marble floors are very pretty and you can see the water view.
The room seems a little crooked here, but you get the idea.
Amazing sunset!
Looking South, down Brickell Avenue.
Each unit includes a summer kitchen.
The kitchen is nice and spacious, and the glossy cabinets are a refreshing change from other buildings that are delivered around the same time. Not that the matte-finish cabinets are bad, just different buyers have different tastes, so it’s nice to have another option.
If you glance to the right, you can catch a peek at the seller… or maybe it’s an agent, or a neighbor, who knows. Why do agents do this????
I see you.
Long hallways to windows that overlook a very near (and hopefully dear) neighbor are not the biggest selling feature, but the floors are nice. I should also add that each unit comes fully finished, with flooring.
The neighbors to the South are a bit more distant, and there’s a water view.
Each apartment also comes with finished closets, which is something most developers don’t do in Miami and a very nice touch.
The bathrooms turned out quite nice! Let’s have a closer look…
I see you.
Now, let’s check out the pool deck. It DOES look pretty relaxing and I’m pretty obsessed with how the pool is indoor/outdoor.
These ropes are designed to pull the illusion of the flying man from the mosaic through the entire pool deck and down the side of the building. Either that or they should have been photoshopped out.
All in all, I feel like the building likely turned out very nice. I can’t wait t see the professional photos! What do you think?
A Review Of The Penthouse At Brickell City Centre’s Reach Tower
If you’ve ever dreamed of living in a palace in the sky, but also dreamed of living on top of an elegant shopping district, but also dreamed of living in a condo that was perfect for entertaining AND perfect for family, then we’ve got just the thing for you. Swire has released the newly finished upper penthouse at Reach Tower above Brickell City Centre and it does not disappoint.
Before we go to the review and photos, here are the specs:
Penthouse 4203
4 bedrooms, 3 baths, 2 powder rooms, 2 family rooms, 4 terraces, service quarters, rooftop pool & summer kitchen
Interior Size: 4,346 square feet
Exterior Size: 1,823 square feet
Price: $6,650,000
The Views
Starting with the views since many people in the $5 million-plus price range automatically ask for waterfront options, let me show you why I consider high floors in the city to be a better option…
If you’re in a waterfront condo, the blue water is pretty, but what will you look at after the sun goes down? Nothing. With the high floor city view, you still see the beautiful blue water of the Biscayne Bay AND the Atlantic Ocean, plus the glittering city lights at night. Gorgeous.
Speaking of water views and glittering city lights, how about you enjoy them from your private rooftop pool? Or maybe throw together a little al fresco dinner party in your summer kitchen?
To the West, you can see the city lights at night all the way to the Everglades.
The South view also offers more distant water views as the coastline tapers in through South Brickell, Coconut Grove and Coral Gables.
Now, let’s go inside for some renderings vs real life fun!
The Kitchen/Living Room Layout and Finishes
Ok, so we can see that the renderings were based on a different penthouse, but the finishes look 100% on-point, and LOOK AT THAT SPACE! I can’t even begin to think of the number of different events you could host here. Of course, if you’re a homebody like me, you could also just chill on a different sofa every night of the week and cook some crazy recipes in that kitchen.
I’m not sure what to say about that kitchen. If it were mine, I’d have platters of hors d’oeuvres filling that marble countertop for my friends and every kitchen gadget offered so that I could cook more. Heaven.
The Bathrooms
Here we are again with a rendering that was based off of another penthouse, but with on-point finishes. I love the teak shower floor. It gives a no-slip yet luxurious spa feel. Also, the backlit mirrors are typically demonstrated in sales centers and renderings, but are actually an upgrade that you don’t find out about until later. Not here. Swire delivered what they demonstrated.
The Floor Plan
Swire and Arquitectonica clearly did their homework on versatility with this layout. The way the floor plan is laid out; with the master bedroom in the front and the other bedrooms in the back, separated by the family room, it’s almost like there is a guest house.
I can see it already… a family gathering and the adults want to have adult conversations but the kids want to run crazy and do kid things. The kids can go to the family room and party with the nanny while the adults have wine and peace.
Or, it could be that the owner wants to give their guests an additional sense of privacy…. they have their own living room with a balcony.
Another thing I would like to point out is the amount of storage space! There are closets everywhere you turn AND a walk-in pantry! This is not something that is common in our marketplace.
Finally, I really appreciate the fact that they thought to separate the laundry room from the staff quarters. I always find it a bit oppressive to see the housekeeper’s bed pushed up next to the washing machine. This is 2017, not Downton Abbey. At the same time, the service quarters is not included in the bedroom and bathroom count, as they sometimes are. In this apartment, you get 4 full bedrooms, 3 full baths PLUS a bedroom and bathroom for the nanny/housekeeper who keeps your life straight.
All-in-all, I’m giving this penthouse a rave review. See below for additional photos and let us know if you would like a tour for yourself!
ECHO Brickell Closings Have Begun
instagram.com/echobrickell
Starting today, Brickell is getting a lot more luxurious. Property Markets Group is beginning closings on the newest ultra-luxury building in the greater downtown area, ECHO Brickell. The sleek tower was designed by Carlos Ott and offers the ultimate of luxury lifestyle.
Each residence comes with 9-14 foot ceilings, terraces that are 8 feet deep with summer kitchens, paneled Sub-Zero and Wolf appliances and a Bosch built-in espresso machine. The units will be delivered with marble floors indoors and out and there is a 50,000 saltwater fish tank in the lobby. Security is paramount in the building as well. Rather than fobs, residents are able to activate the elevator via biometric security.
Remaining purchase opportunities range from $1.8 million for a southeast-facing 2 bedroom on the 14th floor up to $6.5 million for a 3 bedroom lower penthouse. The $42 million opulent and dramatic Carlos Ott Penthouse is also still available for $42 million.
Contact us at [email protected] if you would like a tour of the finished project.
Mary Brickell Village Is Getting Big Additions; Including Shake Shack
Big changes are coming to Mary Brickell Village, and those who love casual dining will be delighted! The outdoor shopping center has signed four new casual dining tenants that have either recently opened or beginning their build-out.
1- Sam Fox’s North Italia: Arizona’s super-restauranteur, Sam Fox is expanding to Miami by taking over the space that had been Oceannaire Seafood for AGES. We were sad to see Oceannaire go, but are excited to see North Italia come in. The restaurant chain features a host of different concepts, all fresh, fast and affordable concepts.
2- Shake Shack: Those who love crinkly fries and juicy burgers will be excited to learn that Brickell is getting a Shake Shack! The burger chain is building a new 3,000 square foot stand-alone store on the east side of the plaza, near Baru and Balans. It is expected to open Summer of 2018.
3- Dirt: Those who like to eat clean will also love to see that DIRT has opened in the west plaza of Mary Brickell Village. They are a local chain that specializes in super-fresh vegetarian, vegan, grass-fed, paleo and always organic recipes.
4- Raw Juce: That’s not a type-o. It’s how they spell their name, and if you’re interested in organic cold-pressed juice, they can hook you up.
We are so pleased to see these new establishments come to the area!!
SaltBae Opens His Nusret Restaurant In Brickell TONIGHT
Buckle up, Brickell carnivores! The Miami location of #SaltBae’s restaurant chain opens tonight! As we reported previously, the internet celebrity has taken over the restaurant space at 999 Brickell, just next door to the Plaza and across the street from 1010 Brickell.
The Turkish chef Saltbae rose to fame earlier this year with a viral video of him cooking a perfectly cooked ottoman steak and then dramatically sprinkling salt over it. Rather than letting his 15 minutes fizzle, he parlayed it into a chain of restaurants. Miami will be the first Nusret location in the United States followed by a location in New York.
For those unfamiliar with SaltBae’s style, enjoy this clip.
